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<br /> <br /> <br /> <br /> <br />(i) No amounts being requisitioned hereby will be used to pay, or reimburse, any Costs of <br />Issuance incurred in connection with the delivery of the Governmental Note or to pay <br />debt service with respect to the Loans. <br />(j) Funds deposited with Borrower for further disbursement to third parties shall be paid <br />to such third parties by check dated the date of such deposit and Borrower reasonably <br />expects such funds will be disbursed from its account within five (5) Business Days of <br />such deposit. <br />(k) Borrower has not requested any disbursement pursuant to this Requisition for stored <br />items. <br />[The following items may not be required for Initial Disbursement] <br />6. Estimated costs of completing the uncompleted construction (as defined in the <br />Construction Continuing Covenant Agreement) as of the date of this Requisition: <br />_________________________. <br />7. Percent of the construction completed as of the date this request: ________%. <br />8. Borrower certifies that monthly occupancy for the month preceding this Requisition <br />was _________, as indicated by the rent roll attached as Schedule 5 hereto, which is true, correct and <br />complete. <br />9. Borrower certifies that net operating income for the month preceding this Requisition <br />was __________, as indicated by the operating statement attached hereto as Schedule 6. <br />Date of Requisition: _________________________ <br />BORROWER: <br /> <br />Ride Limited Partnership, a Minnesota limited <br />partnership <br /> <br />By: Ride Apartments GP, LLC, a Delaware limited <br />liability company <br />Its: General Partner <br /> <br />By: ___________________________________ <br />Name: Nicholas Walton <br />Title: Manager <br />APPROVED BY <br />LOAN SERVICER: <br /> <br />Merchants Capital Corp., an Indiana corporation <br />