Agenda - Council - 03/24/2015 - Laserfiche WebLink

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(j) The HRA shall have filed a UCC Financing Statement with the Secretary of State of the state of Indiana and the HRA shall have determined that as a result of the filing of the UCC Financing Statement the HRA has a first priority security interest in the "Pledged Membership Interests" as defined in the Pledge Agreement. Section 4.2 Procedures and Requirements for Advances. Except as set forth in Section 4.6, to obtain Advances of the Loans against the Notes, Borrower shall submit to the HRA, 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) Any materials to be paid for from the Advance have been delivered to the Development Property, and any construction work to be paid for from the Advance has been completed in a workmanlike manner in accordance with the Final Construction Plans; (b) The funds remaining undisbursed on the Loans 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 Final Construction Plans and the certified Construction Costs Statement; and (c) The work is progressing so that it will becompleted on or before the Completion Date. Subject to the satisfaction of the requirements set forth in Sections 2.1 and 4.1 and the limitations set forth in Section 4.8, the HRA shall, within ten (10) business days from receipt of a Draw Request and the documentation required by Sections 2.1 and 4.1, disburse proceeds of the Loans directly to the Borrower and the other Contractors or other persons and entities identified in the relevant Draw Request; provided that the HRA shall have the right, at its option, to refuse to make Advances should it determine that an Event of Default has occurred and is continuing. Section 4.3 Forms of Draw Request, etc. The form of Draw Request, the Inspecting Architect's certificate, the General Contractor's certificate, mechanic's lien waivers, certificates, and any and all other instruments or documents required to be delivered in connection with an advance hereunder shall be in form and substance satisfactory to the HRA in the HRA's reasonable discretion. Section 4.4 Sufficiency of Loans. It is expressly understood and agreed that the HRA assumes no liability or responsibility for the sufficiency of the Loans to complete the Project. Section 4.5 Additional Rights and Remedies of HRA. In addition to all other rights and remedies available to the HRA hereunder and under the other Loan Documents, the HRA shall have the following rights: (a) The HRA may take such steps as it may deem appropriate, at its option, to verify the application of proceeds of the Loans to work done and material furnished for the Project, and to vary the procedures for Advances herein set forth, if the same becomes necessary or desirable C-2-9 2695614v16