SHOW THE PERCENTAGE OF COMPLETION OF EACH LINE ITEM ON
THE LOAN BUDGET, AND THE ACCURACY OF THE COST BREAKDOWN SHALL BE CERTIFIED BY
BORROWERS AND BY THE ARCHITECT.
ALL SUCH APPLICATIONS FOR PAYMENT SHALL ALSO
SHOW ALL TRADE CONTRACTORS, INCLUDING MAJOR CONTRACTORS, BY NAME AND TRADE, THE
TOTAL AMOUNT OF EACH CONTRACT OR SUBCONTRACT, THE AMOUNT THERETOFORE PAID TO
EACH TRADE CONTRACTOR AS OF THE DATE OF SUCH APPLICATION, AND THE AMOUNT TO BE
PAID FROM THE PROCEEDS OF THE CONSTRUCTION LOAN ADVANCE TO EACH TRADE
CONTRACTOR.
(VIII)
ALL INVOICES RELATING TO ALL ITEMS OF SOFT COSTS
IDENTIFIED IN THE ADVANCE REQUEST OR BORROWERS' RECEIPTED BILLS THEREFOR, OR
OTHER REASONABLE PROOF OF EXPENDITURE OR PAYMENTS FOR SOFT COSTS DUE REASONABLY
ACCEPTABLE TO LENDER.
(IX)
AN ANTICIPATED COST REPORT IN RESPECT OF THE
PROJECT PREPARED BY THE CONSTRUCTION MANAGER AND/OR THE GENERAL CONTRACTOR,
WHICH SHALL BE REASONABLY SATISFACTORY IN FORM AND SUBSTANCE TO LENDER AND THE
CONSTRUCTION CONSULTANT.
(X)
REASONABLE EVIDENCE THAT ALL GOVERNMENT
APPROVALS NECESSARY TO PERMIT THE CONSTRUCTION OF THAT/THOSE PORTION(S) OF THE
PROJECT TO BE FUNDED WITH THE PROCEEDS OF THE INITIAL CONSTRUCTION LOAN ADVANCE
HAVE BEEN OBTAINED, INCLUDING, WITHOUT LIMITATION, ONE OR MORE ACCEPTABLE
BUILDING PERMITS.
(XI)
A CERTIFICATE FROM (A) THE ARCHITECT (THE
"ARCHITECT'S CERTIFICATE") SUBSTANTIALLY IN THE FORM ATTACHED HERETO AS EXHIBIT
I, AND (B) THE CONSTRUCTION MANAGER (THE "CONSTRUCTION MANAGER'S CERTIFICATE")
SUBSTANTIALLY IN THE FORM ATTACHED HERETO AS EXHIBIT J, (C) THE GENERAL
CONTRACTOR (THE "GENERAL CONTRACTOR'S CERTIFICATE") SUBSTANTIALLY IN THE FORM
ATTACHED HERETO AS EXHIBIT N, AND (D) AT LENDER'S REQUEST, FROM ANY MAJOR
CONTRACTOR (THE "CONTRACTOR'S CERTIFICATE") SUBSTANTIALLY IN THE FORM ATTACHED
HERETO AS EXHIBIT K.
(XII)
EVIDENCE REASONABLY SATISFACTORY TO LENDER
THAT THE NOTIONAL AMOUNT OF THE INTEREST RATE CAP AGREEMENT SHALL BE NO LESS
THAN THE OUTSTANDING PRINCIPAL BALANCE, AFTER GIVING EFFECT TO THE PROPOSED
INITIAL CONSTRUCTION LOAN ADVANCE.
(XIII)
TO THE EXTENT REASONABLY REQUESTED BY LENDER,
SOIL AND GEOTECHNICAL REPORTS FOR THE HOTEL/CASINO PROPERTY AND THE ADJACENT
PROPERTY, WHICH REPORTS (A) SHALL BE DATED WITHIN ONE (1) YEAR PRECEDING THE
INITIAL CONSTRUCTION LOAN ADVANCE, (B) SHALL BE ISSUED BY AN ENGINEER REASONABLY
ACCEPTABLE TO LENDER, (C) SHALL STATE THAT LENDER MAY RELY THEREON, AND (D)
SHALL BE SATISFACTORY TO LENDER IN FORM AND SUBSTANCE IN LENDER'S REASONABLE
DISCRETION.
(G)
PAYMENT OF FEES AND EXPENSES.
PAYMENT BY
BORROWERS OF ALL FEES AND EXPENSES REQUIRED BY THIS AGREEMENT, TO THE EXTENT
THEN DUE AND PAYABLE, INCLUDING, WITHOUT LIMITATION, (I) ANY FEES AND EXPENSES
REFERRED TO IN SECTION 10.13 HEREOF THEN DUE AND PAYABLE, (II) ANY REASONABLE
FEES AND EXPENSES THEN DUE AND PAYABLE TO THE CONSTRUCTION CONSULTANT, (III) ANY
108
UNUSED ADVANCE FEE THEN DUE AND PAYABLE, (IV) ANY ADMINISTRATIVE AGENT FEE THEN
DUE AND PAYABLE, AND/OR (V) ANY TITLE PREMIUMS AND/OR OTHER TITLE CHARGES THEN
DUE AND PAYABLE.
(H)
REQUIRED EQUITY.
IN THE EVENT THAT, AS OF
THE DATE OF THE INITIAL CONSTRUCTION LOAN ADVANCE, THE TOTAL PROJECT COSTS SET
FORTH ON THE LOAN BUDGET EXCEED THE THEN