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<br /> <br /> <br /> - 11 - <br />ARTICLE IV. <br />COMPLETION OF THE PROJECT <br />Acquisition, Construction, Equipping and Improving of Project. It is understood that <br />improvements made for the Project are that of the Company and any contracts made by the <br />Company with respect thereto shall acquire, construct, equip and improve the Project. The <br />Company shall use commercially reasonable efforts to construct the Project with all reasonable <br />dispatch and to complete the Project by no later than the Target Completion Date in accordance <br />with the Development Agreement and shall pay when due all fees, costs and expenses incurred in <br />connection with that acquisition, construction, equipment, and improvement from funds made <br />available therefor. It is further understood that any contracts made by the Company with respect <br />to the Project, whether construction contracts or otherwise, or any work to be done by the Company <br />on the Project are made or done by the Company on its own behalf and not as agent or contractor <br />for the City. <br />Use of Bond Proceeds for Project. The City shall cause to be deposited all proceeds from <br />the sale of the Bonds in the manner specified in Article III of the Indenture, and the City shall <br />cause to be maintained such proceeds and funds in the manner specified in Article IV of the <br />Indenture. Under the Indenture, the Trustee, on behalf of the City, is authorized and will be <br />directed from time to time to make payments from the Project Fund to pay for Project Costs <br />approved by the City, or to reimburse the Company for any Project Costs approved by the City, <br />with any such disbursements to be made in accordance with the terms and conditions of the <br />Indenture, this Agreement, and the Development Agreement. The Company shall submit <br />disbursement requests substantially in the form at Exhibit A of the Indenture to the City, and the <br />City agrees to direct such requisitions to the Trustee as may be necessary to effect payments out <br />of the Project Fund for costs of the Project approved by the City, all in accordance with Section <br />4.3(a) of the Indenture, this Agreement and any such terms or conditions set forth in the <br />Development Agreement. Any moneys remaining in the Project Fund after completion of the <br />Project shall be transferred and applied in the manner provided in Section 4.3 of the Indenture. <br />The Company hereby acknowledges receipt of a copy of the Indenture. <br />Completion Date. The Company shall notify the City and the Trustee of the Completion <br />Date by a certificate signed by the Designated Representative stating: <br /> the date on which the Project is substantially completed, which shall be <br />evidenced by the issuance of a certificate of occupancy by the City, if the City provides such <br />certificates of occupancy, <br /> that all other facilities necessary in connection with the Project have been <br />acquired, constructed, equipped and improved, and <br /> that the acquisition, construction, equipment and improvement of the <br />Project and those other facilities have been accomplished in such a manner as to conform <br />with all applicable zoning, planning, building, environmental and other similar <br />governmental regulations.