12-06-1995 Council Agenda - Laserfiche WebLink

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Work, the Developer may submit to the EDA and Title a written disbursement request for costs associated with the Enhancement Work. The Disbursement Request shall specify the amount of Loan Proceeds Developer is asking the EDA to disburse, the parties to receive the disbursements, the labor or materials which the disbursement will pay for in certifying such amounts to be currently payable (excluding withholdings) for costs incurred in connection with the Enhancement Work. The EDA shall have five (5) business days from receipt of Developer's Disbursement Request to confirm that: 304291.2 (a) The Work to be paid for has been completed in a workmanlike manner in accordance with the applicable Plans; (b) Materials in place or stored on the Land and completed Work have an aggregate value equal to or greater than the total of the proceeds of the Note which have been and are to be disbursed with the requested draw; (c) The funds remaining undisbursed under the Note are sufficient to fully complete the Work in accordance with the Plans and the Sworn Construction Cost Statement for the Work; and (d) The Work is progressing in accordance with the applicable Construction Timetables. Upon the EDA's confirmation of the matters set forth in subsections (a) through (d) above, the EDA shall advance to Title amount set forth in the Disbursement Request. The EDA shall have the right, at its option, to refuse to make advances if it reasonably determines an Event of Default, as defined in Section 8, has occurred or if it reasonably determines one or more of the requirements set forth in subsections (a) through (d) is not satisfied. 5.3 After EDA advances amounts to Title pursuant to Section 5.2 above, Title shall disburse the amounts to the parties identified in the Disbursement Request in the manner set forth in a Disbursement Request upon Title's receipt of mechanic's lien waivers and any other documentation Title reasonably requires from the parties receiving the disbursements. 5.4 If the EDA or Title shall at any time determine that the aggregate undisbursed amount of the Note is less than the amount required to pay all costs which may be reasonably anticipated in connection with the completion of the Rehabilitation Work, the Enhancement Work or both, and shall thereupon send written notice thereof to Developer specifying the amount required to be deposited by Developer with the EDA to provide sufficient funds to complete the Work, Developer shall, within ten (10) calendar days of receipt of such notice, deposit with the EDA the amount of funds specified in such notice, which funds shall be disbursed prior to any further advances under the Note. The EDA may, at its option if an Page 14