Approval of Plans and Budgets. Any Plans submitted when completed will be a true and accurate reflection of the Project (when completed) and have been approved as required by all governmental bodies or agencies having jurisdiction over the Project or will be approved prior to the first disbursement request. The budget for construction of the Project (the “Budget”) submitted by the Property Owner to the City and the Capital Provider is an accurate current budget of all costs necessary to construct the Project in accordance with the Plans as set forth in the Construction Contract. The cost of construction of the Project is not expected to exceed the cost therefor set forth in the Budget. The Property Owner is responsible for any costs in excess of the Budget and for meeting the additional funding requirements, if any, set forth in the Schedule of Financing Terms.
Approval of Plans and Budgets. The Plans submitted to Green Bank when completed will be a true and accurate reflection of the Project (when completed) and have been approved as required by all governmental bodies or agencies having jurisdiction or will be approved prior to the first disbursement request. The budget for construction of the Project (the “Budget”) submitted by the Borrower to Green Bank is an accurate current estimate of all costs necessary to construct the Project in accordance with the Plans and the cost of construction of the Project on any portion thereof is not expected to exceed the cost therefor set forth in the Budget. The Borrower is responsible for any costs in excess of the Budget.
Approval of Plans and Budgets. Any Plans submitted will be a true and accurate reflection of the Project (when completed) and have been approved as required by all governmental bodies or agencies having jurisdiction over the Project or will be approved prior to the first Disbursement of funds from the Construction Account. The budget for construction of the Project submitted by the Property Owner to the Capital Provider is attached as ATTACHMENT 1-H TO EXHIBIT H, P R O P E R T Y FIT PROJECT BUDGET (the “Budget”) and is an accurate current estimate of all costs necessary to construct the Project in accordance with the Plans as set forth in the Construction Documents. Project costs are not expected to exceed the cost set forth in the Budget; however, should costs increase, the Property Owner is responsible for any costs in excess of the Budget. The amount of equity capital the Property Owner is obligated to contribute to the Project (the “Property Owner’s Equity”) and the amount of other funding sources (“Non-P R O P E R T Y FIT Financing”) obtained for the Project is described in the Budget. In the event that the costs to complete the Project exceed the Budget the Property Owner shall be required to deposit such amounts to the Construction Account within fifteen (15) days following written notice from the Capital Provider to Property Owner of the deficit (the “Financing In Balance”) in accordance with EXHIBIT H – CONSTRUCTION FUNDING AND DISBURSEMENT AGREEMENT.
Approval of Plans and Budgets. The Plans prepared by Borrower shall include without limitation all infrastructure and utility systems, waterways and water features, landscaping, mechanical, electrical, structural and such other drawings as may be required to complete the Improvements in accordance with applicable building codes and any recorded plats, and any private declaration of covenants, shall be acceptable in all respects to Bank and shall be true, complete and an accurate reflection of the Improvements that Borrower will construct. Prior to approval by Bank, such Plans shall be satisfactory to and approved by Borrower and shall have also been approved by all Governmental Entities and by any architectural control committee, if any, having authority over the Property. Borrower represents that the approved budget (the "Approved Budget") attached hereto as Exhibit B is presently a good faith estimate of necessary costs and expenses to be incurred in the construction of the Improvements and that until such time as Bank approves a requested change in the Approved Budget pursuant to Section 8.5, for the construction of the Improvements and the necessary permits and approvals for the then-applicable stage of construction of the Improvements have been obtained no Construction Funds will be disbursed by the Bank for costs and expenses which are not specifically provided for in the Approved Budget.
