Revised Financing Plan Sample Clauses

Revised Financing Plan. Developer shall submit for City review and approval Developer’s revised plans for construction and permanent financing of the Project (the “Financing Plan”). The Financing Plan shall indicate all sources of funds necessary to pay, when due, the estimated costs of the Project, including without limitation acquisition costs and hard and soft construction costs, and shall be accompanied by evidence that all such funds are subject to binding commitments, in form acceptable to City, from Developer, equity investors, and lenders, subject only to commercially reasonable conditions. The Financing Plan shall include development and operating pro formas which set out in detail Developer’s plan for financing the costs of acquisition, construction and operation of the Project. City staff shall review the proposed Financing Plan, and acting through the Authorized Representative, the City shall approve such plan in writing within fifteen (15) business days following receipt provided that the plan conforms to the requirements of this Section. If the City does not approve the Financing Plan, the City shall set forth its objections in writing and notify Developer of the reasons for its disapproval. If the City does not approve or provide written objections to Developer within such fifteen (15) business day period, the Financing Plan shall be deemed rejected. Developer shall thereafter submit a revised Financing Plan that addresses the reasons for disapproval, and the City shall grant Developer a reasonable extension of the time deadlines set forth in this Agreement as required to restructure the Financing Plan, subject to the outside time limit for completion set forth in Section 5.1 below. City’s approval of the Financing Plan shall be a condition precedent to City’s obligation to lease the Property to Developer. The approved Financing Plan shall be attached to this Agreement as Exhibit E. The terms set forth in the body of this Agreement shall prevail in the event of a conflict between the information set forth in the Financing Plan and the terms set forth in the body of this Agreement.

Revised Financing Plan. EXHIBIT 1.7 attached to this Addendum supersedes and replaces in its entirety EXHIBIT 1.7 attached to the Management Agreement.