CONNECTION WITH ALL ASSIGNMENTS OF THE LOAN.
ALL SUCH COSTS AND
EXPENSES SHALL BE PAID BY BORROWER WITHIN TEN (10) BUSINESS DAYS AFTER DEMAND IS
GIVEN TO BORROWER, TOGETHER WITH REASONABLE BACK-UP INFORMATION SUBSTANTIATING
SUCH COSTS AND EXPENSES.
NOTWITHSTANDING THE FOREGOING, BORROWER SHALL
REIMBURSE AGENT ON THE DATE HEREOF FOR ALL TRANSACTION COSTS INCURRED BY AGENT
TO THE DATE HEREOF.
(B)
ALL AMOUNTS INCURRED OR PAID BY AGENT OR ANY LENDER UNDER SECTION
7.06(A) HEREOF, TOGETHER WITH INTEREST THEREON AT THE DEFAULT RATE FROM THE DUE
DATE UNTIL PAID BY BORROWER, SHALL BE ADDED TO AND BE DEEMED FOR ALL PURPOSES A
PART OF THE INDEBTEDNESS AND SHALL BE SECURED BY THE SECURITY DOCUMENTS.
SECTION 7.07
COMPLETION OF CONSTRUCTION.
TO PURSUE WITH DILIGENCE
THE CONSTRUCTION OF THE PROJECT, THE ACHIEVEMENT OF CORE AND SHELL COMPLETION,
THE ACHIEVEMENT OF "SUBSTANTIAL COMPLETION" (AS DEFINED IN THE GROUND LEASE) NO
LATER THAN THE FIXED SUBSTANTIAL COMPLETION DATE AND THE ACHIEVEMENT OF FINAL
COMPLETION WITH RESPECT TO THE PROJECT IN ACCORDANCE WITH THIS AGREEMENT AND ALL
PUBLIC PROJECT AGREEMENTS, THE MATERIAL CONTRACTS (TO THE EXTENT APPLICABLE),
AND IN SUBSTANTIAL COMPLIANCE WITH THE PLANS AND SPECIFICATIONS, IN A GOOD
WORKMANLIKE MANNER AND FREE OF DEFECTS, AND IN COMPLIANCE WITH ALL RESTRICTIONS,
COVENANTS AND EASEMENTS AFFECTING THE MORTGAGED PROPERTY, ALL LEGAL
REQUIREMENTS, ALL GOVERNMENTAL APPROVALS, AND ALL TERMS AND CONDITIONS OF THE
PROJECT LOAN DOCUMENTS AND TO ACHIEVE "SUBSTANTIAL COMPLETION" (AS DEFINED IN
THE GROUND LEASE) BY THE FIXED SUBSTANTIAL COMPLETION DATE AND FINAL COMPLETION
OF THE PROJECT BY THE MATURITY DATE.
BORROWER SHALL PAY ALL SUMS AND PERFORM
ALL DUTIES AS MAY BE NECESSARY TO COMPLETE SUCH CONSTRUCTION AND ACTIVITIES, ALL
OF WHICH SHALL BE ACCOMPLISHED IN A MANNER SUCH THAT THE MORTGAGED PROPERTY
REMAINS FREE FROM ANY LIENS, CLAIMS OR ASSESSMENTS (ACTUAL OR CONTINGENT) FOR
ANY MATERIAL, LABOR OR OTHER ITEM FURNISHED IN CONNECTION THEREWITH.
BORROWER
SHALL DELIVER TO AGENT AND CONSTRUCTION CONSULTANT COPIES OF ALL GOVERNMENTAL
APPROVALS RELATING TO SUCH CONSTRUCTION AND DEVELOPMENT RELATED ACTIVITIES AS
AND WHEN RECEIVED BY BORROWER OR ANY MEMBER.
BORROWER SHALL NOT COMMIT OR
PERMIT WASTE OF THE MORTGAGED PROPERTY.
AFTER FINAL COMPLETION, BORROWER (I)
SHALL MAINTAIN OR CAUSE TO BE MAINTAINED THE MORTGAGED PROPERTY IN GOOD WORKING
ORDER AND SHALL COMPLY WITH ALL LEGAL REQUIREMENTS AFFECTING THE MORTGAGED
PROPERTY, (II) MAINTAIN OR CAUSE TO BE MAINTAINED THE NYTC OFFICE UNIT
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AND THE FC OFFICE UNIT AS "CLASS A" OFFICE SPACE, AND (III) MAINTAIN OR CAUSE TO
BE MAINTAINED THE FC RETAIL UNIT AS FIRST-CLASS RETAIL SPACE.
SECTION 7.08
RIGHT OF AGENT TO INSPECT PROPERTY; PUBLICITY.
TO
PERMIT AGENT AND ITS REPRESENTATIVES (INCLUDING WITHOUT LIMITATION, THE
CONSTRUCTION CONSULTANT) TO ENTER AND INSPECT THE PROJECT AND ALL MATERIALS TO
BE USED IN THE CONSTRUCTION THEREOF (SUCH INSPECTIONS TO BE PERFORMED, AT THE
OPTION OF BORROWER, WITH A REPRESENTATIVE OR REPRESENTATIVES OF BORROWER PRESENT
THEREAT) AND TO EXAMINE THE PLANS AND SPECIFICATIONS (A COPY OF WHICH SHALL BE
KEPT AT THE PROPERTY) AT ALL REASONABLE TIMES AND WITH