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advanced, in the stages and subject to the limitations as set forth below. The City shall have no obligation to make any Advances against the City Note after the Completion Date. ARTICLE IV. ADVANCES AND DISBURSEMENTS 4.1 Conditions of All Advances. Without limiting any of the other terms of this City Loan Agreement, the obligation of the City to make any Advance hereunder shall be subject to the fulfillment of all of the following conditions: 2701692v5 01/19/11 a. All representations, warranties and covenants contained in this City Loan Agreement or any documents or other written statement delivered to the City prior to or on the date of this City Loan Agreement shall be true and correct on and as of the date of this City Loan Agreement as though such representations, warranties and covenants had been made on and as of such date. b. No Default or Event of Default shall have occurred and be continuing. c. The City shall have received the documents and other items listed in Article II hereof. d. The Developer shall provide the City with lien waivers from all persons providing labor or materials to be paid for from the Advance. e. The Developer shall provide the City with evidence, reasonably acceptable to the City, that the Developer has spent more than $1,300,000.00 of Developer equity on the Project. 4.2 Procedures and Requirements for Advances. Except as set forth in Section 4.6, to obtain Advances of the City Loan against the City Note, the Developer shall submit to the City, no more often than monthly, written Draw Requests stating the amount of the requested Advance and identifying the Contractors or other persons and entities who will be paid from the Advance, and certifying such amounts to be currently payable for costs incurred in connection with the development and construction of the Project. Each Draw Request shall be supported by the General Contractor's certification to the effect that: a. The construction work to be paid for has been completed in a workmanlike manner in accordance with the Plans; b. The funds remaining undisbursed on the City Loan together with the funds remaining undisbursed on Developer's Construction Loan, as defined in the Development Agreement, are sufficient to fully complete the Minimum Improvements in accordance with the Plans and the certified Construction Costs Statement; and c. The work is progressing so that it will be completed on or before the Completion Date. Within ten (10) business days from receipt of such Draw Request and General Contractor's Certification the City shall disburse proceeds of the City Loan directly to the Developer and the other Contractors or C -5