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<br />Dollars ($90,798) (the UFee Subsidy"). The Development Grant and <br />the Fee Subsidy are from time to time referred to collectively <br />herein as the UAgency Assistance". <br /> <br />b. Proceeds from the Development Grant shall only be <br />used to help offset the costs of the construction of offsite <br />improvements related to the Project. Proceeds from the Fee Subsidy <br />shall be directly allocated to the payment of City fees related to <br />the construction of the Project. <br /> <br />c. The Agency's duty to disburse the proceeds of the <br />Development Grant and the Fee Subsidy as more fully set forth in <br />Section 2.01(e) hereof, shall be expressly subject to the following <br />conditions precedent: <br /> <br />(1) Participant shall have submitted to the Agency <br />evidence reasonably satisfactory to the Agency that Participant has <br />obtained (i) firm commitments for the receipt of HUD 811 Capital <br />Advance funds and of other adequate funding in amounts sufficient <br />to fund the Project's development costs in excess of the amount of <br />the Development Grant (collectively, the upublic Assistance"), <br />and/or (ii) firm and fully executed commitments for construction <br />financing and sufficient equity capital and/or firm and fully <br />executed commitments for permanent financing, all as may be <br />necessary for the development and construction of the Project on <br />the Property in accordance with this Agreement, and (iii) a firm <br />construction contract reasonably acceptable by the Agency. In lieu <br />of the foregoing, Participant may submit evidence to the Agency <br />reasonably satisfactory to the Agency in its sole discretion that <br />participant has sufficient funds of its own for the purposes set <br />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 Participant, <br />Participant shall promptly submit the following to the Agency: <br /> <br />1. Copies of all construction and/or <br />permanent financing commitments received <br />by Participant; and <br /> <br />2. Proof of acceptance of each such loan <br />commitment by Participant, together with <br />proof of payment of all up-front loan <br />commitment fees, if any, and satisfaction <br />of any other conditions precedent to the <br />effectiveness of the commitments. <br /> <br />4 <br />