4.9. SR 02-01-2021 - Laserfiche WebLink

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with respect to the project. g. Borrower may obtain advances for disbursement to contractors only to the extent of the amount currently due to each contractor for work satisfactorily completed or materials actually incorporated into the project by such contractor, less any retainage permitted to be withheld pursuant to such contractor's contract, and Developer agrees that all sums requested hereunder for disbursement to each contractor shall not exceed that amount. Escrow Agent shall not be required to make the • final advance for the payment of the full amount of each contractor's contract until the Bank and City are satisfied that all of the work covered by such contract has been completed in accordance with the approved plans, and all requirements set forth in the Loan Agreement and Development Agreement have been fully complied with, including, with respect to the general contractor, the requirements to evidence completion of the improvements. h. The Escrow Agent shall perform a search of the appropriate records and, within five (5) business days after receiving the foregoing items, shall give Bank notice by telephone if any intervening liens are disclosed (other than those expressly listed in the title policy or subsequent amendments thereto previously given to Bank). If any such intervening liens or other matters, which in Bank's and City's judgment jeopardize its security interest in the project, are disclosed, the Escrow Agent shall refrain from making further disbursements until Bank and the City notify the Escrow Agent that such intervening liens or other matters have been waived by Bank and City or satisfied. Upon demand of Bank and/or City, Borrower shall immediately cause any such liens or other matters to be satisfied of record or bonded, or shall make other arrangements with respect to the discharge thereof satisfactory to Bank and City. i. Regardless of any provision to the contrary within this Agreement, no Loan Funds shall be released from the Escrow Account to the Escrow Agent for disbursement unless the same is approved by both the City and the Bank. 4. Escrow Agent's charges for all of the escrow services to be provided for pursuant to this Agreement are $50.00 per draw. 5. No draw requests shall be made by Developer while another is pending or in the event the City has declared a default under the Development Agreement. 6. At the time of submission of the final draw request, which shall not be submitted before completion of the project, Developer shall submit to City, Bank and Escrow Agent, in addition to the requirements listed in Paragraph 3 above the following: a. A written lien waiver from all contractors for work done and materials furnished for the project. t,