THIS
AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, OR ANY OTHER DOCUMENT OR INSTRUMENT
TO WHICH BORROWER IS BOUND, NOR ANY CONDITION WHICH, AFTER NOTICE OR THE PASSAGE
OF TIME OR BOTH, WOULD CONSTITUTE A DEFAULT OR AN EVENT OF DEFAULT UNDER SAID
DOCUMENTS.
(M)
BORROWER HAS NO KNOWLEDGE OF AND HAS NOT RECEIVED WRITTEN
NOTICE OF ANY PENDING OR THREATENED, CONDEMNATION OR EMINENT DOMAIN PROCEEDINGS
IN RESPECT OF THE LAND OR ANY PART THEREOF.
(N)
AS OF THE DATE HEREOF, THE AMOUNTS SET FORTH IN THE
CONSTRUCTION BUDGET REPRESENT A FULL AND COMPLETE ITEMIZATION BY CATEGORY OF ALL
COSTS, EXPENSES AND FEES WHICH BORROWER REASONABLY EXPECTS TO PAY OR REASONABLY
ANTICIPATES BECOMING OBLIGATED TO PAY TO COMPLETE THE CONSTRUCTION.
(O)
TO THE KNOWLEDGE OF BORROWER, NEITHER THE CONSTRUCTION OF THE
IMPROVEMENTS NOR THE USE OF THE PROJECT WHEN COMPLETED WILL VIOLATE (I) ANY LAWS
(INCLUDING, WITHOUT LIMITATION, ZONING ORDINANCES, BUILDING CODES, LAND USE AND
ENVIRONMENTAL LAWS AND LAWS RELATING TO THE DISABLED) OR (II) ANY RESTRICTIONS,
COVENANTS OR CONDITIONS OF RECORD OR AGREEMENTS AFFECTING THE PROJECT.
NEITHER
THE ZONING AUTHORIZATIONS, APPROVALS OR VARIANCES NOR ANY OTHER RIGHT TO
CONSTRUCT OR TO USE THE PROJECT IS TO ANY EXTENT DEPENDENT UPON OR RELATED TO
ANY REAL ESTATE OTHER THAN THE LAND.
ALL GOVERNMENTAL APPROVALS REQUIRED FOR
THE CONSTRUCTION IN ACCORDANCE WITH THE PLANS AND SPECIFICATIONS HAVE BEEN
OBTAINED OR WILL BE OBTAINED PRIOR TO THE COMMENCEMENT OF CONSTRUCTION, AND, TO
THE KNOWLEDGE OF BORROWER, ALL LAWS RELATING TO THE CONSTRUCTION AND OPERATION
OF THE IMPROVEMENTS HAVE BEEN COMPLIED WITH.
TO THE EXTENT SUCH GOVERNMENTAL
APPROVALS HAVE BEEN ISSUED OR OBTAINED, AS THE DATE HEREOF, BORROWER HAS
DELIVERED TRUE, COMPLETE AND CORRECT COPIES OF SAME TO THE AGENT.
34
(P)
EXCEPT FOR RETAINAGE AMOUNTS AND AMOUNTS DISCLOSED TO THE
LENDERS PRIOR TO THE DATE HEREOF AND WHICH SHALL BE PAID IN FULL FROM THE
PROCEEDS OF THE INITIAL RESTRUCTURING LOAN, ALL COSTS AND EXPENSES INCURRED FOR
ANY AND ALL LABOR, MATERIALS, SUPPLIES AND EQUIPMENT USED IN THE DEVELOPMENT OF
THE PROJECT OR THE CONSTRUCTION OR DEMOLITION OF ANY IMPROVEMENT ON THE LAND
HAVE BEEN PAID IN FULL AS OF THE DATE HEREOF OR WILL BE PAID IN FULL FROM
PROCEEDS OF THE LOANS.
(Q)
THE PROJECT WILL HAVE ADEQUATE WATER, GAS AND ELECTRICAL
SUPPLY, STORM AND SANITARY SEWERAGE FACILITIES, OTHER REQUIRED PUBLIC UTILITIES,
FIRE AND POLICE PROTECTION, AND MEANS OF ACCESS BETWEEN THE PROJECT AND PUBLIC
STREETS.
(R)
EXCEPT AS SHOWN ON THE SURVEY SUBMITTED TO THE AGENT IN
CONNECTION WITH THE LOANS, NO PORTION OF THE PROJECT AND NO BUILDING OR ANY
OTHER PORTION OF THE IMPROVEMENTS IS LOCATED IN AN AREA IDENTIFIED BY THE
SECRETARY OF HOUSING AND URBAN DEVELOPMENT OR ANY SUCCESSOR THERETO AS AN AREA
HAVING SPECIAL FLOOD HAZARDS PURSUANT TO THE NATIONAL FLOOD INSURANCE ACT OF
1968 OR THE FLOOD DISASTER PROTECTION ACT OF 1973, AS AMENDED, OR ANY SUCCESSOR
LAW, OR, IF LOCATED WITHIN ANY SUCH AREA, BORROWER HAS OBTAINED AND WILL
MAINTAIN THE