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CEE / Escrow_Disbursing_Agreement / 9-12 <br />3.Where a City permit is not required, Agent shall inspect the site prior to final disbursement of funds to the <br />contractor(s) to insure that the improvements are constructed in accordance with any plans and specification <br />agreed to between the Borrower and contractor(s), that good workmanship has been used, and that the <br />construction is for the improvements permitted by the terms and conditions of the Program and according to <br />the contract. <br />d) <br />e) That the Borrower approve all draw requests. <br />That the contractor(s) deliver lien waivers and a final invoice to Agent for each required draw of the <br />contract amount. <br />f) That the Agent shall release funds in the form of a check made payable directly to the Borrower and/or <br />contractor(s). <br />4.Upon completion of the above requirements to the satisfaction of the Agent, in addition to the duties and <br />responsibilities of the Agent, the Agent shall: <br />a) Disburse the proceeds of the Loan in accordance with the terms hereof. <br />b) Require the Borrower to execute a Completion Certificate. <br />5.The Agent shall receive compensation for its services hereunder only in the manner specifically provided in <br />the Contract between the Agent and the Authority. <br />6.The parties hereby agree that upon the discharge of the duties undertaken herein by the Agent in accordance <br />with the provisions as set forth, the Agent shall have no further liability to the Borrower arising from this <br />Disbursing/Escrow Agreement. <br />7.This Disbursing/Escrow Agreement is not assignable without the prior written consent of the Authority. <br />8.This Disbursing/Escrow Agreement shall be binding upon and inure to the benefit of the parties hereto and <br />their respective heirs, executors, administrators, successors and assigns. This Escrow Agreement shall be <br />governed by the laws of the State of Minnesota. <br />INWITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above written. <br />BORROWER: <br />c) That construction shall be completed within days after commencement, provided that all <br />construction must be completed within days of the date of the note or participation agreementsecured <br />by the mortgage (as applicable).