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JAH:djm 03/06/90R (REDEV) JAH:djm 03/19/90R JAH:djm 04/04/90R governmental agencies. §316 Submission of Evidence of Equity Capital and Mortgage Financing. When the Developer finances the development of the Project Site and related activities, such financing shall be subject to the approval of the Agency, which approval will not be unreasonably withheld or detained. No later than the time specified in the Schedule of Performance, the Developer shall submit to the Agency evidence satisfactory to the Agency that the Developer has financing (both equity capital and Mortgage Commitments) necessary for all costs related to the acquisition of the land and development of the Project. Such evidence of financing shall include: A. Copies of all conditional and firm financing commitments. Conditional commitments shall not be deemed to be firm and binding commitments, but shall be subject to all conditions required by the financing institutions committing same. B. Proof of acceptance of each loan commitment by the Developer and proof of payment of all loan commitments fee and expenses required to fund the financing commitments. C. Proof of funding or binding commitments to fund equity capital contributions. For this purpose, the Developer shall provide the Letter of Credit. D. A Binding commitment to fund the difference between the amount of the equity and the land acquisition, predevelopment costs, and costs of construction and related expenses. E. The Agency shall approve or disapprove such evidence of financing within the time established in the Schedule of Performance. Approval shall be based on the Agency's determinations that (a) the proposed lender is a responsible financial or lending institution; (b) the commitment letter given by the responsible financial or lending institution is consistent with standard current lending practices; and (c) the Developer has the financial capability and has committed sufficient equity in the project. Failure of the Agency to either approve or disapprove such evidence of financing shall be deemed an approval. If the Agency shall disapprove any such evidence of financing, the Agency shall do so by written notice to the Developer stating the reasons for such disapproval. The Developer shall promptly obtain and submit to the Agency new evidence of financing. The Agency shall approve or disapprove such new evidence of financing in the same manner and within the same times established in this section for the approval or disapproval of the evidence of financing initially submitted to the Agency. 14