Approval of Financing. As required herein and as Condition Precedent, Developer shall submit to Agency evidence that Developer has obtained sufficient equity capital and/or has obtained firm and binding commitments for construction financing which together are sufficient to pay for the development of the Agency Parcels and the construction of the Improvements in accordance with this Agreement, and has obtained firm and binding commitments for permanent financing (collectively, “Evidence of Financing”). The Agency shall approve or disapprove such Evidence of Financing within fifteen (15) days of receipt of a complete submission. Approval shall not be unreasonably withheld, delayed or conditioned. If Agency shall disapprove any such Evidence of Financing, Agency shall do so by Notice to Developer stating the reasons for such disapproval and Developer shall promptly obtain and submit to Agency new Evidence of Financing. Agency shall approve or disapprove such new Evidence of Financing in the same manner and within the same times established in this Section for the approval or disapproval of the Evidence of Financing as initially submitted to Agency. Developer shall close the approved construction financing prior to or concurrently with the Outside Construction Commencement Date. Such Evidence of Financing shall include the following: (a) a copy of a legally binding, firm and enforceable loan commitment(s) obtained by Developer from one or more financial institutions for the mortgage loan or loans for construction and permanent financing for the construction of the Improvements, subject to such lenders’ reasonable, customary and normal conditions and terms, and (b) other documentation satisfactory to the Agency as evidence of other sources of capital sufficient to demonstrate that Developer has adequate funds to cover the difference between the total cost of the construction and completion of the Improvements, less financing authorized by those loans set forth in subparagraph (a) above.
Approval of Financing. Agency shall approve or disapprove each submission of Developer’s Evidence of Financing for the Property. Within ten (10) business days after receipt of such submission by City.
Approval of Financing. The Agency shall approve or disapprove the evidence of financing. No less than one (1) month after submittal to the Agency but in no event later than the Closing Date.
Approval of Financing. Agency shall approve or disapprove each submission of Developer's Evidence of Financing for the Property.
Approval of Financing. The City shall approve or disapprove the evidence of financing described in the Method of Financing and Section 204.a of the OPA. Within ten (10) calendar days after the City receives complete submission of evidence of financing.
Approval of Financing. During the Approval Period, Buyer shall approve or disapprove the financing for its purchase of the Property. In the event the New Loan is finalized, and the documents evidencing and/or securing the New Loan (e.g. promissory note, deed of trust, indemnity, etc.) (collectively the "New Loan Documents") are delivered to Buyer at least 15 days prior to the end of the Approval Period, then Buyer shall approve or disapprove the New Loan in accordance with this Paragraph 5(e). If the New Loan is finalized, Seller shall pay all fees associated with the New Loan, but not any fees associated with the assumption of the New Loan by Buyer. If the New Loan is not finalized, and the New Loan Documents are not delivered to Buyer at least 15 days prior to the end of the Approval Period, then Seller shall not enter into the New Loan without the prior written consent of Buyer, which consent may be granted or withheld in Buyer's sole discretion, In that regard, Seller agrees to provide Buyer, promptly after obtaining the same, copies of any documentation proposed to evidence the New Loan. While Buyer shall not be obligated to do so, Buyer may (i) approve and agree to assume the Existing Loan; (ii) approve and agree to assume the New Loan, or (iii) elect to pay cash for the Property and acquire the Property free and clear of any liens and encumbrances (and if Buyer so elects, Seller covenants to convey the Property free and clear of all liens and encumbrances securing the Existing Loan), and in the event that Buyer elects any of the alternatives set forth in clauses (i), (ii) or (iii); Buyer shall be deemed to have approved the financing for its purchase of the Property. If Buyer elects alternative (iii) above, Buyer will receive a credit against the Purchase Price at Close of Escrow equal to One Hundred and Fifty Thousand Dollars ($150,000.00).
Approval of Financing. 29 Conditions..........................................29
Approval of Financing. (A) The Members hereby authorize the Company (acting for itself or in a representative capacity on behalf of the Property Owner) to take such actions as any officer of the Company determines is appropriate (i) to obtain the Construction Loan and the Mezzanine Loan and to enter into the Construction Financing Documents on terms as any officer of the Company may conclude are appropriate, (ii) to execute and deliver such Construction Financing Documents (including loan agreements, promissory notes, deeds of trust, security agreements, assignments and collateral assignments, assignments of rents and leases, notices, affidavits, proxies and other documents, instruments, agreements, certificates and consents) as are required by the Construction Lender or the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and/or the Mezzanine Loan, (iii) to encumber, as security for the Construction Loan, the Land and the Project and any other property of the Property Owner as are required by the Construction Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Construction Loan and to encumber, as security for the Mezzanine Loan, the ownership interests in the Property Owner and any other property of the Company as are required by the Mezzanine Lender or as any officer of the Company otherwise considers necessary, appropriate or desirable to effectuate the Mezzanine Loan and (iv) to perform the obligations of the Company, and to cause the Property Owner to perform its obligations, under the Construction Financing Documents.
Approval of Financing. Within ninety (90) days after the Effective Date, Redeveloper shall deliver to Agency, for Agency's approval, evidence of Redeveloper's construction and take-out financing for the Initial Improvement Costs for the Initial Improvements to be constructed or installed by Redeveloper on the Property pursuant to this Section 11 including any plan of self financing, which approval shall not be unreasonably withheld or delayed. In order to enable Agency to evaluate Redeveloper's financing, Redeveloper shall provide to Agency evidence of such financing including at a minimum Redeveloper's proforma and line-item budget, a copy of a binding commitment obtained by Redeveloper for a leasehold mortgage loan or loans financing, if applicable, (together with any equity capital contribution of Redeveloper) the hard and soft costs of constructing the Project, financial statements of Redeveloper and the lender, and other evidence satisfactory to Agency of sources of loans or capital, sufficient to demonstrate that Redeveloper has or will have adequate funds to cover all development and construction costs of the entire Project. The terms and conditions of such commitments, and the identity of the construction lender itself, shall be subject to Agency's approval, which approval shall not unreasonably be withheld, provided,however, that should the lender be a bank, savings and loan association, insurance company or other institutional lender, no approval of the identity of the lender or other source of funds shall be required.
Approval of Financing. Agency shall approve or disapprove the submission of Participant’s evidence of financing with respect to the Site, and shall so notify Participant. Complete.
