Common use of Conditions Precedent to Final Disbursement Clause in Contracts

Conditions Precedent to Final Disbursement. Lender shall make the final disbursement for completion provided that all of the following conditions have been complied with 15 and satisfied on or before Scheduled Completion Date: (a) The Improvements have been completed in accordance with the Plans and Specifications; (b) Borrower has furnished Lender with copies of all final waivers of lien and sworn statements from contractors, subcontractors and material suppliers; (c) Borrower has furnished Lender with satisfactory evidence of the dedication of the Improvements to, and the acceptance of the Improvements by, Central Nevada Utilities Company; (d) Borrower has furnished to Lender certificates from Borrower and the General Contractors, each currently dated, certifying that (i) no notices of any claimed violations of ordinances arising from the Construction of the Improvements which have not been cured were served upon the party making such certification and (ii) the party making such certification is not aware of any circumstances which could give rise to the issuance of any such notice of claimed violation; (e) Borrower has furnished to Lender a certificate from the Engineer covering the completion date of the Improvements and stating that (i) the Improvements have been completed in accordance with the Plans and Specifications and (ii) the Improvements as so completed comply with all applicable laws and ordinances; and (f) All other requirements of this Agreement for disbursement of Loan proceeds have been complied with and satisfied.

Conditions Precedent to Final Disbursement. Lender shall make At the time of the final disbursement for completion provided that all disbursement: a. Each of the following conditions specified in Section 3.01 and Article IV shall be satisfied; b. All construction work, including all punchlist items, shall be completed as certified by the Property Owner, architect, Contractor, and all non-PropertyFit Financing sources; c. Capital Provider: i. Shall have received copies of executed ATTACHMENT 5-H – INTERIM LIEN/CLAIM WAIVER(S) lien waivers, in form and substance reasonably satisfactory to Capital Provider, from the Contractor and all subcontractors who worked on the Project indicating that they have been complied with 15 paid for all work performed; and ii. The 75-day construction lien period shall have expired (without any liens having been filed); or, iii. Property Owner shall have obtained, at its option and satisfied on or before Scheduled Completion Date: (a) The Improvements expense, an early issue title policy insuring the lien of the Benefit Assessment against all construction liens that have been or may be filed against the Project. d. A completion notice shall have been posted in accordance with ORS 87.045 and Capital Provider shall have inspected (unless it waives inspection in its sole discretion) the Project to determine that it was completed in accordance with the Plans Construction Documents and Specificationsother applicable requirements; e. A certificate of occupancy (bor its equivalent) Borrower has furnished Lender with copies shall have been issued for the Project and all other governmental approvals, licenses, or permits necessary for the use and/or occupancy of all final waivers of lien and sworn statements from contractors, subcontractors and material suppliersthe Project shall have been obtained; (c) Borrower has furnished Lender with satisfactory evidence of f. Capital Provider shall have received from Property Owner all required reporting forms applicable to the dedication of the Improvements to, Project in form and the acceptance of the Improvements by, Central Nevada Utilities Companysubstance reasonably acceptable to Capital Provider and such supporting documentation as Capital Provider may request; (d) Borrower has furnished to Lender certificates from Borrower g. Property Owner shall have submitted and Capital Provider shall have accepted and approved the General Contractors, each currently dated, certifying that (i) no notices Property Owner Certification substantially in the form of any claimed violations of ordinances arising from the Construction of the Improvements which have not been cured were served upon the party making such certification and (ii) the party making such certification is not aware of any circumstances which could give rise to the issuance of any such notice of claimed violation; (e) Borrower has furnished to Lender a certificate from the Engineer covering the completion date of the Improvements and stating that (i) the Improvements have been completed in accordance with the Plans and Specifications and (ii) the Improvements as so completed comply with all applicable laws and ordinancesATTACHMENT 6-H – FORM OF PROPERTY OWNER CERTIFICATION; and, (f) All other requirements of this Agreement for h. Property Owner shall have satisfied the final disbursement of Loan proceeds have been complied with and satisfiedchecklist attached hereto as ATTACHMENT 7-H – FINAL DISBURSEMENT CHECKLIST.

Conditions Precedent to Final Disbursement. Lender shall make At the time of the final disbursement for completion provided that all disbursement: 3.5.1. Each of the following conditions specified in Section 3.4 will be satisfied; 3.5.2. Xxxxxx will have confirmed completion of all Project construction work, including all punch-list items, as certified by Xxxxxxxx, architect, general contractor, and all lenders; 3.5.3. Xxxxxx will have received copies of lien waivers, in form and substance satisfactory to Lender, from the general contractor and all subcontractors who worked on the Project indicating that they have been complied with 15 paid for all work performed, or the seventy-five (75) day construction lien period will have expired (without any liens having been filed), or Borrower will have obtained, at its option and satisfied on or before Scheduled Completion Date: (a) The Improvements expense, an early issue title policy insuring the Beneficiary’s lien interests in the Trust Deed against all construction liens that have been or may be filed against the Project; 3.5.4. A Completion Notice will have been posted in accordance with ORS 87.045 and Lender will have inspected (unless it waives inspection in its sole discretion) the Project to determine that it was completed in accordance with the Plans Construction Documents and Specificationsthe Project Requirements; (b) Borrower has furnished Lender with copies 3.5.5. A Certificate of Occupancy will have been issued for all final waivers of lien units in the Project and sworn statements from contractorsall other governmental approvals, subcontractors and material suppliers; (c) Borrower has furnished Lender with satisfactory evidence licenses, or permits necessary for the use and/or occupancy of the dedication of the Improvements to, and the acceptance of the Improvements by, Central Nevada Utilities Company; (d) Borrower has furnished to Lender certificates from Borrower and the General Contractors, each currently dated, certifying that (i) no notices of any claimed violations of ordinances arising from the Construction of the Improvements which have not been cured were served upon the party making such certification and (ii) the party making such certification is not aware of any circumstances which could give rise to the issuance of any such notice of claimed violation; (e) Borrower has furnished to Lender a certificate from the Engineer covering the completion date of the Improvements and stating that (i) the Improvements Project will have been completed in accordance with the Plans and Specifications and (ii) the Improvements as so completed comply with all applicable laws and ordinancesobtained; and (f) All other requirements of this Agreement for disbursement of Loan proceeds 3.5.6. Lender will have been complied with received from Borrower all required regulatory reporting forms applicable to the Project in form and satisfiedsubstance acceptable to Lender and such supporting documentation as Lender may request.

Conditions Precedent to Final Disbursement. Lender shall make At the time of the final disbursement for completion provided that all of the following conditions have been complied with 15 and satisfied on or before Scheduled Completion Datedisbursement: (a) The Improvements Each of the conditions specified in Section 3.4 will be satisfied; (b) All construction work, including all punchlist items, shall be completed as certified by the owner, architect, contractor, and all lenders; (c) Xxxxxx will have received copies of lien waivers, in form and substance satisfactory to Lender, from the general contractor and all subcontractors who worked on the Project indicating that they have been paid for all work performed, or the 75-day construction lien period will have expired (without any liens having been filed), or Borrower will have obtained, at its option and expense, an early issue title policy insuring the lien of the Trust Deed against all construction liens that have been or may be filed against the Project; (d) A Completion Notice will have been posted in accordance with ORS 87.045 and Lender will have inspected (unless it waives inspection in its sole discretion) the Project to determine that it was completed in accordance with the Plans Construction Documents and Specifications; (b) Borrower has furnished Lender with copies of all final waivers of lien and sworn statements from contractors, subcontractors and material suppliers; (c) Borrower has furnished Lender with satisfactory evidence of the dedication of the Improvements to, and the acceptance of the Improvements by, Central Nevada Utilities Company; (d) Borrower has furnished to Lender certificates from Borrower and the General Contractors, each currently dated, certifying that (i) no notices of any claimed violations of ordinances arising from the Construction of the Improvements which have not been cured were served upon the party making such certification and (ii) the party making such certification is not aware of any circumstances which could give rise to the issuance of any such notice of claimed violationother applicable requirements; (e) Borrower has furnished to Lender a certificate from A Certificate of Occupancy will have been issued for all units in the Engineer covering Project and all other governmental approvals, licenses, or permits necessary for the completion date use and/or occupancy of the Improvements and stating that (i) the Improvements Project will have been completed in accordance with the Plans and Specifications and (ii) the Improvements as so completed comply with all applicable laws and ordinancesobtained; and (f) All other requirements Lender will have received from Borrower all required regulatory reporting forms applicable to the Project in form and substance acceptable to Lender and such supporting documentation as Lender may request. (g) Conversion of this Agreement for disbursement of the construction loan to the Permanent Loan proceeds have been complied with and satisfied(as defined in Section 4) below.