TOGETHER
WITH AN ESTIMATE OF THE COST TO COMPLETE THE WORK.
NO PAYMENT MADE PRIOR TO THE
FINAL COMPLETION OF THE WORK, AS CERTIFIED BY THE INDEPENDENT ARCHITECT, EXCEPT
FOR PAYMENT MADE TO CONTRACTORS WHOSE WORK SHALL HAVE BEEN FULLY COMPLETED AND
FROM WHICH FINAL LIEN WAIVERS HAVE BEEN RECEIVED,
85
SHALL EXCEED NINETY PERCENT (90%) (THE "RETAINAGE RELEASE THRESHOLD") OF THE
VALUE OF THE WORK PERFORMED AND MATERIALS FURNISHED AND INCORPORATED INTO THE
IMPROVEMENTS FROM TIME TO TIME UNTIL SUCH TIME AS FIFTY PERCENT (50%) OF SUCH
WORK HAS BEEN SATISFACTORILY COMPLETED (AS CERTIFIED BY THE INDEPENDENT
ARCHITECT), AT WHICH TIME THE RETAINAGE RELEASE THRESHOLD WITH RESPECT TO SUCH
WORK SHALL BE INCREASED TO NINETY‐FIVE PERCENT (95%), AND AT ALL TIMES THE
UNDISBURSED BALANCE OF SAID PROCEEDS TOGETHER WITH ALL AMOUNTS DEPOSITED,
BONDED, GUARANTEED OR OTHERWISE PROVIDED FOR PURSUANT TO SECTION 6.2.4(B)(II)
ABOVE, SHALL BE AT LEAST SUFFICIENT TO PAY FOR THE ESTIMATED COST OF COMPLETION
OF THE WORK; FINAL PAYMENT OF ALL PROCEEDS REMAINING WITH LENDER SHALL BE MADE
UPON RECEIPT BY LENDER OF A CERTIFICATION BY AN INDEPENDENT ARCHITECT, AS TO THE
COMPLETION OF THE WORK SUBSTANTIALLY IN ACCORDANCE WITH THE SUBMITTED PLANS AND
SPECIFICATIONS AND FINAL LIEN RELEASES, AS CERTIFIED PURSUANT TO A BORROWER'S
CERTIFICATE, AND DELIVERY OF A CERTIFICATE OF OCCUPANCY WITH RESPECT TO THE
WORK, OR, IF NOT APPLICABLE, A BORROWER'S CERTIFICATE TO THE EFFECT THAT A
CERTIFICATE OF OCCUPANCY IS NOT REQUIRED.
(B)
IF, AFTER THE WORK IS COMPLETED IN ACCORDANCE WITH THE
PROVISIONS HEREOF AND LENDER RECEIVES EVIDENCE THAT ALL COSTS OF COMPLETION HAVE
BEEN PAID, THERE ARE EXCESS PROCEEDS, LENDER SHALL, PROVIDED, NO EVENT OF
DEFAULT HAS OCCURRED AND IS CONTINUING, (I) IN THE EVENT SUCH PROCEEDS RELATE TO
A TAKING, APPLY SUCH EXCESS PROCEEDS WITH RESPECT TO SUCH TAKING OF THE PROPERTY
TO THE PAYMENT OR PREPAYMENT OF ALL OR ANY PORTION OF THE INDEBTEDNESS SECURED
HEREBY WITHOUT ANY PREPAYMENT PREMIUM OR PENALTY, AND ANY BALANCE THEREOF, SHALL
BE PAID TO BORROWER, AND (II) IN THE EVENT SUCH PROCEEDS RELATE TO A CASUALTY TO
THE PROPERTY, REMIT TO BORROWER SUCH EXCESS PROCEEDS WITH RESPECT TO SUCH
CASUALTY TO THE PROPERTY.
ARTICLE VII
IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS
SECTION 7.1
BORROWER TO PAY IMPOSITIONS AND OTHER CHARGES.
BORROWER SHALL PAY
ALL IMPOSITIONS NOW OR HEREAFTER LEVIED OR ASSESSED OR IMPOSED AGAINST THE
PROPERTY OR ANY PART THEREOF AND ALL OTHER CHARGES PRIOR TO THE IMPOSITION OF
ANY INTEREST, CHARGES OR EXPENSES FOR THE NON‐PAYMENT THEREOF, EXCEPT TO THE
EXTENT PROVISION IS MADE FOR PAYMENT THEREOF FROM THE TAX RESERVE ACCOUNT BY
LENDER IN THIS SECTION 7.1 AND SECTION 12.1.
BORROWER SHALL DELIVER TO LENDER
ANNUALLY, NO LATER THAN FIFTEEN (15) BUSINESS DAYS AFTER EACH OF THE SAME ARE
RECEIVED, ALL BILLS FOR IMPOSITIONS AND OTHER CHARGES ATTRIBUTABLE TO OR
AFFECTING THE PROPERTY OR BORROWER.
SUBJECT TO BORROWER'S RIGHT OF CONTEST SET
FORTH IN SECTION 7.3, AND TO THE EXTENT OF FUNDS AVAILABLE IN THE TAX RESERVE
ACCOUNT, LENDER,