Common use of Conditions Precedent to Initial Disbursement Clause in Contracts

Conditions Precedent to Initial Disbursement. The obligation of the EDA to make the initial disbursement hereunder shall be subject to the condition precedent that the Association shall be in compliance with the conditions contained in Section 3.4 hereof and the further condition precedent that the EDA shall have received, on or before the date of such initial disbursement hereunder, the following: (a) A copy of the Construction Plans, approved by the City Building Official in accordance with Section 4.2 hereof and in detail sufficient to enable the Association to authorize commencement of construction of the Housing Improvements, certified by the City Building Official and the Association; (b) Copies of the Construction Contracts, and such subcontracts as may be reasonably requested from time to time by the EDA; (c) A sworn construction statement duly executed by the Contractors for the Housing Improvements showing estimates of all anticipated Contractors’ contract or subcontracts for specific portions of the work on the Housing Improvements and the amounts anticipated to become due each such Contractor, including all costs and expenses of any kind incurred and to be incurred in construction the Housing Improvements; (d) A total project cost statement, incorporating estimates of the construction costs as shown on the sworn construction statement described in paragraph (c) above and setting forth all other costs and expenses of any kind anticipated to be incurred in completion of the Housing Improvements and sworn to by the Association to be a true, complete and accurate account of all costs actually incurred and a reasonably accurate estimate of all costs to be incurred in the future; (e) Copies of any licenses and permits which the EDA’s Authorized Representative certifies as necessary and sufficient to construct the Housing Improvements, including all foundation and grading permits and building permits from time to time necessary for such construction. (f) Paid invoices showing that the Association has paid at least $40,000 of the cost of the Housing Improvements including soft costs.

Conditions Precedent to Initial Disbursement. The obligation of the EDA to make the initial disbursement hereunder shall be subject to the condition precedent that the Association shall be in compliance with the conditions contained in Section 3.4 hereof and the further condition precedent that the EDA shall have received, on or before the date of such initial disbursement hereunder, the following: (a) A copy of the Construction Plans, approved by the City Building Official in accordance with Section 4.2 hereof and in detail sufficient to enable the Association to authorize commencement of construction of the Housing Improvements, certified by the City Building Official and the Association; (b) Copies of the Construction Contracts, and such subcontracts as may be reasonably requested from time to time by the EDA; (c) A sworn construction statement duly executed by the Contractors for the Housing Improvements showing estimates of all anticipated Contractors’ contract or subcontracts for specific portions of the work on the Housing Improvements and the amounts anticipated to become due each such Contractor, including all costs and expenses of any kind incurred and to be incurred in construction the Housing Improvements; (d) A total project cost statement, incorporating estimates of the construction costs as shown on the sworn construction statement described in paragraph (c) above and setting forth all other costs and expenses of any kind anticipated to be incurred in completion of the Housing Improvements and sworn to by the Association to be a true, complete complete, and accurate account of all costs actually incurred and a reasonably accurate estimate of all costs to be incurred in the future; (e) Copies of any licenses and permits which the EDA’s Authorized Representative certifies as necessary and sufficient to construct the Housing Improvements, including all foundation and grading permits and building permits from time to time necessary for such construction. (f) Paid invoices showing that the Association has paid at least $40,000 of the cost of the Housing Improvements including soft costs.