Questions (47) and (48) go together: San Nicolas Development…
Questions (47) and (48) go together: San Nicolas Development is developing the pro forma for Mitchell Fountains, a 25-acre mixed-use lifestyle center in downtown Lutz. San Nicolas Development is borrowing $275,000,000 from Eubank & Frank Bank, N.A. Mitchell Fountains will be developed in seven phases. Phase 1 is the retail/restaurant component, Phases 2 and 3 will be residential apartments, Phases 4, 5, and 7 will be office towers, and Phase 6 will be a mini-storage facility. Eubank & Frank Bank requires a 10% retainage from all funds it disburses to San Nicolas Development’s general contractor. San Nicolas Development has attended to this situation by making capital calls to its partners. When San Nicolas Development wants access to the retainage balances at the end of each draw, it obtains _____________________ from its general contractor. (Select one answer only.)