Agenda - Council - 08/11/2015 - Laserfiche WebLink

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Notwithstanding the order of disbursement of the Equity and the Loans (together, the "Funding Sources") above the parties agree that if funds from one Funding Source are unavailable due to the requirements of that Funding Source' s loan documents or disbursing agreement, funds from the next Funding Source will be made available for disbursement and, if there are insufficient funds to complete the Development, Borrower shall immediately, upon request from the Title Company, contribute and deposit with the Title Company, such sums as are required to complete the Development. 3. Disbursement of Individual Funding Sources. When Borrower desires the disbursement of any or all of the proceeds of any of the Funding Sources, it will submit a draw request to the appropriate entity that is supplying such funds. If the draw request meets the provisions contained in the applicable document that Borrower has entered into with the entity supplying the requested funds and all other requirements imposed by the applicable document have been satisfied, then the approving entity shall approve the draw request and forward it to MHFA for authorization for the disbursement of the draw. MHFA' s authorization shall be solely to confirm that the Development is being constructed in conformance with all applicable plans and specifications and shall not in any way relate to Borrower's compliance with any provision imposed by an entity for the disbursement of that entity's funds. Upon authorization by MHFA, MHFA shall forward the draw request to Title Company for disbursement of the applicable funds. Title Company shall not disburse any monies without first receiving a draw request approved by both the entity whose monies are to be disbursed and MHFA, and upon receipt of an approved draw request, Title Company shall disburse the applicable monies in accordance with the provisions contained in the following documents: Source of Funds to be Disbursed Equity City Grant CommonBond Loan HRA Loan MHFA Bridge Loan MHFA HIB Loan Entity Supplying Disbursement Document the Funds Borrower City CommonBond HRA MHFA MHFA MHFA Disbursement Agreement City Grant Agreements CommonBond Disbursement Agreement HRA Disbursement Agreement MHFA Disbursement Agreement MHFA Disbursement Agreement 4. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 5. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which shall constitute one instrument. (THE REMAINING PORTION OF THIS PAGE IS INTENTIONALLY LEFT BLANK) Sunwood Village, Ramsey D7721 Master Disbursement Agreement 4 8-5-2015 (Rev. 3/10/15)