CONSTRUCTION SCHEDULE, SUCH UPDATE MUST BE ACCOMPANIED BY EVIDENCE
REASONABLY SATISFACTORY TO AGENT THAT SUCH CHANGE DOES NOT MAKE IT LIKELY THAT
BORROWER WILL FAIL TO ACHIEVE "SUBSTANTIAL COMPLETION" (AS DEFINED IN THE GROUND
LEASE) BY THE FIXED SUBSTANTIAL COMPLETION DATE (SUBJECT TO UNAVOIDABLE DELAY)
AND FINAL COMPLETION BY THE MATURITY DATE;
(12)
GOVERNMENTAL AND THIRD PARTY APPROVALS.
TO THE EXTENT NOT
PREVIOUSLY DELIVERED, ALL GOVERNMENTAL APPROVALS AND ALL OTHER THIRD PARTY
CONSENTS AND APPROVALS NECESSARY FOR THE PROJECT AS CONTEMPLATED BY THE PLANS
AND SPECIFICATIONS, INCLUDING, WITHOUT LIMITATION, A BUILDING PERMIT; AND
(13)
STORED MATERIALS.
THE LETTER REFERRED TO IN SECTION 3.04(C)
HEREOF, TO THE EXTENT THAT SUCH ADVANCE INCLUDES LOAN PROCEEDS FOR STORED
MATERIALS, BUT ONLY IF BORROWER SHALL HAVE ACQUIRED STORED MATERIALS THAT ARE
NOT SUBJECT TO ANY PREVIOUS LETTER DELIVERED TO AGENT PURSUANT TO SAID SECTION.
(F)
MATERIAL CONTRACTS; LEASES.
AGENT SHALL HAVE RECEIVED TRUE,
CORRECT AND COMPLETE PHOTOCOPIES OF ALL MATERIAL CONTRACTS AND LEASES IN EFFECT
ON THE DATE OF THE DRAW REQUEST, TO THE EXTENT NOT PREVIOUSLY DELIVERED TO
AGENT, CERTIFIED BY BORROWER OR THE BORROWER ENTITY WHICH IS A PARTY THERETO.
EACH SUCH MATERIAL CONTRACT SHALL HAVE BEEN APPROVED BY AGENT IN ACCORDANCE WITH
SECTION 7.13 HEREOF; AND A CONSENT
60
TO THE COLLATERAL ASSIGNMENT OF ANY MATERIAL CONTRACT, IF REQUESTED BY AGENT, IN
FORM AND SUBSTANCE REASONABLY SATISFACTORY TO AGENT, SHALL BE DELIVERED TO
AGENT, TO THE EXTENT NOT PREVIOUSLY DELIVERED TO AGENT.
(G)
EVIDENCE OF SUFFICIENCY OF FUNDS; CONSTRUCTION CONSULTANT
APPROVAL.
EACH BUDGET SHALL BE IN BALANCE.
AGENT SHALL HAVE RECEIVED WRITTEN
CERTIFICATION FROM THE CONSTRUCTION CONSULTANT TO THE EFFECT THAT IN ITS
REASONABLE OPINION THE CONDITION SET FORTH IN THE IMMEDIATELY PRECEDING SENTENCE
HAS BEEN SATISFIED; THAT THE WORK THERETOFORE COMPLETED WAS COMPLETED TO ITS
SATISFACTION SUBSTANTIALLY IN ACCORDANCE WITH THE PLANS AND SPECIFICATIONS AND
IN ACCORDANCE WITH ALL LEGAL REQUIREMENTS; THAT "SUBSTANTIAL COMPLETION" (AS
DEFINED IN THE GROUND LEASE) SHALL BE ACHIEVABLE BY THE FIXED SUBSTANTIAL
COMPLETION DATE (SUBJECT TO UNAVOIDABLE DELAY) AND FINAL COMPLETION SHALL BE
ACHIEVABLE BY THE MATURITY DATE; AS A CONDITION TO THE INITIAL ADVANCE ONLY,
THAT BORROWER SHALL BE ABLE TO COMMENCE INITIAL CONSTRUCTION (AS DEFINED IN THE
GROUND LEASE) OF TENANT'S CONSTRUCTION WORK (AS DEFINED IN THE GROUND LEASE) BY
THE FIXED CONSTRUCTION COMMENCEMENT DATE (AS DEFINED IN THE GROUND LEASE)
(SUBJECT TO UNAVOIDABLE DELAY); AND THAT EACH BUDGET AND EACH LINE ITEM THEREOF
IS THE BEST REASONABLE PROJECTION OF ALL REMAINING BUILDING LOAN COSTS AND
PROJECT LOAN COSTS AND ALL REMAINING COSTS COVERED BY EACH LINE ITEM, AS
APPLICABLE.
SUCH CERTIFICATION SHALL ALSO COVER SUCH OTHER INFORMATION AS AGENT
MAY FROM TIME TO TIME REASONABLY REQUEST.
(H)
OTHER FUNDING SOURCES.
NO LATER THAN 11:00 A.M. (NEW YORK CITY
TIME) ON THE REQUESTED ADVANCE DATE, ALL OTHER FUNDS COVERED BY THE STATEMENT
DESCRIBED IN SECTION 4.02(E)(2) HEREOF SHALL HAVE BEEN RECEIVED BY AGENT (IN THE
CASE OF ADVANCES DISBURSED IN ACCORDANCE WITH SECTION 5.02(B)(I) HEREOF) OR
RECEIVED BY DISBURSEMENT AGENT (IN THE