EACH CHANGE ORDER (REGARDLESS OF WHETHER THE AMOUNT OF
SUCH CHANGE ORDER AND/OR ANY EXTENSION OF TIME WITH RESPECT THERETO HAS BEEN
AGREED TO AND REGARDLESS OF WHETHER WORK ON SUCH CHANGE ORDER HAS COMMENCED),
CERTIFIED BY BORROWER;
(2)
TITLE INSURANCE POLICY.
A MARKED COMMITMENT TO ISSUE A PAID
MORTGAGEE TITLE INSURANCE POLICY (THE "TITLE INSURANCE POLICY") FROM THE TITLE
INSURANCE COMPANIES, WHICH MARKED COMMITMENT SHALL BE SUBJECT ONLY TO THE
PERMITTED EXCEPTIONS, SHALL INSURE THE BUILDING LOAN MORTGAGE AS A VALID FIRST
LIEN ON THE APPLICABLE MORTGAGED PROPERTY AND SHALL BE IN THE AMOUNT OF THE
BUILDING LOAN AMOUNT (SUBJECT TO ANY PENDING DISBURSEMENTS CLAUSE) AND SHALL
CONTAIN SUCH COVERAGES, ENDORSEMENTS, RE-INSURANCE AND CO-INSURANCE AS THE AGENT
MAY REQUIRE;
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(3)
OTHER INSURANCE.
THE ORIGINAL OF ALL POLICIES WHICH SHALL BE IN
FORM AND CONTENT ACCEPTABLE TO AGENT AND AN INSURANCE CONSULTANT ACCEPTABLE TO
AGENT AND EVIDENCE FROM INSURANCE COMPANIES ACCEPTABLE TO AGENT INDICATING THAT
BORROWER'S ARCHITECTS, GENERAL CONTRACTOR AND ALL OTHER MAJOR CONTRACTORS AND
MAJOR SUBCONTRACTORS ARE COVERED BY PROFESSIONAL LIABILITY INSURANCE OR OTHER
LIABILITY INSURANCE, AS APPLICABLE, AS REQUIRED BY THE APPLICABLE CONTRACT;
(4)
EQUITY CONTRIBUTION.
ALL OF THE EQUITY CONTRIBUTION DOCUMENTS,
CERTIFIED BY FC MEMBER AND NYTC MEMBER;
(5)
EXTENSION LOAN.
IF NYTC GUARANTOR DOES NOT HAVE AN ACCEPTABLE
RATING AS OF THE CLOSING DATE, CASH OR A LETTER OF CREDIT IN AN AMOUNT AND (IN
THE CASE OF A LETTER OF CREDIT) IN THE FORM AND CONTAINING SUCH PROVISIONS AS
ARE ACCEPTABLE TO AGENT, AS SECURITY FOR THE EXTENSION LOAN;
(6)
LABOR AGREEMENT.
AN EXECUTED AND DELIVERED "NO STRIKES" AGREEMENT
BETWEEN BORROWER AND THE BUILDING & CONSTRUCTION TRADE COUNCIL OF GREATER
NEW YORK (THE "NO STRIKES AGREEMENT") IN FORM AND SUBSTANCE SATISFACTORY TO
AGENT;
(7)
ENVIRONMENTAL REPORT.
A PHASE I ENVIRONMENTAL SITE ASSESSMENT
PREPARED BY AN ENVIRONMENTAL CONSULTING OR ENGINEERING FIRM ACCEPTABLE TO AGENT
UPON WHICH AGENT IS EXPRESSLY ENTITLED TO RELY, A "CLOSE-OUT" LETTER RELATING TO
ASBESTOS ABATEMENT UPON WHICH AGENT IS EXPRESSLY ENTITLED TO RELY, AND IF
REQUESTED BY AGENT, A PHASE II ENVIRONMENTAL SITE ASSESSMENT, INDICATING IN EACH
CASE A CONDITION OF THE PREMISES IN ALL RESPECTS SATISFACTORY TO AGENT, AND UPON
WHICH AGENT IS EXPRESSLY ENTITLED TO RELY;
(8)
SURVEY.
THE SURVEY;
(9)
SUBMARKET ANALYSIS.
A SUBMARKET ANALYSIS, INCLUDING, WITHOUT
LIMITATION, POTENTIAL NEW CONSTRUCTION, RENTS, EXPENSES AND ABSORPTION
UNDERWRITTEN BY AGENT IN FORM AND SUBSTANCE SATISFACTORY TO AGENT;
(10)
GEOTECHNICAL UPDATES.
A GEOTECHNICAL REPORT FROM AN ENGINEERING
COMPANY SATISFACTORY TO AGENT, WHICH REPORT SHALL INDICATE A CONDITION OF THE
PREMISES IN ALL RESPECTS SATISFACTORY TO AGENT, AND UPON WHICH REPORT AGENT IS
EXPRESSLY ENTITLED TO RELY;
(11)
GOVERNMENTAL APPROVALS AND THIRD PARTY APPROVALS.
ALL GOVERNMENTAL
APPROVALS AND ALL OTHER THIRD PARTY CONSENTS AND APPROVALS NECESSARY FOR THE
VALID EXECUTION, DELIVERY AND PERFORMANCE BY ANY BORROWER ENTITY OF THIS
AGREEMENT OR THE OTHER BUILDING LOAN DOCUMENTS AND FOR THE CONSTRUCTION OF THE
PROJECT AS CONTEMPLATED BY THE
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PLANS AND SPECIFICATIONS, INCLUDING, WITHOUT LIMITATION, A BUILDING PERMIT TO
THE EXTENT