Common use of Approval of Financing Clause in Contracts

Approval of Financing. As required herein and as Condition Precedent, Developer shall submit to Agency evidence that Developer has obtained sufficient equity capital and/or has obtained firm and binding commitments for construction financing which together are sufficient to pay for the development of the Site and the construction of the Developer Improvements in accordance with this Agreement (collectively, “Evidence of Financing”). Agency shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or‌ conditioned. If Agency shall disapprove any such Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new Evidence of Financing. Agency shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to Agency. To the extent that the Agency-approved Evidence of Financing includes financing other than equity capital, Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement Date. Such Evidence of Financing shall include the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more Institutional Lenders for the mortgage loan or loans for construction and permanent financing for the construction of the Developer Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and (b) other documentation satisfactory to Agency 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 and completion of the Developer Improvements, less financing authorized by those loans set forth in subparagraph (a) above.

Approval of Financing. As required herein and as Condition Precedent, Developer shall submit to Agency evidence that Developer has obtained sufficient equity capital and/or has obtained firm and binding commitments for construction financing which together are sufficient to pay for the development of the Site and the construction of the Developer Improvements in accordance with this Agreement (collectively, “Evidence of Financing”). Agency shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or‌ or conditioned. If Agency shall disapprove any such Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new Evidence of Financing. Agency shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to Agency. To the extent that the Agency-approved Evidence of Financing includes financing other than equity capital, Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement Date. Date.‌ Such Evidence of Financing shall include the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more Institutional Lenders for the mortgage loan or loans for construction and permanent financing for the construction of the Developer Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and (b) other documentation satisfactory to Agency 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 and completion of the Developer Improvements, less financing authorized by those loans set forth in subparagraph (a) above.

Approval of Financing. As required herein and as Condition Precedent, Developer shall submit to Agency evidence that Developer has obtained sufficient equity capital and/or has obtained firm and binding commitments for construction financing which together are sufficient to pay for the development of the Site Agency Parcels and the construction of the Developer Improvements in accordance with this Agreement Agreement, and has obtained firm and binding commitments for permanent financing (collectively, “Evidence of Financing”). The Agency shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or‌ or conditioned. If Agency shall disapprove any such Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new Evidence of Financing. Agency shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to Agency. To the extent that the Agency-approved Evidence of Financing includes financing other than equity capital, Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement Date. Such Evidence of Financing shall include the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more Institutional Lenders financial institutions for the mortgage loan or loans for construction and permanent financing for the construction of the Developer Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and (b) other documentation satisfactory to the Agency 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 and completion of the Developer Improvements, less financing authorized by those loans set forth in subparagraph (a) above.

Approval of Financing. As required herein and as an Authority Condition PrecedentPrecedent to Closing, Developer shall submit to Agency Authority evidence that Developer has obtained sufficient equity capital and/or has obtained firm and binding commitments for construction financing which together are sufficient to pay for the development of the Site and the construction of the Developer Improvements in accordance with this Agreement (collectively, “Evidence of Financing”). Agency Such Evidence of Financing shall be submitted to Authority not less than thirty (30) days prior to the first Closing. The Authority shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or‌ or conditioned. If Agency Authority shall disapprove any such Evidence of Financing, Agency Authority shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency Authority new Evidence of Financing. Agency Authority shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to AgencyAuthority. To the extent that the AgencyAuthority-approved Evidence of Financing includes financing other than equity capital, Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement Date. Such Evidence of Financing shall include the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more Institutional Lenders for the mortgage loan or loans for construction and permanent financing for the construction of the Developer Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and (b) other documentation satisfactory to Agency Authority 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 and completion of the Developer Improvements, less financing authorized by those loans set forth in subparagraph (a) above.

Approval of Financing. As required herein and as an Agency Condition PrecedentPrecedent to the Closing, Developer shall submit to Agency evidence that Developer has obtained sufficient equity capital and/or has obtained firm and binding commitments for construction financing which together are sufficient to pay for the development of the Site Agency Parcels and the construction of the Developer Improvements in accordance with this Agreement Agreement, and has obtained firm and binding commitments for permanent financing (collectively, “Evidence of Financing”). The Agency shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or‌ or conditioned. If Agency shall disapprove any such Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new Evidence of Financing. Agency shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to Agency. To the extent that the Agency-approved Evidence of Financing includes financing other than equity capital, Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement Date. Such Evidence of Financing shall include the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more Institutional Lenders financial institutions for the mortgage loan or loans for construction and permanent financing for the construction of the Developer Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and (b) other documentation satisfactory to the Agency 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 and completion of the Developer Improvements, less financing authorized by those loans set forth in subparagraph (a) above.

Approval of Financing. As required herein and as Condition Precedentherein, 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 firm and binding commitments for construction financing which together are sufficient necessary to pay for undertake the development of the Site and the construction of the Developer Improvements in accordance with this Agreement (collectively, “Evidence of Financing”). Agency shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or‌ conditioned. If Agency shall disapprove any such Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new Evidence of Financing. Agency shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to Agency. To the extent that the Agency-approved Evidence of Financing includes financing other than equity capital, Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement DateAgreement. Such Evidence evidence of Financing financing shall include include, as applicable, the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more Institutional Lenders financial institutions for the mortgage loan or loans for construction and permanent financing for to fund the construction of the Developer Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and and/or (b) other documentation 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 and completion of the Developer Improvements, less financing authorized by those loans set forth in subparagraph clause (a) above. The Agency Director shall approve or disapprove such evidence of financing capacity or commitments within thirty (30) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or conditioned. If the Agency Director shall disapprove any such evidence of financing, he or she shall do so by written Notice to Developer stating the reasons for such disapproval. Upon receipt of the Agency Director’s disapproval of the proposed financing, the Developer shall either promptly obtain and submit new evidence of financing to the Agency Director or terminate this Agreement as provided in Section 503 hereof. The Agency Director shall approve or disapprove such new evidence of financing in the same manner and within the same times established in this Section 311.1 for the approval or disapproval of the evidence of financing as initially submitted. If any portion of the Developer’s financing consists of secured third party loans, the Developer shall close the approved construction financing at the Closing.