Common use of Conditions to All Advances Clause in Contracts

Conditions to All Advances. The obligation of Lender to make any advance of the Loan, including the first advance, is subject to the following: (i) All representations and warranties of Borrower contained in this Agreement shall be true and correct as of the date of the advance. (ii) No Event of Default shall exist under any of the Loan Documents, and no event shall exist which by notice, passage of time or otherwise would constitute an Event of Default under any of the Loan Documents. (iii) The Project shall not have been materially damaged by fire or other casualty. (iv) Lender shall have received satisfactory evidence that all work and improvements requiring inspection by any governmental authority have been inspected and approved; that the appropriate governmental authorities have accepted dedication of roads, sewers and other facilities where necessary, and all required certificates and other approvals have been duly issued. (v) Lender shall have received and approved a survey showing the location of the foundations and footings, after they are in place. (vi) Borrower shall provide Lender, concurrently with any advance made under this Agreement, sworn statements, waivers of lien, affidavits and acceptable assurances of payment by the general contractor, subcontractors, suppliers and/or laborers, which shall cover all work, labor and materials performed or furnished for the Project. (vii) Lender shall have received a fully executed request for advance and such other supporting documentation as may be required by Lender. (viii) Lender shall have received an endorsement to the title policy, indicating no adverse change in the state of title, which endorsement shall have the effect of increasing the coverage of the title policy by an amount equal to the advance then being made. (ix) Lender shall have received satisfactory evidence that all work and improvements have been inspected and approved by Lender's appraisal staff or, if required by Lender, an inspecting architect or engineer. (x) Lender shall have received payment of any additional fees or expenses due and owing to Lender in connection with such advance.

Conditions to All Advances. The obligation of Lender As conditions precedent to make any advance of the LoanAdvance, including in addition to all other requirements contained in this Agreement, if and to the first advanceextent required by Administrative Agent, is subject to Administrative Agent shall have received and approved the following: (i) All Evidence satisfactory to Administrative Agent that no Default or any event which, with the giving of notice or the lapse of time, or both, could become a Default, exists. (ii) Evidence satisfactory to Administrative Agent that the representations and warranties of Borrower contained made in this Agreement shall the Loan Documents must be true and correct on and as of the date of the advance. (ii) No Event of Default shall exist under any of the Loan Documents, each advance and no event shall have occurred or condition or circumstance shall exist which by noticewhich, passage of time if known to Borrower, would render any such representation or otherwise would constitute an Event of Default under any of the Loan Documentswarranty incorrect or misleading. (iii) The Project shall not have been materially damaged To the extent requested by fire Administrative Agent, a true and complete copy of each contract to which Borrower is a party, if applicable, for labor, materials, services and/or other work recently performed at the Property duly executed and delivered by all parties thereto and effective, and a true and complete copy of a fully executed copy of each such subcontract or other casualtycontract as Administrative Agent may have requested. (iv) Lender Evidence satisfactory to Administrative Agent that no mechanic's or materialmen's lien or other encumbrance has been filed and remain in effect against the Property, no stop notices shall have received been served on Lenders that have not been bonded by Borrower in a manner and amount satisfactory evidence that all work and improvements requiring inspection by any governmental authority have been inspected and approved; that the appropriate governmental authorities have accepted dedication of roads, sewers and other facilities where necessaryto Administrative Agent, and releases or waivers of mechanics' liens and receipted bills showing payment of all required certificates and other approvals amounts due to all parties who have been duly issuedfurnished materials or services or performed labor of any kind in connection with the Property. (v) Lender shall have received Evidence satisfactory to Administrative Agent that the Title Insurance has been endorsed and brought to date in a manner satisfactory to Administrative Agent to increase the coverage by the amount of each advance through the date of each such advance with no additional title change or exception not approved a survey showing the location of the foundations and footings, after they are in placeby Administrative Agent. (vi) Borrower Evidence satisfactory to Administrative Agent that the Improvements shall provide Lender, concurrently with any advance made under this Agreement, sworn statements, waivers of lien, affidavits and acceptable assurances of payment by the general contractor, subcontractors, suppliers and/or laborers, which shall cover all work, labor and materials performed or furnished for the Project. (vii) Lender shall have received a fully executed request for advance and such other supporting documentation as may be required by Lender. (viii) Lender shall have received an endorsement to the title policy, indicating no adverse change in the state of title, which endorsement shall have the effect of increasing the coverage of the title policy by an amount equal to the advance then being made. (ix) Lender shall have received satisfactory evidence that all work and improvements not have been inspected damaged and approved by Lender's appraisal staff or, if required by Lender, an inspecting architect or engineer. (x) Lender not repaired and shall have received payment not be the subject of any additional fees pending or expenses due and owing to Lender in connection with such advancethreatened condemnation or adverse zoning proceeding.

Conditions to All Advances. The obligation of Lender As conditions precedent to make any advance of the Loan, including the first each advance, is subject in addition to all other requirements contained in this Agreement, if and to the extent required by Administrative Agent, Administrative Agent shall have received and approved the following: (i) All Evidence satisfactory to Administrative Agent of the continued satisfaction of all conditions to the Initial Advance and, as to the Future Advance, Exhibit “C-1”. (ii) A Draw Request. (iii) Evidence satisfactory to Administrative Agent that no Default or any event which, with the giving of notice or the lapse of time, or both, could become a Default, exists. (iv) Evidence satisfactory to Administrative Agent that the representations and warranties of Borrower contained made in this Agreement shall the Loan Documents must be true and correct on and as of the date of the advance. (ii) No Event of Default shall exist under any of the Loan Documents, each advance and no event shall have occurred or condition or circumstance shall exist which by noticewhich, passage of time if known to Borrower, would render any such representation or otherwise would constitute an Event of Default under any of the Loan Documents. (iii) The Project shall not have been materially damaged by fire warranty incorrect or other casualty. (iv) Lender shall have received satisfactory evidence that all work and improvements requiring inspection by any governmental authority have been inspected and approved; that the appropriate governmental authorities have accepted dedication of roads, sewers and other facilities where necessary, and all required certificates and other approvals have been duly issuedmisleading. (v) Lender shall To the extent requested by Administrative Agent, a true and complete copy of each contract to which Borrower is a party, if applicable, for labor, materials, services and/or other work included in a Draw Request duly executed and delivered by all parties thereto and effective, and a true and complete copy of a fully executed copy of each such subcontract or other contract as Administrative Agent may have received and approved a survey showing the location of the foundations and footings, after they are in placerequested. (vi) Evidence satisfactory to Administrative Agent that no mechanic’s or materialmen’s lien or other encumbrance has been filed and remain in effect against the Property, no stop notices shall have been served on Lenders that have not been bonded by Borrower shall provide Lenderin a manner and amount satisfactory to Administrative Agent, concurrently with any advance made under this Agreement, sworn statements, and releases or waivers of lien, affidavits mechanics’ liens and acceptable assurances receipted bills showing payment of payment by all amounts due to all parties who have furnished materials or services or performed labor of any kind in connection with the general contractor, subcontractors, suppliers and/or laborers, which shall cover all work, labor and materials performed or furnished for the ProjectProperty. (vii) Lender shall have received Evidence satisfactory to Administrative Agent that the Title Insurance has been endorsed and brought to date in a fully executed request for manner satisfactory to Administrative Agent to increase the coverage by the amount of each advance and through the date of each such other supporting documentation as may be required advance with no additional title change or exception not approved by LenderAdministrative Agent. (viii) Lender Evidence satisfactory to Administrative Agent that the Improvements shall have received an endorsement to the title policy, indicating no adverse change in the state of title, which endorsement shall have the effect of increasing the coverage of the title policy by an amount equal to the advance then being made. (ix) Lender shall have received satisfactory evidence that all work and improvements not have been inspected damaged and approved by Lender's appraisal staff or, if required by Lender, an inspecting architect or engineer. (x) Lender not repaired and shall have received payment not be the subject of any additional fees pending or expenses due and owing to Lender in connection with such advancethreatened condemnation or adverse zoning proceeding.

Conditions to All Advances. The obligation of Lender As conditions precedent to make any each advance of made pursuant to a Draw Request, in addition to all other requirements contained in this Agreement, if and to the Loanextent required by Administrative Agent, including the first advance, is subject to Administrative Agent shall have received and approved the following: (i) All i. Evidence satisfactory to Administrative Agent in its good faith business judgment of the continued satisfaction of all conditions to the first advance. ii. A Draw Request. iii. Evidence satisfactory to Administrative Agent in its good faith business judgment that no Default or any event which, with the giving of notice or the lapse of time, or both, could become a Default, exists. iv. Evidence satisfactory to Administrative Agent in its good faith business judgment that the representations and warranties of Borrower contained made in this Agreement shall be the Loan Documents are true and correct on and as of the date of the advance. (ii) No Event of Default shall exist under any of the Loan Documents, each advance and no event shall have occurred or condition or circumstance shall exist which which, if known to Borrower, would render any such representation or warranty incorrect in any material respect. v. Evidence satisfactory to Administrative Agent in its good faith business judgment that no mechanic’s or materialmen’s lien or other encumbrance has been filed and remains in effect against the Property (except for liens or encumbrances that are being contested in accordance with Section 2.10 of this Agreement), no stop notices shall have been served on Lenders that have not been bonded by noticeBorrower in a manner and amount satisfactory to Administrative Agent, passage and releases or waivers of time mechanics’ liens and receipted bills showing payment of all amounts due to all parties who have furnished materials or otherwise would constitute an Event services or performed labor of Default under any kind in connection with the Property. vi. Evidence satisfactory to Administrative Agent in its good faith business judgment that the Title Insurance has been endorsed and brought to date in a manner satisfactory to Administrative Agent in its good faith business judgment to increase the coverage by the amount of each advance through the date of each such advance with no additional title change or exception not expressly permitted by the Loan Documents or approved in writing by Administrative Agent. vii. Evidence satisfactory to Administrative Agent in its good faith business judgment that as of the Loan Documentsdate of making such advance, no event shall have occurred, nor shall any condition exist, that could have a Material Adverse Effect. (iii) The Project viii. Evidence satisfactory to Administrative Agent in its good faith business judgment that the Improvements shall not have been materially damaged by fire and not repaired and shall not be the subject of any pending or other casualtythreatened condemnation or adverse zoning proceeding. (iv) Lender shall have received satisfactory evidence that ix. Copies of notarized partial lien waiver forms executed by each contractor and each appropriate subcontractor, supplier and materialman, including, without limitation, from all work and improvements requiring inspection by any governmental authority have been inspected and approved; that parties sending statutory notices to contractors, notices to owners, or notices of nonpayment, specifying in such partial lien waivers the appropriate governmental authorities have accepted dedication amount paid in consideration of roads, sewers and other facilities where necessary, and all required certificates and other approvals have been duly issuedsuch partial releases. (v) Lender shall have received and approved a survey showing the location of the foundations and footings, after they are in place. (vi) Borrower shall provide Lender, concurrently with any advance made under this Agreement, sworn statements, waivers of lien, affidavits and acceptable assurances of payment by the general contractor, subcontractors, suppliers and/or laborers, which shall cover all work, labor and materials performed or furnished for the Project. (vii) Lender shall have received a fully executed request for advance and such other supporting documentation as may be required by Lender. (viii) Lender shall have received an endorsement to the title policy, indicating no adverse change in the state of title, which endorsement shall have the effect of increasing the coverage of the title policy by an amount equal to the advance then being made. (ix) Lender shall have received satisfactory evidence that all work and improvements have been inspected and approved by Lender's appraisal staff or, if required by Lender, an inspecting architect or engineer. (x) Lender shall have received payment of any additional fees or expenses due and owing to Lender in connection with such advance.

Conditions to All Advances. The obligation of Lender As conditions precedent to make any each advance of made pursuant to a Draw Request, in addition to all other requirements contained in this Agreement, if and to the Loanextent required by Administrative Agent, including the first advance, is subject to Administrative Agent shall have received the following: (ia) All Evidence to the extent reasonably required by Administrative Agent, of the continued satisfaction of all conditions to the first or subsequent advances, as applicable (not waived upon execution of this Agreement, as set forth in Exhibit “C”) to the extent Administrative Agent required satisfaction. (b) A Draw Request. (c) Evidence to the extent reasonably required by Administrative Agent that no Default or Potential Default exists (notwithstanding any cure period having not expired) that has not been waived by Administrative Agent. (d) Evidence to the extent reasonably required by Administrative Agent that the representations and warranties of Borrower contained made in this Agreement shall the Loan Documents must be true and correct in all material respects, subject to Changes in Facts and Circumstances, on and as of the date of the advance. (ii) No Event of Default shall exist under any of the Loan Documents, each advance and no event shall have occurred or condition or circumstance shall exist which by noticewhich, passage of time if known to Borrower, would render any such representation or otherwise would constitute an Event of Default under warranty incorrect in any of the Loan Documentsmaterial respect, subject to Changes in Facts and Circumstances. (iiie) The Each Material Contract (if not previously supplied) for which an advance is requested in a Draw Request duly executed and delivered by all parties thereto and effective, and a true and complete copy of a fully executed copy of each related subcontract or other contract as Administrative Agent may reasonably request as set forth in AIA Document G-703. (f) Evidence to the extent reasonably required by Administrative Agent that no delinquent tax or imposition, has been imposed on the Property, no mechanic’s or materialmen’s lien or other encumbrance has been filed and remains in effect against the Property, and no stop notices shall have been served on Administrative Agent or any other Lender, in any such case that are not being contested as permitted by the Deed of Trust and for which a cash deposit or indemnity bond has not been provided by Borrower as required by the Deed of Trust. Alternatively, with respect to such filed mechanic’s and materialman’s liens or stop notices, evidence to the extent reasonably requested by Administrative Agent, of recorded releases or waivers of mechanics’ liens and receipted bills showing payment of all amounts due to all parties who have furnished such labor, materials or services together with applicable endorsements to the Title Insurance indicating same and insuring against any such liens. (g) Evidence to the extent reasonably required by Administrative Agent that the Title Insurance has been endorsed and brought to date in a manner satisfactory to Administrative Agent to increase the coverage by the amount of each advance through the date of each such advance with no additional title change or exception not allowed by this Agreement or otherwise approved by Administrative Agent. (h) Certification by Construction Inspector, indicating such party’s belief or understanding that construction of the Improvements is in substantial accordance with the Plans, and a certification of the Construction Inspector indicating that the value and standard of workmanship of the work observed for which the advance is requested appears to be in accordance with the applicable contract, the amount of the advance requested represents work in place based on on-site observations and the data comprising the Draw Request, the Project work can be completed by the Completion Date, and the applicable contractor or subcontractor is entitled to payment of the amount certified. (1) a foundation survey made immediately after, but in no event later than forty-five (45) days after, the laying of the foundation of each building or structure of the Improvements to the extent required by Administrative Agent complying with Exhibit “G”, (2) a certificate of Borrower’s structural engineer stating that based on personal inspection the foundations have been completed in substantial accordance with the Plans, and (3) a bearing capacity test report with respect to the excavated footings and foundations, reviewed and approved by the Construction Inspector and Borrower’s architect. (j) Within ten (10) days after the pouring of concrete for any Improvements, a report satisfactory to Construction Inspector of the results of concrete tests made at the time the concrete is poured. (k) Within ten (10) days after the compaction of any soil for construction, a report satisfactory to Construction Inspector of the results of soil tests. (l) Evidence to the extent reasonably required by Administrative Agent that the Improvements shall not have been materially damaged by fire and shall not be the subject of any pending or other casualtythreatened condemnation or adverse zoning proceeding to an extent that it cannot be repaired as required in the Deed of Trust. (ivm) Lender shall have received satisfactory evidence Evidence to the extent reasonably required by Administrative Agent that Borrower has paid all work and improvements requiring inspection of Borrower’s Equity then required to be paid by any governmental authority have been inspected and approved; that Borrower under the appropriate governmental authorities have accepted dedication of roads, sewers and other facilities where necessary, and all required certificates and other approvals have been duly issuedBudget. (vn) Lender shall have received and approved a survey showing the location The Borrower’s Deposit if required by Section 1.5 of the foundations and footings, after they are in placethis Agreement. (vio) Borrower shall provide Lender, concurrently with any advance made under this Agreement, sworn statements, waivers of lien, affidavits and acceptable assurances of payment To the extent required by the general contractor, subcontractors, suppliers and/or laborers, which shall cover all work, labor and materials performed or furnished Administrative Agent for the Projectprior Draw Request, copies of paid invoices from or notarized partial lien waiver forms executed by each Material Contractor and releases or paid invoices from all persons supplying labor, material or services who have sent notices of nonpayment to contractors, subcontractors or Borrower, specifying in such releases or paid invoices the amount paid in consideration of such releases or paid invoices. (viip) Lender shall have received a fully executed request for advance Such other information and such other supporting documentation documents as Administrative Agent may be required by Lenderreasonably request. (viii) Lender shall have received an endorsement to the title policy, indicating no adverse change in the state of title, which endorsement shall have the effect of increasing the coverage of the title policy by an amount equal to the advance then being made. (ix) Lender shall have received satisfactory evidence that all work and improvements have been inspected and approved by Lender's appraisal staff or, if required by Lender, an inspecting architect or engineer. (x) Lender shall have received payment of any additional fees or expenses due and owing to Lender in connection with such advance.

Conditions to All Advances. The obligation of Lender As conditions precedent to make any each advance of the Loanmade pursuant to a Draw Request, including the first advancein addition to all other requirements contained in this Agreement, is subject if and to the followingextent required by Administrative Agent, to Administrative Agent's satisfaction, Borrower must satisfy the following conditions, and deliver to Administrative Agent evidence of such satisfaction: (ia) All conditions to the first advance have been and continue to be satisfied. (b) Borrower must have delivered to Administrative Agent a Draw Request. (c) No Default or any event which, with the giving of notice or the lapse of time, or both, could become a Default, exists. (d) The representations and warranties of Borrower contained made in this Agreement shall the Loan Documents must be true and correct on and as of the date of the advanceeach advance and no event shall have occurred or condition or circumstance shall exist which, if known to Borrower, would render any such representation or warranty incorrect or misleading. (e) Each subcontract or other contract for labor, materials, services and/or other work included in a Draw Request shall have been duly executed and delivered by all parties thereto and shall be effective, and Administrative Agent shall have received a true and complete copy of a fully executed copy of each such subcontract or other contract as Administrative Agent may have requested, together with performance and payment bonds securing such contracts and subcontracts, to the extent required by Administrative Agent, in form and substance satisfactory to Administrative Agent. (f) No mechanic's or materialmen's lien or other encumbrance shall have been filed and remain in effect against the Property, no stop notices shall have been served on Lenders that have not been bonded by Borrower in a manner and amount satisfactory to Administrative Agent, and releases or waivers of mechanics' liens and receipted bills showing payment of all amounts due to all parties who have furnished materials or services or performed labor of any kind in connection with the Property shall have been obtained (and, to the extent required by Administrative Agent, copies thereof shall have been delivered to Administrative Agent). (g) If required by Administrative Agent, the Title Insurance shall have been endorsed and brought to date in a manner satisfactory to Administrative Agent to increase the coverage by the amount of each advance through the date of each such advance with no additional title change or exception not approved by Administrative Agent. (h) Administrative Agent shall have received written certification by Construction Consultant, and if required by Administrative Agent by Borrower's architect, that to the best of such party's knowledge, information, and belief, construction is in accordance with the Plans, the quality of the work for which the advance is requested is in accordance with the applicable contract, the amount of the advance requested represents work in place based on on-site observations and the data compromising the Draw Request, the work has progressed in accordance with the construction contract and schedule, and the applicable contractor is entitled to payment of the amount certified. (i) Administrative Agent shall have received (i) a foundation survey made immediately after, but in no event later than ten (10) days after, the laying of the foundation of each building or structure of the Improvements satisfactory to Administrative Agent complying with Exhibit "G", (ii) No Event a certificate of Default Borrower's architect stating that based on personal inspection the foundations have been completed in accordance with the Plans and are satisfactory in all respects, and (iii) a bearing capacity test report with respect to the excavated footings and foundations, reviewed and approved by the Construction Consultant and Borrower's architect. (j) Administrative Agent shall exist under have received within ten (10) days after the pouring of concrete for any Improvements, a report satisfactory to Construction Consultant of the results of concrete tests made at the time the concrete is poured. (k) Administrative Agent shall have received within ten (10) days after the compaction of any soil for construction, a report satisfactory to Construction Consultant of the results of soil tests. (1) As of the date of making such advance, no event shall have occurred, nor shall any condition exist, that could have a Material Adverse Effect on the enforceability of the Loan Documents, and no event shall exist which by noticeor a Material Adverse Effect to the financial condition of Borrower, passage impair the ability of time or otherwise would constitute an Event of Default Borrower to fulfill its material obligations under any of the Loan Documents, or otherwise have a Material Adverse Effect whatsoever on the Property. (iii) The Project shall not have been materially damaged by fire or other casualty. (iv) Lender shall have received satisfactory evidence that all work and improvements requiring inspection by any governmental authority have been inspected and approved; that the appropriate governmental authorities have accepted dedication of roads, sewers and other facilities where necessary, and all required certificates and other approvals have been duly issued. (v) Lender shall have received and approved a survey showing the location of the foundations and footings, after they are in place. (vi) Borrower shall provide Lender, concurrently with any advance made under this Agreement, sworn statements, waivers of lien, affidavits and acceptable assurances of payment by the general contractor, subcontractors, suppliers and/or laborers, which shall cover all work, labor and materials performed or furnished for the Project. (vii) Lender shall have received a fully executed request for advance and such other supporting documentation as may be required by Lender. (viii) Lender shall have received an endorsement to the title policy, indicating no adverse change in the state of title, which endorsement shall have the effect of increasing the coverage of the title policy by an amount equal to the advance then being made. (ix) Lender shall have received satisfactory evidence that all work and improvements have been inspected and approved by Lender's appraisal staff or, if required by Lender, an inspecting architect or engineer. (x) Lender shall have received payment of any additional fees or expenses due and owing to Lender in connection with such advance.