Common use of Non-Construction Items Clause in Contracts

Non-Construction Items. Loan disbursements for non-construction items (i.e., so called "soft costs") shall be made on the basis of 50% of all such costs as may be approved by the City in the City's discretion. When Borrower’s First Mortgage is expended ($60,000 per unit), Loan disbursements for non-construction items (i.e., so called "soft costs") shall be made on the basis of 95% of all such costs as may be approved by the City in the City's discretion. The City may require that invoices for such costs be submitted for City approval prior to making any disbursements for such items. The City shall, in its discretion, determine what constitutes “construction items” or “non-construction items” for the purpose of determining the amount of disbursement to be made with respect to such items.