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<br />executed commitments for construction financing and sufficient <br />equity capital and/or firm and fully executed commitments for <br />permanent financing, all as may be necessary for the development <br />and construction of the Project on the Property in accordance with <br />this Agreement, and (iii) a firm construction contract reasonably <br />acceptable by the Agency. In lieu of the foregoing, the Developer <br />may submit evidence to the Agency reasonably satisfactory to the <br />Agency in its sole discretion that the Developer has sufficient <br />funds of its own for the purposes set forth in this Section. <br /> <br />(2) Any and all financing for the development of <br />the Property shall be obtained from reputable, recognized financial <br />institutions or lending sources including, but not limited to, <br />banks, savings and loan institutions, government agencies, <br />insurance companies, real estate investment trusts, pension funds <br />and the like. Whenever the source of financing for all or any part <br />of the development of the Project is from other than the Developer, <br />the Developer shall promptly submit the following to the Agency: <br /> <br />1. <br /> <br />Copies of all construction and/or <br />permanent financing commitments received <br />by the Developer; and <br /> <br />2. <br /> <br />Proof of acceptance of each such loan <br />commitment by the Developer, together <br />wi th proof of payment of all up-front <br />loan commitment fees, if any, and <br />satisfaction of any other conditions <br />precedent to the effectiveness of the <br />commitments. <br /> <br />(3) The Executive Director of the Agency or his or <br />her assignees, including the Redevelopment Manager of the Agency, <br />shall approve or disapprove such documents and/or financing <br />commitments or sources in writing within fifteen (15) business days <br />of receipt by the Agency of the documents and information required <br />hereunder. If the documents or commitments are not approved or <br />disapproved within said 15 days, the Developer may give written <br />notice, in accordance with Section 15 hereof, that approval will be <br />deemed to be given within seven (7) days after receipt of such <br />notice. If the Agency fails to disapprove such documents or <br />commitments in writing within the seven (7) day period, they will <br />be deemed to be approved. The notice given by the Developer must <br />specify the documents or commitments in question and must inform <br />the Agency that approval will be deemed to have been given within <br />seven (7) days if not sooner disapproved. <br /> <br />6 <br /> <br />REDW\0006\DOC\001-7 <br />3/29/05 3:15 /rove <br />