AS REQUIRED BY THIS AGREEMENT.
NOTWITHSTANDING THE FOREGOING, SUCH
FIVE (5) BUSINESS DAY PERIOD SHALL BE EXTENDED, BUT ONLY UP TO AN AGGREGATE
MAXIMUM OF THIRTY (30) DAYS, FOR ANY EVENT OF FORCE MAJEURE.
B.
COMPLIANCE WITH PLANS.
BORROWER SHALL NOT
DEVIATE FROM THE DEVELOPMENT BUDGET, OR LINE ITEM THEREIN, AND PLANS AND
SPECIFICATIONS FOR THE PROJECT AS APPROVED BY AGENT IN ANY RESPECT, OR ISSUE
(ACCEPT OR AGREE TO) ANY CHANGE ORDERS, OTHER THAN PERMITTED DEVIATIONS AND
PERMITTED CONSTRUCTION CHANGE ORDERS, WITHOUT THE PRIOR WRITTEN CONSENT OF
AGENT.
C.
MAINTENANCE OF BOND.
AT ALL TIMES PRIOR
TO THE COMPLETION OF CONSTRUCTION FOR THE PROJECT, BORROWER SHALL CAUSE THE
PAYMENT AND PERFORMANCE BOND TO BE MAINTAINED IN FULL FORCE AND EFFECT.
D.
INITIAL DEVELOPMENT CONTRACTS.
BORROWER
SHALL PERFORM FAITHFULLY ALL OF ITS OBLIGATIONS UNDER THE CONSTRUCTION
CONTRACTS, ARCHITECTS AGREEMENTS, CIVIL ENGINEER'S AGREEMENTS FOR THE PROJECT.
BORROWER SHALL NOT MODIFY, TERMINATE OR AMEND ANY OF SUCH CONTRACTS AND
AGREEMENTS WITHOUT FIRST OBTAINING THE WRITTEN APPROVAL OF AGENT, EXCEPT IN
CONNECTION WITH PERMITTED CONSTRUCTION CHANGE ORDERS.
E.
COMPLIANCE WITH SCHEDULE.
BORROWER
SHALL DILIGENTLY PERFORM THE DEVELOPMENT, DESIGN AND CONSTRUCTION USING ALL
COMMERCIALLY REASONABLE EFFORTS IN ACCORDANCE WITH THE DEVELOPMENT SCHEDULE, AND
EACH PORTION THEREOF.
F.
DEVELOPMENT DRAW SCHEDULE.
WITHOUT
EXCUSING BORROWER'S NONCOMPLIANCE WITH THIS AGREEMENT, BORROWER SHALL PROVIDE TO
LENDER, FOR LENDER'S REVIEW AND APPROVAL, AN UPDATED DEVELOPMENT DRAW SCHEDULE,
(A) CONCURRENTLY WITH EACH MODIFICATION OF ANY CONTRACT OR AGREEMENT
53
ASSOCIATED THEREWITH AND (B) NOT LATER THAN THIRTY (30) DAYS AFTER THE END OF
EACH LOAN QUARTER (UNTIL ALL DEVELOPMENT ADVANCES HAVE BEEN FULLY DISBURSED).
EACH SUCH UPDATE SHALL BE ACCOMPANIED BY A WRITTEN NARRATIVE EXPLANATION SETTING
FORTH, IN REASONABLE DETAIL, THE DEVIATIONS, IF ANY, SET FORTH IN SUCH UPDATE TO
THE SUCH DEVELOPMENT DRAW SCHEDULE, AS PREVIOUSLY UPDATED, AND THE REASON(S) FOR
SUCH DEVIATIONS.
EACH SUCH UPDATE SHALL BE ACCOMPANIED BY A CERTIFICATE FROM
THE BORROWER TO THE EFFECT THAT ALL DEVIATIONS AS REFLECTED IN SUCH UPDATED
DEVELOPMENT DRAW SCHEDULE ARE PERMITTED UNDER THIS AGREEMENT OR HAVE BEEN
EXPRESSLY CONSENTED TO BY LENDER.
3.6
Intentionally Omitted.
3.7
Other Remedies of Lender.
Upon the occurrence of an Event of Default, in addition to any other remedies
available to Agent by the terms of this Agreement or any other Loan Document or
by law, Agent may at its sole discretion: (a) complete the Construction in
accordance with the Plans and Specifications (with such changes as Agent shall
deem appropriate), all at the risk, cost and expense of Borrower; (b)
discontinue at any time the Construction; (c) engage builders, contractors,
engineers, architects and others for the purpose of furnishing labor, material
and equipment in connection with the Construction, which personnel may, but need
not, be the same as those engaged by Borrower; (d) pay, compromise or settle any
and all bills or claims incurred in connection with the Construction; (e)
exercise any or all of its rights under the applicable Loan Documents; (f) take
or refrain from taking such action with respect