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06-08-2022 Council Packet
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06-08-2022 Council Packet
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73495160v3 <br /> <br /> <br />6 <br /> <br />(iii) the Controlling Person shall have received from the Architect, and the Engineering <br />Consultant shall have approved, a certificate of the Architect in the form attached as Exhibit A to <br />the form of Construction Deliveries Certificate of completion attached as Schedule 9 to the <br />Borrower Loan Agreement and otherwise customary for projects of the scope of the Work for the <br />Project Facilities with respect to completion of the Work at the Project Facilities; <br />(iv) all Work set forth in the Plans and Specifications for the Project Facilities shall <br />have been substantially incorporated into the Improvements at the Project Facilities; <br />(v) except for Permitted Encumbrances and Impositions not then due and payable, the <br />Project Facilities shall be free of any and all private or governmental charges, claims or Liens (filed <br />or not) of any nature, excepting only the liens and security interests in favor of the Funding Lender <br />(or the Fiscal Agent for the benefit of the Funding Lender) and any other encumbrances approved <br />by the Controlling Person in writing; <br />(vi) with respect to all contractors and subcontractors and materialmen (for contracts <br />less than [$50,000][$100,000], only as required by the Title Company; provided that the Title <br />Company insures over any mechanics’ and materialmen’s liens arising from such excepted <br />contractors, subcontractors or materialmen), either (i) the Borrower shall have obtained an <br />unconditional waiver and release (or a conditional waiver and release conditioned solely upon <br />receipt of final payment) of mechanics’ and materialmen’s liens for all of the Improvements at the <br />Project Facilities and true copies thereof have been delivered to the Controlling Person; <br />(vii) the Construction Deliveries Certificate in the form required under the Borrower <br />Loan Agreement shall have been provided to the Controlling Person and shall be reasonably <br />acceptable to the Controlling Person; <br />(viii) and an endorsement down dating the Title Policy insuring the Mortgage as a first <br />lien, subject to Permitted Encumbrances; <br />(ix) if construction work resulted in new structures or expansion of foot prints of the <br />existing structures, the Fiscal Agent shall have received an as-built ALTA/NSPS Survey certified <br />to the Fiscal Agent and the Controlling Person; <br />(x) the final complete Use of Proceeds Certificate in the form required under the <br />Borrower Loan Agreement shall have been provided to the Controlling Person and shall be <br />reasonably acceptable to the Controlling Person; and <br />(xi) the Borrower has, in form and substance acceptable to the Controlling Person, <br />completed the Environmental Completion Conditions. <br />“Construction Contract” means the guaranteed maximum price contract, dated on or about <br />__________ __, 2022, between the Borrower and the Contractor, providing for the construction of the <br />Improvements and certification of Requisitions, among other things, as the same may be amended, modified <br />or supplemented from time to time. <br />“Construction Monitoring Fee” shall have the meaning set forth in the Schedule of Financial <br />Terms. <br />“Contamination” means the release, discharge, disposal, or presence of any Hazardous Substances <br />at, on, upon or beneath the Project Facilities, whether or not originating at the Project Facilities, or arising
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