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(h) Insurance; Payment and Performance Bonds. Developer shall have <br /> provided evidence satisfactory to City that Developer has obtained insurance coverage meeting <br /> the requirements set forth in Article Xl. and shall have provided to City copies of payment bonds <br /> and performance bonds pursuant to Section 5.18. <br /> (i) Financing Plan. City shall have approved the Financing Plan, including <br /> without limitation, the construction and operating budgets for the Project. <br /> 0) Evidence of Availability of Funds. Prior to the Closing Date, Developer <br /> shall submit to the City copies of all loan documents for the financing sources identified in the <br /> approved Financing Plan, together with evidence reasonably satisfactory to City that(i) all <br /> conditions to the release and expenditure of the initial draw of funds from each source described <br /> in the approved Financing Plan as a source of construction financing for the Project have been <br /> met and that such funds will be available, and (ii) all construction financing(including draws <br /> subsequent to the initial draw of funds) will be available upon the satisfaction of the conditions <br /> set forth in the construction loan documents. Developer shall have provided to City copies of <br /> documents related to development and financing of the Project as City may reasonably request, <br /> including without limitation the Partnership Agreement. Developer's construction financing for <br /> the Project shall have closed or shall close concurrently with the Closing for the City Loan. <br /> (k) Permits and Approvals; Cooperation. Developer shall have obtained all <br /> entitlements, permits, licenses and approvals required for the construction and operation of the <br /> Project, including without limitation, building permits and use permits or shall provide evidence <br /> satisfactory to City that receipt of such permits and approvals is subject only to such conditions <br /> as City may reasonably approve. <br /> (I) Payment of Fees. Developer shall have paid when due all customary and <br /> reasonable fees and charges in connection with the processing of all applicable City permits and <br /> approvals. <br /> (m) Construction Plans, Budget and Schedule. City shall have approved the <br /> construction budget and schedule for the Project, the Construction Plans and specifications for <br /> the Project, and the construction contract. Developer shall have delivered an executed copy of <br /> the approved construction contract to City. <br /> (n) Intentionally omitted. <br /> (o) Requisition. Developer shall have submitted to City a written requisition <br /> for disbursement of funds specifying the amount and use of the requested funds, accompanied by <br /> copies of third-party invoices, evidence of Developer's payment for services rendered in <br /> connection with the work (if applicable), and such other documentation as City may reasonably <br /> require. <br /> 4.7 Developer's Conditions to Closing. Developer's obligation to proceed with the <br /> Closing is subject to the satisfaction or Developer's waiver of the following conditions: <br /> (a) No Default. City shall not be in default under the terms of this <br /> OAK 44822-6539-6013 v3 12 <br />