Laserfiche WebLink
(e) An update to the Title Insurance Policy issued pursuant to the <br /> Commitment as described below. <br /> Section 2.04 Waiver. The Disbursing Agent may, in its sole discretion,without <br /> notice to or consent from any other party,waive any or all conditions for disbursement set forth <br /> in Articles II or III hereof. However,the making of any disbursement prior to fulfillment of any <br /> condition therefor shall not be construed as a waiver of such condition,and the Disbursing Agent <br /> shall have the right to require fulfillment of any and all such conditions prior to authorizing any <br /> subsequent disbursement. <br /> ARTICLE III <br /> Disbursement Procedures <br /> Section 3.01 Requests for Disbursement. <br /> (a) Whenever the Borrower desires a disbursement to be made hereunder, <br /> which shall be no more often than monthly,the Borrower shall submit to the Trustee and the <br /> Disbursing Agent a Draw Request, duly executed on behalf of the Borrower, setting forth the <br /> information required therein. Each Draw Request shall be filed at least 3 days before the date the <br /> disbursement is desired. Each Draw Request shall be limited to amounts equal to(i)the total of <br /> such costs actually incurred and owing(or previously paid)by the Borrower to the date of such <br /> Draw Request for work performed on the Project, plus(ii)the cost of materials and equipment <br /> not incorporated in the Project,but delivered to and suitably stored at the Project site; less,(iii) <br /> any required holdbacks required under the Contracts,and less(iv)the amount of all prior <br /> disbursements for such costs from the Construction Account. Notwithstanding anything herein <br /> to the contrary,no disbursements for materials stored at the Project site will be authorized unless <br /> the Borrower shall advise the Disbursing Agent and the Trustee of its intention to so store <br /> materials prior to their delivery, and provide adequate security for such storage. Each Draw <br /> Request shall constitute a representation and warranty by the Borrower that all representations <br /> and warranties set forth in the Loan Agreement are true and correct as of the date of such Draw <br /> Request and that all conditions precedent to the disbursement requested thereby have been <br /> fulfilled. Project Costs shall be separately identified in each Draw Request. Costs of issuance <br /> shall be paid solely from the Costs of Issuance Account,and unless otherwise permitted in the <br /> Indenture, all all Project Costs shall be paid from the Construction Account. <br /> (b) At the time of submission of each Draw Request, the Borrower shall <br /> submit to the Disbursing Agent the following: <br /> (i) A written lien waiver from each Contractor for work done and <br /> materials supplied by it,which were paid for pursuant to the last preceding Draw <br /> Request, and a lien waiver from the General Contractor for the current Draw <br /> Request; and <br /> (ii) Such other supporting evidence as may be requested by the <br /> Disbursing Agent to substantiate all payments which are to be made out of the <br /> relevant Draw Request and/or to substantiate all payments then made with <br /> respect to the Project. <br /> (c) If on the date a disbursement is desired,the Borrower has performed all <br /> of its agreements and complied with all requirements theretofore to be performed or <br />