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Submission to the Department of all lien waivers required by the <br />Department or passage of the applicable statutory periods for filing <br />mechanic and other similar liens. <br />h. Disposition of mechanic's liens that have been recorded or stop <br />notices that have been delivered to the Department or other <br />construction lenders, so that any such liens shall have been paid, <br />settled, bonded around or otherwise extinguished or discharged, and <br />the Department has been provided satisfactory evidence of such <br />payment, settlement, bond or discharge, including without limitation <br />all statutory waivers. <br />19. Disbursement of Program Funds Received by Recipient. All Program <br />Funds received by Recipient shall be disbursed to pay costs in accordance <br />with the Draw Request approved by the Department and in accordance with <br />this Agreement. <br />20. Inspection of the Work. The Department shall have the right to inspect the <br />Work. Recipient shall deliver to the Department any inspection reports <br />prepared on behalf of the other construction lenders, to the extent available <br />to the Recipient. Inspection of the Work shall be for the sole purpose of <br />protecting the Department's interest and is not to be construed as a <br />representation by the Department that there has been compliance with <br />plans or that the Work will be free of faulty materials or workmanship. The <br />Recipient can make or cause to be made such other independent <br />inspections as the Recipient may desire for its own protection. <br />21. Events of Default. The occurrence of any of the following events shall <br />constitute an "Event of Default" hereunder following written notice to the <br />Recipient by the Department, specifying (i) the applicable event, (ii) the <br />action required to prevent such event from becoming an Event of Default, <br />and (iii) a date, which shall be not fewer than fifteen (15) days after the date <br />the notice is mailed to Recipient, by which such action must be taken: <br />Monetary. (i) Recipient's failure or inability to secure anticipated <br />permanent financing from parties other than the Department's <br />Program Funds as specified in Exhibit C (or equivalent alternative <br />financing approved by the Department), regardless of fault of the <br />Recipient; (ii) Recipient's failure to use or apply Program Funds in <br />the manner specified by, or consistent with the purposes of this <br />Agreement and as specified in Exhibits B and C; or (iii) the <br />occurrence of an event of default under the terms of the commitment <br />for any of the loans or grants received from other construction <br />funding sources as specified in Exhibit C hereto which results in a <br />termination or cancellation of such commitment(s). <br />16-AHSC-11200 <br />NOFA 02/29/16 Page 12 of 36 <br />Rev: 03/16/17 <br />Project: Santa Arra Arts Collective <br />Prep Date: 08/06117 <br />