06-20-11 Council Agenda - Laserfiche WebLink

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(0) (iii) An opinion of the Inspection Representative of Lender that all work then in place in the Improvements conforms to the Plans, that the undisbursed amount of the Commitment is then sufficient to complete the Improve- ments, and that each Subcontractor to be paid out of such Draw Request has satisfactorily completed the work for which payment is to be made in accordance with its contract. At the time of submission of the final Draw Request, which shall not be submitted before completion of the Improvements, including all landscaping requirements, the Borrower shall submit to the Lender the following: (i) A written lien waiver from each Subcontractor for all work done and for all materials furnished by them for the ,Improvements. (ii) Such other supporting evidence as may be requested by the Lender or Title to substantiate all payments which are to be made out of the final Draw Request and/or to substantiate all payments then or theretofore made with respect to the Improvements. (iii) A certificate of completion by the Owner that all work has been duly inspected and approved by all governmental authorities having jurisdiction and by all necessary insurance inspection organizations, and that all requisite certificates of occupancy and other permits and approvals necessary for use and occupancy of the Project have been issued. (d) If on the date an Advance is desired, the Borrower has performed all of its agreements and has complied with all requirements therefor to he performed or complied with by it hereunder, and the Lender receives a satisfactory opinion from its Inspection Representative recommending payment of the relevant Draw Request, the Lender shall pay to Borrower, or directly to Borrower's Sub Contractor(s), the amount of the requested Advance. Each Advance disbursed to Borrower or to its Sub Contraetor(s) shall bear interest at the rate provided in the Note from the elate such Advance is so disbursed by Lender to Borrower or its Sub Contraetor(s). Section 2.3. Deposit of Funds by Borrower. If the Lender shall at any time in good faith determine that the amount required to pay all unpaid costs and expenses of any kind which have been incurred or reasonably may be anticipated in connection with the completion of the Improvements exceeds the undisbursed amount of the Commitment and other sums which have theretofore been deposited with the Lender for such purpose and shall thereupon send written notice thereof to the Borrower specifying the amount required to be deposited by the Borrower with the Lender to provide sufficient funds to complete the Improvements, the Borrower agrees that it will, within ten (10) calendar days of receipt of any such notice, deposit with the Lender, in a non- interest - bearing escrow account, the amount of fluids specified in the Lender's notice. 9