14-20 Cedar Glen Bond Ordinance Addendums

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no longer wholly satisfied, MBI may at any time require Borrower to provide further evidence of the occurrence or satisfaction of any condition precedent set forth in Section 9.1. Section 9.4 Termination Date. In the event all of the conditions set forth in Section 9.1 have not occurred or otherwise been satisfied on or before the Termination Date, then, without limitation of any other right or remedy of MBI hereunder or at law or in equity, the obligation of MBI under this Agreement to extend the Loan shall terminate. In such event, Borrower shall pay upon demand all costs and expenses incurred by MBI which Borrower is obligated to pay pursuant to the terms of this Agreement and MBI shall be entitled to retain any fees paid to MBI as provided for under this Agreement. ARTICLE X. CONDITIONS PRECEDENT TO EACH ADVANCEMENT OF THE LOAN Section 10.1 Conditions Precedent to Each Advancement of the Loan. Each of the following conditions shall be a condition precedent to each advancement of the Loan by MBI pursuant to this Agreement, provided, however, that any condition not satisfied at the time of any advancement of the Loan shall not be deemed waived but shall be satisfied as MBI may later require: (a) There exists no Event of Default under this Agreement or event which with the giving of notice or the lapse of time would become an event of default under the terms of this Agreement,the Note or any other Loan Document. (b) Borrower is in full compliance with all terms and conditions of this Agreement and the other Loan Documents and all warranties and representations made hereunder remain true and correct. (c) Borrower has furnished to MBI a completed Draw Request executed by Borrower, together with any supporting documentation which may be required pursuant to the terms of this Agreement for the requested advancement, including without limitation a list of each and every contractor, subcontractor and materialman to whom payment must be made and dollar amount owed and any other supporting documentation required pursuant to Article XV of this Agreement. (d) Borrower has furnished to MBI a current cost budget on AIA Form G702/G703 (or such similar forms acceptable to MBI) for construction or rehabilitation of the Improvements and the purchase and installation of the Personal Property, executed by Borrower, the general contractor or construction manager for the Project and the architect of record for the Project; such AIA Form G702/G703 (or such similar forms acceptable to MBI) shall be in detail satisfactory to MBI and shall include, without limitation, an itemization of quantities, unit prices and extension for labor and material for all Project costs incurred to date and for the period for which the advancement is requested and such other breakdown of construction or rehabilitation and other costs as MBI may require. (e) The Project and Improvements have been inspected by the Construction Consultant and the Construction Consultant has certified to MBI the percentage of completion of the Improvements and that the Draw Request and application for advancement of the Loan conforms with the Development Budget and the current cost budget on AIA Form G702/G703 (or such similar forms acceptable to MBI) and the requirements of this Agreement relating to the completion of the construction or rehabilitation of the Improvements. Page 31