MANAGER AND/OR GENERAL CONTRACTOR TO THE PERSONS WITH RESPECT TO WHOM SUCH
ADVANCE WAS DISBURSED AND OTHERWISE IN ACCORDANCE WITH THIS AGREEMENT; AND
(IX)
SUCH OTHER INFORMATION AND DOCUMENTS AS MAY BE REASONABLY
REQUESTED OR REQUIRED BY LENDER OR CONSTRUCTION CONSULTANT WITH RESPECT TO THE
PROJECT COSTS COVERED BY SUCH PROJECT ADVANCE REQUEST.
(C)
PROCEDURE OF ADVANCES.
IF BORROWER SHALL HAVE COMPLIED WITH THE
PROVISIONS OF THIS SECTION 3.1.6, LENDER SHALL MAKE THE REQUESTED PROJECT
ADVANCE AVAILABLE TO BORROWER ON THE ADVANCE DATE SET FORTH IN THE APPLICABLE
PROJECT ADVANCE REQUEST IN ACCORDANCE WITH THE TERMS OF THIS SECTION 3.1.6(C).
(I)
EACH PROJECT ADVANCE SHALL BE MADE BY LENDER BY WIRE TRANSFER TO
THE CONSTRUCTION DISBURSEMENT ACCOUNT.
ALL PROCEEDS OF ALL PROJECT ADVANCES
SHALL BE USED BY BORROWER ONLY FOR THE PURPOSES FOR WHICH SUCH PROJECT ADVANCES
WERE MADE AND BORROWER SHALL NOT COMMINGLE PROJECT ADVANCE PROCEEDS WITH ANY
OTHER FUNDS OF BORROWER OR ITS AFFILIATES.
(II)
NO PROJECT ADVANCE BY LENDER SHALL BE DEEMED TO BE AN APPROVAL OR
ACCEPTANCE BY LENDER OR THE CONSTRUCTION CONSULTANT OF ANY WORK PERFORMED
THEREON OR THE MATERIALS FURNISHED WITH RESPECT THERETO.
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(III)
NO PROJECT ADVANCE BY LENDER SHALL CONSTITUTE A WAIVER OF ANY OF
THE CONDITIONS TO MAKE FURTHER PROJECT ADVANCES SET FORTH HEREIN.
3.1.7.
CONDITIONS TO THE INITIAL PROJECT ADVANCE.
WITH RESPECT TO ANY
PROJECT, THE OBLIGATION OF LENDER TO MAKE ANY INITIAL PROJECT ADVANCE SHALL BE
SUBJECT TO THE FOLLOWING CONDITIONS PRECEDENT, EACH OF WHICH SHALL BE COMPLETED
TO LENDER'S REASONABLE SATISFACTION (OR OTHERWISE WAIVED BY LENDER IN ITS SOLE
AND ABSOLUTE DISCRETION):
(A)
PROJECT ADVANCE REQUEST.
BORROWER SHALL HAVE DELIVERED PROJECT
ADVANCE REQUEST COMPLYING WITH THE PROVISIONS OF THIS AGREEMENT AND ATTACHING
ALL DELIVERIES, CERTIFICATES AND OTHER DOCUMENTATION REQUIRED HEREUNDER.
(B)
LOAN DOCUMENTS.
THE LOAN DOCUMENTS, IN FORM AND SUBSTANCE
SATISFACTORY TO THE LENDER, SHALL HAVE BEEN DULY EXECUTED, AS NECESSARY, AND
DELIVERED BY THE PARTIES THERETO AND SHALL BE IN FULL FORCE AND EFFECT, AND
LENDER SHALL HAVE RECEIVED THE ORIGINALS OR FULLY EXECUTED COUNTERPARTS THEREOF.
(C)
PAYMENT OF FEES.
BORROWER SHALL HAVE PAID, OR CAUSED TO BE PAID,
ALL FEES AND EXPENSES REQUIRED BY THE LOAN DOCUMENTS, TO THE EXTENT THEN DUE AND
PAYABLE.
(D)
PROJECT DOCUMENTS.
LENDER SHALL HAVE RECEIVED A TRUE, CORRECT AND
COMPLETE COPY OF THE PROJECT PLAN, THE PLANS AND SPECIFICATIONS, THE PROJECT
BUDGET, THE CONSTRUCTION SCHEDULE AND THE DISBURSEMENT SCHEDULE, IN EACH CASE IN
FORM AND SUBSTANCE REASONABLY ACCEPTABLE TO LENDER AND CONSTRUCTION CONSULTANT.
LENDER SHALL HAVE RECEIVED A TRUE, CORRECT AND COMPLETE COPY OF ALL OTHER
PROJECT DOCUMENTS THEN IN PLACE FOR THE PROJECT, EACH IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO LENDER.
FOR THE PURPOSES OF THE FOREGOING, LENDER
HEREBY CONFIRMS ITS APPROVAL OF THE PROJECT PLAN, AND OTHER PROJECT DOCUMENTS,
RELATING TO THE RENOVATION PROJECT, TO THE EXTENT AND IN THE FORM DELIVERED TO
LENDER PRIOR TO THE DATE HEREOF.
(E)
ARCHITECT AGREEMENT.
LENDER SHALL HAVE RECEIVED A TRUE, CORRECT
AND COMPLETE COPY OF EACH ARCHITECT AGREEMENT