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07-26-2021 Council Packet
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07-26-2021 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
07/26/2021
Council Meeting Type
Regular
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Lyngblomsten at Lino Lakes Addition <br />Development Agreement <br />July 26, 2021 <br /> page 25 <br />e. A list showing each Contractor/Vendor to be paid from the current Draw <br />Request, the amount of payment, and the category of cost as shown on the <br />Sworn Construction Statement for which such payment are to be made. <br /> <br />f. Such other supporting evidence as may be reasonably requested by the City or <br />Escrow Agent to substantiate all payments that are to be made out of the <br />relevant Draw Request and/or to substantiate all payments, then made with <br />respect to the Project. <br /> <br />If requested by Bank or Escrow Agent, Developer shall also furnish to Bank and <br />Escrow Agent a copy of each contract with each of the Contractors. Developer <br />shall keep the Escrow Agent and Bank advised at all times of the names of all <br />Contractors, and of the type of work, material or services and of the dollar amount <br />covered by each of their respective contracts with Developer. It is understood <br />that only Contractors whose names, contract descriptions and, after a request <br />therefor, contracts have been furnished to Bank and Escrow Agent shall be <br />entitled to receive disbursements under this Agreement. <br /> <br />Developer may obtain advances for disbursement to contractors only to the <br />extent of the amount currently due to each Contractor for work satisfactorily <br />completed or materials actually incorporated into the Project by such Contractor, <br />less any retainage permitted to be withheld pursuant to such Contractor's <br />contract, and Developer agrees that all sums requested hereunder for <br />disbursement to each Contractor shall not exceed that amount. Escrow Agent <br />shall not be required to make the final advance for the payment of the full amount <br />of each Contractor's contract until the Bank and City are satisfied that all <br />Developer Improvements that are subject to such contract have been completed <br />in accordance with the approved Plans, and no Event of Default has occurred <br />under the Development Agreement. The Escrow Agent shall perform a search of <br />the appropriate records and, within five business days after receiving the <br />foregoing items, shall give Bank notice by telephone if any intervening liens are <br />disclosed (other than those expressly listed in the Title Policy or subsequent <br />amendments thereto previously given to Bank). If any such intervening liens or <br />other matters, which in Bank's and City’s judgment jeopardize its security interest <br />in the Project, are disclosed, the Escrow Agent shall refrain from making further <br />disbursements until Bank and the City notify the Escrow Agent that such <br />intervening liens or other matters have been waived by Bank and City or satisfied. <br />Upon demand of Bank and/or City, Developer shall immediately cause any such <br />liens or other matters to be satisfied of record or bonded, or shall make other <br />arrangements with respect to the discharge thereof satisfactory to Bank and City. <br /> <br />4. At the time of submission of the final Draw Request, which shall not be submitted <br />before completion of the Developer Improvements required to be secured, as set forth
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