Evidence of Financial Capability; Construction Loan Documents Sample Clauses

Evidence of Financial Capability; Construction Loan Documents. Prior to the commencement of the lease, Lessee shall submit to the City Manager or his or her designee evidence that Lessee has the financial capability necessary to develop the Hotel (herein, "Evidence of Financial Capability"). Such Evidence of Financial Capability shall include without limitation each of the following: (i) a detailed budget showing Lessee's estimated Project Costs (the "Project Budget"); (ii) a financial statement and/or other documentation reasonably satisfactory to Lessor sufficient to demonstrate that Lessee has adequate funds committed to cover the costs set forth in the Project Budget and that such funds will be in Lessee's account as of the Commencement Date; (iii) draft construction loan documents; (v) a copy of the lump sum construction contract or contracts between Lessee and its general contractor(s) for the Hotel, certified by Lessee to be a true and correct copy thereof, covering all of the excavation, grading, demolition, and construction work comprising the Hotel, including without limitation all related utility and offsite work (the "Project Construction Contract"); and (vi) a corporate surety bond or bonds or other security instrument, approved as to form, content, and company by the City Engineer and City Attorney with Lessee's contractor or contractors as xxxxxxxx0(s), in a penal sum not less than one hundred twenty five percent (125%) of the estimated cost of constructing improvements in the public rights-of-way in connection with the construction of the Hotel guaranteeing completion of construction and the payment of wages for services engaged and bills contracted for materials, supplies, and equipment used in the performance of the work, and protecting Lessee and Lessor from any liability, losses, or damages arising therefrom (the "Project Security Instruments"), provided, however, that the City Manager or his or her designee shall have the discretion on behalf of Lessor to accept alternate security in his or her sole and absolute discretion.
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Related to Evidence of Financial Capability; Construction Loan Documents

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