FOR RESERVE ITEMS PRIOR TO COMPLETION THEREOF FOLLOWING BORROWER'S WRITTEN
REQUEST WHERE (I) THE CONTRACTOR PERFORMING SUCH WORK REQUIRES PERIODIC PAYMENTS
PURSUANT TO THE TERMS OF ITS WRITTEN CONTRACT WITH BORROWER AND LENDER HAS GIVEN
ITS PRIOR WRITTEN APPROVAL TO SUCH CONTRACT, AND (II) THE COST OF THE PORTION OF
THE RESERVE ITEM TO BE COMPLETED UNDER SUCH CONTRACT EXCEEDS $10,000.
(C)
DISBURSEMENT REQUEST; MAXIMUM FREQUENCY AND
AMOUNT.
BORROWER SHALL SUBMIT TO LENDER A DISBURSEMENT REQUEST TOGETHER WITH
SUCH ADDITIONAL INFORMATION AS LENDER MAY REASONABLY REQUEST IN CONNECTION WITH
THE DISBURSEMENT REQUEST AT LEAST TEN (10) BUSINESS DAYS PRIOR TO THE DATE ON
WHICH BORROWER REQUESTS LENDER TO MAKE A DISBURSEMENT FROM A RESERVE ACCOUNT.
UNLESS OTHERWISE AGREED TO BY LENDER, BORROWER MAY NOT SUBMIT, AND LENDER SHALL
NOT BE REQUIRED TO MAKE, MORE THAN ONE (1) DISBURSEMENT FROM EACH RESERVE
ACCOUNT DURING ANY CALENDAR MONTH.
NO DISBURSEMENT REQUEST SHALL BE MADE FOR
LESS THAN $5,000.00 OR THE TOTAL COST OF THE RESERVE ITEMS, IF LESS.
(D)
NO EXISTING EVENT OF DEFAULT.
LENDER MAY
REFUSE TO MAKE ANY DISBURSEMENT IF AN EVENT OF DEFAULT EXISTS AS OF THE DATE ON
WHICH BORROWER SUBMITS THE DISBURSEMENT REQUEST OR ON THE DATE THE DISBURSEMENT
IS ACTUALLY TO BE MADE.
(E)
RESPONSIBLE OFFICER CERTIFICATE.
LENDER
MUST RECEIVE A CERTIFICATE, SIGNED BY A RESPONSIBLE OFFICER OF BORROWER (AND, AT
LENDER'S OPTION, ALSO SIGNED BY BORROWER'S PROJECT ARCHITECT OR ENGINEER, WHICH
MAY BE AN EMPLOYEE OF AN AFFILIATE OF BOROWER, IF THE COST OF A SINGLE RESERVE
ITEM OR THE AGGREGATE AMOUNT OF THE DISBURSEMENT REQUEST EXCEEDS $50,000), WHICH
CERTIFIES THAT:
(I)
ALL INFORMATION STATED IN THE
DISBURSEMENT REQUEST IS TRUE AND CORRECT IN ALL MATERIAL RESPECTS, EACH
ATTACHMENT TO THE DISBURSEMENT REQUEST IS CORRECT AND COMPLETE, AND IF THE
ATTACHMENT IS A COPY OF THE ORIGINAL, THAT IT IS A TRUE AND AN ACCURATE
REPRODUCTION OF THE ORIGINAL;
(II)
EACH OF THE RESERVE ITEMS TO BE FUNDED IN
CONNECTION WITH THE DISBURSEMENT REQUEST WAS PERFORMED IN A GOOD AND WORKMANLIKE
MANNER AND IN ACCORDANCE WITH ALL REQUIREMENTS OF LAW AND HAS BEEN PAID IN FULL
BY BORROWER;
(III)
THE LEASING COMMISSION HAS BEEN FULLY AND
UNCONDITIONALLY EARNED AND PAID IN FULL BY BORROWER, IF THE RESERVE ITEM TO BE
FUNDED IS A LEASING COMMISSION;
(IV)
SUBJECT TO SECTION 5.03, EACH PARTY THAT
SUPPLIED MATERIALS, LABOR OR SERVICES HAS BEEN PAID IN FULL (FOR THE PORTION FOR
WHICH DISBURSEMENT IS SOUGHT IN THE CASE OF DISBURSEMENTS AUTHORIZED IN
ACCORDANCE WITH SECTION 5.01(B) HEREOF); AND
32
(V)
IN THE CASE OF DISBURSEMENTS AUTHORIZED IN
ACCORDANCE WITH SECTION 5.01(B) HEREOF, THE MATERIALS FOR WHICH THE REQUEST ARE
MADE ARE EITHER (A) ON-SITE AT THE PROPERTY AND PROPERLY SECURED OR HAVE BEEN
INSTALLED IN THE PROPERTY OR (B) MATERIALS THAT LENDER DETERMINES ARE NOT A
SIGNIFICANT PORTION OF THE COST OF THE WORK UPON WHICH DISBURSEMENT IS
REQUESTED.
(F)
INSPECTION TO CONFIRM COMPLETION.
PRIOR
TO MAKING ANY DISBURSEMENT WHICH EXCEEDS $50,000 IN THE AGGREGATE OR FOR A