5A8 & 9 Assignment - Confirmation Agreements (Great Lakes Capital) - Signed

Home Browse Search

Page 5 of 21 A.Grantee agrees that the Project Funds, less any Administrative Fee to be retained by Administrator, shall be disbursed in accordance with Section 6 of the IEDC Agreement and the Claims Voucher process set forth herein. Each application for disbursement of Project Funds shall be made in writing and shall be directed to the RDA in the form of the Claim Voucher attached hereto and incorporated herein as Exhibit “E” (“Claim Voucher”). The parties reasonably anticipate that payments under each Claim Voucher shall be made in the amounts and on or about the designated date or Project completion thresholds included on Schedule 1 attached hereto. Grantee hereby warrants to complete the Project and expend Project Funds in strict accordance with this Agreement and the IEDC Agreement. B.In the sole discretion of the RDA, Schedule 1 may be modified in writing by the parties hereto in the event that larger disbursements are needed for the success of the Project. Claim Vouchers shall be submitted to the IEDC within thirty (30) calendar days following the end of the month in which work on or for the Project was performed. The RDA shall review and, if appropriate, approve, each Claim Voucher, which Claim Voucher shall then be reviewed and, if appropriate, approved by the IEDC. Each submission of a Claim Voucher shall be deemed a certification by Grantee that as of the date of such submission, all representations and warranties contained in this Agreement are true and correct and that Grantee is in compliance with all the provisions of this Agreement and the IEDC Agreement. The RDA’s obligation to make each disbursement of the Project Funds under this Agreement shall be subject to the approval by the IEDC of the Claim Voucher and, if requested by the RDA, (i) the receipt by the RDA of a certification by an engineer, architect, or other qualified inspector acceptable to the RDA that the construction of the Project has reached the required percentage stage of completion set forth above and such construction has complied with and will continue to comply with all applicable statutes, ordinances, codes, regulations and other similar requirements as set forth in the Claim Form and this Agreement, and (ii) such supportive documentation as designated by the IEDC, which may include evidence that the Project is materially compliant with the timeline provided in the Claim Form. After the Claim Voucher has been approved by the IEDC, disbursement of Project Funds shall be made by the IEDC within thirty-five (35) days of receipt of the application and supporting documentation outlined herein and shall be made in accordance with this Agreement. Grantee shall provide notice to the RDA when the Project is completed. The RDA will subsequently notify the IEDC who shall review the Project and shall issue a letter of completion to the RDA to acknowledge the Project completion. C.The RDA’s obligation to make disbursement of the Project Funds under this Agreement shall be subject to receipt by the RDA of all applicable documentation, including, without limitation, some or all of the following as determined by and in the sole discretion of the RDA: (1)receipt of final approved plans and specifications and construction budget acceptable to the RDA, for any or all of the Project for which Project Funds are requested, providing sufficient detail to ensure adequate monitoring during construction and confirmation that the budget is adequate to complete the work outlined in the plans and specifications;