Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain an Advance, Borrower shall complete, execute and deliver to Lender a Borrower’s Requisition in the form attached as Exhibit L to the Building Loan Agreement.
(a) Borrower’s Requisition shall be accompanied by a completed and itemized Application and Certificate for Payment (AIA Document No. G702) attached as Exhibit M to the Building Loan Agreement or similar form approved by Lender, containing the certification of the General Contractor or contractor or subcontractor to whom such payment is made, as applicable, and Borrower’s Architect as to the accuracy of same, together with invoices relating to all items of Hard Costs covered thereby and accompanied by a cost breakdown showing the cost of work on, and the cost of materials incorporated into, the Improvements to the date of the requisition. The cost breakdown shall also show the percentage of completion of each line item on the Project Loan Budget, and the accuracy of the cost breakdown shall be certified by Borrower and by Borrower’s Architect. All such applications for payment shall also show all contractors and subcontractors, including Major Contractors and Major Subcontractors, by name and trade, the total amount of each contract or subcontract, the amount theretofore paid to each subcontractor as of the date of such application, and the amount to be paid from the proceeds of the Advance to each contractor and subcontractor;
(b) the completed construction will be reviewed by the Construction Consultant who will certify to Lender as to the value of completed construction, percentage of completion and compliance with Plans and Specifications;
(c) lien waivers from each other Major Contractor and Major Subcontractors for work done and materials supplied by them which were paid for pursuant to any prior Draw Request;
(d) a written request of Borrower for any necessary changes in the Plans and Specifications, the Project Loan Budget, the Disbursement Schedule or the Construction Schedule;
(e) copies of all executed change orders, contracts and subcontracts, and, to the extent requested by Lender, of all inspection or test reports and other documents relating to the construction of the Project Improvements not previously delivered to Lender; and
(f) such other information, documentation and certification as Lender shall reasonably request.
Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain a Future Advance (the date of such Future Advance being required to be a Business Day), Borrower shall complete, execute and deliver to Lender a requisition in the form attached hereto as Exhibit A, and each of the foregoing, with respect to a Future Advance, shall be accompanied by:
(a) with respect to any Future Advance, duly executed lien waivers, which may be interim lien waivers (for payments to be made from Future Advances for work which is not yet complete) and shall be final lien waivers (for all work which has been completed), as applicable, but in all events such lien waivers may be conditioned upon the payee’s receipt of payment in the applicable amount, and otherwise substantially in the form set forth in Exhibit B, from all contractors for all work performed, and all labor or material supplied prior to the date of the Future Advance;
(b) with respect to any Future Advance (Capital Expenditures), copies of (i) the Contractors List along with executed contracts and subcontracts entered into with Persons on the Contractors List for the applicable Capital Expenditures Work, (ii) all other executed contracts and subcontracts for work where the contract price is greater than $250,000 for the applicable Capital Expenditures Work, and (iii) to the extent reasonably requested by Lender, of all inspection or test reports and other documents relating to the applicable Capital Expenditures Work not previously delivered to Lender;
(c) copies of all invoices, paid receipts, contracts, subcontracts, purchase orders, bills of sale and similar documentation, as applicable, related to each Future Advance so that Lender can verify all costs set forth in any such Borrower’s Requisition;
(d) Upon Lender’s request, evidence reasonably satisfactory to Lender that the full amount of the portion of the proceeds of the then last preceding Future Advance have been paid out in full to the Person with respect to whom such Future Advance was made and otherwise in accordance with this Agreement; and
(e) such other information, documentation and certification as Lender shall reasonably request, including, without limitation, any documents required pursuant to Section 2.6 above.
Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain an Advance (the date of such Advance being required to be a London Business Day), Borrower shall complete, execute and deliver to Lender a Borrower’s Requisition in the form attached hereto as Exhibit C (“Borrower’s Requisition”). Each Borrower’s Requisition shall be for Advances for Soft Costs and shall be accompanied by:
(a) a completed and itemized Application and Certificate for Payment (AIA Document No. G702) attached to the Building Loan Agreement as Exhibit M or similar form approved by Lender;
(b) if applicable, a written request of Borrower for any necessary changes in the Plans and Specifications, the Project Cost Budget, the Disbursement Schedule or the Construction Schedule;
(c) copies of all executed change orders, contracts and subcontracts, and, to the extent requested by Lender, of all inspection or test reports and other documents relating to the construction of the Project Improvements not previously delivered to Lender; and
(d) such other information, documentation and certification as Lender shall reasonably request.
