80A - JT PH VISTA DEL RIO HOUSING

Home Browse Search

(ii) Ninety-five (95) days shall have passed since actual completion of the Construction, and no mechanic's or materialman's lien shall be outstanding, or Vista Del Rio shall have bonded over any such lien to City's reasonable satisfaction. 6.7 Waiver of Conditions. The conditions set forth pertaining to City's obligation to make disbursements of the Construction Portion are for City's benefit only and the Executive Director may waive all or any part of such rights by written notice to Vista Del Rio. 6.8 Disbursement Reauests. The Construction Portion proceeds shall be disbursed on a line-item by line-item basis in accordance with the Construction Budget and subject to the conditions in this section. In no event shall City have any obligation to disburse any amount for any item in excess of the amount allocated to such item in the Construction Budget. Disbursements shall be made only upon Vista Del Rio's written request in the form of a Disbursement Request showing all costs which Vista Del Rio intends to fund with such disbursement, itemized in such detail as City may reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to City, including in any event partial lien releases executed by each contractor and subcontractor who has received any payment for work performed, and (b ) all other documents and information reasonably required by City. Disbursement Requests shall be submitted no less than ten (10) Business Days prior to the date of the requested disbursement, and shall not be submitted more often than monthly. Prior to each disbursement by City of proceeds of the City Loan, Borrower shall deliver to City and to Bank a draw request ("Draw Request"), and all required supporting information as set forth in the Loan Documents or as otherwise reasonably required by City or Bank in order to provide information for evaluating the requested disbursement pursuant to customary construction lending practices of institutional lenders in Southern California. City and Bank shall notify the other and Borrower of approval or disapproval of each Draw Request within five (5) business days after receipt of the Draw Request, using the Bank's "Disbursement/Change Order Approval Notice". City and Bank shall have the right, but not the obligation, to discontinue processing Draw Requests unless and until receipt of notification from the other of approval or disapproval of each outstanding Draw Request. 6.9 Manner of Disbursement. City may make any disbursement by check payable to Vista Del Rio; or on a voucher basis; or by check payable jointly to Vista Del Rio and any contractor, subcontractor or other claimant; or directly to any such claimant; or by any other means reasonably selected by City. 6.10 Cost Overruns. In the event that, at any time and for any reason, (a) the actual cost reasonably estimated by City or Vista Del Rio to be required to complete all matters included in any line item by $10,000.00 in the Construction Budget exceeds the amount allocated to that line item in the Construction Budget, (b) Construction Costs for any matters not covered by a specific line item have been or will be incurred in excess of $10,000.00, or (c) the undisbursed portion of the Construction Portion is or may be insufficient to pay all Construction Costs that may be payable under the City Loan Documents or otherwise in connection with the 12 80A-88