BORROWER OF THE TERMS, COVENANTS AND
PROVISIONS OF THE LOAN DOCUMENTS ALL RIGHT, TITLE AND INTEREST WHICH BORROWER
MAY HAVE OR MAY HEREAFTER ACQUIRE IN AND TO THE ENTITLEMENTS.
(B)
GOVERNMENTAL APPROVALS.
BORROWER SHALL MAINTAIN THE GOVERNMENTAL
APPROVALS IN CONNECTION WITH THE PLANS AND SPECIFICATIONS AND FOR THE PROJECT IN
FULL FORCE AND EFFECT THROUGHOUT THE TERMS OF THE LOAN AND TO THE EXTENT SUCH
GOVERNMENTAL APPROVALS HAVE NOT BEEN ISSUED OR OBTAINED, BORROWER SHALL (I) TAKE
ALL STEPS NECESSARY TO HAVE SUCH GOVERNMENTAL APPROVALS ISSUED BY OR OBTAINED
FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES WITHIN TIME PERIODS CONSISTENT
WITH A CONSTRUCTION PROJECT OF THIS NATURE AND SATISFACTORY TO LENDER IN THE
EXERCISE OF LENDER'S REASONABLE DISCRETION, AND (II) DELIVER COPIES OF SUCH
GOVERNMENTAL APPROVALS TO LENDER AND MAINTAIN SUCH GOVERNMENTAL APPROVALS IN
FULL FORCE AND EFFECT THROUGHOUT THE ENTIRE TERM OF THE LOAN.
(C)
PLANS AND SPECIFICATIONS.
BORROWER HAS SUBMITTED A TRUE AND COMPLETE
COPY OF THE EXISTING PLANS AND SPECIFICATIONS TO LENDER AND LENDER HAS APPROVED
THE PLANS AND SPECIFICATIONS.
A DESCRIPTION OF THE PLANS AND SPECIFICATIONS
APPROVED BY LENDER IS ATTACHED HERE TO AS EXHIBIT E.
LENDER SHALL, WITHOUT
ADDITIONAL COST OR EXPENSE, HAVE THE USE OF THE PLANS AND SPECIFICATIONS UPON
THE OCCURRENCE BEYOND ANY APPLICABLE NOTICE AND CURE PERIOD OF AN EVENT OF
DEFAULT UNDER THE LOAN DOCUMENTS.
UPON NOTICE TO BORROWER, LENDER, LENDER'S
CONSULTANT AND THEIR RESPECTIVE AGENTS AND EMPLOYEES, SHALL HAVE THE RIGHT OF
ENTRY AND ACCESS TO THE ENTIRE PROJECT IN CONNECTION WITH THEIR REVIEW OF THE
PLANS AND SPECIFICATIONS OR ANY OTHER ASPECT OF THE PROJECT.
(D)
CONSTRUCTION OF THE IMPROVEMENTS.
BORROWER SHALL COMMENCE CONSTRUCTION
ON OR BEFORE THE CONSTRUCTION COMMENCEMENT DATE.
BORROWER SHALL BE DEEMED TO
HAVE COMMENCED CONSTRUCTION UPON BORROWER'S COMMENCEMENT OF THE EXCAVATION OF
THE FOUNDATION OF THE IMPROVEMENTS AND THE PERFORMANCE OF CONTINUOUS AND
SUBSTANTIAL SITE DEVELOPMENT WORK.
BORROWER SHALL PERFORM THE CONSTRUCTION IN A
GOOD AND WORKMANLIKE MANNER WITH MATERIALS OF HIGH QUALITY AND IN SUBSTANTIAL
ACCORDANCE WITH THE PLANS AND SPECIFICATIONS.
BORROWER SHALL PROSECUTE THE
CONSTRUCTION WITH DUE DILIGENCE AND CONTINUITY IN ACCORDANCE WITH THE
CONSTRUCTION SCHEDULE AND SHALL SUBSTANTIALLY COMPLETE THE CONSTRUCTION BEFORE
THE COMPLETION DATE.
ALL WORK PERFORMED IN CONNECTION WITH THE PROPERTY SHALL
COMPLY WITH ALL LAWS AND ALL GOVERNMENTAL APPROVALS.
(E)
CHANGE ORDERS.
NO CHANGES WILL BE MADE IN THE PLANS AND SPECIFICATIONS
WITHOUT THE PRIOR WRITTEN APPROVAL OF LENDER, WHICH SHALL NOT BE UNREASONABLY
WITHHELD AFTER LENDER'S INITIAL APPROVAL OF THE FINAL PLANS AND SPECIFICATIONS;
PROVIDED, HOWEVER, THAT BORROWER MAY MAKE CHANGES TO THE PLANS AND
SPECIFICATIONS WITHOUT LENDER'S CONSENT IF (I) BORROWER NOTIFIES LENDER IN
WRITING OF SUCH CHANGE WITHIN FIVE (5) BUSINESS DAYS THEREAFTER;
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(II) BORROWER OBTAINS THE APPROVAL OF ALL PARTIES WHOSE APPROVAL IS REQUIRED,
INCLUDING SURETIES AND GOVERNMENTAL AUTHORITIES; (III) THE STRUCTURAL INTEGRITY
OF THE IMPROVEMENTS IS NOT IMPAIRED; (IV) NO MATERIAL CHANGE IN ARCHITECTURAL
APPEARANCE IS EFFECTED; (V) THE PERFORMANCE OF THE MECHANICAL, ELECTRICAL, AND
LIFE SAFETY SYSTEMS OF THE IMPROVEMENTS IS NOT ADVERSELY