AgdaPkt 2003-12-15 - Laserfiche WebLink

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2 &.0 -15 Covenants, the Note or the Deed of Trust and after notice of such breach as set forth herein, and a failure to cure or commence curative or mitigating actions (if such cure reasonably requires in excess of the applicable cure period), the Public Assistance shall be deemed to have accrued interest at a rate of eight percent (80) per annum from the date (i) that it was disbursed, or (ii) the date the Agency issues the Certificate of Completion, as pro•rided 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 payable in full upon demand. If the Public Assistance is disbursed in increments, the Public Assistance will bear interest from the date of each advance, if the Agency so elects. e. The City's and Agency's duty to provide the Public Assistance to the Participating Owner, and to disburse the proceeds of the Public 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 City and the Agency evidence reasonably satisfactory to the City and the Agency that the Participating Owner has obtained (i) the proceeds from the sale of the Tax Credits and, CSDA Loan Proceeds in an amount sufficient to purchase and develop the Property 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 City Manager of the City and /or 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 City and 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 City and Agency fail 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 City and the Agency that approval will be deemed to have been given within seven (7) days if not sooner disapproved. 11