Laserfiche WebLink
19 <br /> <br />Commencement Conditions Precedent”), which are solely for the benefit of City, any of which <br />may be waived by the City in its sole and absolute discretion within the time periods provided <br />for herein. <br /> <br />(a) Approval of Developer Restaurant Ground Lease Subtenant. If <br />Developer proposes to sublease the Developer Restaurant Parcel concurrently with the execution <br />of the Developer Restaurant Ground Lease, then the City shall have approved the entity to be <br />designated as the Subtenant under the Developer Restaurant Ground Lease in accordance with <br />the standards set forth in Section 7 hereof and Section 13 of the Developer Restaurant Ground <br />Lease (“Developer Restaurant Ground Lease Subtenant”), and shall have approved a copy of <br />the organizational documents of the Developer Restaurant Ground Lease Subtenant as the City <br />deems necessary to document the power and authority of the Developer Restaurant Ground <br />Lease Subtenant to perform its obligations set forth in the Developer Restaurant Ground Lease. <br /> <br />(b) City Approval of Developer Restaurant. Developer shall have <br />submitted to the City the identity of the proposed Developer Restaurant, and the City shall have <br />approved the proposed Developer Restaurant in accordance with the requirements of Section 5.2 <br />of the Developer Restaurant Ground Lease. <br /> <br />(c) Evidence of Developer Restaurant Element Financing. The City <br />shall have received and reasonably approved the following: <br /> <br />(i) Budget. A detailed budget for the construction and <br />development of the Developer Restaurant, as submitted by Developer to City. <br />(ii) Construction Loan. True and complete copies of all <br />construction loan documents evidencing the obligation of a construction lender in conformance <br />with the requirements of Section 7 of the Developer Restaurant Ground Lease and reasonably <br />acceptable to the City to make a Construction Loan to the Developer, subject only to reasonable <br />and customary conditions and requirements. <br />(iii) Equity Funds. Documentary evidence reasonably <br />acceptable to the City that the Developer has obtained a commitment of equity funds for the <br />construction of the Developer Restaurant, subject only to reasonable and customary conditions <br />and requirements. <br />(iv) Total Project Cost. The City shall have determined that <br />there are sufficient loan and equity funds available to the Developer for the construction and <br />development of the Developer Restaurant at a cost consistent with the budget approved by the <br />City. <br />(d) General Contractor. The general contractor for the Developer <br />Restaurant (the “General Contractor”) shall have been approved by the City. <br />(e) Construction Contract. The City shall have received a true and <br />complete copy of a signed contract by and between Developer and the General Contractor <br />pursuant to which the General Contractor has agreed to construct the Developer Restaurant at a