07-26-2021 Council Packet - Laserfiche WebLink

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Lyngblomsten at Lino Lakes Addition Development Agreement July 26, 2021 page 26 on Exhibit C of the Development Contract, Developer shall submit to City, Bank and Escrow Agent, in addition to the requirements listed in Paragraph 3 above the following and the following must be approved by the Bank prior to disbursements of funds: a. A written lien waiver from all Contractors for work done and materials furnished for the Project. b. Such other supporting evidence as may be reasonably requested by the City or Escrow Agent to substantiate all payments, which are to be made out of the final Draw Request and/or to substantiate all payments, then made with respect to the Project. c. Satisfactory evidence that all work requiring inspection by Governmental Authorities having jurisdiction, including the City, has been duly inspected and approved by such authorities and that all requisite certificates of occupancy, if applicable, and other approvals have been issued. d. Final Sworn Construction Statement. 5. Not later than five business days following receipt of the documents delivered to it pursuant to the above paragraphs, the Escrow Agent will notify in writing the City and the Bank as to whether the delivered documents are satisfactory to it. If documents are missing, the Escrow Agent will advise City, the Bank and Developer. If the documents are supplied to the full satisfaction of the City, the Bank and Escrow Agent, Escrow Agent will within 3 business days disburse the Escrowed Funds to the contractors entitled thereto in the amount applied for in the relevant draw request. 6. Developer will pay parties identified in the relevant draw request, the amounts shown therein. As to the final payment, payment will only be made upon receipt of signed lien waivers for the amount requested. 7. The Escrow Agent will keep and maintain books and records in sufficient detail to reflect the disbursements made by it hereunder. City, the Bank and Developer may, during normal business hours, examine the books and records of Escrow Agent pertaining to the disbursements made by it hereunder. 8. No liability is assumed by Escrow Agent or City to the Developer or contractors as regards protection against mechanic's lien or title claims. 9. Functions and duties assumed by the Escrow Agent include only those described in this Agreement, and the Escrow Agent is not obligated to act except in accordance with the terms and conditions of this Agreement. Escrow Agent, the Bank and City do not insure that the building or construction will be completed, or that the building when