Developer’s Financial Representations Clause Samples

Developer’s Financial Representations. The Developer represents and covenants 4.2.1 The Developer has the capability of securing the financing necessary to meet all of its financial obligations created under this Development Agreement and shall provide evidence of that ability by providing: (a) the DDA or its financial advisor with the Financial Plan, (b) the City Attorney or his or her designee with an updated Net Worth Certification for the Developer, (c) the City Attorney with Net Worth Certifications of the Guarantors, and (d) the DDA with a copy of a Construction Commitment from the Construction Lender. Except for the Financial Plan provided pursuant to Section 4.1, the Net Worth Certifications and Construction Commitment required by this Section 4.2.1 shall be provided to the DDA not less than thirty (30) days prior to the Commencement Date. The Developer shall also provide the DDA with a copy of the Permanent Commitment from the Permanent Lender within ten (10) days after the Permanent Commitment is signed by the Developer (such permanent commitment shall not be delivered if such financing is approved after Developer Completes the Project). None of the DDA, the City Attorney, nor the City’s economic advisor will publicly disclose the Financial Plan, Net Worth Certifications, Construction Commitments and Permanent Commitments, except for disclosures required by law, except to the extent exempt pursuant to MCL 15.243(1)(f), disclosures of information which is in the public domain and disclosures to their consultants, advisers and attorneys provided that such consultants, advisors and attorneys shall also agree to not publicly disclose the Financial Plan, Net Worth Certifications, Construction Commitments and Permanent Commitments, except for disclosures required by law, except to the extent exempt pursuant to MCL 15.243(1)(f) and disclosures of information which is in the public domain 4.2.2 The Developer, or a related entity, shall act as general contractor for the Project. The Developer agrees to provide or cause its contractors to provide, all other bonds, letters of credit or other security required for the construction of improvements (including public improvements) as specifically required by City Ordinances. 4.2.3 The Developer agrees to disclose to the City attorney prior to Closing, any and all Persons that have a ten (10%) percent or more equity interest, directly or indirectly, in the Developer.