Agenda - Council - 07/28/2015 - Laserfiche WebLink

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The obligation of the City to make or cause to be made the disbursements pursuant to Article VI hereof shall be subject to the conditions precedent that it shall have received on or before the date of the disbursement hereunder the following: a. Evidence satisfactory to the City that the Project and the construction and contemplated use thereof are permitted by and comply in all material respects with all applicable restrictions and requirements in prior conveyances, zoning ordinances, subdivision and platting requirements and other laws and regulations; b. All other conditions specified in the Grant Agreements shall have been duly satisfied by the Subgrantee or waived in writing by the City or such conditions which, by their nature, would not be applicable as of the date of such disbursement; c. No Event of Default, and no event which with the giving of notice or the lapse of time or both would constitute an Event of Default, shall have occurred and be continuing and all representations and warranties made by the Subgrantee in Article VII hereof shall continue to be true and correct as of the date of such disbursement; and d. Subgrantee shall have provided to the City such evidence of compliance with all of the provisions of this Agreement, including without limitation, the provisions of the Grant Agreements, as the City may reasonably request. e. Subgrantee or the City shall have obtained the consent of the Metropolitan Council as provided for under paragraph 2.07 of the LCDA Grant Agreement and paragraph 2.08 of the LHIA Grant Agreement. VL REQUEST FOR DISBURSEMENT 6.01. Disbursement. The City and the Subgrantee agree that, on the terms and subject to the conditions hereinafter set forth, the proceeds of the Grants shall be disbursed from the City to the Subgrantee as follows: (i) an initial draw of LCDA Grant funds at the closing of the Owner's acquisition of the Project for Project Cost incurred on or prior to such date, and (ii) in monthly disbursements thereafter, with the last disbursement being made upon one hundred percent (100%) completion of the Improvements. Notwithstanding anything to the contrary contained herein, the City shall only be obligated to make the disbursement hereunder to pay Project Costs in an amount up to or equal to the lesser of the amount of the Grants or the amount actually disbursed to the City under the Grant Agreements and such obligation is further subject to the conditions of Article V hereof. 6.02. Disbursement Request. a. When the Subgrantee desires to obtain a disbursement, the Subgrantee shall submit a Disbursement Request duly signed by the Subgrantee and the Owner, as applicable. 3