09B - Laserfiche WebLink

construct the Project, or that the receipt of such permits is subject only to such conditions as City shall reasonably approve. (k) Insurance; Payment and Performance Bonds. Developer shall have provided evidence satisfactory to City that Developer has obtained insurance coverage meeting the requirements set forth in Article X, and shall have provided to City copies of payment bonds and performance bonds pursuant to Section 5.18. (1) Mechanics' Liens. Developer's delivery to City of evidence reasonably satisfactory to City that there are no mechanics' liens or stop notices related to the Property or the Project, and Developer's provision to City of full waivers or releases of lien clams if required by City. (m) Other Documents. Developer's delivery to City, and City approval of such other documents related to the development and financing of the Project as City may reasonably request. 3.8 Developer's Conditions to Closing_ Developer's obligation to proceed with the acquisition of a leasehold interest in the Property is subject to the satisfaction or Developer's waiver of the following conditions: (a) No Default. City shall not be in default under the terms of this Agreement, and all representations and warranties of City contained herein shall be true and correct in all material respects; (b) Execution of Documents. City shall have executed and acknowledged the Memorandum, the Regulatory Agreement, and all other City Documents to which the City is a party, and shall have delivered such documents into escrow; and (c) Owner's Title Policy. The Title Company shall, upon payment of the premium therefor, be ready to issue an Owner's Title Insurance Policy for the benefit and protection of Developer ("Owner's Title Policy") showing title to the Property vested in Developer, subject only to Developer's Permitted Exceptions and containing such endorsements as Developer may reasonably require, with the cost of such Owner's Title Policy to be paid by Developer. ARTICLE IV CITY FINANCIAL ASSISTANCE 4.1 Construction/Permanent Loan. In order to increase the affordability of the Project, upon satisfaction of the conditions precedent set forth herein in Sections 3.7 and 4.7.2, City agrees to provide to Developer construction/permanent financing in the amount of Two Million Dollars ($2,000,000) (the "Construction/Permanent Loan") upon the terms and conditions and for the purposes set forth in this Agreement. Developer's obligation to repay the Construction/Permanent Loan shall be evidenced by a promissory note executed by Developer substantially in the form attached hereto as Exhibit B (the Construction/Permanent Note"). At OAK #4845-1087-0362 v5 13