Approval of Financing. Agency shall approve or disapprove each submission of Developer’s Evidence of Financing for the Property. Within ten (10) business days after receipt of such submission by City.
Approval of Financing. Agency shall approve or disapprove the evidence of financing. Within fifteen (15) days after Agency receives complete submission of evidence of financing.
Approval of Financing. As required herein and pursuant to the terms of the City Initial Note, Developer shall submit to City evidence that Developer has obtained sufficient equity capital or has arranged for and obtained a binding commitment for construction financing necessary to undertake the development of the Site and the construction of the Improvements in accordance with this Agreement (“Proof of Financing Commitments”). City shall reasonably approve or disapprove such evidence of financing within twenty (20) days of receipt of each of the respective submittals, provided that such submittal is complete. Approval shall not be unreasonably withheld so long as the terms and conditions of the financing are consistent with this Agreement, including without limitation the availability of the Tax Credit Amount and the acknowledgment and consent by such lender to the City Developer CC&Rs, with the further proviso that if the Tax Credit Amount exceeds the amount set forth therefor on the Base Pro Forma, Developer shall agree that the excess remaining after applying amounts necessary to defray Cost Overrun Amounts theretofore experienced or the Developer Fee (the “Excess Amount”) shall be applied to reduce the City Construction Disbursement Amount, and provided further that such financing terms are otherwise reasonable and customary. Such consent may be included in an “Intercreditor Agreement” in connection with which City will agree to subordinate, for the benefit of such lender, the obligation to pay Residual Receipts Note Payments in the event such lender should acquire Developer’s interest in the Site upon foreclosure by such lender. If City shall disapprove any such 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 evidence of financing. City shall approve or disapprove such new evidence of financing in the same manner and within the same times established in this Section 4.15.1(e) for the approval or disapproval of the evidence of financing as initially submitted to City. Developer shall close the approved financing prior to or concurrently with the Closing. The Proof of Financing Commitment shall include a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more financial institutions for the mortgage loan or loans for financing to fund the construction and completion of the Improvements. The parties inte...
Approval of Financing. The City shall approve or disapprove the evidence of financing described in the Method of Financing and Section 204.a of the OPA. Within ten (10) calendar days after the City receives complete submission of evidence of financing.
Approval of Financing. During the Approval Period, Buyer shall approve or disapprove the financing for its purchase of the Property. In the event the New Loan is finalized, and the documents evidencing and/or securing the New Loan (e.g. promissory note, deed of trust, indemnity, etc.) (collectively the "New Loan Documents") are delivered to Buyer at least 15 days prior to the end of the Approval Period, then Buyer shall approve or disapprove the New Loan in accordance with this Paragraph 5(e). If the New Loan is finalized, Seller shall pay all fees and costs associated with the origination of the New Loan, but not any fees or costs associated with the assumption of the New Loan by Buyer. If the New Loan is not finalized, and the New Loan Documents are not delivered to Buyer at least 15 days prior to the end of the Approval Period, then Seller shall not enter into the New Loan without the prior written consent of Buyer, which consent may be granted or withheld in Buyer's sole discretion, In that regard, Seller agrees to provide Buyer, promptly after obtaining the same, copies of any documentation proposed to evidence the New Loan. While Buyer shall not be obligated to do so, Buyer may (i) approve and agree to assume the Existing Loan; (ii) approve and agree to assume the New Loan, or (iii) elect to pay cash for the Property and acquire the Property free and clear of any liens and encumbrances (and if Buyer so elects, Seller covenants to convey the Property free and clear of all liens and encumbrances securing the Existing Loan), and in the event that Buyer elects any of the alternatives set forth in clauses (i), (ii) or (iii); Buyer shall be deemed to have approved the financing for its purchase of the Property. If Buyer elects alternative (iii) above, Buyer will receive a credit against the Purchase Price at Close of Escrow equal to One Hundred and Fifty Thousand Dollars ($150,000.00).
Approval of Financing. Agency shall approve or disapprove each submission of Developer’s Evidence of Financing for the Property.
Approval of Financing. (A) The Members hereby authorize the Company to take such actions as any officer of the Company determines is appropriate (i) to obtain the Construction Loan and to allow the Sole Member to obtain the Mezzanine Loan and to enter into the Construction Financing Documents to which the Company is a party on terms as any officer of the Company may conclude are appropriate, (ii) to execute and deliver such Construction Financing Documents (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Land and the Project and any other property of the Company as required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and (iv) to perform the obligations of the Company, and to allow the Sole Member to perform its obligations, under the Construction Financing Documents.
(B) The Members further authorize any officer of the Company, acting on behalf of the Company, (i) to negotiate definitive terms of the Construction Financing Documents, (ii) to execute and deliver such Construction Financing Documents to which the Company is a party (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required of the Company by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Property and any other property of the Company as required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and (iv) to cause the Company to perform its obligations, and to allow the Sole Member to perform i...
Approval of Financing. Buyer shall have obtained a satisfactory loan commitment from a lender satisfactory to Buyer in its sole and absolute discretion in order to finance Buyer’s purchase of the Properties (the “Loan Commitment”). Buyer shall be fully and solely responsible for compliance with all lender requirements, and for payment of all fees and charges imposed by Escrow Holder, Title Company, lender or others in connection with such loan. Buyer shall be deemed to have approved the Loan Commitment, unless Buyer has delivered written notice of its disapproval thereof within the time and in the manner provided in Section 5.2.1 below.
Approval of Financing. As required herein, the Developer shall submit to the Agency Director reasonable evidence that the Developer has obtained sufficient equity capital and/or that the Developer has obtained commitments for construction financing necessary to undertake the development of the Site and the construction of the Improvements in accordance with this Agreement. Such evidence of financing shall include, as applicable, the following: (a) a copy of a loan commitment(s) obtained by Developer from one or more financial institutions for the mortgage loan or loans for financing to fund the construction of the Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and/or (b) evidence reasonably satisfactory to Agency that Developer has sufficient funds for such construction, and that such funds have been committed to such construction, and/or other documentation reasonably satisfactory to the Agency Director as evidence of other sources of capital sufficient to demonstrate that Developer has adequate funds to cover the difference between the total cost of the construction of the Improvements, less financing authorized by those loans set forth in clause (a) above.
Approval of Financing. The Agency shall approve or disapprove the evidence of financing described in the Method of Financing and Section 205.a of the OPA. Within ten (10) calendar days after the Agency receives complete submission of evidence of financing.
