Laserfiche WebLink
<br /> funds to be held by City in excess of the claimed amount of the lien, or such other options as City <br /> <br /> may determine.) <br /> f The City has received a written statement from the Association's Architect and <br /> Authorized Representative and/or minutes from the Board of Directors certifying with respect to each <br /> payment: (i) that none of the items for which the payment is proposed to be made has formed the basis <br /> for any payment theretofore made under this Agreement; (ii) that each item For which the payment is <br /> proposed to be made is or was necessary in connection with the Housing Improvements; and (iii) that <br /> following such proposed payment sufficient moneys will remain on deposit in the Project Fund to <br /> provide for payment in full of all remaining costs estimated to be incurred in order to complete the <br /> Housing Improvements. In the case of any contract providing for the retention of a portion of the <br /> contract price, there shall be paid from the Project Fund only the net amount remaining after deduction <br /> of any such portion. <br /> 5. Conditions Precedent to the Final Disbursement. The making ofthe final disbw•sement <br /> hereunder shall be subject to the condition precedent that the Association shall be incompliance with <br /> all conditions set forth in Sections 3 acid 4 hereof and the following: <br /> (a) Prior to the Completion Date as defined in the Development Agreement, the Housing <br /> Improvements have been substantially completed in accordance with the Construction Plans and the <br /> Development Agreement, and the City shall have received a certificate of completion from the <br /> Association acid the Inspecting Architect, certifying that to the best of their knowledge (i) work on the <br /> Housing Improvements has been completed in accordance with the Construction Plans and all other <br /> labor, services, materials and supplies used in such work have been paid for; (ii) the completed Housing <br /> Improvements conform with all applicable building laws and regulations of the governmental <br /> authorities having jurisdiction over the Housing Improvements; and (iii) lien waivers submitted to Title <br /> hereunder cover all labor, services materials and supplies in connection with the Housing <br /> Improvements. <br /> (b) The City shall have received satisfactory evidence that all work requiring inspection by <br /> municipal or other governmental authorities having jurisdiction has been duly inspected and approved <br /> by such authorities and by the bureau, corporation or off ce having jurisdiction, and that all requisite <br /> certificates of occupancy acid other approvals have been issued. <br /> (c) Notwithstanding anything to the contrary in this Section, the City shall be entitled to <br /> retain five percent retainage for up to 9U days after the Completion Date. Such amount will be <br /> released by the City upon the Association's performance to the City's satisfaction of all the <br /> conditions of paragraphs (a) through (c) of this Section and review and approval by the City Building <br /> Inspector of punchlist work and any work needed to correct defects in completed work on the <br /> housing Improvements. <br /> 6. Payments by City. iJpon receipt of appropriate documentation of claims as described <br /> in Provision The City will pay each Contractor or Subcontractor and all other persons identified in <br /> 3 <br /> <br />