Common use of CONDITIONS TO FINAL ADVANCE Clause in Contracts

CONDITIONS TO FINAL ADVANCE. Remaining Loan proceeds shall not be disbursed, unless all requirements specified in Exhibits C and D hereof shall have been (and continue to be) satisfied, and: A. The Lender has received the Certificate of Completion from the General Contractor; B. The Improvements including any off-site Improvements have been completed with new materials, in a good and workmanlike manner substantially in accord with the Plans and Specifications, and in accordance with all applicable laws and regulations; C. Evidence satisfactory to Lender that all Work and Improvements requiring inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and approved by such authorities having or claiming jurisdiction; D. Two (2) copies of the "as-built" Physical Survey dated within thirty (30) days of the request for the final advance, and executed by a certified land engineer in a form and substance acceptable to Lender and the Title Company, which in addition to any other requirements imposed herein, shall clearly designate (1) the location of the perimeter of the Real Property by courses and distances; (2) the location of all easements, cemeteries, rights of way, alleys, streams, waters, encroachments, fences, parking lots and spaces, and means of ingress and egress, together with the deed book and page number indicated; (3) the location of all building restriction lines and setbacks, however established; (4) the location of any streets or roadways abutting the Property; (5) the "as-built" location of any on-site and off-site easements, rights of way, building restriction lines and applicable setbacks and their relation by feet and inches to the perimeter of the Property; (6) encroachments on any easements, rights of way, flood prone areas, restricted areas, the Real Property, or onto adjoining premises, (7) the flood zone areas, and (8) such other matters as Lender may reasonably require, including certification to the Lender and the Title Company as to the correctness, accuracy, location and statements made, and that no part of the Real Property is located in an identified flood hazard area; and E. A final endorsement to the Title Policy is obtained containing no exceptions unacceptable to Lender, insuring Lender in the full Loan Amount, an endorsement removing any exception for mechanics or materialmen's liens or pending disbursements, and with no additional title changes or exceptions objectionable to Lender.

CONDITIONS TO FINAL ADVANCE. Remaining Loan proceeds Lxxxxx’s obligation hereunder to make the final Advance is conditioned upon Lxxxxx’s receipt of the following, each in form and substance satisfactory to Lender: (i) The total aggregate amount of the Guaranty Cash Collateral Reserve shall be on deposit with Lender; (ii) The Debt Service Reserve shall be on deposit with Lender; (iii) Signed and executed sub-leases totaling $2,220,000.00 of not less than five (5) year terms required to support Debt Service Coverage of at least 1.25:1.0 to begin renovation funding; provided, however, that for purposes of satisfying this condition, Borrower shall not be disbursed, unless all requirements specified required to extend the term of any lease and/or sub-lease that is already in Exhibits C and D hereof shall have been (and continue to be) satisfied, and: A. The Lender has received effect as of the Certificate closing of Completion from the General ContractorLoan; B. The Improvements including any off-site Improvements have been completed with new materials, in a good and workmanlike manner substantially in accord with the Plans and Specifications, and in accordance with all applicable laws and regulations; C. Evidence satisfactory to Lender that all Work and Improvements requiring inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and approved by such authorities having or claiming jurisdiction; D. Two (2iv) copies of the "as-built" Physical Survey dated within thirty (30) days of the request for the final advance, and executed by a certified land engineer in a form and substance acceptable to Lender and the Title Company, which in addition to any other requirements imposed herein, shall clearly designate (1) the location of the perimeter of the Real Property by courses and distances; (2) the location of all easements, cemeteries, rights of way, alleys, streams, waters, encroachments, fences, parking lots and spaces, and means of ingress and egress, together with the deed book and page number indicated; (3) the location of all building restriction lines and setbacks, however established; (4) the location of any streets or roadways abutting the Property; (5) the "as-built" location of any on-site and off-site easements, rights of way, building restriction lines and applicable setbacks and their relation by feet and inches to the perimeter of the Property; (6) encroachments on any easements, rights of way, flood prone areas, restricted areas, the Real Property, or onto adjoining premises, (7) the flood zone areas, and (8) such other matters as Lender may reasonably require, including certification to the Lender and the Title Company as to the correctness, accuracy, location and statements made, and that no part of the Real Property is located in an identified flood hazard area; and E. A shall issue a final endorsement to the Title Insurance Policy is obtained containing no continuing the effective date of the Title Insurance Policy so as to insure the Loan as fully disbursed and removing any “pending disbursement” clause, any survey exceptions unacceptable and any other exceptions to title arising out of the construction of the Project; (v) A final ALTA “as-built” survey prepared and certified by a Tennessee registered land surveyor showing the location of all property lines and any and all setbacks and sidelines, all existing or proposed buildings, and all streets, roads, rights-of-way, easements, encroachments and related matters. The survey shall be certified to Lender, insuring Lender Borrower and Title Company, their successors and/or assigns by the surveyor and shall be otherwise sufficient for title insurance to be issued without any survey exception; (vi) A Federal Emergency Management Agency Standard Flood Hazard Determination, or similar certification, related to any of the Collateral, which is real property. If such real property is in a special flood hazard area (zones containing the letters “A” or “V”), a flood insurance policy shall be required in the full amount of the Loan Amountor the maximum amount of coverage available, an endorsement removing any exception for mechanics or materialmen's liens or pending disbursementswhichever is greater, and shall contain a standard mortgagee clause designating Bank as loss payee. Borrower shall be responsible for the cost of the flood zone determination; (vii) Evidence of reasonable means of ingress and egress to and from the Collateral that consists of real property, including, without limitation an access, ingress, egress or similar easement; (viii) Evidence that Bxxxxxxx’s builder’s risk insurance has been converted to an “all-risk” fire and extended coverage hazard insurance policy (non-reporting Commercial Property Policy with no additional title changes Special Cause of Loss form) in accordance with the requirements of the Deed of Trust; and (ix) Borrower shall have satisfied all of the Completion Conditions set forth in Section 5.2 of this Agreement. (x) Borrower shall provide copies of the occupancy permit, validly issued an in full force and effect, along with evidence that all fees and bonds required in connection therewith have been paid in full or exceptions objectionable posted. (xi) Borrower’s satisfaction of all post-closing requirements set forth in the post-closing agreement (“Post-Closing Agreement”) executed simultaneously herewith. (xii) All of the requirements set forth herein in Section 2.6(d) shall be deemed post-closing obligations of Borrower and shall be satisfied upon Lxxxxx’s request and any Request for Advance may be delayed as a result of Borrower’s failure to Lendercomply with same.

CONDITIONS TO FINAL ADVANCE. Remaining Loan proceeds When the land development and construction contemplated by the Plans is completed, Borrower shall not be disbursed, unless to the extent required by Lender supply Lender with the following documents in addition to satisfying all requirements specified in Exhibits C the conditions and D hereof supplying all the documents required under Section 2.4 above prior to payment of the Final Advance by Lender. (a) the Improvements shall have been (completed in accordance with the Plans and continue Lender shall have received evidence satisfactory to be) satisfiedLender of the approval by all appropriate governmental authorities of the Improvements in their entirety to the extent any such approval is or will be a condition of the lawful use of the Improvements, and: A. The and evidence satisfactory to Lender has received of approval by all appropriate governmental authorities of the Certificate of Completion from the General Contractorcontemplated uses thereof; B. The Improvements including any off-site Improvements (b) Lender shall have received on its standard form a written certification by the Consulting Engineer, acceptable to Lender in all respects, that the construction has been completed substantially in accordance with new materialsthe Plans, in a good and workmanlike manner substantially in accord with the Plans and Specificationsmanner, and in accordance with all applicable laws laws, ordinances, rules and regulationsregulations of all governmental authorities having, or purporting to have, jurisdiction over the Property; and containing the Consulting Engineer's written approval of the final draw request; C. Evidence satisfactory to (c) Lender that all Work and Improvements requiring inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and approved by such authorities having or claiming jurisdiction; D. Two shall have received three (23) copies of the "an as-built" Physical Survey dated within thirty (30) days built survey prepared by a licensed surveyor showing all of the request for Improvements in place,. The survey shall also include a narrative metes and bounds description of the final advanceboundary of the Land, the acreage of the Land and the square foot area of the Improvements, the location and dimensions of any easements, and executed by a the dimensions of any Improvements located on the Land. The survey shall be certified land engineer in a form and substance acceptable to the Lender and to the Title Company, which . The surveyor must include on the survey a signed narrative statement in addition to any other requirements imposed herein, shall clearly designate (1) the location certification of the perimeter existence or non-existence of any encroachments from or onto the Land and must include the date of the Real Property survey, the surveyor's registration number and seal and such other details and information as may be required by courses required by Lender; (d) Lender shall have received certifications of the Design Professional and distances; (2) the location General Contractor that all of all easements, cemeteries, rights of way, alleys, streams, waters, encroachments, fences, parking lots and spaces, and means of ingress and egress, together with the deed book and page number indicated; (3) the location of all building restriction lines and setbacks, however established; (4) the location of any streets or roadways abutting the Property; (5) the "as-built" location of any on-site and off-site easementsimprovements have been substantially completed in accordance with the Plans and that the Improvements comply with all applicable requirements and are in all respects complete; (e) Lender shall have received a certification from the General Contractor that all on-site and off-site improvements required to be constructed have been substantially completed in accordance with the Plans and an affidavit complying with the laws of the State of Florida including a certification that all subcontractors, suppliers and materialmen have been paid in full through the date of the last Advance and that the amount of this final Advance is an amount which is sufficient to satisfy any and all sums remaining due and payable and waiving all of the contractor's lien rights that they each may have a prerequisite to a final advance. (f) a certificate of way, building restriction lines and applicable setbacks and their relation by feet and inches completion from the appropriate governmental authority to the perimeter of the Property; (6) encroachments on any easements, rights of way, flood prone areas, restricted areas, the Real Propertyextent obtainable, or onto adjoining premisesthe equivalent thereof; (g) Lender shall be in possession of policies of fire, (7) the flood zone areas, liability and (8) extended coverage and such other matters types of insurance as Lender may reasonably require, including certification to the be required by Lender and in such amounts and containing such terms as required in the Title Company Mortgage or as otherwise required by Lender, endorsed to show the correctness, accuracy, location interests of Lender and statements made, in form and that no part of the Real Property is located in an identified flood hazard areasubstance and written by companies satisfactory to Lender; and E. A final endorsement (h) Borrower shall have conveyed and/or dedicated all roads and water and sewer facilities to the Title Policy is obtained containing no exceptions unacceptable to LenderPalm Beach County or applicable water and sewer authority or governmental authority having a jurisdiction with respect thereto (collectively, insuring Lender in the full Loan Amount"Governmental Entities") and such Governmental Entities shall have accepted such conveyance and/or dedication, an endorsement removing without condition, limitation or requirement of any exception for mechanics further act or materialmen's liens or pending disbursements, deed. (i) all other instruments and with no additional title changes or exceptions objectionable to documents required by Lender.

CONDITIONS TO FINAL ADVANCE. Remaining Loan proceeds shall not be disbursed, unless all requirements specified in Exhibits C and D hereof shall have been (and continue Lxxxxx’s obligation hereunder to be) satisfied, and: A. The Lender has received make the Certificate of Completion from the General Contractor; B. The Improvements including any off-site Improvements have been completed with new materials, in a good and workmanlike manner substantially in accord with the Plans and Specifications, and in accordance with all applicable laws and regulations; C. Evidence satisfactory to Lender that all Work and Improvements requiring inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and approved by such authorities having or claiming jurisdiction; D. Two (2) copies final Advance is conditioned upon Lxxxxx’s receipt of the "as-built" Physical Survey dated within thirty (30) days of the request for the final advancefollowing, and executed by a certified land engineer each in a form and substance acceptable satisfactory to Lender and the Title Company, which in addition to any other requirements imposed herein, Lender: (i) The Debt Service Reserve shall clearly designate be on deposit with Lender; (1ii) the location of the perimeter of the Real Property by courses and distances; (2) the location of all easements, cemeteries, rights of way, alleys, streams, waters, encroachments, fences, parking lots and spaces, and means of ingress and egress, together with the deed book and page number indicated; (3) the location of all building restriction lines and setbacks, however established; (4) the location of any streets or roadways abutting the Property; (5) the "as-built" location of any on-site and off-site easements, rights of way, building restriction lines and applicable setbacks and their relation by feet and inches to the perimeter of the Property; (6) encroachments on any easements, rights of way, flood prone areas, restricted areas, the Real Property, or onto adjoining premises, (7) the flood zone areas, and (8) such other matters as Lender may reasonably require, including certification to the Lender and the Title Company as to the correctness, accuracy, location and statements made, and that no part of the Real Property is located in an identified flood hazard area; and E. A shall issue a final endorsement to the Title Insurance Policy is obtained containing no continuing the effective date of the Title Insurance Policy so as to insure the Loan as fully disbursed and removing any “pending disbursement” clause, any survey exceptions unacceptable and any other exceptions to title arising out of the construction of the Project; (iii) A final ALTA “as-built” survey prepared and certified by a Tennessee registered land surveyor showing the location of all property lines and any and all setbacks and sidelines, all existing or proposed buildings, and all streets, roads, rights-of-way, easements, encroachments and related matters. The survey shall be certified to Lender, insuring Lender Borrower and Title Company, their successors and/or assigns by the surveyor and shall be otherwise sufficient for title insurance to be issued without any survey exception; (iv) A Federal Emergency Management Agency Standard Flood Hazard Determination, or similar certification, related to any of the Collateral, which is real property. If such real property is in a special flood hazard area (zones containing the letters “A” or “V”), a flood insurance policy shall be required in the full amount of the Loan Amountor the maximum amount of coverage available, an endorsement removing any exception for mechanics or materialmen's liens or pending disbursementswhichever is greater, and shall contain a standard mortgagee clause designating Bank as loss payee. Borrower shall be responsible for the cost of the flood zone determination; (v) Evidence of reasonable means of ingress and egress to and from the Collateral that consists of real property, including, without limitation an access, ingress, egress or similar easement; (vi) Evidence that Bxxxxxxx’s builder’s risk insurance has been converted to an “all-risk” fire and extended coverage hazard insurance policy (non-reporting Commercial Property Policy with no additional title changes or exceptions objectionable to LenderSpecial Cause of Loss form) in accordance with the requirements of the Deed of Trust; and (vii) Borrower shall have satisfied all of the Completion Conditions set forth in Section 5.2 of this Agreement.