Conditions Precedent to Disbursement of Predevelopment Loan Proceeds. City’s obligation to disburse the Predevelopment Loan Proceeds is conditioned upon satisfaction of all the following conditions as determined by City in its sole discretion:
Conditions Precedent to Disbursement of Predevelopment Loan Proceeds. Upon satisfaction of the conditions precedent to the disbursement of the Predevelopment Loan Proceeds set forth in this Section 3.3 and within twenty (20) days after receipt by the Housing Project Manager of the Disbursement Request defined in Section 3.3.8, the City shall disburse Predevelopment Loan Proceeds to or on behalf of Developer in an amount equal to the lesser of the amount approved in the Disbursement Request or the amount available to the City pursuant to the HOME Program. All disbursements of Predevelopment Loan Proceeds shallbe recorded bythe Housing Project Manager and acknowledged by the Developer on "Exhibit 'A"' to the Predevelopment Promissory Note. The City shall use best commercially reasonable efforts to wire transfer such disbursements when requested by Developer.
