Common use of Submission of Requests for Advances of the Project Funds Clause in Contracts

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: A. Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the Developer, the General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT J; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT K; D. A certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT I; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Funds, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, along with the proceeds thereof, shall be disbursed prior to any further advance hereunder; K. A certification of work completed by any major contractor working on the Project, together with a statement of the payment due therefor; L. Partial lien waivers from the General Contractor, all other contractors and all subcontractors and suppliers for all work theretofore performed; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and N. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee hereby designates Davix Xxxxxx xxxh authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B on behalf of the Lessee.

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: A. Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the Developer24 Architect, the General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor and the Architect upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT JI; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT KJ; D. A With respect to every other Advance requested, a certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L.K. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An To the event the Advance is not clearly subject to effective coverage, an endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H G and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT IH; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such 26 funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Fundsfunds of the Loan, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, Lessor along with the proceeds thereof, shall be disbursed prior to any further advance hereunderhereunder and upon completion of the Project any remaining funds so deposited or any unadvanced portion of the Project Funds, shall be remitted to Lessee; K. A certification of work completed by any major contractor working on the ProjectGeneral Contractor, together with a statement of the payment due therefor; L. Partial lien waivers from the General ContractorContractor for all work theretofore performed, and from all other contractors and all subcontractors and suppliers for all work theretofore performedwork, the cost of which in each instance exceeds ONE THOUSAND DOLLARS ($1,000.00), which was the subject of a requisition in the immediately preceding month; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and; N. Evidence satisfactory to Lessor (in its reasonable discretion) that all materials and other property furnished by any contractors, subcontractors, materialmen or other Persons, the cost of which will be paid with the proceeds of the advance to be made by Lessor, are free and clear of all Liens, except (a) encumbrances, if any, (securing indebtedness due to Persons whose names, addresses and amounts due to them are identified to Lessor) that shall be discharged upon the disbursement of the funds then being requested, (b) the Liens 27 created by the Lease Documents and (c) the Permitted Encumbrances; O. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer Lessee and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The ; and P. Prior to the first advance which includes amounts to be expended on the construction or equipping of the Improvements, Lessee shall, to the extent not previously delivered to Lessor, submit to Lessor true and correct copies of (i) the Project Budget, (ii) the Project Plans, (iii) the Schedules and (iv) the Construction Contract, each of which shall be in form and content satisfactory to Lessor (in its sole and absolute discretion); Lessee hereby designates Davix Xxxxxx xxxh Xxxxx Xxxxxxxx as Lessee's construction representative with authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B 13.3B on behalf of the Lessee.

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied byby : A. Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the DeveloperArchitect, the General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor and the Architect upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT JI; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT KJ; D. A With respect to every other Advance requested, a certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L.K. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An To the event the Advance is not clearly subject to effective coverage, an endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at at, least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H G and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT IH; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Fundsfunds of the Loan, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, Lessor along with the proceeds thereof, shall be disbursed prior to any further advance hereunderhereunder and upon completion of the Project any remaining funds so deposited or any unadvanced portion of the Project Funds, shall be remitted to Lessee; K. A certification of work completed by any major contractor working on the ProjectGeneral Contractor, together with a statement of the payment due therefor; L. Partial lien waivers from the General ContractorContractor for all work theretofore performed, and from all other contractors and all subcontractors and suppliers for all work theretofore performedwork, the cost of which in each instance exceeds ONE THOUSAND DOLLARS ($1,000.00), which was the subject of a requisition in the immediately preceding month; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and; N. Evidence satisfactory to Lessor (in its reasonable discretion) that all materials and other property furnished by any contractors, subcontractors, materialmen or other Persons, the cost of which will be paid with the proceeds of the advance to be made by Lessor, are free and clear of all Liens, except (a) encumbrances, if any, (securing indebtedness due to Persons whose names, addresses and amounts due to them are identified to Lessor) that shall be discharged upon the disbursement of the funds then being requested, (b) the Liens created by the Lease Documents and (c) the Permitted Encumbrances; O. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer Lessee and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee hereby designates Davix Xxxxxx xxxh authority ; and P. Prior to approve requisitions and to execute certificates the first advance which includes amounts to be delivered pursuant to Section 7.3B expended on behalf the construction or equipping of the Lessee.Improvements, Lessee shall, to the extent not previously delivered to Lessor, submit to Lessor true and correct copies of (i) the Project Budget, (ii) the Project Plans,

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied byby : A. Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the DeveloperArchitect, the General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor and the Architect upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT JI; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT KJ; D. A With respect to every other Advance requested, a certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L.K. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An To the event the Advance is not clearly subject to effective coverage, an endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at at, least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; ; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT I; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Funds, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, along with the proceeds thereof, shall be disbursed prior to any further advance hereunder; K. A certification of work completed by any major contractor working on the Project, together with a statement of the payment due therefor; L. Partial lien waivers from the General Contractor, all other contractors and all subcontractors and suppliers for all work theretofore performed; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and N. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee hereby designates Davix Xxxxxx xxxh authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B on behalf of the Lessee.

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days before the date upon which an advance is requested, the Lessee Developer shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: A. Itemized requisitions for advances or, at the LesseeDeveloper's option, for reimbursements to the Lessee Developer for prepaid items, signed by the LesseeDeveloper, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the Developer, Developer and the General Contractor and the LesseeContractor, jointly and severally, to the extent such indemnification is available from the General Contractor upon the LesseeDeveloper's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee Developer substantially in the form attached hereto as EXHIBIT J; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT K; D. A certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L.L; E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H and/or updated Engineer's/Architect's Certificate Certificates substantially in the form forms attached hereto as EXHIBIT I; I. If and when reasonably requested by the Lessor, updated Opinions from the LesseeDeveloper's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee Developer will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the LesseeDeveloper, the Lessee Developer shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the LesseeDeveloper, which, together with such unadvanced Project Funds, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, along with the proceeds thereof, shall be disbursed prior to any further advance hereunder; K. A certification of work completed by any major contractor Major Subcontractor working on the Project, together with a statement of the payment due therefor; L. Partial lien waivers from the General Contractor, all other contractors and all subcontractors and suppliers for all work theretofore performed; M. If and when reasonably requested, the Lessee Developer shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and N. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee Developer hereby designates Davix Xxxxxx xxxh authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B on behalf of the LesseeDeveloper.

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days before the date upon which an advance is requested, the Lessee Developer shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: A. Itemized requisitions for advances or, at the LesseeDeveloper's option, for reimbursements to the Lessee Developer for prepaid items, signed by the LesseeDeveloper, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the Developer, Developer and the General Contractor and the LesseeContractor, jointly and severally, to the extent such indemnification is available from the General Contractor upon the LesseeDeveloper's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee Developer substantially in the form attached hereto as EXHIBIT J; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT K; D. A certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L.L; E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H and/or updated Engineer's/Architect's Certificate Certificates substantially in the form forms attached hereto as EXHIBIT I; I. If and when reasonably requested by the Lessor, updated Opinions from the LesseeDeveloper's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee Developer will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the LesseeDeveloper, the Lessee Developer shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the LesseeDeveloper, which, together with such unadvanced Project Funds, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, along with the proceeds thereof, shall be disbursed prior to any further advance hereunder; K. A certification of work completed by any major contractor Major Subcontractor working on the Project, together with a statement of the payment due therefor; ; L. Partial lien waivers from the General Contractor, all other contractors and all subcontractors and suppliers for all work theretofore performed; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and N. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee hereby designates Davix Xxxxxx xxxh authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B on behalf of the Lessee.

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: A. Itemized : A.Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the DeveloperArchitect, the General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor and the Architect upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; ; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT J; I; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT K; J; D. A With respect to every other Advance requested, a certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L. K. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; ; F. An To the event the Advance is not clearly subject to effective coverage, an endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least 15 equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; ; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; ; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H G and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT I; H; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); ; J. If and when requested by the Lessor, satisfactory evidence that the Project Funds funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Fundsfunds of the Loan, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, Lessor along with the proceeds thereof, shall be disbursed prior to any further advance hereunder; hereunder and upon completion of the Project any remaining funds so deposited or any unadvanced portion of the Project Funds, shall be remitted to Lessee; K. A certification of work completed by any major contractor working on the ProjectGeneral Contractor, together with a statement of the payment due therefor; ; L. Partial lien waivers from the General ContractorContractor for all work theretofore performed, and from all other contractors and all subcontractors and suppliers for all work theretofore performed; work, the cost of which in each instance exceeds ONE THOUSAND DOLLARS ($1,000.00), which was the subject of a requisition in the immediately preceding month; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and N. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee hereby designates Davix Xxxxxx xxxh authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B on behalf of the Lessee.16

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (10) Business Days days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: : A. Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the DeveloperArchitect, the 17 General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor and the Architect upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; ; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT J; I; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT K; J; D. A With respect to every other Advance requested, a certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L. K. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; ; F. An To the event the Advance is not clearly subject to effective coverage, an endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; ; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; ; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H G and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT I; H; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Funds, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, along with the proceeds thereof, shall be disbursed prior to any further advance hereunder; K. A certification of work completed by any major contractor working on the Project, together with a statement of the payment due therefor; L. Partial lien waivers from the General Contractor, all other contractors and all subcontractors and suppliers for all work theretofore performed; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and N. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The Lessee hereby designates Davix Xxxxxx xxxh authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B on behalf of the Lessee.18

Submission of Requests for Advances of the Project Funds. Advances under this Agreement shall be made not more than once each month and at least ten (( 10) Business Days days before the date upon which an advance is requested, the Lessee shall give notice to the Lessor, specifying the total advance which will be desired, accompanied by: A. Itemized requisitions for advances or, at the Lessee's option, for reimbursements to the Lessee for prepaid items, signed by the Lessee, the Architect and the General Contractor on A.I.A. Forms G702, G702A or G703 or such other form(s) as the Lessor may reasonably require (together with copies of invoices or receipted bills relating to items covered by such requisitions when so requested by the Lessor). All such requisitions shall include an indemnification of the Lessor by the DeveloperArchitect, the General Contractor and the Lessee, jointly and severally, to the extent such indemnification is available from the General Contractor and the Architect upon the Lessee's best efforts to obtain such indemnification, against any and all claims of any subcontractors, laborers and suppliers; B. A certificate executed by the Lessee substantially in the form attached hereto as EXHIBIT JI; C. A certificate executed by the General Contractor substantially in the form attached hereto as EXHIBIT KJ; D. A With respect to every other Advance requested, a certificate executed by the Architect substantially in the form attached hereto as EXHIBIT L.K. E. At the Lessor's request, certificates executed by the Consultants in such form as the Lessor may reasonably require; F. An To the event the Advance is not clearly subject to effective coverage, an endorsement of the Title Policy issued by the Title Company, satisfactory in form and substance to the Lessor, redating the Title Policy to the date that the then current advance will be made, increasing the coverage afforded by the Title Policy so that the same shall constitute insurance in an amount at least equal to the sum of the amount of the insurance then existing under the Title Policy plus the amount of the then current advance of Project Funds to be disbursed to the Lessee under this Agreement and subject to no additional exceptions other than the Permitted Encumbrances; G. If and when reasonably requested by the Lessor, satisfactory assurance that the construction of the Project has been performed in accordance with the requirements of the Construction Contract, the Project Plans, this Agreement and all of the other Lease Documents and has been inspected and found satisfactory by the parties hereto; H. If and when reasonably requested by the Lessor, an updated Surveyor's Certificate substantially in the form attached hereto as EXHIBIT H G and/or updated Engineer's/Architect's Certificate substantially in the form attached hereto as EXHIBIT IH; I. If and when reasonably requested by the Lessor, updated Opinions from the Lessee's counsel and the Guarantor's counsel (in form and substance satisfactory to the Lessor in its sole and absolute discretion); J. If and when requested by the Lessor, satisfactory evidence that the Project Funds funds remaining unadvanced under this Agreement are sufficient for the payment of all related direct and indirect costs for the completion of the Project in accordance with the terms and provisions hereof. If the evidence furnished shall not be reasonably satisfactory to the Lessor, in its sole and absolute discretion, it shall be a condition to the making of any further advance hereunder that the Lessee will provide the Lessor with such financial guaranties (whether in the form of a bond, cash deposit, letter of credit or otherwise) as are acceptable to the Lessor, in its sole and absolute discretion, to assure the completion of the construction of the Project in accordance with the Project Plans and the terms and conditions of this Agreement. In the event that the Lessor requires a cash deposit from the Lessee, the Lessee shall deposit with the Lessor such funds, to be held in an interest bearing account with the interest accruing thereon to the benefit of the Lessee, which, together with such unadvanced Project Fundsfunds of the Loan, shall be sufficient to pay all of the aforesaid costs. All funds so deposited with the Lessor, Lessor along with the proceeds thereof, shall be disbursed prior to any further advance hereunderhereunder and upon completion of the Project any remaining funds so deposited or any unadvanced portion of the Project Funds, shall be remitted to Lessee; K. A certification of work completed by any major contractor working on the ProjectGeneral Contractor, together with a statement of the payment due therefor; L. Partial lien waivers from the General ContractorContractor for all work theretofore performed, and from all other contractors and all subcontractors and suppliers for all work theretofore performedwork, the cost of which in each instance exceeds ONE THOUSAND DOLLARS ($ 1,000.00), which was the subject of a requisition in the immediately preceding month; M. If and when reasonably requested, the Lessee shall deliver to the Lessor an updated Survey of the Leased Property, acceptable to the Lessor (in its reasonable discretion); and; N. Evidence satisfactory to Lessor (in its reasonable discretion) that all materials and other property furnished by any contractors, subcontractors, materialmen or other Persons, the cost of which will be paid with the proceeds of the advance to be made by Lessor, are free and clear of all Liens, except (a) encumbrances, if any, (securing indebtedness due to Persons whose names, addresses and amounts due to them are identified to Lessor) that shall be discharged upon the disbursement of the funds then being requested, (b) the Liens created by the Lease Documents and (c) the Permitted Encumbrances; O. Such evidence as the Lessor may require that there has been no material adverse change in the financial condition and strength of the Lessee, the Developer Lessee and the Guarantor, and that the Leased Property shall have sustained no impairment, reduction, loss or damage which has not been fully restored and repaired and that no condemnation is or shall be pending against or with respect thereto. The ; and P. Prior to the first advance which includes amounts to be expended on the construction or equipping of the Improvements, Lessee shall, to the extent not previously delivered to Lessor, submit to Lessor true and correct copies of (i) the Project Budget, (ii) the Project Plans, (iii) the Schedules and (iv) the Construction Contract, each of which shall be in form and content satisfactory to Lessor (in its sole and absolute discretion); Lessee hereby designates Davix Xxxxxx xxxh Tom Mullins as Lessee's construction reprexxxxxxxxx xith authority to approve requisitions and to execute certificates to be delivered pursuant to Section 7.3B 13.3B on behalf of the Lessee.