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that have performed work on the Project. Developer and Agency/City shall agree on a draw request schedule to ensure that the Agency/City is provided with frequent updates regarding the status of the construction of the Improvements, the status of expenditures in accordance with the Project Budget, and the status of invoices submitted by and payments to the General Contractor, suppliers, consultants, and subcontractors performing work at the Project. 605. Termination for Failure of Condition. If (a) any of the conditions set forth herein are not timely satisfied (subject to applicable notice and cure rights) or waived by the Executive Director within the times set forth in the Schedule of Performance, and (b) Agency/City is not in default under this Agreement, Agency/City may terminate this Agreement without any further liability on its part by giving written notice of termination to Developer. Upon the giving of such notice, all principal, interest and other amounts owing under the specified due date. 606. Waiver of Conditions. The conditions set forth pertaining to Agency/City's obligation to make disbursements of the Agency Loan and City Loan proceeds are for Agency/City's benefit only and the Executive Director may waive all or any part of such rights by written notice to Developer. 606.1 Waiver of Disbursement Conditions. Unless Agency/City otherwise agrees in writing, the making by Agency/City of any disbursement with knowledge that any condition to such disbursement is not fulfilled shall constitute a waiver of such condition only with respect to the particular disbursement made, and such condition shall be condition to all further disbursements until fulfilled. 606.2 Modification of Disbursement Conditions and Procedures. The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the contract for construction. 607. Disbursement Requests. The Loan proceeds shall be disbursed on a line-item by line-item basis in accordance with the Project Budget and subject to the Conditions Precedent in this Section. In no event shall Agency/City have any obligation to disburse any amount for any item in excess of the amount allocated to such item in the Project Budget. Disbursements shall be made only upon Developer's written request in the form of a Draw Request showing all costs which Developer intends to fund with such disbursement, itemized in such detail as Agency/City may reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to Agency/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 Agency/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 Agency/City of proceeds of the Agency/City Loan, Developer shall deliver to Agency/City a draw request ("Draw Request"), and all required supporting information as set forth in the Loan Documents or as otherwise reasonably required by Agency/City in order to provide information for evaluating the requested disbursement pursuant to customary construction lending practices of institutional lenders in Southern California. Agency/City shall notify the Developer of approval or disapproval of each Draw Request within five (5) business days after receipt of the Draw Request, using the Agency's/City's 25 DOCSOC/ 1469583 v5/200272-0003