Common use of Acquisition, Improvement and Rehabilitation of Project Clause in Contracts

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the Servicer, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Agreement, which shall be reviewed by the Servicer for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Orange County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Riverside County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Xxxx County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura CountyVentura, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require;; and (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Monterey County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the Servicer, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Agreement, which shall be reviewed by the Servicer for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Kern County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Monterey County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require;; and (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Los Angeles County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Xxxxxx County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require;; and (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Madera County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.

Acquisition, Improvement and Rehabilitation of Project. The Borrower hereby represents, warrants, and agrees as follows: (a) That it shall commence rehabilitation no later than thirty (30) days after the Closing Date and shall diligently and continuously proceed with such rehabilitation until completion and shall comply with all provisions of the Loan Documents and the Indenture regarding disbursements from the Project Fund; (b) That it shall submit to the Trustee, the Significant Bondholder, and the ServicerFinancial Monitor, not later than the first day of the month in which the disbursement is requested, a requisition in the form attached to the Indenture as Exhibit D, along with accompanying invoices, lien waivers and other documentation required by the Disbursing and Servicing Financial Monitoring Agreement, which shall be reviewed by the Servicer Financial Monitor for confirmation that the requisitioned work is completed and in place; (c) That all of the buildings constituting the Project will be rehabilitated as provided in the Disbursing and Servicing Financial Monitoring Agreement, and, at the time of rehabilitation, it will have complied and will continue to comply with its obligations under the documents executed by it in connection with the issuance of the Bonds, in each case unless waived in accordance with the terms of such documents; (d) That if amounts on deposit in the Project Fund designated for the Project and available to be disbursed to it are not sufficient to pay the costs of such acquisition, rehabilitation and equipping, it shall pay such additional costs from its own funds or such other legal sources as are available to it; (e) That it shall not be entitled to any reimbursement from the Issuer, the Trustee, the Servicer, the Financial Monitor, the Significant Bondholder or any Owner in respect of any such costs or to any diminution or abatement in the repayment of the Loan; (f) That all directions of it as to investment of Bond proceeds will be in accordance with State law, the Indenture and the Tax Certificate, as applicable; (g) Based on information available to it as of the date hereof, that the estimated costs of the Project have been determined in accordance with sound engineering and accounting principles and the estimated Project Completion Date and the period of usefulness of the Project supplied by it to the Issuer for approval and issuance of the Bonds were made in good faith and in its opinion, are fair, reasonable and realistic; (h) That the cost of the acquisition, improvement, rehabilitation and equipping of the Project is greater than the amount of the Loan; (i) That the Borrower will have fee simple title to the Project, subject to the Permitted Encumbrances, sufficient to carry out the purpose of this Agreement; (j) That the Project will be rehabilitated and improved in such manner as to cause no violations of currently applicable zoning, planning, building and environmental laws, ordinances and regulations of governmental authorities having jurisdiction of the Project, and all necessary utilities are available to the Project; (k) That the Project is located entirely within the boundaries of Ventura Kern County, California; (l) An ALTA Loan Policy, issued by Fidelity National Title Insurance Company (hereinafter referred to as the “Title Company”) in a face amount not less than the principal amount of the Bonds (hereinafter referred to as the “Title Insurance Policy”) shall be evidenced by a commitment or pro forma policy of insurance on or before the Closing Date. The Title Insurance Policy shall insure fee simple title in the aggregate to be in the Borrower and the Mortgage to be a valid, first lien on the Project with respect to the Senior Bonds and a valid, subordinate second lien on the Project with respect to the Subordinate Bonds, all of the foregoing to be subject only to the Permitted Encumbrances. The Title Insurance Policy shall contain such endorsements (including, without limitation and if available in the State, usury, zoning, pending disbursements, mechanic’s liens and specific access) and such other coverage as the Servicer Financial Monitor may require; (m) All building permits and any special permits or licenses necessary for improvement, rehabilitation of the Project, which permits shall be issued on the basis of the budget and specifications approved by the Servicer shall be furnished to and collaterally assigned to the Trustee.