CASE OF ADVANCES DISBURSED IN ACCORDANCE
WITH SECTION 5.02(B)(II) HEREOF).
(I)
LIEN LAW.
TO THE EXTENT REQUIRED BY THE LIEN LAW, BORROWER SHALL
HAVE DELIVERED AN UPDATE TO THE LIEN LAW AFFIDAVIT, A NEW NOTICE OF LENDING AND
A NEW NOTICE OF ASSIGNMENT.
(J)
BORROWER LCS.
(I) THE BORROWER LCS SHALL BE IN FULL FORCE AND
EFFECT OR SHALL HAVE BEEN FULLY DRAWN UPON OR (II) TO THE EXTENT CLAUSE (I) IS
NOT THE CASE, THE APPROPRIATE BORROWER LC DEPOSIT SHALL HAVE BEEN MADE IN
ACCORDANCE WITH SECTION 7.54 HEREOF, AND, IF REQUESTED BY AGENT, REASONABLE
EVIDENCE OF CLAUSE (I) OR CLAUSE (II), AS APPLICABLE.
(K)
DELIVERIES TO THIRD PARTIES.
TO THE EXTENT NOT PREVIOUSLY
DELIVERED, EVIDENCE REASONABLY SATISFACTORY TO AGENT THAT BORROWER HAS COMPLIED
WITH ITS DELIVERY OBLIGATIONS SET FORTH IN SECTION 7.56 HEREOF.
(L)
ACCOUNTS.
BORROWER SHALL HAVE COMPLIED WITH ITS OBLIGATIONS
UNDER SECTION 7.57 HEREOF.
(M)
PROPERTY TAXES.
EITHER (I) LOT 15 SHALL HAVE BEEN SUBDIVIDED IN
ACCORDANCE WITH THE LAST SENTENCE OF SECTION 7.43 HEREOF, (II) ALL PROPERTY
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TAXES ASSESSED AGAINST LOT 15 THAT ARE THEN DUE AND PAYABLE SHALL HAVE BEEN PAID
IN FULL OR (III) THE TITLE CONTINUATION LETTER REFERRED TO IN SECTION 4.02(E)
SHALL NOT CONTAIN ANY EXCEPTIONS TO TITLE INSURANCE COVERAGE FOR PROPERTY TAXES
ASSESSED AGAINST LOT 15.
(N)
OTHER DOCUMENTS.
BORROWER SHALL HAVE DELIVERED SUCH OTHER
INFORMATION, DOCUMENTS AND CERTIFICATES AS AGENT OR ITS COUNSEL MAY REASONABLY
REQUIRE.
SECTION 4.03
Conditions of Final Construction Advance.
In addition to the
conditions set forth in Section 4.02 above, each Lender's obligation to make the
final Advance for NYTC Units Budget costs or for FC Units Budget costs, or for
the Loans, pursuant to this Agreement shall be subject to satisfaction of the
following additional conditions (unless waived by Agent in its sole discretion
(subject to Section 8.03) or unless all of the Indebtedness is being paid in
full at the time of the making of the final Advance):
(A)
COMPLETION.
WITH RESPECT TO THE FINAL ADVANCE FOR EITHER BUDGET,
FINAL COMPLETION OF THE APPLICABLE UNITS(S) SHALL HAVE OCCURRED OR WILL OCCUR
UPON THE MAKING OF SUCH ADVANCE.
(B)
FINAL SURVEY.
WITH RESPECT TO THE FINAL ADVANCE OF THE LOANS, IF
THEN PREPARED AND AVAILABLE, RECEIPT BY AGENT OF A FINAL SURVEY REASONABLY
ACCEPTABLE TO AGENT SHOWING THE AS BUILT LOCATION OF THE PROJECT (AND IF NOT SO
PREPARED AND AVAILABLE BORROWER HEREBY COVENANTS TO DELIVER SUCH SURVEY TO AGENT
WITHIN ONE HUNDRED AND TWENTY (120) DAYS AFTER THE DATE OF THE FINAL ADVANCE).
(C)
PAYMENT OF COSTS.
WITH RESPECT TO THE FINAL ADVANCE FOR EITHER
BUDGET, EVIDENCE REASONABLY SATISFACTORY TO AGENT THAT ALL PROJECT LOAN COSTS
AND BUILDING LOAN COSTS ALLOCABLE TO THE APPLICABLE UNITS HAVE BEEN PAID IN FULL
(OR WILL BE PAID OUT OF THE FUNDS REQUESTED TO BE ADVANCED) AND THAT NO PARTY
CLAIMS OR HAS A RIGHT TO CLAIM ANY STATUTORY OR COMMON LAW LIEN ARISING OUT OF
THE CONSTRUCTION OF SUCH UNITS OR THE SUPPLYING OF