Final Disbursement Clause Samples

Final Disbursement. The Final Disbursement shall be the Funding Amount as determined under Section 9 of this POA, less the Initial Disbursement. The City will pay to the Property Owner the Final Disbursement within a reasonable period of time following receipt of the Project Completion Report, as determined by the City. Any City payment will be made by cheque payable to the Property Owner.

Final Disbursement. It is the intent of the parties hereto, that a minimum of Two Million Dollars ($2,000,000) be spent toward the Tenant Improvements, but there is no requirement that the Tenant Improvements be complete prior to final disbursement of the funds and closing of the account, provided all of such funds have been paid toward the Tenant Improvements.

Final Disbursement. Upon final completion of the Work and acceptance by the City, the Developer will submit to City a final Written Requisition for payment of all remaining sums. Retainage shall be disbursed to the Developer along with the final disbursement. Payment of the final payment is subject to the provisions of this Article VI. The Developer will deliver to City copies of unconditionalconditional final lien waivers executed by all subcontractors, suppliers or lien claimants along with the final Written Requisition together with the final payroll report and prevailing wage affidavit required by Section 5.2.

Final Disbursement. Any portion of a Program Fund Release which contains final hard costs shall only be funded upon the fulfillment of the following conditions precedent: (a) All conditions of Section 7 above continue to be met; (b) Program Administrator has received final unconditional lien releases or lien releases conditioned on final payment and sworn statements from the Contractor, all subcontractors and material suppliers with respect to the work performed in connection with the construction and equipping of the Improvements and an affidavit from the Contractor in accordance with the mechanic’s lien law of the State of California. (c) Program Administrator has received a certified as-built ALTA survey of the Improvements or another form of survey, in each case acceptable to Program Administrator in its reasonable discretion, showing the location of all easements, rights-of way and other matters affecting the Improvements and showing no encroachments of any buildings over any easements or lot lines and showing no violations of any building lines that, in each case, did not exist prior to the commencement of the work by Property Owner. (d) Program Administrator has received final unconditional certificate of occupancy for each space/unit (provided, if any retail spaces have not yet been leased, then certificates of occupancies for such retail spaces shall be limited to the shell build). The Property Owner shall have provided to the Program Administrator certificates of property insurance, business interruption, or any other additional insurance required by the Assessment Contract, if different from the policies in effect during the construction period;

Final Disbursement. After the Final Completion Date of a Project, and the payment of all related Project Costs (other than any Disputed Amounts with respect to which a Reserved Amount has been established), (a) the Disbursement Agent shall, after the establishment of a Post-Completion Reserve Account with the Agent in the amount of any Reserved Amounts related to any remaining Disputed Amounts for the completed Project, if applicable, reallocate all or any portion of the remaining funds in the Loan Proceeds Account earmarked for or allocated to such completed Project to the other Project, and (b) the applicable Borrower shall be permitted to close the Construction Disbursement Account and Draw Account for such completed Project, and upon instruction from the applicable Borrower to terminate an applicable Account Control Agreement, Agent promptly shall deliver any and all notices to the securities intermediary or depositary bank under the applicable Account Control Agreement necessary to close such Account and direct any remaining proceeds therein to be deposited into an account specified in writing by the applicable Borrower to the Agent. After such Final Completion Date and payment of all Project Costs for both Projects, and so long as no Event of Default has occurred and is then continuing, (x) the Disbursement Agent shall, after the establishment of a Post-Completion Reserve Account with the Agent in the amount of any Reserved Amounts related to any remaining Disputed Amounts, if applicable, deposit any remaining proceeds in the Loan Proceeds Account into an account specified in writing by the Borrowers to the Disbursement Agent and thereafter, the Agent shall be permitted to close the Loan Proceeds Account, and (y) the Borrowers shall be permitted to close the Company Account, and upon instruction from the applicable Borrower to terminate the applicable Account Control Agreement, Agent promptly shall deliver any and all notices to the securities intermediary or depositary bank under the applicable Account Control Agreement necessary to close such Account and direct any remaining proceeds therein to be deposited into an account specified in writing by the applicable Borrower to the Agent. A Borrower shall be permitted to close a Post-Completion Reserve Account once all Disputed Amounts for which Reserved Amounts have been deposited in such Post-Completion Reserve Account have been paid or the issues related thereto have been resolved. Notwithstanding the foregoing, with th...

Final Disbursement. A photocopy of the attendance rosters, initialed and signed as above, for: 1) the last day of the TRAINING PROGRAM prior to the completion of sixty percent (60%) of the TRAINING PROGRAM, 2) the last day of the TRAINING PROGRAM prior to the completion of eighty percent (80%) of the classroom hours of the TRAINING PROGRAM and 3) the last day of classroom instruction in the TRAINING PROGRAM, as well as photocopies of each certificate of completion. Additionally, if there are students in the TRAINING PROGRAM who withdraw from the TRAINING PROGRAM before completing at least sixty percent (60%) of the classroom hours of the TRAINING PROGRAM, the CONTRACTOR shall furnish all attendance rosters with each of these students’ hours.

Final Disbursement. 5.3.1 Prior to making the final Advance, the conditions set forth in Sections 5.1, 5.2 and 5.4 (as applicable) and the following conditions shall have been satisfied, as determined by Bank: (a) Bank shall have received confirmation to its satisfaction that the Improvements have been completed in accordance with the Plans and the Construction Contract (if any). (b) If required by Bank, Bank shall have received a copy of the final certificate of occupancy (or its equivalent as determined by Bank) issued by the appropriate Governmental Authority. (c) Bank shall have received evidence that Borrower has recorded a notice of completion (or its equivalent as determined by Bank) with respect to the Improvements. (d) Bank shall have received (A) such endorsements to the Title Policy as Bank may require which shall insure that the Improvements have been completed free of all mechanic‟s and materialmen‟s liens or claims thereof, or (B) such additional title policies with endorsements as Bank may require, with a liability limit of not less than the principal amount of the Borrower Loan, issued by Title Insurer, with coverage and in form satisfactory to Bank, insuring Governmental Lender‟s and Bank‟s interest under the Deed of Trust as a first lien on the Real Property, excepting only such items as shall have been approved in writing by Bank. (e) If requested by Bank, (a) Tax Credit Investor shall have executed and delivered to Bank an estoppel certificate in form and substance of the Tax Credit Investor Estoppel Certificate, which shall contain such certifications as Bank shall reasonably require with respect to Tax Credit Investor‟s obligations under the Partnership Agreement, and (b) each Subordinate Lender shall have executed and delivered to Bank an estoppel certificate in a form and substance which shall contain such certifications as Bank shall reasonably require with respect to the applicable Subordinate Documents. (f) [Any remaining undisbursed City Loan proceeds and AHP Loan proceeds, and the remaining undisbursed County Loan proceeds held back at the closing of the Borrower Loan in the amount of $500,000 shall have been fully disbursed by the County to or for the account of Borrower and applied towards Project costs.] [CHECK: CONFIRM TIMING OF FUNDING OF SUBORDINATE LOANS] (g) [The remaining undisbursed Sponsor Infill Loan proceeds designated for payment of infrastructure costs and the remaining undisbursed Sponsor AHSC Loan proceeds designated for payment o...

Final Disbursement. The Final Disbursement is [AMOUNT] which is equal to the Funding Amount ([AMOUNT]) minus any Initial Disbursement ([AMOUNT)]. The Special Charge (Estimated)1 is [AMOUNT]. The Special Charge (Estimated) was calculated as follows: Special Charge Term (years) Program Interest Rate (%) Estimated Funding Amount Cost of Borrowing Administrative Charge Special Charge (Estimated) 1 As per Section 16 of the POA, the City will notify the Property Owner of the Special Charge (Actual) prior to certification of the charge and adoption of the by-law to impose the charge on the Property. The Special Charge (Actual) is [AMOUNT]. The Special Charge (Actual) was calculated as follows: Program Interest Rate (%) Actual Funding Amount $ Cost of Borrowing $ Administrative Charge $ Special Charge (Actual) $ THIS AGREEMENT made as of the day of , 20 . A M O N G: (the “Assignor”) - and - (the “Assignee”) - and - The City of Toronto (the “City”)

Final Disbursement. A. After completion of the improvements, the Developer will furnish the City a Disposition of Funds Statement, showing in detail how the loan proceeds have been disbursed. The City shall then provide a statement on the amount of retainage being held until the City approves the beginning date of affordability. By executing such statement, the Developer agrees that the improvements have been completed in accordance with the construction contract, except for any warranty items (which the Developer are responsible to have the warrantor correct). By such execution, the Developer further agree to assess no claim against the City, or any defense against collection of the loan, with respect to any defect or inadequacy in the construction, whether or not the Developer is aware of such defect or inadequacy. The following documents shall be provided upon construction completion: 1. A certificate of occupancy; 2. A certificate from the Developer stating the total construction cost; 3. A certificate from a third-party professional (architect or engineering firm) stating that the project has been completed in accordance with the plans and specifications, in a good and workmanlike manner and in accordance with all laws, ordinances, rules and regulations or all governmental authorities having or purporting to have jurisdiction over the project. This certification shall also include compliance with the Architectural Barriers Act of 1968 (42 USC 4151- 4157); the Uniform Federal Accessibility Standards, as set forth in 24 CFR Section 570.614; the Americans with Disabilities Act of 1990; the Lead Based Paint Poisoning Prevention Act (42 USC 4831(b) and the Residential Lead Based Paint Hazard Reduction Act of 1992 (42 USC 4851-4856) and implementing regulations at 24 CFR Part 35; and Section 504 of the Rehabilitation Act of 1973; and 4. Evidence that the project has been completed lien-free (which evidence shall include without limitation, final lien waivers from the general contractor and all major subcontractors and expiration of the lien periods provided by applicable State law) in form and substance reasonably satisfactory to the City.