ACTION BY BORROWER IN A TIMELY MANNER TO INSURE COMPLETION OF THE
IMPROVEMENTS WITHIN THE CONSTRUCTION SCHEDULE AND IN ALL EVENTS BY THE
COMPLETION DATE.
BORROWER SHALL NOT MATERIALLY MODIFY OR TERMINATE THE GENERAL
CONTRACT OR ANY OF THE MAJOR CONTRACTS WITHOUT THE PRIOR WRITTEN APPROVAL OF
LENDER, WHICH APPROVAL SHALL NOT BE UNREASONABLY WITHHELD.
53
PROMPTLY FOLLOWING ITS EXECUTION OR MODIFICATION THEREOF, BORROWER SHALL FURNISH
LENDER WITH A COPY OF EACH CONSTRUCTION CONTRACT OR MODIFICATION THEREOF.
PROMPTLY FOLLOWING ITS RECEIPT THEREOF, BORROWER SHALL FURNISH LENDER WITH A
COPY OF ANY MATERIAL NOTICE RECEIVED OR DELIVERED BY BORROWER IN RESPECT OF THE
CONSTRUCTION CONTRACTS, INCLUDING, WITHOUT LIMITATION, ANY NOTICE OF DEFAULT.
(I)
SUBSEQUENT DEVELOPMENT MATTERS.
BORROWER SHALL NOT, SUBSEQUENT TO THE
EFFECTIVE DATE, ENTER INTO EASEMENTS, COVENANTS OR AGREEMENTS REGARDING OR
AFFECTING TITLE TO THE LAND OR THE PROJECT OR THE ZONING, SUBDIVISION OR LAND
USE CLASSIFICATION OF THE LAND WITHOUT THE PRIOR WRITTEN CONSENT OF LENDER,
WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD WITH RESPECT TO EASEMENTS,
COVENANTS AND AGREEMENTS REASONABLY REQUIRED TO EFFECT THE DEVELOPMENT OF THE
PROJECT FOR THE USES INTENDED BY THIS AGREEMENT.
(J)
CERTIFICATE OF OCCUPANCY.
BORROWER SHALL OBTAIN A CERTIFICATE OF
OCCUPANCY FOR ALL OF THE UNITS BY NO LATER THAN THE THIRD (3RD) ANNIVERSARY OF
THE EFFECTIVE DATE.
(K)
[INTENTIONALLY DELETED].
(L)
PAYMENT OF TAXES.
BORROWER SHALL PAY ALL REAL ESTATE TAXES AND
ASSESSMENTS AND CHARGES OF EVERY KIND UPON THE PROJECT BEFORE THE SAME BECOME
DELINQUENT, PROVIDED, HOWEVER, THAT BORROWER MAY PAY SUCH TAX UNDER PROTEST OR
TO OTHERWISE CONTEST ANY SUCH TAX OR ASSESSMENT, BUT ONLY IF (I) SUCH CONTEST
HAS THE EFFECT OF PREVENTING THE COLLECTION OF SUCH TAXES SO CONTESTED AND ALSO
OF PREVENTING THE SALE OR FORFEITURE OF THE PROJECT OR ANY PART THEREOF OR ANY
INTEREST THEREIN, (II) BORROWER HAS NOTIFIED LENDER OF BORROWER'S INTENT TO
CONTEST SUCH TAXES, AND (III) BORROWER HAS DEPOSITED SECURITY FOR THE PAYMENT OF
CONTESTED TAXES IN FORM AND AMOUNT SATISFACTORY TO LENDER.
IF BORROWER FAILS TO
COMMENCE SUCH CONTEST OR, HAVING COMMENCED TO CONTEST THE SAME, THEREAFTER FAILS
TO PROSECUTE SUCH CONTEST IN GOOD FAITH OR WITH DUE DILIGENCE, OR, UPON ADVERSE
CONCLUSION OF ANY SUCH CONTEST, SHALL FAIL TO PAY SUCH TAX, ASSESSMENT OR
CHARGE, LENDER MAY, AT ITS ELECTION (BUT SHALL NOT BE REQUIRED TO), PAY AND
DISCHARGE ANY SUCH TAX, ASSESSMENT OR CHARGE, AND ANY INTEREST OR PENALTY
THEREON, AND ANY AMOUNTS SO EXPENDED IN EXCESS OF ANY SECURITY POSTED BY
BORROWER SHALL BE ADDED TO THE DEBT.
BORROWER SHALL FURNISH LENDER WITH
EVIDENCE THAT TAXES ARE PAID AT LEAST TEN (10) DAYS PRIOR TO THE LAST DATE FOR
PAYMENT OF SUCH TAXES AND BEFORE IMPOSITION OF ANY PENALTY OR ACCRUAL OF
INTEREST.
NOTWITHSTANDING THE FOREGOING, LENDER SHALL NOT ASSERT A DEFAULT FOR
FAILURE TO PAY REAL ESTATE TAXES, PROVIDED THAT (X) THERE EXISTS NO EVENT OF
DEFAULT AND (Y) ADEQUATE FUNDS FOR THE PAYMENT OF REAL ESTATE TAXES EXIST IN THE
TAX ESCROW FUND.
(M)
TAX