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Boulevard, Mounds View MHFA Dev. #8022 Master Disbursement Agreement 4 12/03/2018 (Ver. 11/20/2017) $1,000.00) The parties agree that the Project Funds must be disbursed in the order indicated and that none of the proceeds of a source of funds will be disbursed until all of the proceeds of funds that are to be disbursed prior to such source have been disbursed. The parties further direct Title Company to disburse the Project Funds in the order indicated, and Title Company agrees to comply with such direction. Notwithstanding the above order of disbursement, the parties agree that if funds from one funding source (the “Original Funding Source”) are unavailable due to (a) the requirements of the documents governing the eligible uses of such funding source and/or (b) certain conditions for disbursement of such funds that have not yet been met, subject to the terms of such funding party’s documents, funds from the next funding source in the order above will be made available for disbursement, but only to the extent the Original Funding Source is unavailable. 3. Disbursement of Individual Loan Proceeds. When Borrower desires the disbursement of any or all of the Project Funds referred to in Section 2, it will submit a draw request to the appropriate entity that is supplying such funds. If the draw request meets the provisions contained in the applicable document that Borrower has entered into with the entity supplying the requested funds and all other requirements imposed by the applicable document have been satisfied, then the approving entity will approve the draw request and forward it to MHFA for authorization for the disbursement of the draw. MHFA’s authorization will be solely to confirm that the Development is being constructed in conformance with all applicable plans and specifications and will not in any way relate to Borrower’s compliance with any provision imposed by an entity for the disbursement of that entity’s funds. Upon authorization by MHFA, MHFA will forward the draw request to Title Company for disbursement of the applicable funds. Title Company will not disburse any monies without first receiving a draw request approved by both the entity whose monies are to be disbursed and MHFA, and upon receipt of an approved draw request, Title Company will disburse the applicable monies in accordance with the provisions contained in the following documents: Source of Project Funds to be Disbursed Entity Supplying the Source of Project Funds Disbursement Document Equity Borrower MHFA Disbursement Agreement MHFA Bridge Loan MHFA MHFA Disbursement Agreement MHFA FFCC Loan MHFA MHFA Disbursement Agreement City Loan City City Disbursement Agreement General Partner Loan HRA ERF Grant HRA Loan Inverwood Loan General Partner HRA HRA Inverwood General Partner Disbursement Agreement HRA Disbursement Agreement HRA Disbursement Agreement Inverwood Disbursement Agreement