Will Smith owns a parcel of land in Charlottetown, Prince Edward Island. He decides to build his dream house. He hires Chris Rock Construction to build his house. The contract price with Chris Rock Construction is for $3,500,000. Will estimates that his costs for permits, surveying, legal fees and closing costs will be $50,000. W has approved mortgage nancing in the amount of $2,500,000. Will has saved money from movie roles, and has some money from his spouse, gm PinkettSmith, for the balance of funds of $1,050,000. m issues 3 mortgage draws as construction proceeds. Eventually, Chris Rock Construction completes the house and the nal draw of nancing is issued by m when the house is substantially completed on September 1, 2022. Of the total mortgage nancing that has been issued ($2,500,000), 15% or $375,000 is retained by m as a mechanic's lien m (and not paid to Chris Rock Construction). Chris Rock is irate when he nds out that he will have to wait for some period of time before receiving the rest of the money for the house construction. He demands immediate payment from Will Smith; but Will says nothing; he just slaps Chris across the face. On what date will the m of $375,000 be released to Chris Rock Construction? (4 points)