(L)
CONSTRUCTION PERMIT. PROMPTLY AFTER OBTAINING ANY MATERIAL
CONSTRUCTION PERMIT FOR THE CONSTRUCTION OF THE PROJECT OR ANY PART THEREOF,
BORROWER SHALL DELIVER A COPY THEREOF TO AGENT.
(M)
CERTIFICATE OF OCCUPANCY.
UPON SUBSTANTIAL COMPLETION, BORROWER
SHALL OBTAIN AN UNCONDITIONAL PERMANENT (OR TEMPORARY) CERTIFICATE OF OCCUPANCY
WITH RESPECT TO THE PROJECT AND SHALL KEEP SUCH CERTIFICATE OF OCCUPANCY IN
EFFECT AT ALL TIMES THEREAFTER.
TO THE EXTENT BORROWER OBTAINS A TEMPORARY
CERTIFICATE OF OCCUPANCY, BORROWER SHALL DILIGENTLY PURSUE AND USE ALL
COMMERCIALLY REASONABLE EFFORTS TO OBTAIN A PERMANENT CERTIFICATE OF OCCUPANCY.
(N)
AGENT REVIEW.
OBSERVATION, INSPECTION AND APPROVALS BY AGENT OF
THE PLANS AND SPECIFICATIONS FOR THE PROJECT, ANY OTHER PROJECT DOCUMENTS
RELATED TO THE PROJECT, THE CONSTRUCTION OF THE PROJECT AND THE WORKMANSHIP AND
MATERIALS USED THEREIN SHALL IMPOSE NO RESPONSIBILITY OR LIABILITY OF ANY NATURE
WHATSOEVER ON AGENT OR CONSTRUCTION CONSULTANT AND NO PERSON SHALL, UNDER ANY
CIRCUMSTANCES, BE ENTITLED TO RELY UPON SUCH INSPECTIONS AND APPROVALS BY AGENT
OR CONSTRUCTION CONSULTANT FOR ANY REASON.
APPROVALS GRANTED BY AGENT FOR ANY
MATTERS COVERED UNDER THIS AGREEMENT SHALL BE NARROWLY CONSTRUED TO COVER ONLY
THE PARTIES AND FACTS IDENTIFIED IN ANY SUCH APPROVAL.
CONSTRUCTION CONSULTANT
HAS BEEN OR WILL BE RETAINED BY AGENT SOLELY AS A CONSULTANT AND HAS NO
AUTHORITY TO BIND OR OTHERWISE ACT FOR OR ON BEHALF OF AGENT.
(O)
TRADE CONTRACTORS.
EXCEPT AS PROVIDED BY LAW, NO TRADE
CONTRACTORS OR ANY OTHER PERSON DEALING WITH BORROWER, INCLUDING, WITHOUT
LIMITATION, THE ARCHITECT, THE ENGINEER, IF ANY, SHALL BE, NOR SHALL ANY OF THEM
BE DEEMED TO BE, THIRD PARTY BENEFICIARIES OF THIS AGREEMENT, BUT EACH SHALL BE
DEEMED TO HAVE AGREED (I) THAT THE TRADE CONTRACTOR(S) OR OTHER PERSON IN
QUESTION SHALL LOOK TO BORROWER AS THEIR SOLE SOURCE OF RECOVERY IF NOT PAID AND
(II) EXCEPT AS OTHERWISE AGREED TO IN WRITING BETWEEN AGENT AND THE TRADE
CONTRACTOR(S) OR OTHER PERSON IN QUESTION, THAT THEY MAY NOT CLAIM AGAINST AGENT
UNDER ANY CIRCUMSTANCES.
5.11
Shortfalls.
If Borrower becomes aware of the existence of a
Shortfall at any time, it shall promptly notify the Agent thereof.
5.12
Maintenance of Assets.
Each Loan Party shall keep and maintain all
of its material assets in good working order and condition, ordinary wear and
tear excepted.
64
SECTION 6.
NEGATIVE COVENANTS
Each Loan Party executing this Agreement jointly and severally agrees as to all
Loan Parties that from and after the date hereof until the Termination Date:
6.1
Indebtedness.
The Loan Parties shall not and shall not cause or
permit their Subsidiaries directly or indirectly to create, incur, assume, or
otherwise become or remain directly or indirectly liable with respect to any
Indebtedness (other than pursuant to a Contingent Obligation permitted under
Section 6.4) except:
(A)
INDEBTEDNESS DESCRIBED ON SCHEDULE 6.1;
(B)
THE OBLIGATIONS;
(C)
INDEBTEDNESS NOT TO EXCEED $2,500,000 (LESS THE AGGREGATE AMOUNT
OF ALL INDEBTEDNESS PERMITTED PURSUANT TO SECTION 6.1(D) HEREOF THAT REFINANCED
INDEBTEDNESS PREVIOUSLY PERMITTED PURSUANT TO THIS SECTION 6.1(C)) IN AN
AGGREGATE PRINCIPAL AMOUNT