PROCEEDING (OTHER THAN THE
"CONDEMNATION" AS DEFINED IN THE GROUND LEASE AND THE SEVERANCE SUBLEASES)
UNLESS AGENT SHALL HAVE RECEIVED (OR SHALL HAVE RECEIVED EVIDENCE REASONABLY
SATISFACTORY TO AGENT THAT AGENT WILL RECEIVE IN A TIMELY MANNER) NET PROCEEDS,
NET AWARDS OR PROCEEDS AND/OR A COMPLETION DEPOSIT SUFFICIENT IN THE REASONABLE
JUDGMENT OF AGENT TO EFFECT THE SATISFACTORY RESTORATION OF THE PROJECT,
"SUBSTANTIAL COMPLETION" (AS DEFINED IN THE GROUND LEASE) TO BE ACHIEVED BY NO
LATER THAN THE FIXED SUBSTANTIAL COMPLETION DATE (SUBJECT TO UNAVOIDABLE DELAY)
AND FINAL COMPLETION TO BE ACHIEVED NO LATER THAN THE MATURITY DATE, WHICH
RESTORATION SHALL BE GOVERNED BY THE TERMS OF THE BUILDING LOAN MORTGAGE.
(E)
RECEIPT BY AGENT AND CONSTRUCTION CONSULTANT.
AGENT AND
CONSTRUCTION CONSULTANT SHALL HAVE RECEIVED THE FOLLOWING AT LEAST 10 BUSINESS
DAYS PRIOR TO (OR, IN THE CASE OF CLAUSE (3), ON) THE REQUESTED ADVANCE DATE:
(1)
DRAW REQUEST.
A DRAW REQUEST (WHICH SHALL ALSO BE SUBMITTED TO
THE DISBURSEMENT AGENT, BUT ONLY TO THE EXTENT AGENT HAS INFORMED BORROWER THAT
THE ADVANCE IN QUESTION WILL BE ADVANCED BY DISBURSEMENT AGENT PURSUANT TO
SECTION 5.02(B) HEREOF) SPECIFYING THE DATE PROPOSED FOR SUCH ADVANCE, WHICH
DATE MUST BE A BUSINESS DAY (THE "REQUESTED ADVANCE DATE");
(2)
SCHEDULE OF OTHER FUNDING SOURCES.
IF APPLICABLE, A STATEMENT AS
TO THE AMOUNT OF BUILDING LOAN COSTS AND PROJECT LOAN COSTS INTENDED TO BE PAID
OR FUNDED ON THE REQUESTED ADVANCE DATE WITH OTHER FUNDS;
(3)
TITLE CONTINUATION LETTER.
A CONTINUATION LETTER WITH RESPECT TO
THE TITLE INSURANCE POLICY THERETOFORE DELIVERED, WHICH CONTINUATION LETTER
SHALL BE SUBSTANTIALLY IN THE FORM REQUIRED BY THE CONSTRUCTION LOAN
DISBURSEMENT AGREEMENT AND SHALL SHOW NO EXCEPTIONS TO TITLE OTHER THAN
PERMITTED EXCEPTIONS;
57
(4)
LIEN WAIVERS.
DULY EXECUTED LIEN WAIVERS IN SUBSTANTIALLY THE
FORM SET FORTH IN EXHIBIT L HERETO (OR SUCH OTHER FORM AS MAY BE REASONABLY
APPROVED BY AGENT) FROM ALL LIEN WAIVER PARTIES FOR WORK PERFORMED, AND FOR
GOODS, LABOR, MATERIALS AND/OR SERVICES SUPPLIED, THROUGH THE LAST DAY OF THE
PERIOD COVERED BY THE DRAW REQUEST, EXCEPT (A) THAT IN THE CASE OF WORK
PERFORMED AND GOODS, LABOR, MATERIALS AND/OR SERVICES SUPPLIED FOR WHICH PAYMENT
THEREOF IS REQUESTED, SUCH DULY EXECUTED LIEN WAIVERS MAY BE CONDITIONED ON SUCH
PAYMENT, (B) FOR ANY RETAINAGE WHICH IS ALLOWED TO BE DEDUCTED IN ACCORDANCE
WITH THE TERMS HEREOF AND (C) TO THE EXTENT THAT AGENT HAS AGREED TO ACCEPT
PARTIAL LIEN WAIVERS IN ACCORDANCE WITH THE STANDARDS SET FORTH IN THE SECOND
SENTENCE OF SECTION 4.01(Q);
(5)
ARCHITECT'S AND GENERAL CONTRACTOR'S CERTIFICATES.
A GENERAL
CONTRACTOR'S CERTIFICATE FROM THE GENERAL CONTRACTOR AND AN ARCHITECT'S
CERTIFICATE FROM THE LEAD ARCHITECT;
(6)
PAYMENT AND PERFORMANCE BONDS.
PAYMENT AND PERFORMANCE BONDS
COVERING (I) ALL HARD COST CONTRACTS WITH CONTRACT PRICES EQUAL TO OR IN EXCESS
OF $500,000.00, AFTER TAKING INTO ACCOUNT ALL AMENDMENTS THERETO AND CHANGE
ORDERS AND (II) TO THE EXTENT NOT COVERED BY THE FOREGOING CLAUSE (I), AT LEAST
70% OF THE HARD COSTS (CLAUSES (I) AND (II) COLLECTIVELY, "PAYMENT