Common use of Conditions Precedent to Second and Subsequent Disbursements Clause in Contracts

Conditions Precedent to Second and Subsequent Disbursements. The City shall not be obligated to make any Loan disbursements after the first disbursement and prior to the final disbursement unless and until all of the following conditions have been satisfied at the time of and with respect to each such disbursement. (a) All of the conditions stated in Article III; (b) No lien or other interest shall have been permitted to attach to the Property except taxes for the current year, if not then payable, and other matters acceptable to the City and as shown on the Title Policy; and upon request by the City, the Borrower shall have the Title Policy insuring the City's lien on the Property brought up to date upon each disbursement by issuance of an endorsement to the policy satisfactory to the City and Borrower shall provide to City all Title Assurances which the City may require; (c) Construction of the Improvements has been conducted in a good and workmanlike manner, in substantial accordance with the Plans, and the Improvements have not been materially damaged or injured, in the opinion of the City, by fire or otherwise; (d) At the time of each disbursement: (1) the City is satisfied that the quality and progress of construction is in accordance with the Construction Contract and per Approved Plans and that no material default under the Construction Contract has occurred; and (2) the estimated remaining cost of construction of the Improvements does not exceed an amount which the City reasonably believes can be funded from the remaining Loan proceeds taking into account funds from all available sources and/or lenders other than the City. (e) All warranties and representations referred to in Section 6.17 are true and correct; and (f) If the foundation for any building constituting any of the Improvements has been completed the City shall have received an updated foundation survey satisfying the requirements of Section 7.9.

Conditions Precedent to Second and Subsequent Disbursements. The City shall not be obligated to make any Loan disbursements after the first disbursement and prior to the final disbursement unless and until all of the following conditions have been satisfied at the time of and with respect to each such disbursement. (a) All of the conditions stated in Article III; (b) No lien or other interest shall have been permitted to attach to the Property except taxes for the current year, if not then payable, and other matters acceptable to the City and as shown on the Title Policy; and upon request by the City, the Borrower shall have the Title Policy insuring the City's lien on the Property brought up to date upon each disbursement by issuance of an endorsement to the policy satisfactory to the City and Borrower shall provide to City all Title Assurances which the City may require; (c) Construction of the Improvements has been conducted in a good and workmanlike manner, in substantial accordance with the Plans, and the Improvements have not been materially damaged or injured, in the opinion of the City, by fire or otherwise; (d) At the time of each disbursement: (1) the City is satisfied that with the quality and progress of construction is in accordance with the Construction Contract and per Approved Plans and that no material default under the Construction Contract has occurredconstruction; and (2) in the opinion of the City, the estimated remaining cost of construction of the Improvements does not exceed an amount which the City reasonably believes can be funded from the remaining Loan proceeds taking into account funds from all available sources and/or lenders other than the City... (e) All warranties and representations referred to in Section 6.17 are true and correct; and (f) If the foundation for any building constituting any of the Improvements has been completed the City shall have received an updated foundation survey satisfying the requirements of Section 7.9.

Conditions Precedent to Second and Subsequent Disbursements. The City shall not be obligated to make any Loan disbursements after the first disbursement and prior to the final disbursement unless and until all of the following conditions have been satisfied at the time of and with respect to each such disbursement. (a) All of the conditions stated in Article III; (b) No lien or other interest shall have been permitted to attach to the Property except taxes for the current year, if not then payable, and other matters acceptable to the City and as shown on the Title Policy; and upon request by the City, the Borrower shall have the Title Policy insuring the City's lien on the Property brought up to date upon each disbursement by issuance of an endorsement to the policy satisfactory to the City and Borrower shall provide to City all Title Assurances which the City may require; (c) Construction of the Improvements has been conducted in a good and workmanlike manner, in substantial accordance with the Plans, and the Improvements have not been materially damaged or injured, in the opinion of the City, by fire or otherwise; (d) At the time of each disbursement: (1) the City is satisfied that with the quality and progress of construction is in accordance with the Construction Contract and per Approved Plans and that no material default under the Construction Contract has occurredconstruction; and (2) in the opinion of the City, the estimated remaining cost of construction of the Improvements does not exceed an amount which the City reasonably believes can be funded from the remaining Loan proceeds taking into account funds from all available sources and/or lenders other than the City. (e) All warranties and representations referred to in Section 6.17 are true and correct; and (f) If the foundation for any building constituting any of the Improvements has been completed the City shall have received an updated foundation survey satisfying the requirements of Section 7.9.

Conditions Precedent to Second and Subsequent Disbursements. The City shall not be obligated to make any Loan disbursements after the first disbursement and prior to the final disbursement unless and until all of the following conditions have been satisfied at the time of and with respect to each such disbursement. (a) All of the conditions stated in Article III; (b) No lien or other interest shall have been permitted to attach to the Property except taxes for the current year, if not then payable, and other matters acceptable to the City and as shown on the Title Policy; and upon request by the City, the Borrower shall have the Title Policy insuring the City's lien on the Property brought up to date upon each disbursement by issuance of an endorsement to the policy satisfactory to the City and Borrower shall provide to City all Title Assurances which the City may require; (c) Construction of the Improvements has been conducted in a good and workmanlike manner, in substantial accordance with the Plans, and the Improvements have not been materially damaged or injured, in the opinion of the City, by fire or otherwise; (d) At the time of each disbursement: (1) the City is satisfied that the quality and progress of construction is in accordance with the Construction Contract and per Approved the approved Plans and that no material default under the Construction Contract has occurred; and (2) the estimated remaining cost of construction of the Improvements does not exceed an amount which the City reasonably believes can be funded from the remaining Loan proceeds taking into account funds from all available sources and/or lenders other than the City.; (e) All warranties and representations referred to in Section 6.17 are true and correct; and (f) If the foundation for any building constituting any of the Improvements has been completed required pursuant to Section 7.9, the City shall have received an updated foundation survey satisfying the requirements of Section 7.9.

Conditions Precedent to Second and Subsequent Disbursements. The City shall not be obligated to make any Loan disbursements after the first disbursement and prior to the final disbursement unless and until all of the following conditions have been satisfied at the time of and with respect to each such disbursement. (a) All of the conditions stated in Article III; (b) No Except as otherwise stated herein or in the Loan documents, no lien or other interest shall have been permitted to attach to the Property except taxes for the current year, if not then payable, and other matters acceptable to the City and as shown on the Title Policy; and upon request by the City, the Borrower shall have the Title Policy insuring the City's lien on the Property brought up to date upon each disbursement by issuance of an endorsement to the policy satisfactory to the City and Borrower shall provide to City all Title Assurances which the City may require; (c) Construction of the Improvements has been conducted in a good and workmanlike manner, in substantial accordance with the Plans, and the Improvements have not been materially damaged or injured, in the opinion of the City, by fire or otherwise; (d) At the time of each disbursement: (1) the City is reasonably satisfied that with the quality and progress of construction is in accordance with the Construction Contract and per Approved Plans and that no material default under the Construction Contract has occurredconstruction; and (2) in the opinion of the City, the estimated remaining cost of construction of the Improvements does not exceed an amount which the City reasonably believes can be funded from the remaining Loan proceeds taking into account funds from all available sources and/or lenders other than the City. (e) All warranties and representations referred to in Section 6.17 are true and correct; and (f) If the foundation for any building constituting any of the Improvements has been completed the City shall have received an updated foundation survey satisfying the requirements of Section 7.9.

Conditions Precedent to Second and Subsequent Disbursements. The City shall not be obligated to make any Loan disbursements after the first disbursement and prior to the final disbursement unless and until all of the following conditions have been satisfied at the time of and with respect to each such disbursement. (a) All of the conditions stated in Article III; (b) No lien or other interest shall have been permitted to attach to the Property except taxes for the current year, if not then payable, and other matters acceptable to the City and as shown on the Title PolicyCity; and upon request by the City, the Borrower shall have the Title Policy insuring the City's lien on the Property brought up to date upon each disbursement by issuance of an endorsement to the policy satisfactory to the City and Borrower shall provide to City all Title Assurances which the City may require; (c) Construction of the Improvements has been conducted in a good and workmanlike manner, in substantial accordance with the Plans, and the Improvements have not been materially damaged or injured, in the opinion of the City, by fire or otherwise; (d) At the time of each disbursement: (1) the City is satisfied that with the quality and progress of construction is in accordance with the Construction Contract and per Approved Plans and that no material default under the Construction Contract has occurredconstruction; and (2) in the opinion of the City, the estimated remaining cost of construction of the Improvements does not exceed an amount which the City reasonably believes can be funded from the remaining Loan proceeds taking into account funds from all available sources and/or lenders other than along with the Cityproceeds of the first position loan. (e) All warranties and representations referred to in Section 6.17 are true and correct; and (f) If the foundation for any building constituting any of the Improvements has been completed the City shall have received an updated foundation survey satisfying the requirements of Section 7.9.