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2010078b3 <br />(b) Requisitions can be submitted monthly to the Authority by no later than the tenth <br />(10 day of each month. Each Requisitian must be submitted for approval to the Authority, <br />together with the completed and executed documents listed in Exl�ibit D, each in form and <br />substance reasonably satisfactory ta the Authority (the "Ihaw Documents"). <br />(c) The Authority shall submit a request for the Section 1602 Program Funds to the <br />Treasury in an amount equal to the approved amount of the current Requisition (not to cxceed, in <br />the aggregate, the amount of the Subawaxd) within five (5) Business Days of approval by the <br />Authority of th� Draw Documents. <br />(d) The Owner shall cooperate with the Authority in abtaining and providing any <br />additional documentation that may be required by the Treasury to approve the request for the <br />Section 16Q2 Program Funds. <br />(e) �'he Autharity will withhold ten p�rc�nt (10%) af the Subaward as retainage. <br />Such retainage shall be released with the final disburscment of the Subaward; provided the <br />Owner has satisfactarily perfarmed the described wark in accardance with this Agreement, tl�� <br />Recapture D�ed of Trust and the Program Requirem.ents have been met. <br />( fl The Ovcrner acknowledg�s and agrees that no Subaward shal� be disbursed after <br />the Expiration Date; provided, however, that the Expiration Date may be extended at the sole <br />discretion of the Autharity. To requcst an extensian of the �xpiratian Date, Che �wner must <br />submit to the Authority for their review and appraval dacumenta�ion (in form and substatace <br />acceptable ta the Authority) reflecting that at l�ast thirty pereettt (30%) of the total adjusted basis <br />'rn Land and depreciable property that is reasonably expected to be a part of the Project has b�en <br />paid or incurred by the Owner by December 31, 2010. All Requisitions must b� submitted ta the <br />Authority at least ten (lq) Business Days prior to the Expiration Date. <br />(g) The Authority will nat make any disbursements to the Owner for costs that: <br />(i) are pmhibited und�r the Program Requirements; <br />(ii) are not strictly in accnrdance with the terms of this Agreement; <br />(iii) axe requested after the Expiration Date, unless such date is extended under <br />Section 4.1(fl hereof; <br />(iv) were requested and/or incurred aft�r t�rrninatian o:f this Agreement; or <br />(v) w�re request�d during the occurrence and continuatian of an unCured <br />Event of Default. <br />(h) The Authority is authorized to mak� modif cations to the disbursement procedures <br />set forth herein and to establish additional requirements far disbursement of th� Subaward to the <br />Owner as may be necessary or advisable far compliance with all the Prograrn Requirements. <br />-9- <br />4848-2332-1094.2 <br />