Construction by Redeveloper Sample Clauses

Construction by Redeveloper. (a) 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.