05-27-2026 Council Packet - Laserfiche WebLink

Home Browse Search

S6-2 Little Canada-Lupe - Borrower Loan Agreement - LC Apartments(199386221.3) - 5/12/2026 6:38:21 PM Improvements prior to the Completion Date and to carry the Project Facilities through to Stabilization. 5. Evidence of Access, Availability of Utilities, Project Approvals. Evidence as to: (a) the methods of access to and egress from the Project Facilities, and nearby or adjoining public ways, meeting the reasonable requirements of the Project Facilities and the status of completion of any required improvements to such access; (b) the availability of water supply and storm and sanitary sewer facilities meeting the reasonable requirements of the Project Facilities; (c) the availability of all other required utilities, in location and capacity sufficient to meet the reasonable needs of the Project Facilities; and (d) the obtaining of all approvals, permits and licenses or evidence that no such permits or licenses are required) which are required, necessary or desirable for the construction of the Improvements and the access thereto, together with copies of all such Governmental Actions. 6. Environmental Report. An environmental site assessment report or reports of one or more qualified environmental engineering or similar inspection firms approved by the Controlling Person, which report or reports shall indicate a condition of the Land and any existing improvements thereon in compliance with all Legal Requirements and in all respects satisfactory to the Controlling Person in its sole discretion and upon which report or reports the Controlling Person and the Funding Lender shall be expressly entitled to rely. 7. Soils Report. A soils report for the Project Facilities prepared by a soils engineer approved by the Controlling Person, which report shall indicate that based upon actual surface and subsurface examination of the Project Facilities, the soils conditions are fully satisfactory for the proposed renovation and operation of the Improvements and upon which report or reports the Controlling Person and the Funding Lender shall be expressly entitled to rely. A termite or other insect infestation report prepared by a firm approved by the Controlling Person, which report shall indicate that based upon actual inspection of the Project Facilities either (i) that no termite or other insect infestation at the Project Facilities, or (ii) that termite or insect infestation is present and recommended steps for extermination and remediation of the conditions at the Project Facilities, and upon which report or reports the Controlling Person and the Funding Lender shall be expressly entitled to rely. 8. Survey and Taxes. A Survey of the land upon which the Project Facilities are (or will be) located (and any existing improvements thereon) and Surveyor’s Certificate, and evidence of payment of all real estate taxes and municipal charges on the Land (and any existing improvements thereon) which were due and payable prior to the Closing Date. 9. Deposit of Funds. The initial installment of Required Equity Funds and any other source of funds required for closing shall have been delivered to the satisfaction of the Controlling Person. 10. Requisition. If any portion of the initial Advance shall be for hard costs of construction, a completed Requisition and together with the approval of the Engineering Consultant. 11. Form Lease. The standard form of lease to be used by the Borrower in connection with the Improvements.