CONTRACT, IN THE FORM REQUIRED HEREUNDER AND
OTHERWISE REASONABLY ACCEPTABLE TO LENDER AND CONSTRUCTION CONSULTANT.
(L)
GOVERNMENTAL APPROVALS.
A TRUE, CORRECT AND COMPLETE COPY OF ALL
GOVERNMENTAL APPROVALS NECESSARY FOR THE CONSTRUCTION OF THE PROJECT
IMPROVEMENTS AS CONTEMPLATED BY THE PLANS AND SPECIFICATIONS, INCLUDING, WITHOUT
LIMITATION, A FINAL NON-APPEALABLE BUILDING PERMIT FOR THE PROJECT WITH NO
CONDITIONS THERETO, AND ALL RELEVANT CONSTRUCTION PERMITS, LICENSES AND
APPROVALS, HAVE BEEN OBTAINED AND SHALL HAVE BEEN DELIVERED TO LENDER AND
APPROVED BY LENDER AND CONSTRUCTION CONSULTANT.
(M)
SHORTFALL.
LENDER SHALL HAVE RECEIVED EVIDENCE REASONABLY
SATISFACTORY TO LENDER THAT NO SHORTFALL SHALL EXIST.
(N)
TITLE POLICY.
LENDER SHALL HAVE RECEIVED THE TITLE INSURANCE
POLICY, TOGETHER WITH EVIDENCE OF COINSURANCE AND REINSURANCE DIRECT ACCESS
ARRANGEMENTS AS LENDER SHALL REASONABLY REQUIRE.
(O)
INSURANCE.
LENDER SHALL HAVE RECEIVED TRUE, CORRECT AND COMPLETE
POLICIES OF ALL INSURANCE REQUIRED TO BE MAINTAINED PURSUANT TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR OTHER EVIDENCE OF SUCH INSURANCE ACCEPTABLE TO
LENDER IN ITS REASONABLE DISCRETION.
83
(P)
ZONING AND BUILDING CODES.
LENDER SHALL HAVE RECEIVED EVIDENCE
REASONABLY ACCEPTABLE TO LENDER (INCLUDING, WITHOUT LIMITATION, LETTERS FROM
APPLICABLE GOVERNMENTAL AUTHORITIES, OPINIONS FROM ZONING COUNSEL AND
CERTIFICATIONS FROM THE ARCHITECT) THAT THE PROJECT DOES AND WILL COMPLY WITH
ALL APPLICABLE ZONING, SUBDIVISION, LAND USE, PARKING, ENVIRONMENTAL AND
BUILDING STATUTES, CODES, ORDINANCES, REGULATIONS, VARIANCES AND SPECIAL
REGULATIONS.
(Q)
MATERIAL ADVERSE EFFECT.
NO EVENT OR CIRCUMSTANCES SHALL EXIST
WHICH IS REASONABLY LIKELY TO HAVE A MATERIAL ADVERSE EFFECT.
(R)
TAXES.
LENDER SHALL HAVE RECEIVED EVIDENCE REASONABLY
SATISFACTORY TO LENDER THAT BORROWER HAS PAID AN AMOUNT OF TAXES NECESSARY TO
MAKE THE SECURITY INSTRUMENT AND OTHER LOAN DOCUMENTS CREATING AND/OR PERFECTING
THE LIENS ON THE PROPERTY VALID AND ENFORCEABLE UP TO THE THEN APPLICABLE LOAN
AMOUNT AND INCLUDING THE AMOUNT OF SUCH PROJECT ADVANCE.
3.1.8.
CONDITIONS TO SUBSEQUENT PROJECT ADVANCES.
LENDER SHALL NOT BE
OBLIGATED TO MAKE ANY ADVANCE SUBSEQUENT TO THE INITIAL PROJECT ADVANCE, UNLESS
THE FOLLOWING CONDITIONS ARE SATISFIED (OR OTHERWISE WAIVED BY LENDER IN ITS
SOLE AND ABSOLUTE DISCRETION):
(A)
UPDATES TO CONDITIONS FOR INITIAL ADVANCE.
TO THE EXTENT THAT
SINCE THE DATE OF THE IMMEDIATELY PRIOR PROJECT ADVANCE, BORROWER HAS ENTERED
INTO ANY NEW (OR AMENDED ANY EXISTING) PROJECT DOCUMENTS, ARCHITECT AGREEMENTS,
DEVELOPER AGREEMENTS, CONSTRUCTION MANAGER AGREEMENTS, GENERAL CONTRACTOR
AGREEMENTS, ENGINEER AGREEMENTS OR MAJOR TRADE CONTRACTS WITH RESPECT TO THE
PROJECT, LENDER SHALL HAVE RECEIVED TRUE, CORRECT AND COMPLETE COPIES OF SUCH
DOCUMENTS, AGREEMENTS AND/OR AMENDMENTS, IN EACH CASE IN FORM AND SUBSTANCE
REASONABLY ACCEPTABLE TO LENDER AND CONSTRUCTION CONSULTANT IF AND ONLY IF
LENDER HAS APPROVAL RIGHTS WITH RESPECT THERETO UNDER THE TERMS OF THIS
AGREEMENT, AND ANY NEW ARCHITECT, DEVELOPER, CONSTRUCTION MANAGER, GENERAL
CONTRACTOR, ENGINEER OR MAJOR TRADE CONTRACTOR SHALL HAVE DELIVERED TO LENDER A
DULY EXECUTED AND COMPLETED ARCHITECT CONSENT, DEVELOPER CONSENT, CONSTRUCTION
MANAGER CONSENT, GENERAL CONTRACTOR CONSENT, ENGINEER CONSENT AND/OR MAJOR TRADE
CONTRACTOR CONSENT, AS APPLICABLE.
BORROWER SHALL HAVE ALSO UPDATED THE LIST OF
TRADE CONTRACTS SET FORTH IN SECTION 3.1.7(J), IF APPLICABLE.
(B)
REPRESENTATIONS AND WARRANTIES.