Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to Lessor evidence reasonably satisfactory to Lessor of funding available to Tenant that is sufficient to pay for Tenant’s estimated total cost of constructing the Initial Improvements, which evidence may consist of (i) a written commitment to Tenant from a Lender selected by Tenant to provide a construction loan to Tenant for the purpose of constructing the Initial Improvements (which may be secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease), (ii) actual equity funds then held by Tenant or irrevocably committed to be paid to Tenant for the purpose of constructing the Initial Improvements, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of constructing the Initial Improvements, provided that Tenant shall promptly notify Lessor of any such change.
Construction Funding. Prior to commencement of any Work, Tenant shall provide to County evidence reasonably satisfactory to County of funding available to Tenant that is sufficient to pay for Tenant’s estimated total cost of the Work, which evidence may consist of (i) a written commitment to Tenant from a Lender selected by Tenant to provide a construction loan to Tenant for the purpose of the Work (which may be secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease), (ii) actual equity funds then held by Tenant or irrevocably committed to be paid to Tenant for the purpose of the Work, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of rehabilitating the Improvements, provided that Tenant shall promptly notify County of any such change.
Construction Funding. Total Mutual-Benefit Projects planning, design, and construction funding specified in Articles 10.1.1, 10.1.2.1, 10.1.3.1, 10.1.5.1, and 10.1.6 is forty-eight million dollars ($48,000,000).
Construction Funding. 5.1 The total estimated construction cost is $18,656,000. The DEPARTMENT will provide up to $10,000,000 at a proportion of 50% of the project cost. The CITY will provide the remaining balance. These funds shall be deposited with the DEPARTMENT prior to the advertisement for bids. BNSF agrees to provide the property rights approved pursuant to Section 3.2 at no expense to the DEPARTMENT and the CITY as and for its sole contribution to the project cost. The CITY and the DEPARTMENT agree that notwithstanding the provisions of Title 17 O.S. § 82, neither shall seek further contributions to the project cost from BNSF and the CITY shall dismiss the action pending against BNSF before the Oklahoma Corporation Commission regarding cost allocations for the project with prejudice. BNSF agrees to dismiss the action pending against the CITY regarding the project in the United States District Court with prejudice and the CITY agrees it shall not seek to condemn any property owned by BNSF for the project. The parties agree to cooperate with obtaining any necessary approval for the project from the Oklahoma Corporation Commission following the necessary approvals and acceptance of the design and plans and the execution of construction and maintenance agreements for the project.
5.2 It is understood by the CITY and the DEPARTMENT that the funding participation herein may be altered due to bid prices, construction supervision cost and other cost incurred during construction, provided that the contribution to be provided by BNSF shall be limited to that provided in Section 5.1. The CITY will be responsible for payment of its required funding share within 45 days of receipt of a DEPARTMENT invoice. Upon final acceptance of this project, the amount of DEPARTMENT funds and the amount previously deposited by the CITY will be deducted from the total cost and a refund will be made by the DEPARTMENT to the CITY or additional funding will be requested from the CITY.
5.3 In the event of a federal grant award, the grant funding will be split by the DEPARTMENT and the CITY per the funding split per section 5.1.
Construction Funding. As to each Construction Project, that portion of the Construction Costs which will be funded by TMCC under the Construction Loan. For each Construction Project, prior to any Draw, Borrower and TMCC shall establish in writing the amount of Construction Funding for the applicable Construction Project, which shall be in accordance with the terms herein.
Construction Funding. (a) Upon execution of this Lease, the County shall provide Tenant with $12,637,851 (“County Initial Financial Contribution”) as the initial funding for the completion of the Work. Upon completion of fifty percent of the Work, as evidenced by a written verification by the Project’s architect and verified by the County in its reasonable sole discretion, but no earlier than July 1, 2020, the County shall provide Tenant with $12,637,851 (“County Final Financial Contribution”) (the “County Initial Financial Contribution” and the “County Final Financial Contribution” shall be referred to collectively as the “County Financial Contribution”). The County Financial Contribution shall be applied by Tenant only toward the Work. In no event shall any portion of the County Financial Contribution be used for any purpose other than to complete the Work. The County Financial Contribution shall be the sole financial contribution of the County to reimburse Tenant for expenditures toward the Work as the Work and Construction Budget have been approved by the Chief Real Estate Officer. The payment is intended to be the full amount committed by County for construction of the Work. In no event shall County be obligated to pay or make disbursements for the construction pursuant to this Lease or otherwise in a total amount which exceeds the County Financial Contribution, nor shall Tenant or its Contractor be entitled to receive (whether in cash, credit or otherwise) any portion of the County Financial Contribution that is not used for the Work. Notwithstanding anything set forth herein, neither Tenant nor Contractor shall be responsible for Work costs in excess of the Construction Budget if such costs are occasioned by circumstances outside the control of the Tenant and/or Contractor. If the Parties determine, in their reasonable discretion, that additional funding is needed to complete the Work, or in the event the Parties desires to change the scope of Work, the Parties shall meet and confer to either initiate a Lease or Construction Budget/Schedule augmentation and/or exercise value YALE STREET MASTER LEASE -13- engineering or leverage community support and donations to balance scope of work and budget and/or deviations in the scope of Work and Construction Documents to revise the scope of Work to remain within the County Financial Contribution.
(b) No later than sixty (60) calendar days following termination of this Lease, Tenant shall submit to County an expenditure report for...
Construction Funding. (i) The Members acknowledge and agree that the Company has or will obtain a construction loan, secured by the Project, to fund the construction of the Project. The Managing Member shall execute and deliver any required lender guaranty required in connection with any financing entered into by the Company and requested by the lender. Managing Member shall also be obligated to provide any environmental indemnity and /or completion guaranty required by the construction lender. To the extent feasible, any such financing shall permit any Investor Member to transfer its Interest to a Permitted Transferee. Additionally, if so unanimously approved by the Members, the Managing Member shall be authorized to obtain for and on behalf of the Company a mezzanine loan toward the purchase of the Property and/or the duration of the development. No Member or any of its Affiliates shall have any liability under or in connection with any third-party debt of the Company, including liability with regard to any environmental matters, non-recourse carve-outs, fraud, intentional misconduct, theft or other commonly called “bad-boy acts” or with regard to any other matter unless otherwise approved in writing by such Member or its Affiliate.
Construction Funding. 5.1 The total estimated construction cost is $1,895,693.06. The DEPARTMENT agrees to provide 80%. The CITY agrees that local funds shall be used to provide their obligation of 20%.
5.2 It is understood by the CITY and the DEPARTMENT that the funding participation herein may be altered due to bid prices, construction supervision cost and other cost incurred during construction. The DEPARTMENT will be responsible for payment of its required funding share within 45 days of receipt of a CITY invoice. Upon final acceptance of this project, the amount of CITY funds and the amount previously deposited by the DEPARTMENT will be deducted from the total cost and a refund will be made by the CITY to the DEPARTMENT or additional funding will be requested from the DEPARTMENT.
Construction Funding. Consistent with 25 U.S.C. § 5389, the Tribe may carry out construction projects or programs in accordance with Title I or V of the ISDEAA, the IHCIA, Pub. L. 94-437, and Pub. L. 86-121. See also 42 C.F.R. § 137.
Construction Funding. It is anticipated that the eligible federal costs of the Projects will be paid from federal aid funds made available by the Federal Highway Administration, and the remaining costs shall be paid by the City/County. Any City/County funds to be applied to the construction contract for the Projects,
