Common use of Evidence of Financing Clause in Contracts

Evidence of Financing. The sum of the Sources of Financing described in Section 2.1, above, shall be sufficient at all times to pay all Acquisition and Development Costs as set forth in the most recently approved Project Budget, and the sum of the permanent Sources of Financing described in Section 2.2, above, shall be at least equal at all times to the sum of the construction Sources of Financing plus all other Acquisition and Development Costs. Within the time provided therefor in the Schedule of Performance (Attachment No. 5 to the DDA), Developer shall submit, for approval by the Mayor, evidence of such financing, including all documents required by the Senior Lender relating to the Construction Loan and all documents evidencing the availability of permanent financing upon Completion. The Mayor shall not unreasonably withhold his or her approval. Developer shall provide written certification to the City that such financing documents are correct copies of the actual documents to be executed by Developer on or before the Closing Date. To the extent that the sum of the Sources of Financing described in Section 2.1 above, is insufficient to pay all Acquisition and Development Costs, Developer shall demonstrate the availability prior to the Closing of increased Developer's Equity at least equal to the shortfall.

Evidence of Financing. The sum of the Sources of Financing described in Section 2.1, above, shall be sufficient at all times to pay all Acquisition and Development Costs as set forth in the most recently approved Project Budget, and the sum of the permanent Sources of Financing described in Section 2.2, above, shall be at least equal at all times to the sum of the construction Sources of Financing plus all other Acquisition and Development Costs. Within the time provided therefor in the First Amended Schedule of Performance (Attachment No. 5 to the DDA), Developer shall submit, for approval by the MayorMayor or designee, evidence of such financing, including all documents required by the Senior Construction Lender relating to the Construction Loan and all documents evidencing the availability of permanent financing upon Completion. The Mayor or designee shall not unreasonably withhold his or her approval. Developer shall provide written certification to the City that such financing documents are correct copies of the actual documents to be executed by Developer on or before the Closing Date. To the extent that the sum of the Sources of Financing described in Section 2.1 above, is insufficient to pay all Acquisition and Development Costs, Developer shall demonstrate the availability prior to the Closing of increased Developer's Equity at least equal to the shortfall.

Evidence of Financing. The sum of the Family Sources of Financing described in Section 2.1, above, 2 above shall be sufficient at all times to pay all Acquisition and Family Development Costs as set forth in the most recently approved Project Budget, and the sum of the permanent Family Sources of Financing described in Section 2.2, above, shall be at least equal at all times to the sum of the construction Family Sources of Financing plus all other Acquisition and Family Development Costs. Within the time provided therefor in the Schedule of Performance (Attachment No. 5 to the DDAOPA), Developer Owner shall submit, for approval by the MayorExecutive Director, evidence of such financing, including all documents required by the Senior Construction Lender relating to the Construction Loan for the Affordable Family Housing Units and all documents evidencing the availability of permanent financing for the Project upon Completion. The Mayor Executive Director shall not unreasonably withhold his or her approval. Developer Owner shall provide written certification to the City Agency that such financing documents are correct copies of the actual documents to be executed by Developer Owner on or before the Closing Date. To the extent that the sum of the Sources of Financing described in Section 2, 2.1 above, and 2.2 above is insufficient to pay all Acquisition and Development Costs, Developer Owner shall demonstrate the availability prior to the Closing of increased DeveloperOwner's Equity at least equal to the shortfall.

Evidence of Financing. The sum of the Sources of Financing described in Section 2.1, above, above shall be sufficient at all times to pay all Acquisition and Development Costs as set forth in the most recently approved Project Budget, and the sum of the permanent Sources of Financing described in Section 2.2, above, shall be at least equal at all times to the sum of the construction Sources of Financing plus all other Acquisition and Development Costs. Within the time provided therefor in the Schedule of Performance (Attachment No. 5 to the DDA), Developer shall submit, for approval by the Mayor, evidence of such financing, including all documents required by the Senior Lender relating to the Construction Loan and all documents evidencing the availability of permanent financing upon Completion. The Mayor shall not unreasonably withhold his or her approval. Developer shall provide written certification to the City that such financing documents are correct copies of the actual documents to be executed by Developer on or before the Closing Date. To the extent that the sum of the Sources of Financing described in Section 2.1 above, is insufficient to pay all Acquisition and Development Costs, Developer shall demonstrate the availability prior to the Closing of increased Developer's Equity at least equal to the shortfall.