Common use of Approval of Construction Financing Clause in Contracts

Approval of Construction Financing. As required herein and as both a City and Developer Condition Precedent to the Closing, Developer shall submit to City the Preliminary Evidence of Financing evidencing that Developer has (or will have upon the date of Conveyance) sufficient capital and/or has arranged for debt and/or equity financing necessary to undertake the development and construction of the Project in accordance with this Agreement and will record the debt portion of the Construction Financing, if any, as a condition to, and concurrently with, Closing. The Director shall reasonably approve or disapprove Preliminary Evidence of Financing within ten (10) days of receipt thereof. If City shall disapprove any such Preliminary Evidence of Financing, City shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall endeavor to promptly obtain and submit to City new Preliminary Evidence of Financing. Any material adverse changes to the terms of the Construction Financing (if any) from the approved Preliminary Evidence of Financing shall be subject to City written approval, which shall not be unreasonably withheld, conditioned or delayed. If applicable, Developer shall close the approved Construction Financing prior to or concurrently with the Closing.

Approval of Construction Financing. As required herein and as both a City and Developer Condition Precedent to the Applicable Closing, Developer shall submit to City the Preliminary Evidence of Financing evidencing that Developer has (or will have upon the date of Conveyance) obtained sufficient equity capital and/or has arranged for debt and/or equity financing necessary to undertake the development and construction of the Project Applicable Component in accordance with this Agreement and will record has recorded the debt portion of the Construction Financing, if any, Financing as a condition to, and concurrently with, to Applicable Closing. The Director shall reasonably approve or disapprove Preliminary Evidence of Financing within ten fifteen (1015) days of receipt thereof. If City shall disapprove any such Preliminary Evidence of Financing, City shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall endeavor to promptly obtain and submit to City new Preliminary Evidence of Financing. Any material and adverse changes to the terms of the Construction Financing (if any) from the approved Preliminary Evidence of Financing shall be subject to the City written approval, which shall not be unreasonably withheld, conditioned or delayed. If applicable, Developer shall close the approved Construction Financing prior to or concurrently with the Applicable Closing.

Approval of Construction Financing. As required herein and as both a City and Developer Condition Precedent to the Closing, Developer shall submit to City the Preliminary Evidence of Financing evidencing that Developer has (or will have upon the date of Conveyance) obtained sufficient equity capital and/or has arranged for debt and/or equity financing necessary to undertake the development and construction of the Project Applicable Component in accordance with this Agreement and will record has recorded the debt portion of the Construction Financing, if any, Financing as a condition to, and concurrently with, to Applicable Closing. The Director shall reasonably approve or disapprove Preliminary Evidence of Financing within ten fifteen (1015) days of receipt thereof. If City shall disapprove any such Preliminary Evidence of Financing, City shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall endeavor to promptly obtain and submit to City new Preliminary Evidence of Financing. Any material and adverse changes to the terms of the Construction Financing (if any) from the approved Preliminary Evidence of Financing shall be subject to the City written approval, which shall not be unreasonably withheld, conditioned or delayed. If applicable, Developer shall close the approved Construction Financing prior to or concurrently with the Closing.