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determination within such ten-day period. If Agency disapproves the Design Drawings <br />or the final Construction Plans and Specifications submitted by Beam, Agency shall <br />include in its notice the reasons for disapproval and Beam shall resubmit the Design <br />Drawings or the final Construction Plans and Specifications, as applicable. If Beam <br />desires to make any substantial change to the Design Drawings or the final Construction <br />Plans and Specifications after approval by Agency, the proposed changes shall be <br />resubmitted to Agency for approval. As used in this section, “substantial change” means <br />a change which materially alters the layout or scope of the improvements or changes to a <br />lesser quality previously approved materials. <br /> <br />PF. <br /> 13.3 Beam shall obtain all private construction and permanent <br />ROJECT INANCING <br />financing that, combined with the Centre Court/Vacant Lot Construction Loan, will be <br />sufficient to complete all Project improvements at a total project cost of approximately <br />_____ Dollars ($_____). <br /> <br />AF. <br /> 13.3.1 Subject to the terms and conditions of this <br />CQUISITION INANCING <br />Agreement and the Loan Documents, Agency will provide acquisition financing to Beam <br />in the amount of Three Million Five Hundred Fifty Thousand Dollars ($3,550,000). <br />Agency agrees to subordinate the lien of the Trust Deed to Mortgages securing the Senior <br />Loan on terms satisfactory to Agency in its reasonable discretion. The Loan Documents <br />shall provide for repayment of the portion of the Loan funded under the BEDI grant <br />program prior to payment of the deferred developer fee or any portion thereof. Buyer <br />shall provide Agency information demonstrating, to Agency’s satisfaction, Buyer’s <br />compliance with all requirements of the US Department of Housing and Urban <br />Development for its Section 108 and Brownfields Economic Development Initiative loan <br />guarantee and grant programs. <br /> <br />CF. <br /> 13.3.2 Subject to the availability of funds from <br />ONSTRUCTION INANCING <br />HUD, Agency shall provide construction financing to Beam in the amount of Six Million <br />Five Hundred Thousand Dollars ($6,500,000). Agency agrees to subordinate the Loan <br />and the Centre Court/Vacant Lot Construction Loan to the Senior Loan on terms <br />satisfactory to Agency in its reasonable discretion. The Loan Documents shall provide <br />for repayment of the portion of the Centre Court/Vacant Lot Construction Loan funded <br />under the BEDI grant program prior to payment of the deferred developer fee or any <br />portion thereof. Buyer shall provide Agency information demonstrating, to Agency’s <br />satisfaction, Buyer’s compliance with all requirements of the US Department of Housing <br />and Urban Development for its Section 108 and Brownfields Economic Development <br />Initiative loan guarantee and grant programs. <br /> <br /> 13.3.2.1 In the event Agency is unable, through no fault of Beam, to <br />obtain from HUD funds in an amount equal to Six Million Five Hundred Thousand <br />Dollars ($6,500,000), Agency shall notify Beam of the unavailability of such funds and, <br />to the extent applicable, the difference between the amount that is available from HUD <br />and the total Centre Court/Vacant Lot Construction Loan amount. Beam and Agency, <br />individually and together, shall thereafter diligently pursue additional funding from other <br />sources. <br />Page 16 - PURCHASE AND SALE AGREEMENT – DRAFT #3 (20 May 2008) <br /> <br />