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prornptly obtain and submit to the Agency new Evidence of ot?structiarr Financing andlor <br />Evide??ce of Perrnanen? Financing for tl?e Rental Potion of the P?io?ect for such Pl?ase? as <br />applicable, Tl?e Agency s??all approve or disapprove such t?ew Evidence of o?rstr??ctiorl <br />Financir? a?rdlor Evidence of Pet•n?ane??? ?'inatrcit?g for ?lre Rental Po??tion of the Pr;oject in the <br />sane rrranx?e?i and wrtlrrt? the same tunes established irl this ectlar? 3 i ?,1 foci the approval or' <br />disapproval ofthe Evidence ofot?tructron ?'rna?xctng and Evlde??ce ofPerrrranent Fit?at?crrrg far <br />the Rental Portion of tl?e P?•oect as rnitlally submitted to the Agency, The Develaper shall close <br />the canstr;uctian por?ia?i of the a???o?ed fit?at?ein canc?zrr?et?tly ??ith fhe losing for slrch Phase; <br />provided that tl?e closing of approved fina??cin may be delayed pursuaz?t to ectton ??7 of this <br />Agreeme??t. The parFties ??nderstand acrd ack??owledge that the Developer may propane the use of <br />equity finar7cir?g with rra debt fit?at?cin as its const??uction firrarrcir? far Phase F, <br />1G,2 ?`a? r?edit ??uity, The follawit?g r?equir?ernerxts tnus? be satisfied in <br />order for the equity fina??ci??g far Taa? credit fi?r?din for each of Phase R? 1 and Phase ?-? to be <br />approved by the Agency purs??atrt to this ectior? 1 <br />?a} Tl?e Developer shall use good faith efforts to solicit rlo less than <br />two ??} co?npetrtive brds f??oln Tai redlt investors for each of Phase ?-i at?d Phase R- of the <br />Project a??d shall have selected as the investor Limited Partner for each Phase the investor <br />offering overall the ?rrast beneficial rates and terns, as reasonably approved ley tl?e Agency <br />Executive Director, The Developer shall submit complete dacurner?tation relating to each such <br />cotnpet?t?ve sal?crtatlorr to the Agency, including true copies of tl?e imitation to bidders acrd each <br />fk?ll bid package s??brnitted by b?ddrrr Tax credit investors, in order to per4??xit the Agency to <br />dcterr?irle that tl?e Developer' lras selected its investor Limited Partner for such Phase that has <br />offered fhe most beneficial terms of financing and Tax credit equity as reci??lred by this <br />Aree?net?t. All such documentation shall be subrnrtted no less than forty-five ?45? days prior to <br />losing for tl?e applicable P?iase. <br />?b? Tl?e equity ir?vstrne??t of the itrvesto?4 Limited Partr?e?i?s} of the <br />limited partnership foci each of Phase R?l and Phase ??? shall Trot be less than the appa?oa?it??ate <br />prevailing pr?lce far Tax credits for` srrnilar developrnelits at r?cl? tune, talcir?g into cansideratio?? <br />all relevant factors s??cl? as tinning ofreciuired pa?yrnents and a?naunt oftlre Tax rFedits, <br />?c? Tl?e ide?ltity of fhe i?lvestor• Limited Pairtner??s? shall be reasonably <br />acceptable to the Agency. <br />?d} Developer oti its affiliates ?na? receive a developers fee of ??p to the <br />rnaxirn??rn amor?nt permitted by TA for each of Phase ?-i at?d Phase R-2, Fifty percent <br />?54°Io of t?le Developer Pee for each of Phase R-1 and Phase R-? rrray be disb??rsed o??ly after <br />and cand?ttarled a?pat? cotnplet?on of the construction of such Phase, subject to Developer's <br />elrgibrlity foci issr?ance by the Age?7cy of the Release of Constr??ctian ovenat?ts fo?4 such Phase, <br />?1G,? Regrii?'e?i 11?I?1I??lUxlS. In connection with each of Pl?asc R-1 acrd Phase <br />R-?, Developer shall s??brnit tl?ie following documents as evidence ofTax credit financing: <br />?a? The Pa??tncrship Agteexnent ar eq??ivalent funding committner7t <br />letter foci sr?ch Phase fi?on? the Investor ??imited Partners} which demonstrates that Developer leas <br />DDCSQCII ?i??6?'3?T1?12?0?7?-??0 ? <br />4?