2014-112 Council Resolution - Laserfiche WebLink

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(b) A waiver of mechanic's lien and/or materialman's lien, executed by the General Contractor, in the amount of the lienable costs of the Project payable from the requested Advance, together with a waiver of mechanic's lien and/or materialman's lien, executed by each other Contractor, to which any portion of the preceding Advance was paid, covering liens for all work done and materials supplied for which disbursement was made from the preceding Advance, in the form required by Bank and/or the Escrow Agent. Such waivers shall be accompanied by a schedule listing all disbursements made from the preceding Advance and the recipients thereof. (c) Invoices and such other supporting evidence as may be requested by Bank, the City or the Escrow Agent to establish the cost or value of the Improvements for which Advances are to be and have been made, or as may be required by the Loan Agreement. The Escrow Agent shall perform a search of the appropriate records and, within five (5) Business Days after receiving the foregoing items, shall give Bank notice by telephone if any intervening liens are disclosed (other than those expressly listed in the Title Policy or subsequent amendments thereto previously given to Bank). If any such intervening liens or other matters, which in Bank's and City's judgment jeopardize its security interest in the Project, are disclosed, the Escrow Agent shall refrain from making further disbursements until Bank and the City notify the Escrow Agent that such intervening liens or other matters have been waived by Bank and City or satisfied. Upon demand of Bank and/or City, Borrower shall immediately cause any such liens or other matters to be satisfied of record or bonded, or shall make other arrangements with respect to the discharge thereof satisfactory to Bank and City." 4. Paragraph 6 of the Surety Agreement shall be revised to provide that items listed under paragraph 6 shall also be provided to and approved by the Bank prior to any disbursements of funds. 5. Paragraph 7 of the Surety Agreement shall be revised to provide that all notifications shall be delivered to both the City and the Bank in writing and all notifications regarding document approval shall be provided to both the City and the Bank. If Borrower fails to deliver documents or provide any missing documents, the Escrow Agent shall provide notice to both the City and the Bank. Any documents supplied or requested by Escrow Agent shall be provided to both the City and the Bank to the City's and Bank's full satisfaction. 6. Paragraph 9 of the Surety Agreement shall be revised to provide that the City, Bank and Developer have the right to examine the books and records of the Escrow Agent and the Escrow Agent shall notify both the City and the Bank when the fund balance is less than $25,000.00.