collectively, including any successors and assigns, "Lenders").
All capitalized terms not defined herein shall have the meanings ascribed to
them in the Loan Agreements.
Ladies and Gentlemen:
In accordance with the Loan Agreements, Borrower desires to obtain an advance of
($
) (the "Building Loan Advance") and an advance
of
($
) (the "Project Loan Advance"; together with the
Building Loan Advance, the "Advances" and individually, an "Advance") on
(the "Requested Advance Date") as follows:
$
on
account of Building Loan Costs for the FC Units, $
on account of
Building
(1)
Copies of the Draw Request do not need to go to the Disbursement
Agent unless Agent has made the election under Section 5.03(b)(ii) of the
Building Loan Agreement.
LOAN COSTS FOR THE NYTC UNITS, $
ON ACCOUNT OF PROJECT LOAN COSTS FOR
THE FC UNITS, AND $
ON ACCOUNT OF PROJECT LOAN COSTS FOR THE NYTC
UNITS.
SUCH ALLOCATIONS (A) ARE MORE PARTICULARLY SET FORTH ON THE ATTACHMENTS
TO THE SWORN OWNER'S AFFIDAVIT WHICH IS ATTACHED HERETO AND (B) HAVE BEEN
PREPARED IN ACCORDANCE WITH THE COST ALLOCATION METHODOLOGY.
IN ORDER TO INDUCE
LENDERS TO MAKE EACH ADVANCE, BORROWER HEREBY REPRESENTS AND WARRANTS THE
FOLLOWING TO AGENT AND LENDERS:
1.
THE PERIOD COVERED BY THIS DRAW REQUEST IS
.
2.
THE IMPROVEMENTS HAVE NOT BEEN INJURED OR DAMAGED BY FIRE,
EXPLOSION, ACCIDENT, FLOOD OR OTHER CASUALTY EXCEPT:
.
3.
ALL BUILDING LOAN COSTS AND PROJECT LOAN COSTS FOR THE PAYMENT OF
WHICH LENDERS HAVE PREVIOUSLY ADVANCED FUNDS HAVE IN FACT BEEN PAID AND ALL SUCH
PRIOR ADVANCES HAVE BEEN USED FOR THE PURPOSES REQUESTED THEREFOR EXCEPT AS
FOLLOWS:
.
4.
THE SUBJECT ADVANCES SHALL BE USED FOR THE PURPOSES SET FORTH IN
THE SWORN OWNER'S STATEMENT ATTACHED HERETO.
5.
NO BORROWER ENTITY HAS ANY DEFENSES TO OR OFFSETS AGAINST THE
PAYMENT OF ANY AMOUNTS DUE TO AGENT AND/OR ANY LENDER UNDER OR IN CONNECTION
WITH THE LOAN DOCUMENTS, OR DEFENSES, CLAIMS OR COUNTERCLAIMS AGAINST THE
PAYMENT AND PERFORMANCE OF ANY OF THEIR RESPECTIVE OBLIGATIONS UNDER THE LOAN
DOCUMENTS.
BORROWER IS AUTHORIZED TO MAKE THIS REPRESENTATION ON BEHALF OF ALL
OF THE OTHER BORROWER ENTITIES.
6.
THE AMOUNT OF EACH ADVANCE (EXCEPT IF SUCH ADVANCE IS THE FINAL
ADVANCE) EQUALS AT LEAST FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00).
NO
OTHER DRAW REQUEST HAS BEEN SUBMITTED IN THIS CALENDAR MONTH AND THE MOST RECENT
DRAW REQUEST WAS SUBMITTED AT LEAST FIFTEEN (15) DAYS PRIOR TO THE DATE HEREOF.
THE TOTAL OF ALL PREVIOUS ADVANCES MADE UNDER THE BUILDING LOAN AND THE PROJECT
LOAN, TOGETHER WITH THE SUBJECT ADVANCES, IS SHOWN ON THE ATTACHMENTS HERETO.
THE TOTAL OF ALL PREVIOUS ADVANCES UNDER THE BUILDING LOAN AGREEMENT AND UNDER
THE PROJECT LOAN AGREEMENT ALLOCABLE TO THE MAXIMUM AMOUNT - FC, TOGETHER WITH
THAT PORTION OF THE SUBJECT ADVANCE ALLOCABLE TO THE MAXIMUM AMOUNT - FC, DOES NOT
EXCEED THE MAXIMUM AMOUNT - FC.
THE TOTAL OF ALL PREVIOUSLY REQUESTED ADVANCES
UNDER THE BUILDING LOAN AGREEMENT AND UNDER THE PROJECT LOAN AGREEMENT ALLOCABLE
TO THE MAXIMUM AMOUNT - NYTC,