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(i) Thirty-five (35) days shall have passed since the recording of a valid <br />notice of completion for the construction, and no mechanic's or material <br />man's lien shall be outstanding; or <br />(ii) Ninety-five (95) days shall have passed since actual completion of the <br />construction, and no mechanic's or materialman's lien shall be <br />outstanding, or Developer shall have bonded over any such lien to City's <br />reasonable satisfaction. <br />6.7 Waiver of Conditions. The conditions set forth pertaining to City's obligation to make <br />disbursements of the Loan proceeds are for City's benefit only and the Executive Director may <br />waive all or any part of such rights by written notice to Developer. <br />6.8 Disbursement Requests. The Loan proceeds shall be disbursed on a line -item by line - <br />item basis in accordance with the Project Budget and subject to the conditions in this section. In <br />no event shall City have any obligation to disburse any amount for any item in excess of the <br />amount allocated to such item in the Project Budget. Disbursements shall be made only upon <br />Developer's written request in the form of a Disbursement Request showing all costs which <br />Developer intends to fund with such disbursement, itemized in such detail as City may <br />reasonably require, accompanied in each case by (a) invoices and lien releases satisfactory to <br />City, including in any event partial lien releases executed by each contractor and subcontractor <br />who has received any payment for work performed, and (b ) all other documents and information <br />reasonably required by City. Disbursement Requests shall be submitted no less than ten (10) <br />Business Days prior to the date of the requested disbursement, and shall not be submitted more <br />often than monthly. <br />Prior to each disbursement by City of proceeds of the Loan, Borrower shall deliver to City a <br />draw request ("Draw Request"), and all required supporting information as set forth in the Loan <br />Documents or as otherwise reasonably required by City in order to provide information for <br />evaluating the requested disbursement pursuant to customary construction lending practices of <br />institutional lenders in Southern California. <br />City shall notify the Developer of approval or disapproval of each Draw Request within five (5) <br />Business Days after receipt of the Draw Request, using the City's "Disbursement/Change Order <br />Approval Notice". City shall have the right, but not the obligation, to discontinue processing <br />Draw Requests unless and until receipt of notification from the other of approval or disapproval <br />of each outstanding Draw Request. <br />6.9 Manner of Disbursement. City may make any disbursement by check payable to <br />Developer; or on a voucher basis; or by check payable jointly to Developer and any contractor, <br />subcontractor or other claimant; or directly to any such claimant; or by any other means <br />reasonably selected by City. <br />6.10 Cost Overruns. In the event that, at any time and for any reason, (a) the actual cost <br />reasonably estimated by City or Developer to be required to complete all matters included in any <br />