Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above: (a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration. (b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process. (c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment. (d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds. (e) Notwithstanding the foregoing, if the FCRHA makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restoration. (f) There shall be submitted to Depository and the FCRHA the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion; (g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and (h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 6 contracts
Samples: Deed of Lease, Deed of Lease, Deed of Lease
Conditions Precedent to Disbursements. The following shall will be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall will pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall will be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall will pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall will furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHALandlord’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall will be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall will constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall will be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant Xxxxxx and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall will not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall will not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall will be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall will pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall will pay to the FCRHALandlord, within ten (10) days Business Days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall Xxxxxxxx will deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall will be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall will be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 3 contracts
Samples: Deed of Lease, Deed of Lease, Deed of Lease
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHATenant’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 2 contracts
Samples: Ground Lease, Ground Lease
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHALandlord’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days Business Days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.,
Appears in 2 contracts
Samples: Deed of Lease, Comprehensive Agreement
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHATenant’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant Xxxxxx and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 2 contracts
Samples: Ground Lease, Ground Lease
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHATenant’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant Xxxxxx and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA Landlord an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHALandlord, or other evidence reasonably satisfactory to the FCRHALandlord, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHALandlord, or the assets of, or funds appropriated to, the FCRHALandlord, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 1 contract
Samples: Deed of Lease
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) : Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) . Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHALandlord’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) . Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) . The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) . Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days Business Days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) . There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) ; There shall be furnished to the FCRHA Landlord an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHALandlord, or other evidence reasonably satisfactory to the FCRHALandlord, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHALandlord, or the assets of, or funds appropriated to, the FCRHALandlord, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) and At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 1 contract
Samples: Deed of Lease
Conditions Precedent to Disbursements. The Notwithstanding anything in this Agreement to the contrary, the WIFIA Credit Provider shall have no obligation to make any disbursement of proceeds to the City (including the initial disbursement hereunder) until each of the following shall be conditions precedent to each payment made to Tenant has been satisfied or waived in writing by Depository if required the WIFIA Credit Provider in Section 8.03 aboveits sole discretion:
(ai) Subject The City shall have provided to the WIFIA Credit Provider evidence satisfactory to the WIFIA Credit Provider that (A) the aggregate amount of all disbursements under this Agreement (including the requested disbursement but excluding any interest that is capitalized in accordance with the terms hereof) shall not exceed
(1) $25,183,810.80, (2) the amount of Eligible Project Costs paid or incurred by the City, and (3) the cumulative disbursements through the end of the current Federal Fiscal Year as set forth in the Anticipated Disbursement Schedule; (B) the City has sufficient available funds committed to the Project, which together with funds that remain available and not yet drawn under this Agreement, will be sufficient to pay the reasonably anticipated remaining Total Project Costs; and (C) the total federal assistance provided to the Project, including the maximum principal amount of proceeds available under this Agreement (excluding any interest that is capitalized in accordance with the terms hereof), does not exceed eighty percent (80%) of Total Project Costs.
(ii) The City shall have provided an Updated Financial Model in compliance with the requirements of Section 16(a) (Reporting Requirements – Updated Financial Model).
(iii) The City shall have delivered to the WIFIA Credit Provider a Requisition that complies with the provisions of Section 8.044 (Disbursement Conditions) (including satisfactory Eligible Project Costs Documentation relating to such Requisition), Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA in the collection of such monies. Depository WIFIA Credit Provider shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated have approved (or delivered be deemed to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined have approved in accordance with Section 8.04(b4(b) (Disbursement Conditions), less ) such Requisition. The City’s Authorized Representative shall also certify in such Requisition that:
(iiA) all payments theretofore made to Tenant out Governmental Approvals necessary as of the Restoration Fundstime of such disbursement for the development, construction, operation and maintenance of the Project have been issued and are in full force and effect (and are not subject to any notice of violation, breach or revocation);
(B) each of the insurance policies obtained by the City and by any applicable Principal Project Party in satisfaction of the conditions in Section 14(f) (Affirmative Covenants – Insurance) is in full force and effect, and no notice of termination thereof has been issued by the applicable insurance provider;
(C) at the time of, and immediately after giving effect to, any disbursement of proceeds under this Agreement then currently requested, (x) no Default or Event of Default hereunder shall have occurred and be continuing, (y) no event of default or default that, with the giving of notice or the passage of time or both, would constitute an event of default, in each case, under any other Related Document, shall have occurred and be continuing, and (z) no Material Adverse Effect, or any event or condition that could reasonably be expected to result in a Material Adverse Effect, shall have occurred since July 12, 2018;
(D) the City, and each of its contractors and subcontractors at all tiers with respect to the Project, has complied with all applicable laws, rules, regulations and requirements, including without limitation 40 U.S.C. §§3141-3144, 3146, and 3147 (relating to Xxxxx-Xxxxx Act requirements) (and regulations relating thereto) and 33 U.S.C. §3914 (relating to American iron and steel products). Supporting documentation, such as certified payroll records and certifications for all iron and steel products used for the Project, are being maintained and are available for review upon request by the WIFIA Credit Provider; and
(E) the representations and warranties of the City Related Parties set forth in this Agreement (including Section 12 (Representations and Warranties of the City Related Parties)) and in each other WIFIA Credit Document shall be true and correct as of each date on which any disbursement of proceeds under this Agreement is made, except to the extent such representations and warranties expressly relate to an earlier date (in which case, such representations and warranties shall be true and correct as of such earlier date).
(eiv) To the extent not previously delivered to the WIFIA Credit Provider, the City shall have delivered to the WIFIA Credit Provider copies of any Financing Documents (including any amendment, modification or supplement thereto) entered into after the Effective Date, along with a certification in the Requisition that each such document is complete, fully executed and in full force and effect.
(v) To the extent not previously delivered to the WIFIA Credit Provider, the City shall have provided copies of any Principal Project Contracts (including any amendment, modification or supplement thereto) entered into after the Effective Date, along with a certification in the Requisition that each such document is complete, fully executed and in full force and effect.
(vi) The City shall have paid in full (A) any outstanding Servicing Fees due and payable under Section 10 (Fees and Expenses) and (B) all invoices received from the WIFIA Credit Provider as of the date of disbursement of the proceeds under this Agreement and delivered by the WIFIA Credit Provider to the City, for the fees and expenses of the WIFIA Credit Provider’s counsel and financial advisors and any auditors or other consultants retained by the WIFIA Credit Provider for the purposes hereof.
(vii) Notwithstanding the foregoing, if a condition to any disbursements after December 31, 2020 is that the FCRHA makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository SRF Planning Loan shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restorationhave been fully discharged or refinanced with Additional Senior Obligations or Additional Subordinate Obligations.
(fviii) There shall be submitted to Depository and the FCRHA the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress The End of the work up to the date of said certificate, (ii) no part of such expenditures Validation Period has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenantoccurred.
Appears in 1 contract
Samples: Wifia Credit Agreement
Conditions Precedent to Disbursements. The Notwithstanding anything in this Agreement to the contrary, the WIFIA Credit Provider shall have no obligation to make any disbursement of WIFIA Credit Facility proceeds to the Borrower (including the initial disbursement hereunder) until each of the following shall be conditions precedent to each payment made to Tenant has been satisfied or waived in writing by Depository if required the WIFIA Credit Provider in Section 8.03 aboveits sole discretion:
(ai) Subject With respect to the provisions initial disbursement of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectivelyWIFIA Credit Facility, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, WIFIA Bond Effective Date shall be entitled to reimburse itself and the FCRHA therefrom have occurred.
(ii) The Borrower shall have certified to the extent, if any, WIFIA Credit Provider that
(A) the aggregate amount of all disbursements of the necessaryWIFIA Credit Facility (including the requested disbursement but excluding any interest that is capitalized in accordance with the terms hereof) will not exceed (1) the maximum principal amount of the WIFIA Credit Facility, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees2) the amount of Eligible Project Costs paid or incurred by Depository and the FCRHA Borrower or (3) the cumulative disbursements through the end of the current Federal Fiscal Year as set forth in the collection of such monies. Depository shall Anticipated WIFIA Credit Disbursement Schedule; (B) the Borrower has sufficient available funds committed to the Project, which together with funds that remain available and not yet drawn under the WIFIA Credit Facility, will be sufficient to pay the reasonably anticipated remaining Total Project Costs; and (C) the total federal assistance provided to Tenantthe Project, as hereinafter provided, including the Restoration Funds, for the purpose maximum principal amount of the Restoration.
WIFIA Credit Facility (b) Prior to commencing excluding any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there interest that is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution capitalized in accordance with the provisions terms hereof), does not exceed eighty percent (80%) of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration processTotal Project Costs.
(cA) Subject The Borrower shall have provided to the provisions of Section 8.04WIFIA Credit Provider a certificate executed by the Borrower’s Authorized Representative (1) setting forth, Section 8.05 and, if applicable, Section 8.06for the then current Federal Fiscal Year, the Restoration Funds maximum amount that may be disbursed under the WIFIA Credit Facility for such Federal Fiscal Year and (2) evidencing that the Borrower satisfies the requirements for the issuance of additional Parity Indebtedness under the Bond Resolutions in such amount (such certificate, the “Annual Maximum Disbursement Certificate”); and (B) bond counsel to the Borrower shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and have delivered to the Premises for incorporation WIFIA Credit Provider the legal opinions and reliance letter in the Restoration, or incorporated therein since the last previous application, form set forth on Exhibit G-3 (Opinions and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(dReliance Letter Required from Bond Counsel in Connection with Disbursement), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Fundsin each case, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restoration.
(f) There shall be submitted to Depository and the FCRHA the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or applicable disbursement and capitalized interest on such disbursement. The documents described in this Section may satisfy the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHArequirements for multiple disbursements, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of in the requisite aggregate, equal the amount out of set forth on the sum then requested to be withdrawn; andapplicable Annual Maximum Disbursement Certificate.
(hiv) At The Borrower shall have provided the time Annual Budget or financial plan in each case for the then current Borrower Fiscal Year in compliance with the requirements of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.Section 16(a) (
Appears in 1 contract
Samples: Wifia Credit Agreement
Conditions Precedent to Disbursements. The following shall will be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall will pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall will be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall will pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall will furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHALandlord’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall will be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall will constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall will be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall will not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall will not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall will be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall will pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall will pay to the FCRHALandlord, within ten (10) days Business Days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall Xxxxxxxx will deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall will be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall will be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 1 contract
Samples: Deed of Lease
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restoration.
(f) There shall be submitted to Depository and the FCRHA the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.,
Appears in 1 contract
Samples: Lease Agreement
Conditions Precedent to Disbursements. The obligation of Lender to make disbursements of the Loan subject to fulfillment of the following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 aboveprecedent:
(a) Subject Lender shall not be obligated to make any disbursements if:
(1) the provisions outstanding balance of Section 8.04the Loan exceeds, Section 8.05 andor would following the contemplated disbursement exceed, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies face amount of the Note; or
(2) the amount of the Loan which may be received by Depository from insurance provided by Tenant outstanding after such disbursement would exceed the lesser of (other than rent insurancei) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 Allowable Outstanding Principal Amount and (collectivelyii) the Loan Amount, and in such event the “Restoration Funds”); provided however, that Depository, before paying Lender shall disburse only such monies over to Tenant, shall be entitled to reimburse itself and amounts as will result in the FCRHA therefrom to the extent, if any, outstanding amount of the necessary, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees) paid or incurred by Depository and Loan equaling the FCRHA in the collection lesser of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.amounts;
(b) Prior Lender shall not be obligated to commencing disburse any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as Loan proceeds to the estimated cost of extent that the Restoration, such dispute shall be resolved by dispute resolution in accordance Borrowing Base Collateral does not comply with the provisions of Article 34Borrowing Base Collateral Requirements or to the extent that any liens have been filed against the Collateral, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.except as permitted by SECTION 6.16;
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant Lender shall not be entitled obligated to receive disburse any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding Loan proceeds unless all statements made in the foregoingapplicable Draw Request Certification are true and correct on and as of the date of the requested disbursement, subject before and after giving effect thereto and to the provisions application of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.proceeds therefrom;
(d) The amount except as the Borrower has disclosed otherwise to the Lender in writing, the representations and warranties of any installment to be paid to Tenant Borrower contained in the Loan Documents shall be (i) true and correct in all material respects on and as of the product date of (x) the total Restoration Funds requested disbursement, before and (y) a fraction, the numerator of which is the cost of labor after giving effect thereto and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost application of the Restorationproceeds therefrom, as though made on and as of such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.date;
(e) Notwithstanding the foregoingterms of the Bank Letter of Instructions, if or its equivalent approved by the FCRHA makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant Lender pursuant to this Section 8.04SECTION 3.9, shall be in full force and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restoration.effect; and
(f) There shall be submitted to Depository and the FCRHA the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on or Potential Default has occurred and is continuing, or would result from such disbursement or from the part application of Tenantthe proceeds therefrom.
Appears in 1 contract
Samples: Loan Agreement (United Homes Inc)
Conditions Precedent to Disbursements. The following shall be conditions precedent Grantor’s obligation to disburse Grant moneys to Grantee pursuant to Section 2.03 is subject to satisfaction, with respect to each payment made to Tenant by Depository if required in Section 8.03 abovedisbursement, of each of the following conditions precedent:
(a) Subject to Grantee shall hold and maintain registration as a legal entity with the provisions Oregon Secretary of Section 8.04State prior to, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectivelyand throughout, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA therefrom to the extent, if any, duration of the necessary, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.Grant;
(b) Prior Sufficient moneys to commencing any Restoration, Tenant shall furnish make the FCRHA with an estimate disbursement are available in the Water Supply Development Account from the issuance of the cost of such Restoration, prepared Lottery Revenue Bonds authorized by an Architect. The FCRHA, at 2017 SB 5530 (the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.“Bonds”);
(c) Subject Grantor has received sufficient funding, appropriations limitations, allotments, or other expenditure authorizations to the provisions of Section 8.04allow Grantor, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restorationreasonable exercise of its administrative discretion, or incorporated therein since to make the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.disbursement;
(d) The amount Grantee’s representations and warranties set forth in Section 4 are true and correct on the date of any installment to be paid to Tenant shall be (i) disbursement with the product same effect as though made on the date of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.disbursement;
(e) Notwithstanding the foregoing, if the FCRHA makes the Restoration at Tenant’s expense, as provided Grantee is in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant pursuant to compliance with all reporting requirements of this Section 8.04, and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums Agreement identified in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restoration.Exhibit A;
(f) There shall Grantee has submitted to the Grantor, the required permits and regulatory approvals listed in Exhibit C “Project Description” and Exhibit E “Permits and Regulatory Approvals” or as are otherwise required for the Project. As required by ORS 541.692(1), the Grantor may identify additional permits or regulatory approvals that must be submitted to Depository and the FCRHA the certificate Grantor prior to release of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials funds for the work and giving a brief description Project. This statute gives the Grantor discretion in identifying additional permits or regulatory approvals required for the Project not previously identified by the Grantee. Grantor also has the discretion to condition its release of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress funds based on specific circumstances of the work up Project. Grantee should review Exhibit A Conditions of Agreement for any related conditions with respect to the date permitting, regulatory approvals and disbursement of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completionGrant moneys;
(g) There shall be furnished For Project tasks that take place on private land(s), Grantee has submitted to the FCRHA an official searchGrantor:
1) Evidence that landowner(s) are aware of and agree to the task. Evidence shall include, but is not limited to: (i) landowner(s) certification that the landowner owns the land where the work will be carried out, (ii) landowner’s agreement to allow Grantee to carry out the work, or a certificate portion of the work on the Landowner’s property, and (iii) evidence that landowner(s) are aware that monitoring information associated with the Project is a title insurance company reasonably satisfactory public record; or
2) Evidence documenting legal easement on all lands where the work will be carried out. Evidence shall include, but is not limited to: (i) documentation of easement, (ii) easement holder’s agreement to allow Grantee to carry out the work, or a portion of the work on the servient estate, and (iii) evidence that easement holder(s) are aware that monitoring information associated with the Project is a public record;
(h) Grantee has submitted to the FCRHAGrantor, or other evidence reasonably satisfactory to the FCRHA, showing documentation that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHA, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment cost match of at least 25% of the requisite grant total amount out of the sum then requested to be withdrawnidentified in Exhibit B “Grant Budget” has been secured from a source other than, and not including, Grantor funds;
(i) No default as described in Section 6.03 has occurred; and
(hj) At the time Grantee has submitted to Grantor a Request for Release of making such payment, there Funds that is no existing in a format acceptable to and unremedied Event of Default on the part of Tenantapproved by Grantor and that is accompanied by all necessary supporting documentation.
Appears in 1 contract
Samples: Grant Agreement
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHATenant’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA Landlord an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHALandlord, or other evidence reasonably satisfactory to the FCRHALandlord, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHALandlord, or the assets of, or funds appropriated to, the FCRHALandlord, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 1 contract
Samples: Deed of Lease
Conditions Precedent to Disbursements. The following shall be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) Prior to commencing any Restoration, Tenant shall furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHATenant’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration process.
(c) Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHALandlord, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA Landlord shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) There shall be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA Landlord an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHALandlord, or other evidence reasonably satisfactory to the FCRHALandlord, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHALandlord, or the assets of, or funds appropriated to, the FCRHALandlord, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 1 contract
Samples: Ground Lease
Conditions Precedent to Disbursements. The Notwithstanding anything in this Agreement to the contrary, the WIFIA Credit Provider shall have no obligation to make any disbursement of WIFIA Credit Facility proceeds to the Borrower (including the initial disbursement hereunder) until each of the following shall be conditions precedent to each payment made to Tenant has been satisfied or waived in writing by Depository if required the WIFIA Credit Provider in Section 8.03 aboveits sole discretion:
(ai) Subject With respect to the provisions initial disbursement of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectivelyWIFIA Credit Facility, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, WIFIA Bond Effective Date shall be entitled to reimburse itself and the FCRHA therefrom have occurred.
(ii) The Borrower shall have certified to the extent, if any, WIFIA Credit Provider that (A) the aggregate amount of all disbursements of the necessaryWIFIA Credit Facility (including the requested disbursement but excluding any interest that is capitalized in accordance with the terms hereof) will not exceed (1) the maximum principal amount of the WIFIA Credit Facility, reasonable and proper expenses (including, but not limited to, reasonable attorneys’ fees2) the amount of Eligible Project Costs paid or incurred by Depository and the FCRHA Borrower or (3) the cumulative disbursements through the end of the current Federal Fiscal Year as set forth in the collection of such monies. Depository shall Anticipated WIFIA Credit Disbursement Schedule; (B) the Borrower has sufficient available funds committed to the Project, which together with funds that remain available and not yet drawn under the WIFIA Credit Facility, will be sufficient to pay the reasonably anticipated remaining Total Project Costs; and (C) the total federal assistance provided to Tenantthe Project, as hereinafter provided, including the Restoration Funds, for the purpose maximum principal amount of the Restoration.
WIFIA Credit Facility (b) Prior to commencing excluding any Restoration, Tenant shall furnish the FCRHA with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHA, at the FCRHA’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there interest that is any dispute as to the estimated cost of the Restoration, such dispute shall be resolved by dispute resolution capitalized in accordance with the provisions terms hereof), does not exceed eighty percent (80%) of Article 34, and any time required to resolve such dispute shall constitute an Unavoidable Delay in the Restoration processTotal Project Costs.
(cA) Subject The Borrower shall have provided to the provisions of Section 8.04WIFIA Credit Provider a certificate executed by the Borrower’s Authorized Representative (1) setting forth, Section 8.05 and, if applicable, Section 8.06for the then current Federal Fiscal Year, the Restoration Funds maximum amount that may be disbursed under the WIFIA Credit Facility for such Federal Fiscal Year and (2) evidencing that the Borrower satisfies the requirements for the issuance of additional Parity Indebtedness under the Bond Resolutions in such amount (such certificate, the “Annual Maximum Disbursement Certificate”); and (B) bond counsel to the Borrower shall be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA showing the cost of labor and materials purchased and have delivered to the Premises for incorporation WIFIA Credit Provider the legal opinions and reliance letter in the Restoration, or incorporated therein since the last previous application, form set forth on Exhibit G-3 (Opinions and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHA, or any assets of, or funds appropriated to, the FCRHA, Tenant shall not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(dReliance Letter Required from Bond Counsel in Connection with Disbursement), the existence of any such lien shall not preclude Tenant from receiving any installment of Restoration Fundsin each case, provided such lien will be discharged with funds from such installment.
(d) The amount of any installment to be paid to Tenant shall be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) all payments theretofore made to Tenant out of the Restoration Funds.
(e) Notwithstanding the foregoing, if the FCRHA makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall pay over the Restoration Funds to the FCRHA, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall pay to the FCRHA, within ten (10) days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA for such Restoration.
(f) There shall be submitted to Depository and the FCRHA the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) There shall be furnished to the FCRHA an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHA, or other evidence reasonably satisfactory to the FCRHA, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or applicable disbursement and capitalized interest on such disbursement. The documents described in this Section may satisfy the Restoration created or permitted to be created by Tenant affecting the FCRHA, or the assets of, or funds appropriated to, the FCRHArequirements for multiple disbursements, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of in the requisite aggregate, equal the amount out of set forth on the sum then requested to be withdrawn; andapplicable Annual Maximum Disbursement Certificate.
(hiv) At The Borrower shall have provided the time Annual Budget or financial plan in each case for the then current Borrower Fiscal Year in compliance with the requirements of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.Section 16(a) (
Appears in 1 contract
Samples: Wifia Credit Agreement
Conditions Precedent to Disbursements. The following shall will be conditions precedent to each payment made to Tenant by Depository if required in Section 8.03 above:
(a) : Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, Depository shall will pay over to Tenant from time to time, upon the following terms, any monies which may be received by Depository from insurance provided by Tenant (other than rent insurance) or cash or the proceeds of any security deposited with Depository pursuant to Section 8.06 (collectively, the “Restoration Funds”); provided however, that Depository, before paying such monies over to Tenant, shall will be entitled to reimburse itself and the FCRHA Landlord therefrom to the extent, if any, of the necessary, reasonable and proper expenses (including, but not limited to, including reasonable attorneys’ fees) paid or incurred by Depository and the FCRHA Landlord in the collection of such monies. Depository shall will pay to Tenant, as hereinafter provided, the Restoration Funds, for the purpose of the Restoration.
(b) . Prior to commencing any Restoration, Tenant shall will furnish the FCRHA Landlord with an estimate of the cost of such Restoration, prepared by an Architect. The FCRHALandlord, at the FCRHALandlord’s reasonable expense, without reimbursement from Tenant, may engage a licensed professional engineer or registered architect to prepare its own estimate of the cost of such Restoration. If there is any dispute as to the estimated cost of the Restoration, such dispute shall will be resolved by dispute resolution in accordance with the provisions of Article 34, and any time required to resolve such dispute shall will constitute an Unavoidable Delay in the Restoration process.
(c) . Subject to the provisions of Section 8.04, Section 8.05 and, if applicable, Section 8.06, the Restoration Funds shall will be paid to Tenant in installments as the Restoration progresses, upon application to be submitted by Tenant to Depository and the FCRHA Landlord showing the cost of labor and materials purchased and delivered to the Premises for incorporation in the Restoration, or incorporated therein since the last previous application, and due and payable or paid by Tenant. If any vendor’s, mechanic’s, laborer’s, or materialman’s lien is filed against the Premises or any part thereof, or if any public improvement lien relating to the Restoration of the Premises is created or permitted to be created by Tenant and is filed against the FCRHALandlord, or any assets of, or funds appropriated to, the FCRHALandlord, Tenant shall will not be entitled to receive any further installment until such lien is satisfied or discharged (by bonding or otherwise). Notwithstanding the foregoing, subject to the provisions of Section 8.04(d), the existence of any such lien shall will not preclude Tenant from receiving any installment of Restoration Funds, provided such lien will be discharged with funds from such installment.
(d) . The amount of any installment to be paid to Tenant shall will be (i) the product of (x) the total Restoration Funds and (y) a fraction, the numerator of which is the cost of labor and materials theretofore incorporated (or delivered to the Premises to be incorporated) by Tenant in the Restoration and the denominator of which is the total estimated cost of the Restoration, such estimated cost determined in accordance with Section 8.04(b), less (ii) (A) all payments theretofore made to Tenant out of the Restoration Funds.
(e) . Notwithstanding the foregoing, if the FCRHA Landlord makes the Restoration at Tenant’s expense, as provided in Section 8.01(a), then Depository shall will pay over the Restoration Funds to the FCRHALandlord, upon request, to the extent not previously paid to Tenant pursuant to this Section 8.04, and Tenant shall will pay to the FCRHALandlord, within ten (10) days Business Days after demand, any sums in excess of the portion of the Restoration Funds received by the FCRHA Landlord necessary to complete the Restoration. Upon completion of the Restoration, the FCRHA shall Landlord will deliver to Tenant a certificate, in reasonable detail, setting forth the expenditures made by the FCRHA Landlord for such Restoration.
(f) . There shall will be submitted to Depository and the FCRHA Landlord the certificate of Architect in industry standard form to the effect that (i) the sum then requested to be withdrawn either has been paid by Tenant or is due and payable to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall will be stated) who have rendered or furnished services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of said Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) no part of such expenditures has been or is being made the basis, in any previous or then pending requisition, for the withdrawal of the Restoration Funds or has been made out of the Restoration Funds previously received by Tenant, (iii) the sum then requested does not exceed the value of the services and materials described in the certificate, and (iv) the balance of the Restoration Funds held by Depository will be sufficient upon completion of the Restoration to pay for the same in full, and stating in reasonable detail an estimate of the cost of such completion;
(g) ; There shall will be furnished to the FCRHA Landlord an official search, or a certificate of a title insurance company reasonably satisfactory to the FCRHALandlord, or other evidence reasonably satisfactory to the FCRHALandlord, showing that there has not been filed any vendor’s, mechanic’s, laborer’s or materialman’s statutory or other similar lien affecting the Premises or any part thereof, or any public improvement lien with respect to the Premises or the Restoration created or permitted to be created by Tenant affecting the FCRHALandlord, or the assets of, or funds appropriated to, the FCRHALandlord, which had not been satisfied or discharged (by bonding or otherwise) except such as will be discharged upon payment of the requisite amount out of the sum then requested to be withdrawn; and
(h) and At the time of making such payment, there is no existing and unremedied Event of Default on the part of Tenant.
Appears in 1 contract
Samples: Deed of Lease
