Conditions for Initial Advance. On or before the Tranche 1 First Borrowing Date, the conditions set forth in Section 6.01 of the Original Loan Agreement shall have been met to Lender's satisfaction. On or before the Tranche 2 First Borrowing Date, the following conditions shall have been met to Lender's satisfaction:
(a) POST-CLOSING LIEN SEARCHES. Lender shall have received satisfactory results of Lien searches in all jurisdictions reasonably determined by Lender to be appropriate, reflecting the filing of financing statements in favor of Lender pursuant hereto and no other Liens other than Permitted Encumbrances.
Conditions for Initial Advance. On or before the First Borrowing Date, the following conditions shall have been met to Lender's satisfaction:
Conditions for Initial Advance. On or before the First Borrowing Date, the following conditions shall have been met:
(a) Post-Closing Lien Searches. Lender shall have received satisfactory results of Lien searches in all jurisdictions reasonably determined by Lender to be appropriate, reflecting the filing of financing statements in favor of Lender pursuant hereto and no other Liens other than Permitted Encumbrances in accordance with Section 6.2(k) hereof.
Conditions for Initial Advance. In addition to the requirements contained in other Sections of this Agreement, prior to or at the time of the initial advance on the Loan (including the purchase money portion of the Loan), Lender shall be in receipt of the following, all in form and substance satisfactory to Lender:
(a) The Note and the recorded Mortgage.
(b) This Agreement.
(c) A Loan Policy of Title Insurance, insuring that the lien created by the Mortgage constitutes a valid first lien on the Property.
(d) Insurance policies for (i) public liability insurance and workmen’s compensation insurance for Borrowers and Contractor; (ii) hazard insurance (builder’s risk) providing all risk coverage on the Property and Improvements, including materials stored on the Property or elsewhere and including all perils of collapse; (iii) flood insurance, if applicable; and
(iv) fire and extended coverage insurance, all policies with standard mortgagee clauses attached in favor of Lender.
(e) A survey of the Property.
(f) A copy of the executed Construction Agreement, including the Plans and Specifications, a copy of the building permit and the approval (if required) of any deed restriction or architectural control committee having the right to review and approve the plans.
(g) Proof satisfactory to Lender that Borrower has paid third party Contractor(s) the first $0.00 of the cost of the Work.
(h) Such other documents as Lender may reasonably require in connection with the Loan. Notwithstanding the foregoing to the contrary, upon the closing of the Loan (i.e., Lender receipt and approval of items a, b and c above), Lender shall advance to Borrower the amount of Borrower’s closing costs, one half (1/2) of the commission and soft costs as per the Budget which Borrower has provided to Lender. Following that, the next series of advances on the Loan shall be with respect to the Landlord’s Work as provided in this Agreement. Following substantial completion of Landlord’s Work, then the next series of advances shall be with respect to the Tenant’s Work as provided in this Agreement.
Conditions for Initial Advance. Except as provided in Schedule 6.02, on or before the Tranche 4 First Borrowing Date, the following conditions shall have been met to Lender's satisfaction:
(a) Post-Closing Lien Searches. Lender shall have received satisfactory results of Lien searches in all jurisdictions reasonably determined by Lender to be appropriate, reflecting the filing of financing statements on the Collateral other than security interests in favor of Lender pursuant hereto and no other Liens other than Permitted Encumbrances.
Conditions for Initial Advance. On or before the First Borrowing ------------------------------- Date, the following conditions shall have been met to Lender's satisfaction:
Conditions for Initial Advance. In addition to satisfaction of the requirements of Section 1.04 below (which are applicable to all Advances), the initial Advance shall not be made hereunder until all of the following requirements have been satisfied.
(a) This Agreement, the Declaration of Trust, the Lease, the Lease Guarantee, and the Environmental Indemnity have each been fully executed and delivered by each of the parties thereto.
(b) Trustee, Purchasers, and Lessee have each received such evidence of authority to act, legal opinions, and related matters as they may deem reasonably necessary to confirm that all parties to the Transaction Documents are bound thereby and such Transaction Documents are binding and enforceable upon all parties thereto.
(c) All fees, costs, and expenses to be paid or reimbursed by Lessee to the Trustee or Purchasers and/or their respective counsel and/or consultants through the Closing Date as otherwise provided herein, or in the other Transaction Documents, have been paid in full.
Conditions for Initial Advance. In addition to satisfaction of the requirements of Section 1.04 below (which are applicable to all Advances), the initial Advance shall not be made hereunder until all of the following requirements have been satisfied.
(a) This Agreement, the Declaration of Trust, the Lease, the Lease Guarantee, and the Environmental Indemnity have each been fully executed and delivered by each of the parties thereto.
Conditions for Initial Advance. In addition to satisfaction of the requirements of Section 1.04 below (which are applicable to all Advances), the first Advance shall not be made hereunder until all of the following requirements have been satisfied.
(a) This Agreement, the Declaration of Trust, the Lease, the Lease Guarantee, and the Environmental Indemnity have each been fully executed and delivered by each of the parties thereto.
(b) Trustee, Purchaser, and Lessee have each received such evidence of authority to act, legal opinions, and related matters as they may deem reasonably necessary to confirm that all parties to the Transaction Documents are bound thereby and such Transaction Documents are binding and enforceable upon all parties thereto.
(c) All fees, costs, and expenses to be paid or reimbursed by Lessee to the Trustee or Purchaser and/or their respective counsel and/or consultants through the Closing Date as otherwise provided herein, or in the other Transaction Documents, shall be paid in full. Trustee, Purchaser and their respective counsel and consultants have agreed to defer payment of their various fees and costs relating to the negotiation and execution of the Transaction Documents as of the date of execution hereof, but such amounts shall be paid, or provision for such payment shall have been made, by Lessee on or before the earlier of December 15, 1995, or the Closing Date.
Conditions for Initial Advance. The obligation of the Lender to make the initial Advance hereunder is subject to satisfaction of all of the following conditions precedent:
(a) Drawdown Notice and Note(s): the Lender shall have received the Drawdown Notice for the Advance as provided in Section 2.4, and the Borrower shall have executed and delivered to the Lender a Note(s) to evidence each such Advance as contemplated by Section 2.7;
