14-20 Cedar Glen Bond Ordinance Addendums

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with the giving of notice or the lapse of time would become a default, MBI shall release the collateral securing the loan. ARTICLE IX. CONDITIONS PRECEDENT TO INITIAL ADVANCEMENT OF THE LOAN Section 9.1 Conditions Precedent to Initial Advancement of the Loan. In addition to the conditions set forth in Section 10.1 of this Agreement, each of the following conditions shall be a condition precedent to the initial advancement of the Loan by MBI pursuant to this Agreement,provided, however, that any condition not satisfied at the time of the initial advancement of the Loan shall not be deemed waived but shall be satisfied as MBI may later require: (a) Borrower has executed and delivered to Issuer the Note, the Collateral Assignment of Equity Payments, and any other Loan Documents which Issuer may require that Borrower execute. (b) Borrower has caused the Co-Borrower Agreement and any other Loan Documents which Issuer may require that any Co-Maker or other third party execute in connection with the Loan,to be executed and delivered to MBI. (c) Borrower has drawn down and invested the Non-Contingent Required Equity toward the construction or rehabilitation of the Improvements and the purchase and installation of the Personal Property on the Project,with the balance of the Limited Partner's Equity proceeds to be paid in accordance with the Partnership Agreement, all in accordance with the terms and provisions herein. (d) [This paragraph is intentionally left blank]. (e) Borrower has furnished to MBI copies of all documents and agreements entered into by Borrower in connection with the Other Available Sources of Funds and the form of the documents evidencing the Other Available Sources of Funds are acceptable to MBI. (f) Borrower has furnished to MBI evidence that the Required Equity and Other Available Sources of Funds are sufficient to allow the purchase of the Real Estate, the construction or rehabilitation of the Improvements, the purchase and installation of the Personal Property which is contemplated by the Development Budget to be purchased and installed, and the payment of any other item included in the Development Budget, including the construction of all landscaping and site improvements. (g) [This paragraph is intentionally left blank]. (h) Borrower has furnished to MBI evidence of hazard insurance coverage for the Project which during construction or rehabilitation of the Improvements shall be on a "Builder's Risk" non-reporting "Completed Value" form, and after completion of construction or rehabilitation on an "All Risk" coverage form, all in such amounts and in form and with insurers acceptable to MBI. Such insurance shall be in amounts equal to the full replacement costs of the Improvements plus borrower's interest in any leasehold improvements and shall include such special coverages as MBI may require, including without limitation coverage for earthquakes and mudslides. All policies shall include a standard mortgagee endorsement and loss payee endorsement in favor of MBI. Page 27