CONDITIONS IN THIS SECTION 9.1;
(B)
BORROWER DELIVERS TO LENDER A REQUISITION, DULY EXECUTED BY THE
AUTHORIZED REPRESENTATIVE;
(C)
BORROWER DELIVERS TO LENDER SUCH INVOICES, CONTRACTS OR OTHER
INFORMATION AS LENDER MAY REASONABLY REQUIRE TO EVIDENCE THAT BORROWER HAS
INCURRED ALL COSTS COVERED BY THE REQUEST FOR DISBURSEMENT;
(D)
BORROWER DELIVERS TO LENDER AN EXECUTED, ACKNOWLEDGED LIEN WAIVER FROM
EACH SUBCONTRACTOR IN RESPECT OF ALL HARD COSTS COVERED BY THE PRIOR
DISBURSEMENT OF THE LOAN;
(E)
BORROWER DELIVERS TO LENDER PAID RECEIPTS OR OTHER PROOF OF PAYMENT OF
ALL SOFT COSTS COVERED BY THE PRIOR DISBURSEMENT OF THE LOAN;
(F)
BORROWER DELIVERS TO LENDER AN ENDORSEMENT TO THE TITLE POLICY THOUGH
THE DATE OF THE DISBURSEMENT, CONFIRMING THE FIRST PRIORITY LIEN POSITION OF THE
MORTGAGE, SUBJECT ONLY TO THE PERMITTED EXCEPTIONS;
(G)
BORROWER DELIVERS TO LENDER SUCH OTHER INSTRUMENTS, DOCUMENTS AND
INFORMATION AS LENDER OR TITLE INSURER MAY REASONABLY REQUEST;
(H)
CONSENT FROM THE ARCHITECT TO THE COLLATERAL ASSIGNMENT BY BORROWER TO
LENDER OF THE ARCHITECT'S AGREEMENT AND THE PLANS AND SPECIFICATIONS IN RESPECT
OF THE PROJECT;
(I)
BORROWER SHALL HAVE MADE OR SHALL SIMULTANEOUSLY MAKE AN EQUITY
CONTRIBUTION THAT COMPLIES WITH THE EQUITY REQUIREMENT CONDITIONS, FOR PAYMENT
OF EXPENSES INCLUDED IN THE CONSTRUCTION BUDGET IN AN AMOUNT EQUAL TO FORTY
PERCENT (40%) OF THE TOTAL HARD COSTS AND SOFT COSTS INCURRED THROUGH THE DATE
OF THE REQUESTED DISBURSEMENT;
AND
(J)
BORROWER SHALL HAVE UTILIZED ALL AVAILABLE CONTRACT DEPOSITS.
36
Each disbursement shall be made approximately ten (10) days after Borrower's
satisfaction of all of the foregoing conditions to the making of such
disbursement, except for the Initial Advance which shall be made at Closing.
SECTION 9.2
BUILDING PERMIT.
NOTWITHSTANDING SECTION 9.1 OR ANY
OTHER PROVISION TO THE CONTRARY IN THIS AGREEMENT, INCLUDING, WITHOUT
LIMITATION, ARTICLE X, LENDER SHALL NOT BE OBLIGATED TO MAKE ANY FURTHER
DISBURSEMENTS OF LOAN PROCEEDS SUBSEQUENT TO THE INITIAL ADVANCE UNLESS AND
UNTIL THE BUILDING PERMITS FOR THE RESIDENTIAL CONDOMINIUM UNITS AND FRACTIONAL
OWNERSHIP UNITS HAVE BEEN ISSUED.
UPON ISSUANCE OF THE BUILDING PERMIT FOR THE
RESIDENTIAL CONDOMINIUM UNITS AND FRACTIONAL OWNERSHIP UNITS, LENDER SHALL MAKE
ADDITIONAL DISBURSEMENTS TO BORROWER OF LOAN PROCEEDS SUBJECT TO THE
SATISFACTION OF THE OTHER CONDITIONS SET FORTH IN THIS AGREEMENT; PROVIDED,
HOWEVER, THAT NOTWITHSTANDING SECTION 9.1(I) AND SECTION 13.1(L), BORROWER SHALL
NOT BE OBLIGATED TO MAKE ANY ADDITIONAL EQUITY CONTRIBUTIONS UNTIL SUCH TIME AS
LENDER HAS DETERMINED THAT A DISBURSEMENT BY LENDER WOULD OTHERWISE RESULT IN
THE RATIO OF THE AMOUNT OF EQUITY CONTRIBUTED TO THE PROJECT BY BORROWER
(EXCLUDING BY APPLICATION OF CONTRACT DEPOSITS) FOR PAYMENT OF HARD COSTS AND
SOFT COSTS PROVIDED IN THE CONSTRUCTION BUDGET TO THE TOTAL LOAN PROCEEDS
ADVANCED BY LENDER BEING LESS THAN 40% OF EQUITY TO 60% OF LOAN PROCEEDS.
SECTION 9.3
PRE-SALES REQUIREMENT.
LENDER'S OBLIGATION TO DISBURSE
LOAN PROCEEDS IN EXCESS OF $85,000,000 SHALL BE CONDITIONED ON LENDER'S RECEIPT
OF EXECUTED, ENFORCEABLE QUALIFYING CONTRACTS OF SALE WITH AN AGGREGATE SALES
PRICE EQUAL TO OR EXCEEDING TWO HUNDRED EIGHTY-FIVE MILLION AND