Common use of Further Conditions Precedent to All Advances Clause in Contracts

Further Conditions Precedent to All Advances. The obligation of Lender to make any Advance hereunder including each subsequent Advance shall be subject to the condition precedent that Borrower shall be in compliance with all conditions set forth in Sections 3.01 and further conditions precedent that on the date of each Advance: (a) No Event of Default hereunder, or event that would constitute such an Event of Default but for the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing and all representations and warranties made by Borrower in Article IV shall continue to be true and correct as of the date of such Advance. (b) No determination shall have been made by Lender that the undisbursed amount of the Commitment is less than the amount required to pay all costs and expenses of any kind that may be anticipated in connection with the Project; or if such a determination has been made and notice thereof sent to Borrower, Borrower has deposited the necessary funds with the Disbursing Agent or Lender in accordance with Section 2.03 hereof. (c) The disbursement requirements of Section 2.02 hereof and of the Disbursing Agent set forth in the Disbursing Agreement have been satisfied. (d) If required by Lender or Disbursing Agent, Lender and the Disbursing Agent shall be furnished with an updated Sworn Construction Statement for the Project. (e) Borrower shall have provided to Lender such evidence of compliance with all of the provisions of this Agreement as Lender may reasonably request. (f) No license or permit necessary for the construction of the Project shall have been revoked or the issuance thereof subjected to challenge before any court or other governmental authority having or asserting jurisdiction thereover.

Further Conditions Precedent to All Advances. The obligation of Lender to make any an Advance hereunder including each subsequent Advance shall be subject to the condition precedent that Borrower shall be in compliance with all conditions set forth in Sections 3.01 SECTION 3.1 and further conditions precedent that on the date of each Advance: (a) No Event of Default hereunder, or event that would constitute such an Event of Default but for the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing and all representations and warranties made by Borrower in Article ARTICLE IV shall continue to be true and correct as of the date of such Advance. (b) No determination shall have been made by Lender that the undisbursed amount of the Commitment is less than the amount required to pay all costs and expenses of any kind that may be anticipated in connection with the Project; or if such a determination has been made and notice thereof sent to Borrower, Borrower has deposited the necessary funds with the Disbursing Agent or Lender in accordance with Section 2.03 SECTION 2.3 hereof. (c) The disbursement requirements of Section 2.02 SECTION 2.2 hereof and of the Disbursing Agent set forth in the Disbursing Agreement have been satisfied. (d) If required by Lender or Disbursing Agent, Lender and the Disbursing Agent shall be furnished with an updated Sworn Construction Statement for the Project. (e) Borrower shall have provided to Lender such evidence of compliance with all of the applicable provisions of this Agreement as Lender may reasonably request. (f) No license or permit necessary for the construction of the Project shall have been revoked or the issuance thereof subjected to challenge before any court or other governmental authority having or asserting jurisdiction thereover.

Further Conditions Precedent to All Advances. The obligation of Lender M&I to make any Advance hereunder including each subsequent Advance shall be subject to the condition precedent that Borrower shall be in compliance with all conditions set forth in Sections 3.01 Section 3.1, and the further conditions precedent that on the date of each such Advance: (a) No Event of Default hereunder, hereunder or event that which would constitute such an Event of or Default but for the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing and all representations and warranties made by the Borrower in Article IV V shall continue to be true and correct as of the date of such Advance. (b) No determination shall have been made by Lender M&I that the undisbursed amount of the Commitment is less than the amount required to pay all costs and expenses of any kind that which reasonably may be anticipated in connection with the completion of the Project; or if such a determination has been made and notice thereof sent to the Borrower, the Borrower has deposited the necessary funds with the Disbursing Agent or Lender in accordance with Section 2.03 2.3 hereof. (c) The disbursement requirements of Section 2.02 2.2 hereof and of the Disbursing Agent set forth in the Disbursing Agreement have been satisfied. (d) If required by Lender or Disbursing AgentM&I, Lender and the Disbursing Agent M&I shall be furnished with an updated Sworn Construction Statement for a statement of the Borrower and of any Contractor, in form and substance required by M&I, setting forth the names, addresses and amounts due or to become due as well as the amounts previously paid to every Contractor, subcontractor, person, firm or corporation furnishing materials or performing labor entering into the construction of any part of the Project. (e) The Borrower shall have provided to Lender M&I such evidence of compliance with all of the provisions of this Agreement as Lender M&I may reasonably request. (f) No license or permit necessary for the construction of the Project shall have been revoked or the issuance thereof subjected to challenge before any court or other governmental authority having or asserting jurisdiction thereover.