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amount of the real estate lien note from the date thereof until paid. <br />b) Maturity Date: All principal and interest shall be due and payable on or <br />before 12 months from the date of the real estate lien note. <br />c) Installments: One lump sum payment of all principal and interest on or <br />before the Maturity Date. <br />d) Disbursement of Funds and Progress Payments: Funds shall be disbursed <br />jointly to Recipient and its one or more contractors performing work on the Infrastructure <br />Improvements in accordance with the approved progress schedule and schedule of values <br />provided in paragraph 3.01, subject to the approval of the City Engineer or designee as to <br />the applicable stage of work for which payment is requested. Recipient shall make <br />applications for payment in such form as approved by the City Manager, who may, <br />among other requirements, require cost certifications from recipient's contractors, <br />affidavits of payment and such other documentation evidencing proper payment for <br />services, materials and equipment related to the infrastructure Improvements. Progress <br />payments will be made in amounts equal to the percentage of work completed by the <br />Recipient's contractor or contractors performing work on the Infrastructure <br />Improvements and approved by the City, less amounts as City may withhold in <br />accordance with this Agreement. The City, at any time, may suspend or withhold <br />portions of monthly progress payments if it believes that the Recipient's contractor or <br />contractors will not complete the work due to actual default or that the Contractor has <br />represented or done some act that indicates that it will not complete the work in <br />accordance with its contract with Recipient, the work is defective, or there are <br />outstanding claims for payment from suppliers, vendors, materialmen or subcontractors. <br />5