PRECEDING SENTENCE HAS BEEN SATISFIED; THAT THE WORK THERETOFORE COMPLETED WAS
COMPLETED TO ITS SATISFACTION SUBSTANTIALLY IN ACCORDANCE WITH THE PLANS AND
SPECIFICATIONS AND IN ACCORDANCE WITH ALL LEGAL REQUIREMENTS; THAT "SUBSTANTIAL
COMPLETION" (AS DEFINED IN THE GROUND LEASE) SHALL BE ACHIEVABLE BY THE FIXED
SUBSTANTIAL COMPLETION DATE (SUBJECT TO UNAVOIDABLE DELAY) AND FINAL COMPLETION
SHALL BE ACHIEVABLE BY THE MATURITY DATE; AS A CONDITION TO THE INITIAL ADVANCE
ONLY, THAT BORROWER SHALL BE ABLE TO COMMENCE INITIAL CONSTRUCTION (AS DEFINED
IN THE GROUND LEASE) OF TENANT'S CONSTRUCTION WORK (AS DEFINED IN THE GROUND
LEASE) BY THE FIXED CONSTRUCTION COMMENCEMENT DATE (AS DEFINED IN THE GROUND
LEASE) (SUBJECT TO UNAVOIDABLE DELAY); AND THAT EACH BUDGET AND EACH LINE ITEM
THEREOF IS THE BEST REASONABLE PROJECTION OF ALL REMAINING BUILDING LOAN COSTS
AND PROJECT LOAN COSTS AND ALL REMAINING COSTS COVERED BY EACH LINE ITEM, AS
APPLICABLE.
SUCH CERTIFICATION SHALL ALSO COVER SUCH OTHER INFORMATION AS AGENT
MAY FROM TIME TO TIME REASONABLY REQUEST.
59
(H)
OTHER FUNDING SOURCES.
NO LATER THAN 11:00 A.M. (NEW YORK CITY
TIME) ON THE REQUESTED ADVANCE DATE, ALL OTHER FUNDS COVERED BY THE STATEMENT
DESCRIBED IN SECTION 4.02(E)(2) HEREOF SHALL HAVE BEEN RECEIVED BY AGENT (IN THE
CASE OF ADVANCES DISBURSED IN ACCORDANCE WITH SECTION 5.02(B)(I) HEREOF) OR
RECEIVED BY DISBURSEMENT AGENT (IN THE CASE OF ADVANCES DISBURSED IN ACCORDANCE
WITH SECTION 5.02(B)(II) HEREOF).
(I)
[INTENTIONALLY OMITTED]
(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
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