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requirements with respect to licenses, permits and agreements necessary for the lawful use and <br /> operation of the Project and, upon request of MBI, Borrower's certificate that no notices of any <br /> claimed violations of ordinances were or have been served on Borrower. MBI may also require a <br /> written certification from Borrower's architect that the Improvements have been completed in <br /> accordance with the Plans and Specifications. <br /> (q) [This paragraph is intentionally left blank]. <br /> (r) Borrower has executed and delivered to MBI such other documents, instruments, <br /> information and materials as may be required under the terms of this Agreement or otherwise by <br /> MBI in connection with the Loan. <br /> (s) Borrower has furnished to MBI evidence that the payments of the Limited <br /> Partner's Equity are being timely paid to the Borrower in full for the benefit of the Project by the <br /> Limited Partner in accordance with the Partnership Agreement. <br /> (t) Borrower has executed and delivered to MBI such other documents, instruments, <br /> information and materials as may be reasonably required under the terms of this Agreement or <br /> otherwise by MBI in connection with the Loan. <br /> (u) There exists no "Event of Default" under any of the documents executed in <br /> connection with the Other Available Sources of Funds or event which with the giving of notice or <br /> the lapse of time would become an event of default under the terms of any of the Other Available <br /> Sources of Funds. <br /> (v) There exists no "Event of Default" under any of the documents executed in <br /> connection with the Bonds or event which with the giving of notice or the lapse of time would <br /> become an event of default under the terms of any of the documents executed in connection with <br /> the Bonds. <br /> Section 10.2 Conditions to be Satisfied in a Manner Acceptable to MBI. All conditions <br /> required to have occurred or be satisfied under Section 10.1 shall have occurred or have been satisfied in <br /> a manner acceptable to MBI. All documents required to be delivered to MBI under Section 10.1, <br /> including without limitation the Draw Request and all supporting documentation, shall be satisfactory in <br /> form and substance to MBI, and shall be submitted by Borrower to MBI at least seven(7) Business Days <br /> prior to the date upon which Borrower is requesting that MBI make the requested disbursement. <br /> Section 10.3 No Waiver of Full Compliance. Any of the conditions set forth in Section 10.1 <br /> may be waived by MBI at the time of any advancement; however, any such waiver by MBI at the time of <br /> a particular advancement shall not be deemed or construed as a waiver of the right of MBI to require full <br /> compliance with all such conditions prior to all subsequent advancements. In the event MBI, in its sole <br /> discretion, shall require further evidence of the occurrence of any condition precedent set forth in Section <br /> 10.1 or in the event circumstances occur whereby any condition precedent is no longer wholly satisfied, <br /> MBI may at any time require Borrower to provide further evidence of the occurrence of any condition <br /> precedent set forth in Section 10.1. <br /> ARTICLE XI. <br /> CONSTRUCTION OR REHABILITATION OF IMPROVEMENTS <br /> Section 11.1 Construction or Rehabilitation of Improvements. On or before the Target <br /> Completion Date,Borrower shall(i)construct or rehabilitate the Improvements on the Real Estate in strict <br /> accordance with the Plans and Specifications and shall substantially complete the Improvements, (ii) <br /> Page 33 <br />