Common use of Construction Loan Clause in Contracts

Construction Loan. Redeveloper shall, prior to commencement of the New Building and Redeveloper Public Improvements, provide evidence satisfactory to the City Attorney that the construction financing or title insurance for such work provides for construction draws only upon demonstration of work completed as being in accordance with the approved plans pursuant to the Redevelopment Agreement and that all persons having performed labor or furnished materials, equipment or supplies for such category of improvement have been paid and given lien waivers in exchange for payment.

Construction Loan. Redeveloper shall, prior to commencement of the New Building and Redeveloper Public Improvements, provide evidence satisfactory to the City Attorney that the construction financing or title insurance for such work provides for construction draws only upon demonstration of work completed as being in accordance with the approved plans pursuant to the Redevelopment Agreement and that all persons having performed labor or furnished materials, equipment or supplies for such category of improvement have been paid and given lien waivers in exchange for payment.

Construction Loan. Redeveloper shall, prior to commencement of the New Building and Redeveloper Public Improvements, provide evidence reasonably satisfactory to the City Attorney that the construction financing or title insurance for such work provides for construction draws only upon demonstration of work completed as being in accordance with the approved plans pursuant to the Redevelopment Agreement and that all persons having performed labor or furnished materials, equipment or supplies for such category of improvement have been paid and given lien waivers in exchange for payment.