Common use of Advances for Hard Costs Clause in Contracts

Advances for Hard Costs. (a) The Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to the Borrower's total costs as reflected in the applicable draw request, net of the Borrower's required Deferred Equity and retainage in an amount equal to 10% of the total costs. (b) The Lender shall not be obligated to make the initial advance of the proceeds of the Loan for the payment of any hard costs with respect to any aspect or phase of the Construction of the Improvements unless the following additional conditions shall have been satisfied with respect to such aspect or phase of the Construction of the Improvements, to the extent required by Lender: (i) The Lender shall have received from the Borrower a complete set of the Plans and Specifications with respect to such aspect or phase of the Construction of the Improvements signed and sealed by the Engineer, together with written evidence, in form and substance reasonably satisfactory to the Lender, to the effect that the Plans and Specifications with respect to such work are satisfactory to the Borrower, each Contractor, NVR (to the extent required by the terms of the NVR Contracts), the Construction Inspector and, to the extent required by applicable law or any effective restrictive covenant, have been approved by all Governmental Authorities having or claiming jurisdiction and by the beneficiary of any such restrictive covenant, respectively; (ii) The Lender shall have received and approved a fully executed copy of each and every Construction Contract for such aspect or phase of the Construction of the Improvements, which shall be for a fixed price, the Engineer's Contract, as well as any information regarding each Contractor and the Engineer which the Lender has requested; (iii) The Lender shall have received and approved the written undertaking of those Contractors and/or subcontractors designated by the Lender, and of the Borrower's Engineer to continue performance on the Lender's behalf without additional costs over the required contract amounts in the event of default by the Borrower under any of the Loan Documents and not to permit nor execute any change order increasing the price of the Improvements or materially altering the scope of the Improvements; (iv) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all Governmental Authorities having or claiming jurisdiction to the effect that all building, construction and other permits required in connection with such aspect or phase of the Construction of the Improvements have been validly issued, that all fees and bonds required in connection therewith have been paid in full or posted, as the circumstances may require, and that the project meets subdivision requirements, zoning requirements and all sewer and storm drain requirements; (v) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all municipalities and utility companies having or claiming jurisdiction to the effect that all utility services required by the Plans and Specifications or otherwise necessary for such aspect or phase of the Construction of the Improvements and the operation thereof for their intended purpose after completion are available for connection and use at the boundaries of the Land, including, without limitation, telephone service, water supply, storm and sanitary sewer facilities, natural gas and electric facilities; (vi) The Lender shall have received and approved a cost breakdown in trade form for the Improvements, and showing, if available, subcontractors and material suppliers; (vii) The Lender shall have received and approved a report setting forth the monthly projected advances of the Loan throughout the construction period and a construction progress schedule in form and substance reasonably satisfactory to the Lender, calling for the completion of the Construction of the Improvements by a date no later than the Completion Date; (viii) The Lender shall have received and reasonably approved evidence that all Contractors and all major subcontractors carry public liability and property damage insurance and workers' compensation insurance in form, amounts and issued by companies reasonably acceptable to the Lender; (ix) The Lender shall have received an engineer's certificate or other evidence acceptable in all respects that the Improvements, when constructed, will comply with all legal requirements regarding access and facilities for handicapped or disabled persons, including, without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C. § 4151 et seq.), The Fair Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), The Americans With Disabilities Act of 1990 (42 U.X.X. §00000 et seq.), The Rehabilitation Act of 1973 (29 U.S.C. §794) and any applicable state statutes relating to access and facilities for handicapped or disabled persons; (x) The Lender shall have received and approved satisfactory evidence that the Borrower shall have satisfied any required equity investment related to the Loan and/or the Property; and (xi) The Lender shall have received and approved a pre-construction review report issued by the Construction Inspector with respect to such aspect or phase of the Construction of the Improvements, in form and substance satisfactory to the Lender in all respects, covering the Plans and Specifications, the Budget and all other construction matters. (xii) The Lender shall have received and approved such other documents, instruments and materials relating to such aspect or phase of the Construction of the Improvements as the Lender may reasonably require. (c) The Lender shall not be obligated to make the final advance of the Loan for hard costs (including the retainage) unless the following additional conditions shall have been satisfied, to the extent required by Lender: (i) The Construction Inspector and the Engineer shall have certified to the Lender that construction has been completed in a good and workmanlike manner, in accordance with applicable requirements of all Governmental Authorities and substantially in accordance with the Plans and Specifications; (ii) To the extent required by applicable Governmental Authorities for the use of the Improvements, certificates of occupancy or completion and other applicable permits and releases shall have been issued with respect to the Improvements and copies thereof have been furnished to the Lender; (iii) The Lender shall have received a satisfactory as-built Survey showing the location of all Improvements; (iv) The Lender shall have received a satisfactory final affidavit and full and complete releases of lien from each Contractor and each major subcontractor designated by the Lender with respect to work performed and/or materials supplied in the Construction of the Improvements; (v) If requested by the Lender, the Lender shall have received a satisfactory set of as-built plans and specifications for any vertical Improvements; (vi) If required by the Lender, the Lender shall have received a satisfactory endorsement to its title insurance policy; and (vii) All other terms and conditions of this Agreement and the other Loan Documents required to be met as of the date of the final advance of the Loan for hard costs shall have been met to the satisfaction of the Lender.

Advances for Hard Costs. (a) The Lender shall make periodic advances for hard and soft costs as construction progresses. Each advance shall be equal to the Borrower's ’s total costs as reflected in the applicable draw request, net of retainage in the amount of 10% for hard costs, until Lender has disbursed an amount equal to 50% of all hard cost line items in the Budget. Thereafter, each advance shall be equal to Borrower's required Deferred Equity and ’s total costs as reflected in the applicable draw request, net of retainage in the amount of 5% for hard costs. The total costs of each request shall be funded by (i) an advance under the Senior Note in an amount equal to 10% of the total costs. (b) The Lender shall not be obligated to make the initial advance costs of the proceeds each request, net of the Loan for the payment of any hard costs with respect to any aspect or phase of the Construction of the Improvements unless the following additional conditions shall have been satisfied with respect to such aspect or phase of the Construction of the Improvementsretainage as set forth above, to the extent required multiplied by Lender: (i) The Lender shall have received from the Borrower a complete set of the Plans 91.2646%, and Specifications with respect to such aspect or phase of the Construction of the Improvements signed and sealed by the Engineer, together with written evidence, in form and substance reasonably satisfactory to the Lender, to the effect that the Plans and Specifications with respect to such work are satisfactory to the Borrower, each Contractor, NVR (to the extent required by the terms of the NVR Contracts), the Construction Inspector and, to the extent required by applicable law or any effective restrictive covenant, have been approved by all Governmental Authorities having or claiming jurisdiction and by the beneficiary of any such restrictive covenant, respectively; (ii) The Lender shall have received and approved a fully executed copy an advance under the Subordinated Note in an amount equal to the total costs of each and every Construction Contract for such aspect or phase request, net of the Construction of the Improvementsretainage as set forth above, which shall be for a fixed price, the Engineer's Contract, as well as any information regarding each Contractor and the Engineer which the Lender has requested; (iii) The Lender shall have received and approved the written undertaking of those Contractors and/or subcontractors designated multiplied by the Lender, and of the Borrower's Engineer to continue performance on the Lender's behalf without additional costs over the required contract amounts in the event of default by the Borrower under any of the Loan Documents and not to permit nor execute any change order increasing the price of the Improvements or materially altering the scope of the Improvements; (iv) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all Governmental Authorities having or claiming jurisdiction to the effect that all building, construction and other permits required in connection with such aspect or phase of the Construction of the Improvements have been validly issued, that all fees and bonds required in connection therewith have been paid in full or posted, as the circumstances may require, and that the project meets subdivision requirements, zoning requirements and all sewer and storm drain requirements; (v) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all municipalities and utility companies having or claiming jurisdiction to the effect that all utility services required by the Plans and Specifications or otherwise necessary for such aspect or phase of the Construction of the Improvements and the operation thereof for their intended purpose after completion are available for connection and use at the boundaries of the Land, including, without limitation, telephone service, water supply, storm and sanitary sewer facilities, natural gas and electric facilities; (vi) The Lender shall have received and approved a cost breakdown in trade form for the Improvements, and showing, if available, subcontractors and material suppliers; (vii) The Lender shall have received and approved a report setting forth the monthly projected advances of the Loan throughout the construction period and a construction progress schedule in form and substance reasonably satisfactory to the Lender, calling for the completion of the Construction of the Improvements by a date no later than the Completion Date; (viii) The Lender shall have received and reasonably approved evidence that all Contractors and all major subcontractors carry public liability and property damage insurance and workers' compensation insurance in form, amounts and issued by companies reasonably acceptable to the Lender; (ix) The Lender shall have received an engineer's certificate or other evidence acceptable in all respects that the Improvements, when constructed, will comply with all legal requirements regarding access and facilities for handicapped or disabled persons, including, without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C. § 4151 et seq.), The Fair Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), The Americans With Disabilities Act of 1990 (42 U.X.X. §00000 et seq.), The Rehabilitation Act of 1973 (29 U.S.C. §794) and any applicable state statutes relating to access and facilities for handicapped or disabled persons; (x) The Lender shall have received and approved satisfactory evidence that the Borrower shall have satisfied any required equity investment related to the Loan and/or the Property; and (xi) The Lender shall have received and approved a pre-construction review report issued by the Construction Inspector with respect to such aspect or phase of the Construction of the Improvements, in form and substance satisfactory to the Lender in all respects, covering the Plans and Specifications, the Budget and all other construction matters. (xii) The Lender shall have received and approved such other documents, instruments and materials relating to such aspect or phase of the Construction of the Improvements as the Lender may reasonably require. (c) The 8.7354%. Lender shall not be obligated to make the final advance of the Loan for hard costs (including the retainage) unless the following additional conditions shall have been satisfied, to the extent required by Lender: (ia) The Construction Inspector Consultant and the Engineer Architect shall have certified to the Lender that construction has been completed in a good and workmanlike manner, in accordance with applicable requirements of all Governmental Authorities and substantially in accordance with the Plans and Specifications; (iib) To the extent required by applicable Governmental Authorities for the use and occupancy of the Improvements, certificates of occupancy or completion and other applicable permits and releases shall have been issued with respect to the Improvements and copies thereof have been furnished to the Lender; (iiic) The Lender shall have received a satisfactory as-built Survey showing the location of all the Improvements; (ivd) The Lender shall have received a satisfactory final affidavit from the General Contractor and full and complete releases of lien from each the General Contractor and each major subcontractor designated by of and supplier to the Lender General Contractor with respect to work performed and/or and/on materials supplied in the Construction of the Improvements; (ve) If requested by the Lender, the Lender shall have received a satisfactory set of as-built plans and specifications for any vertical the Improvements; (vif) If required by the Lender, the A valid notice of completion shall have been recorded; (g) Lender shall have received a satisfactory endorsement to its title insurance policy; and (viih) All other terms and conditions of this Agreement and the other Loan Documents required to be met as of the date of the final advance of the Loan for hard costs shall have been met to the satisfaction of the Lender.

Advances for Hard Costs. (a) The Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to the Borrower's ’s total costs as reflected in the applicable draw request, net of the Borrower's required Deferred Equity and retainage in an amount equal to 10% of the total costs. (b) The Lender shall not be obligated to make the initial advance of the proceeds of the Loan for the payment of any hard costs with respect to any aspect or phase of the Construction of the Improvements unless the following additional conditions shall have been satisfied with respect to such aspect or phase of the Construction of the Improvements, to the extent required by Lender: (i) The Lender shall have received from the Borrower a complete set of the Plans and Specifications with respect to such aspect or phase of the Construction of the Improvements signed and sealed by the Engineer, together with written evidence, in form and substance reasonably satisfactory to the Lender, to the effect that the Plans and Specifications with respect to such work are satisfactory to the Borrower, each Contractor, NVR (to the extent required by the terms of the NVR Contracts), the Construction Inspector and, to the extent required by applicable law or any effective restrictive covenant, have been approved by all Governmental Authorities having or claiming jurisdiction and by the beneficiary of any such restrictive covenant, respectively; (ii) The Lender shall have received and approved a fully executed copy of each and every Construction Contract for such aspect or phase of the Construction of the Improvements, which shall be for a fixed price, the Engineer's Contract, as well as any information regarding each Contractor and the Engineer which the Lender has requested; (iii) The Lender shall have received and approved the written undertaking of those Contractors and/or subcontractors designated by the Lender, and of the Borrower's Engineer to continue performance on the Lender's behalf without additional costs over the required contract amounts in the event of default by the Borrower under any of the Loan Documents and not to permit nor execute any change order increasing the price of the Improvements or materially altering the scope of the Improvements; (iv) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all Governmental Authorities having or claiming jurisdiction to the effect that all building, construction and other permits required in connection with such aspect or phase of the Construction of the Improvements have been validly issued, that all fees and bonds required in connection therewith have been paid in full or posted, as the circumstances may require, and that the project meets subdivision requirements, zoning requirements and all sewer and storm drain requirements; (v) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all municipalities and utility companies having or claiming jurisdiction to the effect that all utility services required by the Plans and Specifications or otherwise necessary for such aspect or phase of the Construction of the Improvements and the operation thereof for their intended purpose after completion are available for connection and use at the boundaries of the Land, including, without limitation, telephone service, water supply, storm and sanitary sewer facilities, natural gas and electric facilities; (vi) The Lender shall have received and approved a cost breakdown in trade form for the Improvements, and showing, if available, subcontractors and material suppliers; (vii) The Lender shall have received and approved a report setting forth the monthly projected advances of the Loan throughout the construction period and a construction progress schedule in form and substance reasonably satisfactory to the Lender, calling for the completion of the Construction of the Improvements by a date no later than the Completion Date; (viii) The Lender shall have received and reasonably approved evidence that all Contractors and all major subcontractors carry public liability and property damage insurance and workers' compensation insurance in form, amounts and issued by companies reasonably acceptable to the Lender; (ix) The Lender shall have received an engineer's certificate or other evidence acceptable in all respects that the Improvements, when constructed, will comply with all legal requirements regarding access and facilities for handicapped or disabled persons, including, without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C. § 4151 et seq.), The Fair Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), The Americans With Disabilities Act of 1990 (42 U.X.X. §00000 et seq.), The Rehabilitation Act of 1973 (29 U.S.C. §794) and any applicable state statutes relating to access and facilities for handicapped or disabled persons; (x) The Lender shall have received and approved satisfactory evidence that the Borrower shall have satisfied any required equity investment related to the Loan and/or the Property; and (xi) The Lender shall have received and approved a pre-construction review report issued by the Construction Inspector with respect to such aspect or phase of the Construction of the Improvements, in form and substance satisfactory to the Lender in all respects, covering the Plans and Specifications, the Budget and all other construction matters. (xii) The Lender shall have received and approved such other documents, instruments and materials relating to such aspect or phase of the Construction of the Improvements as the Lender may reasonably require. (c) The . Lender shall not be obligated to make the final advance of the Loan for hard costs (including the retainage) unless the following additional conditions shall have been satisfied, to the extent required by Lender: (ia) The Construction Inspector Consultant and the Engineer Architect shall have certified to the Lender that construction has been completed in a good and workmanlike manner, in accordance with applicable requirements of all Governmental Authorities and substantially in accordance with the Plans and Specifications; (iib) To the extent required by applicable Governmental Authorities for the use and occupancy of the Improvements, certificates of occupancy or completion and other applicable permits and releases shall have been issued with respect to the Improvements and copies thereof have been furnished to the Lender; (iiic) The Lender shall have received a satisfactory as-built Survey showing the location of all the Improvements; (ivd) The Lender shall have received a satisfactory final affidavit from the General Contractor and full and complete releases of lien from each the General Contractor and each major subcontractor designated by of and supplier to the Lender General Contractor with respect to work performed and/or and/on materials supplied in the Construction construction of the Improvements; (ve) If requested by the Lender, the Lender shall have received a satisfactory set of as-built plans and specifications for any vertical the Improvements; (vif) If required by the Lender, the A valid notice of completion shall have been recorded; (g) Lender shall have received a satisfactory endorsement to its title insurance policy; and (viih) All other terms and conditions of this Agreement and the other Loan Documents required to be met as of the date of the final advance of the Loan for hard costs shall have been met to the satisfaction of the Lender.

Advances for Hard Costs. (a) The Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to the Borrower's ’s total costs as reflected in the applicable draw request, net of the Borrower's required Deferred Equity and retainage in an the amount equal to 10% of the total costs. (b) The Lender 5%; provided, however that no retainage shall not be obligated to make the initial advance of the proceeds of the Loan for the payment of any hard costs apply with respect to any aspect or phase of the Construction of the Improvements unless the following additional conditions shall payments to subcontractors whose work has been completed and who have been satisfied with respect furnished to such aspect or phase of the Construction of the Improvements, to the extent required by Lender: (i) The Lender shall have received from the Borrower a complete set of the Plans final lien waiver and Specifications with respect to such aspect or phase of the Construction of the Improvements signed and sealed by the Engineer, together with written evidence, in form and substance reasonably satisfactory to the Lender, to the effect that the Plans and Specifications with respect to such work are satisfactory to the Borrower, each Contractor, NVR (to the extent required by the terms of the NVR Contracts), the Construction Inspector and, to the extent required by applicable law or any effective restrictive covenant, have been approved by all Governmental Authorities having or claiming jurisdiction and by the beneficiary of any such restrictive covenant, respectively; (ii) The Lender shall have received and approved a fully executed copy of each and every Construction Contract for such aspect or phase of the Construction of the Improvements, which shall be for a fixed price, the Engineer's Contract, as well as any information regarding each Contractor and the Engineer which the Lender has requested; (iii) The Lender shall have received and approved the written undertaking of those Contractors and/or subcontractors designated by the Lender, and of the Borrower's Engineer to continue performance on the Lender's behalf without additional costs over the required contract amounts in the event of default by the Borrower under any of the Loan Documents and not to permit nor execute any change order increasing the price of the Improvements or materially altering the scope of the Improvements; (iv) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all Governmental Authorities having or claiming jurisdiction to the effect that all building, construction and other permits required in connection with such aspect or phase of the Construction of the Improvements have been validly issued, that all fees and bonds required in connection therewith have been paid in full or posted, as the circumstances may require, and that the project meets subdivision requirements, zoning requirements and all sewer and storm drain requirements; (v) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all municipalities and utility companies having or claiming jurisdiction to the effect that all utility services required by the Plans and Specifications or otherwise necessary for such aspect or phase of the Construction of the Improvements and the operation thereof for their intended purpose after completion are available for connection and use at the boundaries of the Land, including, without limitation, telephone service, water supply, storm and sanitary sewer facilities, natural gas and electric facilities; (vi) The Lender shall have received and approved a cost breakdown in trade form for the Improvements, and showing, if available, subcontractors and material suppliers; (vii) The Lender shall have received and approved a report setting forth the monthly projected advances of the Loan throughout the construction period and a construction progress schedule in form and substance reasonably satisfactory to the Lender, calling for the completion of the Construction of the Improvements by a date no later than the Completion Date; (viii) The Lender shall have received and reasonably approved evidence that all Contractors and all major subcontractors carry public liability and property damage insurance and workers' compensation insurance in form, amounts and issued by companies reasonably acceptable to the Lender; (ix) The Lender shall have received an engineer's certificate or other evidence acceptable in all respects that the Improvements, when constructed, will comply with all legal requirements regarding access and facilities for handicapped or disabled persons, including, without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C. § 4151 et seq.), The Fair Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), The Americans With Disabilities Act of 1990 (42 U.X.X. §00000 et seq.), The Rehabilitation Act of 1973 (29 U.S.C. §794) and any applicable state statutes relating to access and facilities for handicapped or disabled persons; (x) The Lender shall have received and approved satisfactory evidence that the Borrower shall have satisfied any required equity investment related to the Loan and/or the Property; and (xi) The Lender shall have received and approved a pre-construction review report issued by the Construction Inspector with respect to such aspect or phase of the Construction of the Improvements, in form and substance satisfactory to the Lender in all respects, covering the Plans and Specifications, the Budget and all other construction matters. (xii) The Lender shall have received and approved such other documents, instruments and materials relating to such aspect or phase of the Construction of the Improvements as the Lender may reasonably require. (c) The release. Lender shall not be obligated to make the final advance of the Loan for hard costs in the amount of 5% of all hard cost line items in the Budget (including subject to the retainageexceptions from retainage described in the preceding sentence) unless the following additional conditions shall have been satisfied, to the extent required by Lender: (ia) The Construction Inspector Consultant and the Engineer General Contractor shall have certified to the Lender that construction has been completed in a good and workmanlike manner, in accordance with applicable requirements of all Governmental Authorities and substantially in accordance with the Plans and Specifications; (iib) To the extent required by applicable Governmental Authorities for the use and occupancy of the Improvements, certificates of occupancy or completion and other applicable permits and releases shall have been issued with respect to the Improvements and copies thereof have been furnished to the Lender; (iiic) The Lender shall have received a satisfactory as-built Survey showing the location of all the Improvements; (ivd) The Lender shall have received a satisfactory final affidavit from the General Contractor and full and complete releases of lien from each the General Contractor and each major subcontractor designated by of and supplier to the Lender General Contractor with respect to work performed and/or materials supplied in the Construction of the Improvements; (ve) If requested by the Lender, the Lender shall have received a satisfactory set of as-built plans and specifications for any vertical the Improvements; (vif) If required by the Lender, the Lender shall have received a satisfactory endorsement to its title insurance policy; and (viig) All other terms and conditions of this Agreement and the other Loan Documents required to be met as of the date of the final advance of the Loan for hard costs shall have been met to the satisfaction of the Lender.

Advances for Hard Costs. (a) The Lender shall make periodic advances for hard costs as construction progresses. Each advance shall be equal to the Borrower's ’s total costs as reflected in the applicable draw request, net of the Borrower's required Deferred Equity and retainage in an amount equal to 10% of the total costs. (b) The Lender shall not be obligated to make the initial advance of the proceeds of the Loan for the payment of any hard costs with respect to any aspect or phase of the Construction of the Improvements unless the following additional conditions shall have been satisfied with respect to such aspect or phase of the Construction of the Improvements, to the extent required by Lender: (i) The Lender shall have received from the Borrower a complete set of the Plans and Specifications with respect to such aspect or phase of the Construction of the Improvements signed and sealed by the Engineer, together with written evidence, in form and substance reasonably satisfactory to the Lender, to the effect that the Plans and Specifications with respect to such work are satisfactory to the Borrower, each Contractor, NVR (to the extent required by the terms of the NVR Contracts), the Construction Inspector and, to the extent required by applicable law or any effective restrictive covenant, have been approved by all Governmental Authorities having or claiming jurisdiction and by the beneficiary of any such restrictive covenant, respectively; (ii) The Lender shall have received and approved a fully executed copy of each and every Construction Contract for such aspect or phase of the Construction of the Improvements, which shall be for a fixed price, the Engineer's Contract, as well as any information regarding each Contractor and the Engineer which the Lender has requested; (iii) The Lender shall have received and approved the written undertaking of those Contractors and/or subcontractors designated by the Lender, and of the Borrower's Engineer to continue performance on the Lender's behalf without additional costs over the required contract amounts in the event of default by the Borrower under any of the Loan Documents and not to permit nor execute any change order increasing the price of the Improvements or materially altering the scope of the Improvements; (iv) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all Governmental Authorities having or claiming jurisdiction to the effect that all building, construction and other permits required in connection with such aspect or phase of the Construction of the Improvements have been validly issued, that all fees and bonds required in connection therewith have been paid in full or posted, as the circumstances may require, and that the project meets subdivision requirements, zoning requirements and all sewer and storm drain requirements; (v) The Lender shall have received from the Borrower written evidence, in form and substance reasonably satisfactory to the Lender, from all municipalities and utility companies having or claiming jurisdiction to the effect that all utility services required by the Plans and Specifications or otherwise necessary for such aspect or phase of the Construction of the Improvements and the operation thereof for their intended purpose after completion are available for connection and use at the boundaries of the Land, including, without limitation, telephone service, water supply, storm and sanitary sewer facilities, natural gas and electric facilities; (vi) The Lender shall have received and approved a cost breakdown in trade form for the Improvements, and showing, if available, subcontractors and material suppliers; (vii) The Lender shall have received and approved a report setting forth the monthly projected advances of the Loan throughout the construction period and a construction progress schedule in form and substance reasonably satisfactory to the Lender, calling for the completion of the Construction of the Improvements by a date no later than the Completion Date; (viii) The Lender shall have received and reasonably approved evidence that all Contractors and all major subcontractors carry public liability and property damage insurance and workers' compensation insurance in form, amounts and issued by companies reasonably acceptable to the Lender; (ix) The Lender shall have received an engineer's certificate or other evidence acceptable in all respects that the Improvements, when constructed, will comply with all legal requirements regarding access and facilities for handicapped or disabled persons, including, without limitation and to the extent applicable, The Federal Architectural Barriers Act (42 U.S.C. § 4151 et seq.), The Fair Housing Amendments Act of 1988 (42 U.S.C. § 3601 et seq.), The Americans With Disabilities Act of 1990 (42 U.X.X. §00000 et seq.), The Rehabilitation Act of 1973 (29 U.S.C. §794) and any applicable state statutes relating to access and facilities for handicapped or disabled persons; (x) The Lender shall have received and approved satisfactory evidence that the Borrower shall have satisfied any required equity investment related to the Loan and/or the Property; and (xi) The Lender shall have received and approved a pre-construction review report issued by the Construction Inspector with respect to such aspect or phase of the Construction of the Improvements, in form and substance satisfactory to the Lender in all respects, covering the Plans and Specifications, the Budget and all other construction matters. (xii) The Lender shall have received and approved such other documents, instruments and materials relating to such aspect or phase of the Construction of the Improvements as the Lender may reasonably require. (c) The . Lender shall not be obligated to make the final advance of the Loan for hard costs (including the retainage) unless the following additional conditions shall have been satisfied, to the extent required by Lender: (ia) The Construction Inspector Consultant and the Engineer Architect shall have certified to the Lender that construction has been completed in a good and workmanlike manner, in accordance with applicable requirements of all Governmental Authorities and substantially in accordance with the Plans and Specifications; (iib) To the extent required by applicable Governmental Authorities for the use and occupancy of the Improvements, certificates of occupancy or completion and other applicable permits and releases shall have been issued with respect to the Improvements and copies thereof have been furnished to the Lender;; DECLARATION OF MXXXXXX XXXXXXXXXX, EXHIBIT B PAGE 168 Case 2:15-cv-01350-JLR Document 357-2 Filed 06/23/16 Page 148 of 208 (iiic) The Lender shall have received a satisfactory as-built Survey showing the location of all the Improvements; (ivd) The Lender shall have received a satisfactory final affidavit from the General Contractor and full and complete releases of lien from each the General Contractor and each major subcontractor designated by of and supplier to the Lender General Contractor with respect to work performed and/or and/on materials supplied in the Construction construction of the Improvements; (ve) If requested by the Lender, the Lender shall have received a satisfactory set of as-built plans and specifications for any vertical the Improvements; (vif) If required by the Lender, the A valid notice of completion shall have been recorded; (g) Lender shall have received a satisfactory endorsement to its title insurance policy; and (viih) All other terms and conditions of this Agreement and the other Loan Documents required to be met as of the date of the final advance of the Loan for hard costs shall have been met to the satisfaction of the Lender.