|
respect to the Project in accordance with the terms and conditions set forth in the Development
<br /> Agreement.
<br /> "Draw Request" shall mean each written request from Borrower for an advancement of the Loan
<br /> which shall be in the form of a Borrower's Receipt and Certification executed by Borrower which shall
<br /> contain a request for an advancement of the Loan, a certification that the warranties and representations
<br /> set forth in this Agreement are true and that there has been full compliance with the covenants set forth in
<br /> this Agreement and such other certifications and representations as MBI may require. Each Draw
<br /> Request shall be accompanied by such supporting documentation as may be required by the terms of this
<br /> Agreement for the advancement of the Loan, including without limitation all documentation and materials
<br /> required by Article X of this Agreement for any advancement of the Loan.
<br /> "Environmental Law(s)" shall mean any present and future federal, state or local statute, law
<br /> (including common law), ordinance, code, rule, regulation, guideline, order or decree regulating, relating
<br /> to, or imposing liability or standards of conduct concerning (i) any Hazardous Substance, (ii) the
<br /> protection of human health or the environment or(iii)any Wetlands, each as now or at any time hereafter
<br /> in effect. The term "Environmental Law" includes, but is not limited to, the following statutes, as
<br /> amended from time to time, any successor thereto, and any regulations promulgated pursuant thereto, and
<br /> any state or local statutes,ordinances, rules, regulations, guidelines and the like addressing similar issues:
<br /> (i)the Comprehensive Environmental Response, Compensation and Liability Act,42 U.S.C. 9601, et seq.
<br /> and the regulations promulgated thereunder, (ii) the Clean Air Act, 42 U.S.C. 7401, et seq. and the
<br /> regulations promulgated thereunder, (iii) the Clean Water Act, 33 U.S.C. 1251, et seq. and regulations
<br /> promulgated thereunder, (iv) the Resource, Conservation and Recovery Act, 42 U.S.C. 6901, et seq. and
<br /> regulations promulgated thereunder, (v) the Oil Pollution Act of 1990, 33 U.S.C. 2701, et seq. and
<br /> regulations promulgated thereunder, and (vi) the Hazardous Materials Transportation Act, 49 U.S.C.
<br /> 1801, et seq.and regulations promulgated thereunder.
<br /> "Event of Default" shall have the meaning as defined in Section 17.1 of this Agreement.
<br /> "Extended Use Agreement" shall mean that certain Lien and Extended Use Agreement executed
<br /> or to be executed by Borrower and the Housing Authority in conjunction with the Tax Credits; which lien
<br /> will be subordinated to the lien of the HUD Mortgage.
<br /> "Fiscal Year" shall mean a period of twelve consecutive months constituting the fiscal year of
<br /> the Borrower commencing on the first day of January of any year and ending on the last day of December
<br /> of such year, both inclusive, or such other period as hereafter may be established from time to time for
<br /> budgeting and accounting purposes by the Borrower or by the governing body of any successor entity to
<br /> the Borrower.
<br /> "Funds" means the funds created pursuant to Article IV hereof.
<br /> "General Contractor" shall mean
<br /> "General Partner" shall mean
<br /> "Hazardous Substance(s)" shall mean any and all substances (whether solid, liquid or gas)
<br /> defined, listed, or otherwise classified as "pollutants," "hazardous wastes," "hazardous substances,"
<br /> "hazardous materials," "extremely hazardous wastes," "toxic substances," "oil," "waste oil," and "used
<br /> oil" or words of similar meaning or regulatory effect under any present or future Environmental Law or
<br /> that may have a negative impact on human health, property value or the environment, including but not
<br /> limited to Mold, petroleum and petroleum products, asbestos and asbestos-containing materials,
<br /> Page 5
<br />
|