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a. Pay Project Costs incurred by the Association. <br /> b. Obtain waivers, releases and satisfactions of liens and other encumbrances, if <br /> <br /> any, pursuant to statements of amounts due which must be approved by the City. <br /> 3. Conditions of Initial Disbursement. Within 30 days of the initial disbursement of <br /> funds hereunder, City shall be furnished: <br /> a. A copy of the construction budget or use of proceeds schedule executed by the <br /> approved by the Association setting forth the amounts budgeted to be disbursed for all items which <br /> in the aggregate constitute Project Costs. Disbursements for such items listed as Project Costs shall <br /> not occur more often than once monthly. <br /> b. An up-to-date sworn statement prepared by the Contractor and co-signed by <br /> the Association disclosing the various subcontracts entered into by the Contractor and setting forth <br /> the names of ali Subcontractors with whom the Contractor has contracted to date, their addresses, <br /> work or materials to be furnished, amounts of the contracts, amounts paid to date, and balance due. <br /> c. Copies of the Construction Contract, and any other construction documents <br /> required by City in its discretion. <br /> 4. Conditions of Subsequent Disbursements. Prior to each subsequent disbursement of <br /> funds hereunder, City shall be furnished: <br /> a. An up-to-date sworn statement of the Contractor and co-signed by the <br /> Association setting forth all Subcontractors with whom the Contractor has contracted to date, the <br /> amounts of the subcontracts, the amounts paid to date, the amounts being requested and the balance <br /> due. <br /> b. The request for payment ("Request for Payment") executed by the Association <br /> and the Contractor in connection with the requested disbursement, together with approval or <br /> certification of completion from Architect, if any. <br /> a Sufficient funds to cover the requested disbursements, and to pay for extras or <br /> change orders for which waivers have not been deposited and for which funds have not previously <br /> been deposited. <br /> d. Mechanics lien waivers or releases fi•om both the Contractor and all <br /> subcontractors with respect to amounts disbursed pursuant to the immediately preceding Request of <br /> Payment satisfactory to City. <br /> e. Resolution satisfactory to City of all outstanding title issues, including but noT <br /> limited to, mechanic's liens or judgment liens served or filed ofrecord. (Such resolution may include <br /> 2 <br /> <br />