Common use of Conditions Precedent to Final Loan Disbursement Clause in Contracts

Conditions Precedent to Final Loan Disbursement. The City shall not be obligated to make a final Loan disbursement until all conditions in Article III and in Section 4.1 and all of the following conditions have been satisfied by no later than the Completion Date. (a) The Improvements have been fully completed in a good and workmanlike manner and in substantial accordance with the Plans, and certificates as to completion in such manner have been issued by the General Contractor, the City's Inspector and the City's architect, if any, and certificates of occupancy and use have been issued with respect to all the Improvements by all appropriate governmental authorities. (b) The Title Policy insurer shall have agreed in writing satisfactory to the City to issue to the City a Title Policy or endorsement thereto insuring the full amount of the Loan and containing no exceptions for possible mechanic lien claims or other exceptions not approved by the City, and the Borrower shall have provided to the City all Title Assurances which the City may require.

Conditions Precedent to Final Loan Disbursement. The City shall not be obligated to make approve a final Loan disbursement until all conditions in Article III and in Section 4.1 and all of the following conditions have been satisfied by no later than the Completion Date.: (a) The Improvements have been fully completed in a good and workmanlike manner and in substantial accordance with the Plans, and certificates as to completion in such manner have been issued by the General Contractor, the City's Inspector and the CityBorrower's architect, if any, and certificates of occupancy and use have been issued with respect to all the Improvements by all appropriate governmental authorities. (b) The Title Policy insurer shall have agreed in writing satisfactory to the City to issue to the City a Title Policy or endorsement thereto insuring the full amount of the Loan and containing no exceptions for possible mechanic lien claims or other exceptions not approved by the City, and the Borrower shall have provided to the City all Title Assurances which the City may require.