Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to Lessor evidence reasonably satisfactory to Lessor 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 a 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 or irrevocably committed to be paid to Tenant 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 Lessor of any such change.
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. 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. As to each Construction Project, that portion of the Construction Costs which will be funded by TMCC under the Construction Loan. For each Construction Project, prior to any Draw, Borrower and TMCC shall establish in writing the amount of Construction Funding for the applicable Construction Project, which shall be in accordance with the terms herein.
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 Xxxxxx’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 $12,637,851 (“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, but no earlier than July 1, 2020, the County shall provide Tenant with $12,637,851 (“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 YALE STREET MASTER LEASE -13- 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. Upon issuance of the Financing Commitment for the tax-exempt financing of Xxxxxx’x Contribution and the satisfaction of all other conditions set forth in Section 6.2 of the ERA, the parties shall proceed to the Construction Phase of the Project and each party shall fund the Construction Funding Amount substantially as set forth herein and in accordance with the Financing Commitment. Each party’s Construction Funding Amount shall be equal to $190,968,000 minus the Initial Contribution Amount. On the Construction Phase Commencement Date, each party shall deposit into the Escrow Account an such amount as shall satisfy any equity requirement set forth in the Financing Commitment. Xxxxxx’x Construction Funding Amount shall be deposited into the Escrow Account established by the Indenture Trustee on or before the Construction Phase Commencement Date. The District’s Construction Funding Amount may be deposited in cash or an unconditional, irrevocable letter of credit acceptable to the Lender on the Construction Phase Commencement Date.
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. It is anticipated that the eligible federal costs of the Projects will be paid from federal aid funds made available by the Federal Highway Administration, and the remaining costs shall be paid by the City/County. Any City/County funds to be applied to the construction contract for the Projects,
