Common use of Disbursement of Retainage Clause in Contracts

Disbursement of Retainage. Lenders shall retain (collectively the "Retainage") from the gross amount approved for each Construction Disbursement for Hard Costs made from the proceeds of the C/T Loan (i) five percent (5%) of the General Contractor’s portion of such Construction Disbursement, and (ii) ten percent (10%) of the portions of such Construction Disbursement relating to labor, materials and services provided by each Subcontractor until fifty percent (50%) of the Hard Cost component of the Lender's Disbursement Budget has been expended for work performed and has been verified by Xxxxxxx' Consultant as substantially in compliance with the Construction Documentation. Thereafter, so long as no Event of Default shall have occurred and be continuing, no further Retainage shall be retained from Construction Disbursements thereafter made unless Agent Bank is otherwise instructed by Borrower. Retainage withheld by Xxxxxxx from the proceeds of the C/T Loan shall not bear interest and shall be deemed not disbursed under the C/T Loan until released as provided hereinbelow. Notwithstanding the foregoing, upon the written request of Xxxxxxxx, Xxxxxxx agree to release all Retainage for construction costs relating to any subcontractor at such time as the respective work of such subcontractor is one hundred percent (100%) complete, verified to be in substantial compliance with the Construction Documentation by Xxxxxxx' Consultant and upon such additional conditions and requirements as may be required by Agent Bank, to Agent Bank's reasonable satisfaction including, without limitation, final lien releases and other evidence that such work will be, with the release of such retention, fully paid. All remaining funds held for Retainage by Xxxxxxx shall be released (the "Retainage Release Date") upon the written request of Borrower, at such time as: a. The Completion Date has occurred with only "Punch List" items remaining to be completed which do not materially impair the ability of Borrower to occupy and operate the Construction Projects for their intended purpose, no single item exceeding a completion cost in excess of Twenty-Five Thousand Dollars ($25,000.00) and the aggregate of such "Punch List" items not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in substantial compliance with the Plans and Specifications and the terms and requirements of all Governmental Authorities, including, without limitation, substantial compliance with the Americans with Disabilities Act, substantial compliance with which shall be certified to the best knowledge of the Architect, after due inquiry and investigation; b. The lien period for the Construction Projects have expired or the liens have been removed and Title Insurance Company has issued its final 101.6 indorsement to the Title Insurance Policy showing no liens, claims or encumbrances except those approved by Agent Bank upon the consent of Requisite Lenders; c. Each of the Construction Projects have been accepted by Borrower as substantially complete and certified substantially completed and the "Punch List" shall be prepared by the Architect and the General Contractors, and approved by the Lenders' Consultant after an inspection which shall be made within ten (10) days following the Completion Date; d. Each of the General Contractors have made a satisfactory account that all payments required under their respective General Contractor Agreements and Borrower has made a satisfactory account that all other Hard Costs shown on the Borrower Construction Budget and all Soft Costs have been paid in full, with the exception of the unreleased Retainage, including, but not by way of limitation, all material and labor costs and have delivered copies of all lien releases to Agent Bank and have certified that no claims with respect to the Construction Projects remain outstanding, including any claims which might give rise to a lien or liens against the Construction Projects, except for work described in the "Punch List" or as to which Borrower is contesting the validity or amount; e. The Occupancy Date shall have occurred and a copy of the temporary or final certificate of occupancy (if temporary, Xxxxxxxx agrees to promptly deliver a copy of the final certificate of occupancy to Agent Bank when received by Xxxxxxxx) has been issued to Borrower by the appropriate Governmental Authority and a copy thereof delivered to Agent Bank and Borrower has taken beneficial occupancy of each of the Construction Projects, including, without limitation, all public areas which shall be open for the use and occupancy by the public; and f. Xxxxxxxx has delivered an "as-built" survey of the Construction Projects and an "as-built" set of plans and specifications of the Construction Projects to Agent Bank. From the amounts released as provided hereinabove, one hundred fifty percent (150%) of the Architect and Agent Bank's reasonable estimate of the cost of completing the "Punch List" shall be withheld. Such amounts shall be released monthly upon Construction Disbursement Request submitted by Borrower. Within forty-five (45) days following the Retainage Release Date, Borrower shall (i) certify completion of the "Punch List", and (ii) cause Title Insurance Company to issue its final 100, 101.2 and 103.1 indorsements to the Title Insurance Policy showing no Liens, claims or encumbrances on the Real Property except those approved by Requisite Lenders.

Disbursement of Retainage. Lenders shall retain (collectively the "Retainage") from the gross amount approved for each Construction Disbursement for Hard Costs made from the proceeds Disbursements of the C/T Loan Funding to cover Retainage shall be as follows: (i) five percent (5%) Funding Recipient may disburse Retainage that it holds against Hard Costs that are not part of the General Contractor’s portion of such Construction Disbursement, and (ii) ten percent (10%) of the portions of such Construction Disbursement relating to labor, materials and services provided by each Subcontractor until fifty percent (50%) of the Hard Cost component of the Lender's Disbursement Budget has been expended for work performed and has been verified by Xxxxxxx' Consultant as substantially in compliance with the Construction Documentation. Thereafter, so long as no Event of Default shall have occurred and be continuing, no further Retainage shall be retained from Construction Disbursements thereafter made unless Agent Bank is otherwise instructed by Borrower. Retainage withheld by Xxxxxxx from the proceeds of the C/T Loan shall not bear interest and shall be deemed not disbursed under the C/T Loan until released as provided hereinbelow. Notwithstanding the foregoing, upon the written request of Xxxxxxxx, Xxxxxxx agree to release all Retainage for construction costs relating to any subcontractor City-Funded Scope at such time as shall be customary and reflect industry practices and standards for projects similar in all material respects to the respective work Project. (ii) Funding Recipient shall not disburse any Retainage that it holds against Hard Costs that are part of the City-Funded Scope until Substantial Completion of the entire Project. Notwithstanding the preceding, Funding Recipient may disburse Retainage that it holds against such subcontractor Hard Costs incurred for services performed by trade Contractors that have substantially completed their services prior to Substantial Completion of the entire Project, but only if: (x) Funding Recipient has received all Permits and Approvals necessary under applicable Requirements for the services performed by such trade Contractors; (y) the trade Contractors in question have delivered all warranties and guaranties covering their services to Funding Recipient; and (z) the disbursal of Retainage to such trade Contractors under such circumstances is one hundred percent customary and reflects industry practices and standards for projects similar in all material respects to the Project. (100%iii) completePrior to Substantial Completion of the entire Project Funding Recipient shall not seek disbursement of Funding to reimburse Funding Recipient for any Retainage disbursed to any Contractors. Upon Substantial Completion of the Project, verified to be in substantial compliance with and as soon as practicable after receipt by the Construction Documentation by Xxxxxxx' Consultant City of a Payment Requisition and upon such additional conditions all supporting documentations and requirements as may be reports required by Agent Bankthis Agreement in connection with said disbursement, to Agent Bank's reasonable satisfaction including, without limitation, final lien releases and other evidence that such work will be, with the release of such retention, fully paid. All remaining funds held City shall reimburse Funding Recipient for Retainage by Xxxxxxx shall be released (the "Retainage Release Date") upon the written request of Borrower, at such time as: a. The Completion Date has occurred with only "Punch List" items remaining disbursed to be completed which do not materially impair the ability of Borrower any Contractors minus an amount equal to occupy and operate the Construction Projects for their intended purpose, no single item exceeding a completion cost in excess of Twenty-Five Thousand Dollars ($25,000.00) and the aggregate of such "Punch List" items not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in substantial compliance with the Plans and Specifications and the terms and requirements of all Governmental Authorities, including, without limitation, substantial compliance with the Americans with Disabilities Act, substantial compliance with which shall be certified to the best knowledge of the Architect, after due inquiry and investigation; b. The lien period for the Construction Projects have expired or the liens have been removed and Title Insurance Company has issued its final 101.6 indorsement to the Title Insurance Policy showing no liens, claims or encumbrances except those approved by Agent Bank upon the consent of Requisite Lenders; c. Each of the Construction Projects have been accepted by Borrower as substantially complete and certified substantially completed and the "Punch List" shall be prepared by the Architect and the General Contractors, and approved by the Lenders' Consultant after an inspection which shall be made within ten (10) days following the Completion Date; d. Each of the General Contractors have made a satisfactory account that all payments required under their respective General Contractor Agreements and Borrower has made a satisfactory account that all other Hard Costs shown on the Borrower Construction Budget and all Soft Costs have been paid in full, with the exception of the unreleased Retainage, including, but not by way of limitation, all material and labor costs and have delivered copies of all lien releases to Agent Bank and have certified that no claims with respect to the Construction Projects remain outstanding, including any claims which might give rise to a lien or liens against the Construction Projects, except for work described in the "Punch List" or as to which Borrower is contesting the validity or amount; e. The Occupancy Date shall have occurred and a copy of the temporary or final certificate of occupancy (if temporary, Xxxxxxxx agrees to promptly deliver a copy of the final certificate of occupancy to Agent Bank when received by Xxxxxxxx) has been issued to Borrower by the appropriate Governmental Authority and a copy thereof delivered to Agent Bank and Borrower has taken beneficial occupancy of each of the Construction Projects, including, without limitation, all public areas which shall be open for the use and occupancy by the public; and f. Xxxxxxxx has delivered an "as-built" survey of the Construction Projects and an "as-built" set of plans and specifications of the Construction Projects to Agent Bank. From the amounts released as provided hereinabove, one hundred fifty percent (150%) of the Architect and Agent Bank's reasonable estimate of twice the cost of completing performing the "work required by the Final Punch List" List (“Final Punch List Retainage”). (iv) the City shall be withheld. Such amounts shall be released monthly disburse the Final Punch List Retainage to Funding Recipient upon Construction Disbursement Request submitted by Borrower. Within forty-five (45) days following the Retainage Release Date, Borrower shall (i) certify completion Final Completion of the "Punch List", Project and (ii) cause Title Insurance Company to issue its final 100, 101.2 receipt by the City of a Payment Requisition and 103.1 indorsements to the Title Insurance Policy showing no Liens, claims or encumbrances on the Real Property except those approved all supporting documentation and reports required by Requisite Lendersthis Agreement in connection with said disbursement.

Disbursement of Retainage. Lenders shall retain (collectively the "Retainage") from the gross amount approved for each Construction Disbursement for Hard Costs made from the proceeds of the C/T Loan (i) five percent (5%) of the General Contractor’s portion of such Construction Disbursement, and (ii) ten percent (10%) of the portions of such Construction Disbursement relating to labor, materials and services provided by each Subcontractor until fifty percent (50%) of the Hard Cost component of the Lender's Disbursement Budget has been expended for work performed and has been verified by XxxxxxxLenders' Consultant as substantially in compliance with the Construction Documentation. Thereafter, so long as no Event of Default shall have occurred and be continuing, no further Retainage shall be retained from Construction Disbursements thereafter made unless Agent Bank is otherwise instructed by Borrower. Retainage withheld by Xxxxxxx Lenders from the proceeds of the C/T Loan shall not bear interest and shall be deemed not disbursed under the C/T Loan until released as provided hereinbelow. Notwithstanding the foregoing, upon the written request of XxxxxxxxBorrower, Xxxxxxx Lenders agree to release all Retainage for construction costs relating to any subcontractor at such time as the respective work of such subcontractor is one hundred percent (100%) complete, verified to be in substantial compliance with the Construction Documentation by XxxxxxxLenders' Consultant and upon such additional conditions and requirements as may be required by Agent Bank, to Agent Bank's reasonable satisfaction including, without limitation, final lien releases and other evidence that such work will be, with the release of such retention, fully paid. All remaining funds held for Retainage by Xxxxxxx Lenders shall be released (the "Retainage Release Date") upon the written request of Borrower, at such time as: a. The Completion Date has occurred with only "Punch List" items remaining to be completed which do not materially impair the ability of Borrower to occupy and operate the Construction Projects for their intended purpose, no single item exceeding a completion cost in excess of Twenty-Five Thousand Dollars ($25,000.00) and the aggregate of such "Punch List" items not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in substantial compliance with the Plans and Specifications and the terms and requirements of all Governmental Authorities, including, without limitation, substantial compliance with the Americans with Disabilities Act, substantial compliance with which shall be certified to the best knowledge of the Architect, after due inquiry and investigation; b. The lien period for the Construction Projects have expired or the all liens have been removed and Title Insurance Company has issued its final 101.6 a date down indorsement to the Title Insurance Policy showing no liens, claims or encumbrances except those for Permitted Encumbrances and other items approved by Agent Bank upon the consent of Requisite Lenders; c. Each of the Construction Projects have been accepted by Borrower as substantially complete and certified substantially completed and the "Punch List" shall be prepared by the Architect and the General Contractors, and approved by the Lenders' Consultant after an inspection which shall be made within ten (10) days following the Completion Date; d. Each of the General Contractors have made a satisfactory account that all payments required under their respective General Contractor Agreements and Borrower has made a satisfactory account that all other Hard Costs shown on the Borrower Construction Budget and all Soft Costs have been paid in full, with the exception of the unreleased Retainage, including, but not by way of limitation, all material and labor costs and have delivered copies of all lien releases to Agent Bank and have certified that no claims with respect to the Construction Projects remain outstanding, including any claims which might give rise to a lien or liens against the Construction Projects, except for work described in the "Punch List" or as to which Borrower is contesting the validity or amount; e. The Occupancy Date shall have occurred and a copy of the temporary or final certificate of occupancy (if temporary, Xxxxxxxx Borrower agrees to promptly deliver a copy of the final certificate of occupancy to Agent Bank when received by XxxxxxxxBorrower) has been issued to Borrower by the appropriate Governmental Authority and a copy thereof delivered to Agent Bank and Borrower has taken beneficial occupancy of each of the Construction Projects, including, without limitation, all public areas which shall be open for the use and occupancy by the public; and f. Xxxxxxxx Borrower has delivered an "as-built" survey of the Construction Projects and an "as-built" set of plans and specifications of the Construction Projects to Agent Bank. From the amounts released as provided hereinabove, one hundred fifty percent (150%) of the Architect and Agent Bank's reasonable estimate of the cost of completing the "Punch List" shall be withheld. Such amounts shall be released monthly upon Construction Disbursement Request submitted by Borrower. Within forty-five (45) days following the Retainage Release Date, Borrower shall (i) certify completion of the "Punch List", and (ii) cause Title Insurance Company to issue its final 100100 and 103.3 indorsements, 101.2 and 103.1 indorsements a date down indorsement to the Title Insurance Policy Policy, each showing no Liens, claims or encumbrances on the Real Property except those for Permitted Encumbrances and other items approved by Agent Bank upon consent of Requisite Lenders."

Disbursement of Retainage. Lenders shall retain (collectively the "Retainage") from the gross amount approved for each Construction Disbursement for Hard Costs made from the proceeds of the C/T Construction Loan Subfacility (i) five percent (5%) other than with respect to the purchase of those items of FF&E set forth on the General Contractor’s portion Schedule of such Construction DisbursementNon-Retainage FF&E marked "Schedule 9.21" attached hereto and by this reference incorporated herein and made a part hereof, and (ii) up to the aggregate amounts set forth thereon), ten percent (10%) of the portions amount of each such Construction Disbursement relating to labor, materials and services provided by each Subcontractor for Hard Costs until fifty percent (50%) of the Hard Cost component of the Lender's Disbursement Project Development Budget has been expended for work performed and has been verified by Xxxxxxx' Consultant as substantially in compliance with the Construction DocumentationAgent Bank. Thereafter, so long as no Event of Default shall have occurred and be continuing, continuing no further Retainage shall be retained from Construction Disbursements thereafter made unless Agent Bank is otherwise instructed by Borrower. Retainage withheld by Xxxxxxx Lenders from the proceeds of the C/T Construction Loan Subfacility shall not bear interest and shall be deemed not disbursed under the C/T Construction Loan Subfacility until released as provided hereinbelow. Notwithstanding the foregoing, upon the written request of XxxxxxxxBorrower, Xxxxxxx Lenders agree to release all Retainage for construction costs relating to any subcontractor excavation, footings and structural steel at such time as the respective work of such subcontractor is one hundred percent (100%) complete, verified to be in substantial compliance with the Construction Documentation by Xxxxxxx' Consultant % complete and upon such additional conditions and requirements as may be required by Agent Bank, to Agent Bank's reasonable satisfaction including, without limitation, final lien releases and other evidence that such work will be, with the release of such retention, fully paid. All remaining funds held for Retainage by Xxxxxxx Lenders shall be released (the "Retainage Release Date") upon the written request of Borrower, at such time as: a. The Completion Date has occurred with only "Punch List" items remaining to be completed which do not materially impair the ability of Borrower to occupy and operate the Construction Projects Expansion Project for their its intended purpose, no single item exceeding a completion cost in excess of Twenty-Five One Hundred Thousand Dollars ($25,000.00100,000.00) and the aggregate of such "Punch List" items not exceeding Two Hundred Fifty Thousand One Million Dollars ($250,000.001,000,000.00) in substantial compliance with the Plans and Specifications and the terms and requirements of all Governmental Authorities, including, without limitation, substantial compliance with the Americans with Disabilities Act, substantial compliance with which shall be certified to the best knowledge of the Architect, after due inquiry and investigation; b. The A Notice of Completion has been posted with respect to the Expansion Project and recorded in the office of the County Recorder of Washoe County, Nevada, the lien period for the Construction Projects have has expired or the liens have been removed and Title Insurance Company has issued its final 101.6 indorsement to the Title Insurance Policy showing no liens, claims or encumbrances except those approved by Agent Bank upon the consent of Requisite Lenders; c. Each of the Construction Projects have been accepted by Borrower as substantially complete and certified substantially completed and the "Punch List" shall be prepared by the Architect and the General Contractors, and approved by the Lenders' Consultant after an inspection which shall be made within ten (10) days following the Completion Date; d. Each of the General Contractors have made a satisfactory account that all payments required under their respective General Contractor Agreements and Borrower has made a satisfactory account that all other Hard Costs shown on the Borrower Construction Budget and all Soft Costs have been paid in full, with the exception of the unreleased Retainage, including, but not by way of limitation, all material and labor costs and have delivered copies of all lien releases to Agent Bank and have certified that no claims with respect to the Construction Projects remain outstanding, including any claims which might give rise to a lien or liens against the Construction Projects, except for work described in the "Punch List" or as to which Borrower is contesting the validity or amount; e. The Occupancy Date shall have occurred and a copy of the temporary or final certificate of occupancy (if temporary, Xxxxxxxx agrees to promptly deliver a copy of the final certificate of occupancy to Agent Bank when received by Xxxxxxxx) has been issued to Borrower by the appropriate Governmental Authority and a copy thereof delivered to Agent Bank and Borrower has taken beneficial occupancy of each of the Construction Projects, including, without limitation, all public areas which shall be open for the use and occupancy by the public; and f. Xxxxxxxx has delivered an "as-built" survey of the Construction Projects and an "as-built" set of plans and specifications of the Construction Projects to Agent Bank. From the amounts released as provided hereinabove, one hundred fifty percent (150%) of the Architect and Agent Bank's reasonable estimate of the cost of completing the "Punch List" shall be withheld. Such amounts shall be released monthly upon Construction Disbursement Request submitted by Borrower. Within forty-five (45) days following the Retainage Release Date, Borrower shall (i) certify completion of the "Punch List", and (ii) cause Title Insurance Company to issue its final 100, 101.2 and 103.1 indorsements to the Title Insurance Policy showing no Liens, claims or encumbrances on the Real Property except those approved by Requisite Lenders.

Disbursement of Retainage. Lenders Lender shall retain (collectively disburse the "Retainage") from the gross amount approved for Retainage under each Construction Disbursement for Hard Costs made from the proceeds of the C/T Loan (i) five percent (5%) of the General Contractor’s portion of such Construction Disbursement, and (ii) ten percent (10%) of the portions of such Construction Disbursement relating to labor, materials and services provided by each Subcontractor until fifty percent (50%) of the Hard Cost component of the Lender's Disbursement Budget has been expended for work performed and has been verified by Xxxxxxx' Consultant as substantially in compliance with the Construction Documentation. Thereafter, so long as no Event of Default shall have occurred and be continuing, no further Retainage shall be retained from Construction Disbursements thereafter made unless Agent Bank is otherwise instructed by Borrower. Retainage withheld by Xxxxxxx from the proceeds of the C/T Loan shall not bear interest and shall be deemed not disbursed under the C/T Loan until released as provided hereinbelow. Notwithstanding the foregoing, upon the written request of Xxxxxxxx, Xxxxxxx agree to release all Retainage for construction costs relating to any subcontractor at such time as the respective work of such subcontractor is one hundred percent (100%) complete, verified to be in substantial compliance with the Construction Documentation by Xxxxxxx' Consultant and upon such additional conditions and requirements as may be required by Agent Bank, to Agent Bank's reasonable satisfaction including, without limitation, final lien releases and other evidence that such work will be, with the release of such retention, fully paid. All remaining funds held for Retainage by Xxxxxxx shall be released (the "Retainage Release Date") upon the written request of Borrower, Contract at such time as: a. The (a) Final Completion Date under the respective Construction Contract has occurred occurred; (b) A final Application for Payment has been issued by the respective Contractor; the respective Contractor has delivered to Borrower Unconditional Lien Releases with only "Punch List" items remaining respect to all Work executed by each Subcontractor (or respective Contractor has delivered to Borrower a bond satisfactory to Borrower, Title and Lender to indemnify Borrower, Title and Lender against any lien by a Subcontractor not providing such release and waiver); respective Contractor has delivered to Borrower its Unconditional Lien Release signed by respective Contractor and covering all of the Work (other than nonconforming work to be completed which do not materially impair corrected as provided in Design Build Agreement); respective Contractor has delivered complete as-built drawings for the ability of Work to Borrower; respective Contractor has delivered to Borrower to occupy written warranties provided by each Subcontractor, each sub-subcontractor and operate other third parties for the Construction Projects for their intended purpose, no single item exceeding a completion cost in excess of Twenty-Five Thousand Dollars ($25,000.00) Work; and the aggregate provisions of such "Punch List" items not exceeding Two Hundred Fifty Thousand Dollars ($250,000.00) in substantial compliance with the Plans and Specifications and the terms and requirements of all Governmental Authorities, including, without limitation, substantial compliance with the Americans with Disabilities Act, substantial compliance with which shall be certified to the best knowledge of the Architect, after due inquiry and investigation; b. The lien period for the Construction Projects have expired or the liens have been removed and Title Insurance Company has issued its final 101.6 indorsement to the Title Insurance Policy showing no liens, claims or encumbrances except those approved by Agent Bank upon the consent of Requisite Lenders; c. Each of the Construction Projects have been accepted by Borrower as substantially complete and certified substantially completed and the "Punch List" shall be prepared by the Architect Design Build Agreement and the General Contractors, Conditions of Design Build Agreement and approved by all other pertinent provisions of the Lenders' Consultant after an inspection which shall be made within ten (10) days following the Completion DateContract Documents have been satisfied with respect to final payment; d. Each (c) 150% of the General Contractors have made a satisfactory account that Lender approved cost of all payments required under their respective General Contractor Agreements and Borrower has made a satisfactory account that all other Hard Costs shown on Punch List Items (100% in the Borrower Construction Budget and all Soft Costs have been paid in full, with the exception case of the unreleased Retainage, including, but Design Build Contract) is deposited with Lender and such Punch List Items shall not prevent the opening of the Project or issuance of an unconditional Certificate of Occupancy; (d) The respective Contractor has delivered to Borrower all information reasonably requested by way of limitation, all material and labor costs and have delivered copies of all lien releases to Agent Bank and have certified that no claims Borrower for its final fixed asset records with respect to the Construction Projects remain outstanding, including any claims which might give rise to a lien or liens against the Construction Projects, except for work described in the "Punch List" or as to which Borrower is contesting the validity or amountProject; e. The Occupancy Date shall (e) As to the Design Build Agreement, Performance Tests have occurred and a copy of been successfully completed demonstrating the temporary or final certificate of occupancy (if temporary, Xxxxxxxx agrees to promptly deliver a copy of the final certificate of occupancy to Agent Bank when received by Xxxxxxxx) Performance Guarantee Criteria has been issued to Borrower by the appropriate Governmental Authority and a copy thereof delivered to Agent Bank and Borrower has taken beneficial occupancy of each of the Construction Projects, including, without limitation, all public areas which shall be open for the use and occupancy by the publicachieved; and f. Xxxxxxxx (f) No Event of Default has delivered an "as-built" survey of the Construction Projects occurred and an "as-built" set of plans and specifications of the Construction Projects to Agent Bank. From the amounts released as provided hereinabove, one hundred fifty percent (150%) of the Architect and Agent Bank's reasonable estimate of the cost of completing the "Punch List" shall be withheld. Such amounts shall be released monthly upon Construction Disbursement Request submitted by Borrower. Within forty-five (45) days following the Retainage Release Date, Borrower shall (i) certify completion of the "Punch List", and (ii) cause Title Insurance Company to issue its final 100, 101.2 and 103.1 indorsements to the Title Insurance Policy showing no Liens, claims or encumbrances on the Real Property except those approved by Requisite Lendersis continuing.