4.9. SR 02-01-2021 - Laserfiche WebLink

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hereunder to Developer to pay the costs of construction of the improvements identified on Attachment C, to be constructed on the described real property as such property is identified in the Development Agreement. The number of permissible draws and the fees to be charged therefore is as is set forth herein. 3. Prior to each disbursement of funds by the Escrow Agent to the Developer, City and Escrow Agent must be furnished with the following items: a. Sworn construction statement, setting forth all contractors and material suppliers with whom the Developer has contracted, the amounts of each contract, the amounts paid -to -date, the amounts being requested, and the balances due. b. The draw request by the Developer for the requested disbursement. C. Written approval by the City and the Bank ofthe disbursement request, which approval shall not be unreasonably withheld or delayed, and (ii) be provided within ten (10) business days following the date submitted by the Escrow Agent with confirmation from the Escrow Agent that Developer has provided all of the items required to be submitted under this Paragraph 3. Failure by the City or the Bank to respond to such request within such 10 business day approval period shall automatically be deemed to be City's or the Bank's approval of the same. Escrow Agent may communicate with City and the Bank electronically relative to these requests. d. Full or partial, up-to-date lien waivers; plus affidavits supporting lien waivers and releases of lien if necessary, in a form satisfactory to Escrow Agent and City. e. A list showing each contractor or vendor to be paid from the current draw request, the amount of payment, and the category of cost as shown on the sworn construction statement for which such payment are to be made. If requested by Bank or Escrow Agent, Borrower shall also furnish to Bank and Escrow Agent a copy of each contract with each of the contractors. Borrower shall keep the Escrow Agent and Bank advised at all times of the names of all contractors, and of the type of work, material or services and of the dollar amount covered by each of their respective contracts with Borrower. It is understood that only contractors whose names, contract descriptions and, after a request therefor, contracts have been furnished to Bank and Escrow Agent shall be entitled to receive disbursements under this Agreement f. Such other supporting evidence as maybe reasonably requested bythe City or Escrow Agent to substantiate all payments that are to be made out of the relevant draw request and/or to substantiate all payments, then made 2