AgdaPkt 2003-06-30 - Laserfiche WebLink

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(i) that it was disbursed, or (ii) the date the Agency issues the Certificate of Completion, as provided in Section 18 below, at the sole option of the Agency, and may, at the Agency's sole option, be accelerated so as to be payanle in full upon demand. If the Loan is disbursed in increments, the Loan will bear interest from the date of each advance, if the Agency so elects. d. The Agency's duty to provide the Agency Assistance to the Participating Owner, and to disburse the proceeds of the Agency Assistance as more fully set forth in Section 4 hereof, shall be expressly subject to the following conditions precedent: (1) The Participating Owner shall have submitted to the Agency evidence reasonably satisfactory to the Agency that the Participating Owner has obtained (i) the Ca1HFA assistance in an amount sufficient to purchase the interest of the existing limited partner and (ii) any commitments for assistance with operating deficits as might be necessary to make the Project economically viable, all as may be necessary for the completion of the Project on the Property in accordance with this Agreement. (2) The Executive Director of the Agency shall approve or disapprove such evidence and /or documents in writing within fifteen (15) business days of receipt by the Agency of the documents and information required hereunder. If the documents or commitments are not approved or disapproved within said 15 days, the Participating Owner may give written notice, in accordance with Section 15 hereof, that approval will be deemed to be given within seven (7) days after receipt of such notice. If the Agency fails to disapprove such documents or commitments in writing within the seven (7) day period, they will be deemed to be approved. The notice given by the Participating Owner must specify the documents or commitments in question and must inform the Agency that approval will be deemed to have been given within seven (7) days if not sooner disapproved. (3) The Participating Owner shall have received all approvals required from the City hereby, including those approvals required by Section 12 hereof, as are necessary for the Project as described in the Scope of Development and /or as necessary for Participating Owner's intended use of the Property. (4) The Participating Owner shall have provided the Agency with an ALTA lender's title insurance policy, or preliminary title commitment with a lender's title policy to be issued to the Agency upon funding of the Loan, from a title insurance company to be approved by the Agency, showing fee simple title in the Property 4