RecDoc 2009-095365 - Laserfiche WebLink

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.. Dollars ($90,798) (the ~Fee Subsidy"). The Development Grant and the Fee Subsidy are from time to time referred to collectively herein as the ~Agency Assistance". b. Proceeds from the Development Grant shall only be used to help offset the costs of the construction of offsi te improvements related to the Project. Proceeds from the Fee Subsidy shall be directly allocated to the payment of City fees related to the construction of the Project. c. The Agency's duty to disburse the proceeds of the Development Grant and the Fee Subsidy as more fully set forth in Section 2.01(e) hereof, shall be expressly subject to the following conditions precedent: (1) Participant shall have submitted to the Agency evidence reasonably satisfactory to the Agency that Participant has obtained (i) firm commitments for the receipt of BUD 811 Capital Advance funds and of other adequate funding in amounts sufficient to fund the Project's development costs in excess of the amount of the Development Grant ( collectively, the ~ Public Assis tance" ) , and/or (ii) firm and fully executed commitments for construction financing and sufficient equity capital and/or firm and fully executed commitments for permanent financing, all as may be necessary for the development and construction of the Project on the Property in accordance with this Agreement, and (iii) a firm construction contract reasonably acceptable by the Agency. In lieu of the foregoing, Participant may submit evidence to the Agency reasonably satisfactory to the Agency in its sole discretion that Participant has sufficient funds of its own for the purposes set forth in this Section. (2) Any and all financing for the development of the Property shall be obtained from reputable, recognized financial insti tutions or lending sources including, but not limi ted to, banks, savings and loan institutions, government agencies, insurance companies, real estate investment trusts, pension funds and the like. Whenever the source of financing for all or any part of the development of the Project is from other than Participant, Participant shall promptly submit the following to the Agency: 1. Copies of all construction and/or permanent financing commitments received by Participant; and 2 . Proof of acceptance of each such loan commitment by Participant, together with proof of payment of all up-front loan commitment fees, if any, and satisfaction of any other conditions precedent to the effectiveness of the commitments. 4