Res99 RD-99-30 - Laserfiche WebLink

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§320 Remediation The Agency agrees to assist IAC in the remediation of hazazdous substances on, under and from the IAC Project Site by using its authority in Article 12.5 of Chapter 4 of Part 1 of the CRL. §321 Submission of Evidence of Mortgage Financing [f IAC finances the development of the IAC Project Site and related activities with mortgage financing, (i) such financing shall be subject to the approval of the Agency, which approval will not be unreasonably withheld, conditioned or delayed, and (ii) no later than the time specified in the Schedule of Performance, IAC shall submit to the Agency evidence satisfactory to the Agency that IAC has financing commitments necessary for all costs related to the acquisition of the land and development of the IAC Project. Such evidence of financing shall include: A. Copies of all conditional and firm financing commitments. Conditional commitments shall not be deemed to be firm and binding commitrnents, but shall be subject to all conditions required by the financing institutions committing same. B. Proof of acceptance of each loan commitment by IAC and proof of payment of all loan commitment fees and expenses required to fund the financing commitments. C. Proof of funding or binding commitments to fund 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. E. The Agency shall approve or disapprove such evidence of financing within the time established in the Schedule of Performance. Approval shail be based on the Agency's determinations that (a) the proposed lender is a responsible financial or lending institution; (b) the commitment ►etter given by the responsible financial or lending institution is consistent with standard current lending practices; and (c) IAC has the financial capability and has committed sufficient equity in the IAC Project. Failure of the Agency to either approve or disapprove such evidence of financing within five (5) days of submission shall be deemed an apptoval. If the Agency shall disapprove any such evidence of financing, the Agency shall do so by written notice to IAC stating the reasons for such disapproval. IAC, as soon as reasonably practicable, shall obtain and submit to the Agency new evidence of financing. 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 initial(y submitted to the Agency. 17 = 9627:8397625