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a. <br />� <br />Pay Proj ect Costs incurred by the Association. <br />Obtain waivers, releases and satisfactions of liens and other encumbrances (all <br />solely to the extent arising from the Housing Improvements), if any, pursuant to statements of <br />amounts due which must be approved by the City. <br />[Intentionally omitted.] <br />4. Conditions of First Disbursement. Prior to the first disbursement of funds hereunder, <br />Title shall be furnished: <br />a. A copy of the construction budget or use of proceeds schedule executed by the <br />City and the Association setting forth the amounts budgeted to be disbursed for all items which in <br />the aggregate constitute Proj ect Costs. Disbursements for such items listed as Proj ect Costs shall not <br />occur more often than once monthly. <br />b. An up-to-date sworn statement prepared by the Contractor and co-signed by <br />the City and the Association disclosing the various subcontracts entered into by the Contractor and <br />setting forth the names of all Subcontractors with whom the Contractor has contracted to date, their <br />addresses, work or materials to be furnished, amounts of the contracts, amounts paid to date, and <br />balance due. <br />c. Copies of the Construction Contract, and any other construction documents <br />required by Title in its discretion. <br />5. Conditions of Each Disbursement. Prior to each disbursement of funds hereunder, <br />Title shall be furnished: <br />a. An up-to-date sworn statement of the Contractor and co-signed by the <br />Association setting forth all Subcontractors with whom the Contractor has contracted to date, the <br />amounts of the subcontracts, the amounts paid to date, the amounts being requested and the balance <br />due. <br />b. The request for payment ("Request for Payment") executed by the Association <br />and the Contractor in connection with the requested disbursement. <br />c. Sufficient funds to cover the requested disbursements, and to pay for extras or <br />change orders for which waivers have not been deposited and for which funds have not previously <br />been deposited. <br />d. <br />and disbursing fees. <br />12�o6�ers <br />Sufficient funds to cover any unpaid title charges, tract search update charges <br />� <br />