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intended use and that all appropriate or necessary private and governmental approvals and <br /> permits have been obtained in connection with the construction or rehabilitation of the <br /> Improvements and Borrower's intended use of the Project, including without limitation all <br /> applicable development and building permits and approvals and all consents and approvals <br /> required from applicable property owner associations, architectural review committees and other <br /> private third parties with approval rights relating to the construction or rehabilitation of <br /> improvements on the Real Estate. <br /> (v) Borrower has furnished to MBI evidence satisfactory to MBI that all public <br /> utility services are currently available to the Real Estate and Improvements. <br /> (w) Borrower has furnished to MBI copies of all applicable building and construction <br /> permits for the Improvements,which are in form and substance satisfactory to MBI. <br /> (x) Borrower has furnished to MBI an environmental inspection report in form and <br /> substance acceptable to MBI that at a minimum meets the Standard Practice for Environmental <br /> Site Assessments: Phase 1, Environmental Site Assessment Process, ASTM E-1527 of the <br /> American Society for Testing and Materials, prepared and certified by an environmental <br /> consultant acceptable to MBI, stating that there are not present on, under, in or about the Project <br /> any Hazardous Substances and that the condition of the Real Estate currently complies with all <br /> applicable state and federal environmental protection laws. <br /> (y) Borrower has furnished to MBI one (1) complete set of the Plans and <br /> Specifications sealed by a responsible professional architect or engineer, which shall contain <br /> mechanical and electrical designs and the original approval of the appropriate building authority. <br /> (z) If required by MBI, Borrower has furnished to MBI a current written <br /> geotechnical and soil assessment of the Project performed by a licensed geotechnical and soil <br /> engineer satisfactory to MBI, indicating no geotechnical and soil matters unsatisfactory to MBI <br /> and otherwise acceptable to MBI. <br /> (aa) Borrower has caused to be executed and delivered to MBI a certification from the <br /> architect or engineer involved in preparing the Plans and Specifications which certifies the <br /> existence of such conditions as MBI may require. <br /> (bb) Borrower has caused to be executed and delivered to MBI such written consents, <br /> in form and substance acceptable to MBI, as MBI may require from any architect, engineer, <br /> general contractor, construction manager or other subcontractors and suppliers as MBI may <br /> require, who have entered into, or who Borrower contemplates will enter into, one or more <br /> contracts or agreements to (i)provide construction related services in connection with the Project <br /> and/or(ii)to construct or rehabilitate all or certain portions of the Project. <br /> (cc) MBI has received, reviewed and approved an appraisal of the Real Estate and <br /> Improvements, on an assumed completion basis, conforming to Title XI of the Financial <br /> Institution Reform, Recovery & Enforcement Act of 1989 and stating an as-is value of not less <br /> than and 00/100 Dollars ($ ). Such appraisal shall <br /> be certified to MBI, made by an appraiser acceptable to MBI which is licensed by the State in <br /> which the Project is located and shall be in form and substance acceptable to MBI. <br /> (dd) Borrower has furnished to MBI a copy of the fully executed Management <br /> Agreement for the Project containing terms and conditions acceptable to MBI. <br /> Page 29 <br />