3. HRSR 05-16-2005 - Laserfiche WebLink

Home Browse Search

approved by Lender in writing. Borrower further acknowledges that Lender shall in no event make any Loan Disbursement unless and until Lender shall have determined, in its sole discretion, that: (a) the Loan Disbursement will fund a Development expense approved by Lender; (b) as of the date of the Loan Disbursement, the Development is reasonably feasible; (c) Borrower is making adequate progress in planning or developing the Development; (d) Borrower has performed or satisfied, to Lender's satisfaction, all general, special and/or additional conditions set forth in the development agreement; and (e) the amount of the requested Loan Disbursement, when added to the sum of the amount of all prior Loan Disbursements to, or on behalf of, Borrower, shall not exceed $400,000. The Lender may require, when a Request for Disbursement has not been made within a sixty (60) day period, that Borrower provide to the Lender a brief accounting of funds spent and a description of the status of the Development. 3. This Agreement shall terminate, and Lender's obligations to approve and/or fund any Loan Disbursements shall cease, if Borrower fails to submit a request for, and Lender has not approved and funded, at least one Loan Disbursement on or prior to the original maturity date of the Note. 4. The making of a Loan Disbursement or any part of a Loan Disbursement shall not be deemed an approval by Lender of the costs incurred by or on behalf of Borrower. Borrower shall furnish evidence satisfactory to Lender, by receipts or otherwise, that the costs in question have been incurred, before each or any Loan Disbursement shall be made herewith. 5. Borrower shall not be entitled to any Loan Disbursement unless, in the sole judgment of Lender, all costs are reasonable and substantially in accordance with the anticipated Development expenses, and the proposed uses of such funds constitute acceptable uses in the sole judgment of Lender. Lender. may make Loan Disbursements before they become due if, in the sole judgment of Lender, it is advisable to do so, and all such Loan Disbursements shall be deemed to have been made pursuant to this Agreement and not in modification hereof. 6. All Loan Disbursements shall be made at the office of Lender set forth in this Agreement or at such other place as Lender shall designate. _____~ 2. RENTAL RATES AND OPERATING EXPENSES. A. Borrower agrees that the rents charged for the Assisted Dwelling Units will be affordable to Tenants with household incomes that do not exceed fifty percent (50%) of the Sherburne County Median Income as determined by HUD and adjusted for household size (the "County Median Income"). 4