Common use of Conditions Precedent to Initial Disbursement Clause in Contracts

Conditions Precedent to Initial Disbursement. Subject to the terms and conditions of this Agreement, U.S. Bank agrees to approve the disbursement of proceeds of the Loan (each disbursement of funds to be referred to as a “Disbursement”) for Project Costs set forth on a Draw Request. Xxxxxx’s approval of the initial Draw Request (the “Initial Disbursement”) shall be subject to the satisfaction of all of the conditions for closing set forth in Section 3.1 and receipt of the following by Xxxxxx, each in form and substance acceptable to Lender and satisfaction of the following conditions precedent, unless the requirement is waived in writing by the Lender: (a) Written evidence that the Project Financing Statements have been filed with the Secretary of State or other appropriate office, together with evidence that the Collateral covered thereby is subject to no prior Liens, other than Permitted Liens or Permitted Encumbrances, as applicable. (b) Unless otherwise waived in writing by Xxxxxx, Lender shall have available unexpended Loan Proceeds or Funding Sources deposited by Borrower in the Bank-Controlled Account and Construction Disbursement Account so that the Loan will remain “In Balance”, taking into account the amount of interest due on the Loan through the Maturity Date. (c) A Draw Request for costs, expenses and fees which have been actually incurred by Borrower and are directly connected with the Project. Borrower shall provide the Draw Request and copies of all supporting invoices, purchase orders, and lien waivers to the Title Company and to Lender’s Project Inspector. (d) Any Development Items and any other documents and assurances as Lender may reasonably request. (e) Borrower shall establish the Operating Account with Xxxxxx. (f) Borrower shall establish the Construction Disbursement Account with Lender.

Conditions Precedent to Initial Disbursement. Subject to the terms and conditions of this AgreementLender shall not be obligated to, U.S. Bank agrees to approve the disbursement of proceeds of the Loan (each disbursement of funds to be referred to as a “Disbursement”) for Project Costs set forth on a Draw Request. Xxxxxx’s approval of but at Lender's sole option may, make the initial Draw Request disbursement hereunder (the “"Initial Disbursement”") shall be subject to the satisfaction of all of the conditions for closing set forth in Section 3.1 and receipt of the following by Xxxxxx, until each in form and substance acceptable to Lender and satisfaction of the following conditions precedent, unless the requirement is waived in writing by the Lenderhas been fully satisfied: (a) Written evidence that Lender shall have received and approved a copy of a survey prepared by an approved surveyor, showing the Project Financing Statements have been filed with total square footage of the Secretary Property, dimensions, means of State or other appropriate officeingress and egress, together with evidence that location of all existing and proposed improvements, boundaries, encroachments, setback lines, rights of way and easements, whether the Collateral covered thereby Property is subject to no prior Lienssituated within a designated flood hazard area and, other than Permitted Liens or Permitted Encumbrancesif requested by Lender, as applicable.a surveyor's certificate in substantially the form of EXHIBIT "G" hereto; (b) Unless otherwise waived in writing by Xxxxxx, Lender shall have available unexpended Loan Proceeds or Funding Sources deposited by Borrower received UCC-11 reports and an acceptable title policy binder from a title insurance company qualified to do business in the Bank-Controlled Account and Construction Disbursement Account so that state in which the Loan will remain “In Balance”Property is situated, taking into account in the amount of interest due on the Loan through and covering the Maturity Date.Project, with any exceptions contained in such policies or reports to be subject to approval of Lender and its counsel; (c) A Draw Request for costsLender shall have received the properly executed Note, expenses and fees which have been actually incurred by Borrower and are directly connected together with the Project. Borrower shall provide the Draw Request other Loan Documents and copies of all supporting invoices, purchase orders, and lien waivers to the Title Company and to Lender’s Project Inspector.such other documents as Lender may require; (d) Any Development Items and If the Property or any other documents and assurances as part thereof is located in a designated flood zone, a flood insurance policy shall have been obtained on the Project, naming Lender may reasonably request.in the mortgagee clause; (e) Borrower shall establish be in compliance with all of the Operating Account with Xxxxxx.terms and provisions set forth herein and no Event of Default specified herein, nor any event or condition which upon notice or lapse of time, or both, would constitute such an Event of Default, shall have occurred and be continuing; (f) A copy of the Plans shall have been furnished to and approved by Lender; (g) Lender shall have received satisfactory evidence that a proper building permit and/or any required development permits have been obtained; (h) Lender shall have received and approved evidence satisfactory to Lender that Borrower has obtained liability, workmen's compensation, hazard and builder's risk insurance with respect to the Project (as applicable), issued by such companies and in such amounts as are satisfactory to Lender, covering all development, construction, and improvements, with mortgagee or loss payable clause(s) in New York standard form in favor of Lender; (i) Lender shall establish have received a certificate of compliance with applicable restrictive or protective covenants, and certifications by appropriate governmental agencies, in forms acceptable to Lender, that the Construction Disbursement Account planned development and/or construction and the use of the Property conform with all federal, state and municipal laws, restrictions and requirements including, without limitation, applicable zoning regulations; (j) Lender shall have received and approved copies of the duly executed development and/or construction contract(s) covering all improvements and costs to be incurred in the Project, the duly executed contract for architectural services relating to the erection of the Project, the duly executed engineering contract for the Project (all as applicable), contractors' lien subordinations from those contractors and subs required by Lender and an assignment to Lender of the construction contract, the architectural contract, and/or the engineering contract, together with the general contractor's, the Project architect's and/or the Project engineer's consents to such assignments; (k) A copy of the engineering and soil report shall have been received and approved by Lender; (l) Lender shall have received and approved certificates of the engineer, contractor and/or architect for the Project, or other evidence satisfactory to Lender, that there are no Hazardous Materials on the Project or on or in any improvements existing or to be constructed thereon and that the Project, the Plans and the proposed and existing improvements comply with all laws, governmental standards and regulations applicable to Borrower and the Project relating to occupational health and safety, hazardous waste and substances and environmental matters; (m) Lender, and if applicable, Lender's construction consultant, shall have received and approved the Project Budget; (n) Lender shall have received and approved a current appraisal of the Project, addressed to the Lender and prepared by an appraiser approved by the Lender, reflecting an appraised value satisfactory to Lender and otherwise in form and substance satisfactory to Lender; (o) Lender shall have received and approved all payment and performance bonds required by the City of Fort Worth related to the Facilities Agreements executed by the City and the Borrower. The Lender shall not be expected to issue any such bonds; (p) Lender shall have received such further documents and opinions as Lender reasonably may request.

Conditions Precedent to Initial Disbursement. Subject to the terms and conditions of this Agreement, U.S. Bank agrees to approve the disbursement of proceeds The obligation of the Loan (each disbursement of funds City to be referred to as a “Disbursement”) for Project Costs set forth on a Draw Request. Xxxxxx’s approval of make the initial Draw Request (the “Initial Disbursement”) disbursement hereunder shall be subject to the satisfaction of all of condition precedent that the Association shall be in compliance with the conditions for closing set forth contained in Section 3.1 3.4 hereof and receipt the further condition precedent that the City shall have received, on or before the date of such initial disbursement hereunder, the following by Xxxxxx, each in form and substance acceptable to Lender and satisfaction of the following conditions precedent, unless the requirement is waived in writing by the Lenderfollowing: (a) Written evidence that A copy of the Project Financing Statements have been filed Construction Plans, approved by the City Building Official in accordance with Section 4.2 hereof and in detail sufficient to enable the Secretary Association to authorize commencement of State or other appropriate officeconstruction of the Housing Improvements, together with evidence that certified by the Collateral covered thereby is subject to no prior Liens, other than Permitted Liens or Permitted Encumbrances, as applicable.City Building Official and the Association; (b) Unless otherwise waived in writing Copies of the Construction Contracts, and such subcontracts as may be reasonably requested from time to time by Xxxxxx, Lender shall have available unexpended Loan Proceeds or Funding Sources deposited by Borrower in the Bank-Controlled Account and Construction Disbursement Account so that the Loan will remain “In Balance”, taking into account the amount of interest due on the Loan through the Maturity Date.City; (c) A Draw Request sworn construction statement duly executed by the Contractors for costs, expenses and fees which have been actually incurred by Borrower and are directly connected with the Project. Borrower shall provide the Draw Request and copies Housing Improvements showing estimates of all supporting invoicesanticipated Contractors’ contract or subcontracts for specific portions of the work on the Housing Improvements and the amounts anticipated to become due each such Contractor, purchase orders, including all costs and lien waivers to the Title Company expenses of any kind incurred and to Lender’s Project Inspector.be incurred in construction the Housing Improvements; (d) Any Development Items A total project cost statement, incorporating estimates of the construction costs as shown on the sworn construction statement described in paragraph (c) above and setting forth all other costs and expenses of any other documents kind anticipated to be incurred in completion of the Housing Improvements and assurances as Lender may sworn to by the Association to be a true, complete and accurate account of all costs actually incurred and a reasonably request.accurate estimate of all costs to be incurred in the future; (e) Borrower shall establish Copies of any licenses and permits which the Operating Account with XxxxxxCity’s Authorized Representative certifies as necessary and sufficient to construct the Housing Improvements, including all foundation and grading permits and building permits from time to time necessary for such construction. (f) Borrower shall establish the Construction Disbursement Account with Lender.

Conditions Precedent to Initial Disbursement. Subject to the terms and conditions of this Agreement, U.S. Bank Lender agrees to approve the disbursement of proceeds of the Loan Loans (each disbursement of funds to be referred to as a “Disbursement”) for Project Costs set forth on a Draw Request. XxxxxxLender’s approval of the initial Draw Request (the “Initial Disbursement”) shall be subject to the satisfaction of all of the conditions for closing set forth in Section 3.1 and receipt of the following by XxxxxxLender, each in form and substance acceptable to Lender and satisfaction of the following conditions precedent, unless the requirement is waived in writing by the Lender: (a) Written evidence that the Project Financing Statements have been filed with the Secretary of State or other appropriate office, together with evidence that the 30 Collateral covered thereby is subject to no prior Liens, other than Permitted Liens or Permitted Encumbrances, as applicable. (b) Unless otherwise waived in writing by XxxxxxLender, Lender shall have available unexpended Loan Proceeds or Funding Sources deposited by Borrower in the Bank-Controlled Account and Construction Disbursement Account so that the Loan Loans will remain “In Balance”, taking into account the amount of interest due on the Loan Loans through the Maturity Date. (c) A Draw Request for costs, expenses and fees which have been actually incurred by Borrower and are directly connected with the Project. Borrower shall provide the Draw Request and copies of all supporting invoices, purchase orders, and lien waivers to the Title Company and to Lender’s Project Inspector. (d) Any Development Items and any other documents and assurances as Lender may reasonably request. (e) Borrower shall establish the Operating Account with Xxxxxx. (f) Borrower shall establish the Construction Disbursement Account with Lender.