Construction Funding. Prior to commencement of any Work, Tenant shall provide to County evidence reasonably satisfactory to County of funding available to Tenant that is sufficient to pay for Tenant’s estimated total cost of the Work, which evidence may consist of (i) a written commitment to Tenant from a Lender selected by Tenant to provide a construction loan to Tenant for the purpose of the Work (which may be secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease), (ii) actual equity funds then held by Tenant or irrevocably committed to be paid to Tenant for the purpose of the Work, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of rehabilitating the Improvements, provided that Tenant shall promptly notify County of any such change.
Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to County evidence reasonably satisfactory to County of funding available to Tenant that is sufficient to pay for any and all hard and soft costs to be incurred by Tenant in connection with the design and construction of the Initial Improvements, as set forth in the Construction Budget, which evidence may consist of (i) fully executed construction loan documents that complies with the requirements of Section 17.2 below evidencing a loan from an Institutional Lender secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease, (ii) actual equity funds then held by Tenant and set-aside for the purpose of constructing the Initial Improvements, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of constructing the Initial Improvements, provided that Tenant shall promptly notify County of any such change.
Construction Funding. Total Mutual-Benefit Projects planning, design, and construction funding specified in Articles 10.1.1, 10.1.2.1, 10.1.3.1, 10.1.5.1, and 10.1.6 is forty-eight million dollars ($48,000,000).
Construction Funding. 5.1 The total estimated construction cost is $18,656,000. The DEPARTMENT will provide up to $10,000,000 at a proportion of 50% of the project cost. The CITY will provide the remaining balance. These funds shall be deposited with the DEPARTMENT prior to the advertisement for bids. BNSF agrees to provide the property rights approved pursuant to Section 3.2 at no expense to the DEPARTMENT and the CITY as and for its sole contribution to the project cost. The CITY and the DEPARTMENT agree that notwithstanding the provisions of Title 17 O.S. § 82, neither shall seek further contributions to the project cost from BNSF and the CITY shall dismiss the action pending against BNSF before the Oklahoma Corporation Commission regarding cost allocations for the project with prejudice. BNSF agrees to dismiss the action pending against the CITY regarding the project in the United States District Court with prejudice and the CITY agrees it shall not seek to condemn any property owned by BNSF for the project. The parties agree to cooperate with obtaining any necessary approval for the project from the Oklahoma Corporation Commission following the necessary approvals and acceptance of the design and plans and the execution of construction and maintenance agreements for the project.
Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to District evidence reasonably satisfactory to District of funding available to Tenant that is sufficient to pay for Tenant’s estimated total cost of constructing the Initial Improvements, which evidence may consist of
Construction Funding. (a) Upon execution of this Lease, the County shall provide Tenant with $11,707,208 (“County Initial Financial Contribution”) as the initial funding for the completion of the Work. Upon completion of fifty percent of the Work, as evidenced by a written verification by the Project’s architect and verified by the County in its reasonable sole discretion, the County shall provide Tenant with $11,707,208 (“County Final Financial Contribution”) (the “County Initial Financial Contribution” and the “County Final Financial Contribution” shall be referred to collectively as the “County Financial Contribution”). The County Financial Contribution shall be applied by Tenant only toward the Work. In no event shall any portion of the County Financial Contribution be used for any purpose other than to complete the Work. The County Financial Contribution shall be the sole financial contribution of the County to reimburse Tenant for expenditures toward the Work as the Work and Construction Budget have been approved by the Chief Real Estate Officer. The payment is intended to be the full amount committed by County for construction of the Work. In no event shall County be obligated to pay or make disbursements for the construction pursuant to this Lease or otherwise in a total amount which exceeds the County Financial Contribution, nor shall Tenant or its Contractor be entitled to receive (whether in cash, credit or otherwise) any portion of the County Financial Contribution that is not used for the Work. Notwithstanding anything set forth herein, neither Tenant nor Contractor shall be responsible for Work costs in excess of the Construction Budget if such costs are occasioned by circumstances outside the control of the Tenant and/or Contractor. If the Parties determine, in their reasonable discretion, that additional funding is needed to complete the Work, or in the event the Parties desires to change the scope of Work, the Parties shall meet and confer to either initiate a Lease or Construction Budget/Schedule augmentation and/or exercise value engineering or leverage community support and donations to balance scope of work and budget and/or deviations in the scope of Work and Construction Documents to revise the scope of Work to remain within the County Financial Contribution.
Construction Funding. (i) The Members acknowledge and agree that the Company has or will obtain a construction loan, secured by the Project, to fund the construction of the Project. The Managing Member shall execute and deliver any required lender guaranty required in connection with any financing entered into by the Company and requested by the lender. Managing Member shall also be obligated to provide any environmental indemnity and /or completion guaranty required by the construction lender. To the extent feasible, any such financing shall permit any Investor Member to transfer its Interest to a Permitted Transferee. Additionally, if so unanimously approved by the Members, the Managing Member shall be authorized to obtain for and on behalf of the Company a mezzanine loan toward the purchase of the Property and/or the duration of the development. No Member or any of its Affiliates shall have any liability under or in connection with any third-party debt of the Company, including liability with regard to any environmental matters, non-recourse carve-outs, fraud, intentional misconduct, theft or other commonly called “bad-boy acts” or with regard to any other matter unless otherwise approved in writing by such Member or its Affiliate.
Construction Funding. The RDBN, in consultation with the Society, will take the lead in coordinating the process to identify and obtain construction funding. Construction funding applications must be made by the RDBN as the “’owner” of the infrastructure. RFP for Construction - The Society and the RDBN will work together to draft the Request For Proposal (RFP), and the Society will be asked to participate in the process to review and select the construction contractor. The final decision regarding the contractor hired, and the terms of the contract, will be made by the RDBN.
Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to County evidence reasonably satisfactory to County of funding available to Tenant that is sufficient to pay for Tenant’s estimated total cost of constructing the Initial Improvements, which evidence may consist of (i) a written commitment to Tenant from an Institutional Lender selected by Tenant to provide a construction loan to Tenant for the purpose of constructing the Initial Improvements (which may be secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease), (ii) actual equity funds then held by Tenant and set-aside for the purpose of constructing the Initial Improvements, or
Construction Funding. Xxxxxx agrees to construct the Leased Premises in accordance with the Plans. Lessee will fund all construction costs, including the cost of connection to the City’s fiber, and any design costs incurred by the City’s architect for the Facility, attributable to the NRHS Leased Premises, provided that designs and costs for the NRHS Leased Premises are subject to approval, in writing, by Lessee (“Construction Funding”). Construction costs and any design costs proposed to be funded by Lessee will be verified by the CM and at Xxxxxx’s option, a third party cost estimator secured by Xxxxxx. The Parties acknowledge that at the time of the Commencement Date, the estimated costs attributable to the NRHS Leased Premises are $6,966,500. Costs for the NRHS Leased Premises will be remitted by NRHS in accordance with the following payment schedule:
