WORK FOR THE PROJECT ON, AND
THE COST OF MATERIALS INCORPORATED INTO, THE IMPROVEMENTS TO THE ADVANCE PERIOD
DATE; THE COST BREAKDOWN SHALL ALSO SHOW THE PERCENTAGE OF COMPLETION OF EACH
LINE ITEM ON THE PROJECT BUDGET, AND THE ACCURACY OF THE COST BREAKDOWN SHALL BE
CERTIFIED BY THE BORROWER; ALL SUCH APPLICATIONS FOR PAYMENT SHALL ALSO SHOW ALL
TRADE CONTRACTORS AND SUBCONTRACTORS BEING PAID BY SUCH ADVANCE, INCLUDING THE
MAJOR TRADE CONTRACTORS, BY NAME AND TRADE, THE TOTAL AMOUNT OF EACH SUCH
CONSTRUCTION CONTRACT OR SUBCONTRACT, THE AMOUNT THERETOFORE PAID TO EACH TRADE
CONTRACTOR AND SUBCONTRACTOR THEREUNDER AS OF THE DATE OF SUCH APPLICATION, AND
THE AMOUNT TO BE PAID FROM THE PROCEEDS OF THE ADVANCE TO EACH TRADE CONTRACTOR
AND SUBCONTRACTOR;
(C)
A LIST OF ALL CHANGE ORDERS AND PENDING CHANGE ORDERS FOR THE
PROJECT THROUGH THE ADVANCE PERIOD DATE WITH RESPECT TO SUCH ADVANCE REQUEST;
(D)
A LIST OF ALL TRADE CONTRACTS FOR THE PROJECT THROUGH THE ADVANCE
PERIOD DATE WITH RESPECT TO SUCH ADVANCE REQUEST;
(E)
EXCEPT WITH RESPECT TO THE INITIAL ADVANCE, AND EXCEPT FOR PAYMENT
RECEIPTS TO THE EXTENT RELATING TO AMOUNTS BEING CONTESTED BY BORROWER IN
ACCORDANCE WITH SECTION 2.1(B)(VIII), PAYMENT RECEIPTS SUBSTANTIALLY IN THE FORM
ATTACHED AS EXHIBIT 2.1(B)(III) FROM ANY GENERAL CONTRACTOR AND ALL TRADE
CONTRACTORS EVIDENCING THAT THEY HAVE BEEN PAID IN FULL FOR ALL WORK PERFORMED
AND/OR MATERIALS SUPPLIED TO THE DATE OF THE ADVANCE PERIOD DATE IMMEDIATELY
PRECEDING THE CURRENT ADVANCE PERIOD DATE WITH RESPECT TO SUCH ADVANCE REQUEST,
EXCEPT FOR RETAINAGE PROVIDED FOR IN THIS AGREEMENT;
(F)
WITH RESPECT TO ANY ADVANCE REQUEST THAT INCLUDES SOFT COSTS, (I)
EVIDENCE REASONABLY SATISFACTORY TO AGENT THAT SUCH SOFT COSTS HAVE BEEN
PROPERLY INCURRED AND ARE DUE AND PAYABLE AND ARE WITHIN BUDGETED AMOUNTS, AND
(II) INVOICES,
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STATEMENTS OR SUCH OTHER INFORMATION AND DOCUMENTATION AS AGENT OR CONSTRUCTION
CONSULTANT SHALL REASONABLY REQUEST OR REQUIRE WITH RESPECT TO SUCH SOFT COSTS
COVERED BY SUCH ADVANCE REQUEST TO EVIDENCE THE VALIDITY OF SUCH SOFT COSTS;
(G)
EVIDENCE REASONABLY SATISFACTORY TO AGENT THAT THE FULL AMOUNT OF
THE LAST PRECEDING ADVANCE HAVE BEEN PAID OUT BY BORROWER AND/OR GENERAL
CONTRACTOR TO THE PERSONS WITH RESPECT TO WHOM SUCH ADVANCE WAS DISBURSED AND
OTHERWISE IN ACCORDANCE WITH THIS AGREEMENT (EXCEPT TO THE EXTENT THAT FUNDS ARE
BEING HELD IN ESCROW BY THE TITLE COMPANY);
(H)
AGENT AND THE CONSTRUCTION CONSULTANT SHALL HAVE RECEIVED COPIES OF
THE GENERAL CONTRACTOR'S APPLICATION FOR PAYMENT (INCLUDING ALL ATTACHMENTS WITH
RESPECT THERETO) AT LEAST TEN (10) DAYS PRIOR TO THE REQUESTED FUNDING DATE; AND
(I)
SUCH OTHER INFORMATION AND DOCUMENTS AS MAY BE REASONABLY
REQUESTED OR REQUIRED BY AGENT OR CONSTRUCTION CONSULTANT WITH RESPECT TO THE
PROJECT COSTS COVERED BY SUCH ADVANCE REQUEST.
(V)
ADVANCE PERIOD AND ADVANCE PERIOD DATE.
EACH ADVANCE REQUEST
SHALL PERTAIN TO WORK PERFORMED NO LATER THAN THE LAST DAY OF THE THEN
IMMEDIATELY PRECEDING CALENDAR MONTH.
FOR PURPOSES OF ILLUSTRATION, AN ADVANCE
REQUEST SUBMITTED IN JUNE OF 2007 SHALL NOT PERTAIN TO