Agenda - Council - 09/26/2017 - Laserfiche WebLink

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E. The Borrower shall have provided evidence of compliance with the environmental site assessment requirement in Section 3.04 of the LHIA Grant Agreement, if applicable. F. The Borrower shall have provided the City with evidence of compliance with the insurance requirements of Section 10(E) herein. G. The City shall have reasonably approved the entities that will be under contract with the Borrower to complete the Project. H. The Borrower shall have incurred eligible costs, including construction costs, sufficient to satisfy the 1:1 match requirements in Section 2.03 of the LHIA Grant Agreement. L The Borrower shall have provided evidence satisfactory to the City showing that Borrower intends to rent all of the units to tenants making 60% or less of AMI. J. The Borrower shall have obtained City approval of an affirmative action plan. K. The Borrower shall have provided to the City such evidence of compliance with all of the provisions of this Loan Agreement as the City may reasonably request. L. The Borrower shall have submitted a disbursement request per Section 7 herein. 7. DISBURSEMENT. It is expressly agreed and understood that the total amount to be disbursed by the City under this Loan Agreement will not exceed $100,000. The final request for disbursement must be submitted within five (5) months after the End Date. The City will make disbursements no more often than every 30 days and only upon receipt of a written disbursement request from Borrower acceptable to the City and the Council, which shall include the following: A. Completed and executed disbursement request in the form attached hereto as Exhibit C (the "Disbursement Request Form"), and accompanied by itemized invoices from each provider to be paid or cost to be reimbursed. B. Completed Payment Request Summary Form in the form required by the Council. Collectively, the Disbursement Request Form and the Payment Request Summary Form shall be referred to as a "Disbursement Request." The City shall, upon its approval of a Disbursement Request, forward the Payment Request Summary Form and supporting invoices to the Council for approval. The Council is the final arbiter of what costs are eligible for reimbursement. Upon Council approval and disbursement of the approved amounts of LHIA Grant funds, the City shall disburse the approved amount of Loan funds to Commercial Partners Title ("Title"). Title shall disburse the Loan funds in accordance with the information provided in the Disbursement Request and pursuant to the Master Disbursing Agreement among the City, the Borrower, Title and the other lenders. 8. NOTICES. Communication and details concerning this Loan Agreement shall be directed to the following representatives: 3 US.113578590.01