Disbursement of SBDI Loan Sample Clauses

Disbursement of SBDI Loan. The City’s obligation to disburse the SBDI Loan to Company or its designee is conditioned upon the prior occurrence of the following: (a) The Company must promptly furnish the OED evidence satisfactory to the City that the Company has acquired the Project Parcel and applicable permits have been issued. (b) All property taxes on the Project and Project Parcel must be current, and the Company must continue to utilize the Project facility in accordance with the uses described in this Agreement. The property taxes on the Project and Project Parcel must be timely paid for the duration of the SBDI Loan. (c) Additionally, Company shall take all action necessary to have any mechanic’s and materialmen’s liens, judgment liens or other liens or encumbrances filed against the Project or Project Parcel (other than consensual mortgages) released or transferred to bond within ten days of the date Company receives notice of the filing of such liens or encumbrances. If any such lien or encumbrance is filed, the City shall not be required to make any disbursement of the SBDI Loan funds until such lien or encumbrance is bonded over or removed and the City receives a copy of the recorded release. The City shall not be obligated to disburse any of the SBDI Loan funds to Company or its designee if, in the opinion of the City, any such disbursement or the Project or Project Parcel would be subject to a mechanic’s or materialmen’s lien or any other lien or encumbrance other than inchoate construction liens. Company shall be fully and solely responsible for compliance in all respects whatsoever with the applicable mechanic’s and materialmen’s lien laws. (d) Company shall not have increased its mortgage debt beyond the $4,500,000 currently owed to Xxxxx Fargo Bank, NA (the “First Lender”) pursuant to that Promissory Note dated (the “First Note”) and secured by the First Mortgage. Company shall have caused the First Lender to execute a recordable limitation of future advances under the First Mortgage limiting advances under the First Note to $0.00. (e) Release of City funds shall be pursuant to a draw schedule approved by the City as set forth in the Loan Commitment Letter. The City shall have received all the invoices, contractor’s affidavit, mechanics’ lien releases and/or other evidence (including without limitation site inspections and inspection reports) that may be required in the discretion of the City.
Sample 1
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Related to Disbursement of SBDI Loan

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Definitions For purposes of this Agreement:

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • NOW THEREFORE the parties hereto agree as follows:

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Termination In the event that either Party seeks to terminate this DPA, they may do so by mutual written consent so long as the Service Agreement has lapsed or has been terminated. Either party may terminate this DPA and any service agreement or contract if the other party breaches any terms of this DPA.

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • Indemnification Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall not be in any way affected by such election or termination or failure to carry out the terms of this Agreement or any part hereof.

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