AgdaPkt 2002-12-09 - Laserfiche WebLink

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�.A- II� - Such evideace of finaacing shall include: - A. Copies of ali conditional and firm Snancing commihnents. Condirional commitments shall not be deemed to be Srm and binding commitments, but shall be subject to . all condirions required by the financing insdtutions committing same. . �., B. Proof of acceptance of each loan commitment by Developer and proof of payment of all loan commitment fees and expenses required W fund the 5nancing commitrnents. C. Proof of funding or binding commitm�ts w fand equity capital contributions, reasonably satisfactory to the Agency. 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, subject to customary lender or investor condirions concerning due diligence and underwriting matters. E. The Agency shall approve or disapprove such evidence of Snancing within the time established in the Schedule of Performance. Approval sha11 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 standazd current lending practices; and (c) Developer has the financial capability and has committed sufficient equity in the Pmject. Failure of the Agency to either approve or disapprove - such evidence of fmancing within fifteen (15) days of its complete submission shall be deemed an approval. If the Agency shall disapprove any such evidence of financing, the Agency shall do so by written notice to Developer stating the reasons for such disappmval. Developer, as soon as reasonably practicable, shall obtain and submit to the Agency new evidence of Snancing. 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. Article 4. ESCROW §401 Ooenine of Escrow To accomplish the purchase and transfer of the Agency and Acquisition Parcels, the Agency agrees to open one or more escrows ("Escmw") with First American Title Company, or with another mutually agreed upon escrow company (the "Escrow AgenY'), in San Mateo County, within the time established in the Schedule of Performance. This Article 4 consritutes the basis for joint escrow instructions of the Agency, the City and Developer. The Agency and Developer shall provide mutual escrow instructions as shall be necessary for and consistent with this Agreement. The Escrow Agent is hereby empowered to act under this Agreement, and upon indicating its acceptance of the provisions of this article, shall cazry out its duties as Escrow Agent hereunder. Upon delivery of the Agency and Acquisition Parcels Grant Deeds to the Escrow Agent - by the Agency, pursuant to Secfion 404 of this Ageetnent and the fulfillment by Developer of its obligations under the Escrow, the Escrow Agent shall record such Grant Deeds when title to the 15 DOCSSF1:646942.4 9975-5 Cl4 120502