Draw Documents. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s) or copy, together with a written statement executed by Landlord stating that the amount requested is due Landlord under the Lease and may be submitted in person, by courier, by first calls mail or by facsimile. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, Landlord, or Tenant. All costs and expenses to obtain the Letter of Credit and all renewals shall be borne by Tenant.
Draw Documents. Prior to each disbursement of the Loan Funds, Owner shall furnish or cause to be furnished to Escrow Agent the following: • Completed draw request including Tax Identification numbers and addresses • Sufficient Funds to cover the current disbursement • Written approval by Owner and Lender of the payment. This is done by signing the completed draw request and by Lender delivering to Escrow Agent the Funds in the amount of the draw. If more than one Owner, the written approval by one Owner shall bind all Owners. • All lien waivers from previous draws must have been received by payees on new draw prior to receiving Funds on new draw for the limited purpose of enabling Escrow Agent to provide the title insurance coverage to the Lender specified by this Agreement. Owner and Lender understand and agree that the parties listed on Draw Requests and General Contractors Statement may not include all parties supplying labor and/or materials to the Project. Escrow Agent is not responsible to review any lien waiver from any party not listed on a Draw Request or General Contractor’s Statement and is only required to collect such lien waivers needed by Escrow Agent to provide the title insurance coverage to the Lender specified by this Agreement. Owner and Lender acknowledge that any party supplying labor and/or materials to the Project who is not paid in full may have lien rights against the property. Lender Initials Owner(s) Initials
Draw Documents. Prior to each disbursement of the Owner and/or Loan Funds (“Disbursement” or “Draw”), Owner shall furnish or cause to be furnished to Escrow Agent the following: An updated Sworn General Contractor’s Statement and a General Contractor’s Draw Request. If applicable, an updated Sworn Owner’s Statement and an Owner’s Draw Request. The Owner’s Draw Request and General Contractor’s Draw Request are collectively defined as “Draw Request”. Sufficient Owner and Loan Funds to cover the current disbursement. Written approval by Owner of the payment by Xxxxxx Agent for the current Draw (“Owner’s Authorization”) (if Owner is an entity, written approval by its authorized agent (Escrow Agent may rely upon the signature on the approval as having been made by an authorized agent)). In the event that there is more than one Owner, the written approval by one Owner shall bind all Owners. If required by Lender, an inspection as follows (Check one - if none of the below are checked, then inspections of the Property are NOT required under this Agreement): (___) No Inspections are required under this Agreement. NO ADDITIONAL FEE. (___) Basic Inspections of the Property by Escrow Agent or a party retained by Escrow Agent.
Draw Documents. The Letter of Credit shall provide that it may be drawn by Landlord (or its assignee) upon presentation by Landlord to the issuing bank (at its offices in the San Francisco Bay Area) of a sight draft(s), together with a written statement executed by Landlord stating that the amount requested is due Landlord under this Lease. The amount of the draw requested by Landlord shall be payable by the bank without further inquiry or any other documentation or further action required of the bank, Landlord, or Tenant. All costs and expenses to obtain the Letter of Credit and all renewals shall be borne by Tenant.
