Conditions to Final Draw Clause Samples
Conditions to Final Draw. The obligation of the City to make the Final Draw is conditioned upon the occurrence of the Applicant having completed the Project Completion Conditions set forth in Section 5.1 hereof.
Conditions to Final Draw. As a condition precedent to the Final Draw, which shall include the Holdback, in addition to all other requirements herein, Borrower must satisfy the following requirements and, if required by TMCC, deliver to TMCC evidence of such satisfaction:
(a) All conditions precedent to each of the Draws pursuant to Section 4.10 above shall have been satisfied or waived by TMCC.
(b) The Construction Project has achieved Substantial Completion.
(c) The Title Policy shall be endorsed and extended, if applicable and available, to (i) delete any exception previously included to account for the pending construction of the Improvements, (ii) insure that there are no encroachments, and (iii) reflect that no mechanic’s or materialmens’ lien or other encumbrance has been filed. The Title Policy shall contain no additional exception objectionable to TMCC.