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Association's written statement under Section SA(a) hereof. Such amount will be released by the City to Title to disburse upon the Association's performance to the City's satisfaction of all the conditions of paragraphs (a) through (c) of this Section and review and approval by the City Building Inspector of punchlist work and any work needed to correct defects in completed work on the Housing Improvements. The City will have no obligation to issue the City's Certificate of Completion under Section 4.3 of the Development Agreement until all conditions are met for final the disbursement under this Agreement. 6. Title to Notifv Citv; Transfer of Funds to Title's Account. Not later than five (5) business days following receipt of the documents or other performance delivered to it pursuant to Paragraph 5, Title will notify the City and the Association orally or in writing (i) whether the delivered documents and performance are satisfactory to it and (ii) whether it has received lien waivers from the Contractor and all subcontractors who should have been paid by it from the proceeds of the disbursement made in response to the previous Request for Payment. If waivers are missing, Title will promptly advise City and Association in reasonable detail, of the deficiency or missing lien waivers, as the case may be. If such deficiency is corrected to the satisfaction of Title, or if missing lien waivers are furnished to Title, or if the City is initially notified by Title that the documents delivered to it are satisfactory and that such lien waivers have been delivered to it, then City will (on the requested date of disbursement) transmit to Title the amount of the disbursement applied for the relevant Request for Payment, or so much thereof as City may approve, less a retainage of five percent, by transfer of such funds to Title for deposit in Title's bank Account No. 397 034 0253 maintained with Wells Fargo Bank. 7. Pavments bv Title. Upon receiving the funds transmitted by City pursuant to Paragraph 6, Title will pay the Contractor, each Subcontractor and all other persons identified in the relevant Request for Payment. If, for any reason any of said funds on deposit in Title's account are not disbursed by Title by the close of business on the fifth (Sth) business day following credit of funds to its account, Title will forthwith remit to the City in immediately available funds, the amount of the funds in such account that were not disbursed. Title shall not be liable to City or the Association for interest on the funds deposited with it. 8. Books and Records Title will keep and maintain, at all times, full, true and accurate books and records, in sufficient detail to reflect the disbursements made by it hereunder. The City and the Association may, during normal business hours, examine all books and records of Title pertaining to the disbursements made by it hereunder and make extracts therefrom and copies thereof. 9. Disbursements to Subcontractors. All disbursements for construction items may be made to the Association's Contractor (who it is expected will thereafter promptly pay subcontractors for the work or amounts listed in the draw request) or may be made directly to the Subcontractors, in the discretion of Title. 10. Liabilitv of Title. The functions and duties assumed by Title include only those 4 1 a�o6�ers