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RES 03043
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RES 03043
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5/13/2003 6:22:08 PM
Creation date
5/13/2003 6:15:12 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
5/6/2003
DOCUMENT NO
RES 03043
DOCUMENT NAME
BRIDGE HOUSING
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ATTACHMENT B <br /> <br /> Section 1.2 Use of Funds. Proceeds of the Predevelopment Loan shall be used only <br />for the predevelopment costs of the Development, generally in the amounts and for the cost items <br />set forth in Exhibit B to this Agreement, unless the City approves in x~xiting a different use of the <br />funds. <br /> <br /> Section 1.3 Documents as Security. Upon termination of this Agreement the <br />Developer shall deposit with the City and assign to the City for the City's use. all documents. <br />reports, surveys, materials, architectural drawings and specifications, and any other information <br />related to the Development paid for by the Developer with proceeds of the Predevelopment Loan <br />(collectively the "Documents"). <br /> <br /> Section 1.4 Conditions to Funding. The City shall fund the Predevelopment Loan <br />upon receipt of a written request from the Developer setting forth the use of funds and the <br />amount of funds needed with an attached a copy of the bill or invoice covering the costs <br />incurred. <br /> <br /> Within thirty (30) days after satisfaction of these conditions, the City shall disburse the <br />Predevelopment Loan (or so much thereof as is required) for cost items and in amounts generally <br />consistent with those shown in Exhibit B. Notwithstanding any other provisions of this <br />Agreement, the City shall have no further obligation to disburse any portion of the <br />Predevelopment Loan to the Developer following: (i) termination of this Agreement; or (ii) <br />notification by the City to the Developer ora Developer Default under the terms of this <br />Agreement; provided, however, that the City shall become obligated again to disburse <br />Predevelopment Loan funds to the Developer pursuant to the terms of this Agreement if the <br />Developer cures the Default within the applicable cure period. <br /> <br /> Section 1.5 Termination of A~reement. This Agreement may be terminated under the <br />following circumstances: <br /> <br />(a) Developer Default. A Default by Developer under Section 3.1. <br /> <br /> (b) Development Loan. If by ., or such later date as ihe <br />City may agree upon in writing, the Developer has not secured funding that will enable <br />construction of the Development (the "Development Financing"), including a Development Loan <br />funded by the City (the "City Development Loan"). <br /> <br /> (c) Permits. If by , or such later date as the City m~y <br />agree upon in writing, the Developer has attempted and been unable to secure the permits needed <br />to commence construction of the Development. <br /> <br /> (d) Hazardous Materials. If, during Developer's construction work on the <br />Development, Developer discovers Hazardous Materials, as de£med in Section 5.5. of the Ground <br />Lease, on the Property the remediation costs of which the Developer determines will make <br />Development infeasible. <br /> <br />144\105\158870.7 2 <br /> <br /> <br />
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