|
and/or lien waivers from all contractors, subcontractors, architects, mechanics, journeymen, laborers,
<br /> materialmen, lessors leasing construction or other equipment and tools, or other persons entitled to a lien,
<br /> waiving their rights to file liens against the Project as to any work performed or furnished and materials
<br /> supplied in the construction or rehabilitation of the Improvements and furnishing of the Personal Property
<br /> down to the date of the last advancement. Each Draw Request for non-construction items shall be
<br /> supported by whatever documentation MBI may reasonably require.
<br /> Section 15.3 Supporting Documentation for Final Request. Concurrently with the Draw
<br /> Request for the final advancement of the Loan for construction costs, Borrower shall deliver to MBI (i) a
<br /> Certificate of Substantial Completion executed by Borrower, the general contractor and the architect of
<br /> record, (ii)a copy of a certificate of occupancy or completion for the Improvements issued by the
<br /> appropriate governmental authority, if certificates of occupancy or completion are available and routinely
<br /> issued for such types of improvements, and (iii) a complete list of all subcontractors, suppliers,
<br /> materialmen, architects, contractors and any other party who has provided labor, materials or services in
<br /> connection with the development, construction or rehabilitation of the Real Estate and Improvements and
<br /> who may be entitled to a lien thereon. Within ten (10) days after making the final advancement of the
<br /> Loan to Borrower, if requested by MBI, Borrower shall deliver to MBI acknowledgments of payment and
<br /> releases of liens from any contractor, architect, subcontractor, mechanic, journeyman, laborer,
<br /> materialman, lessor leasing construction or other equipment and tools, or other person against the Project,
<br /> covering all work performed or furnished or to be performed or furnished and materials supplied or to be
<br /> supplied in the construction or rehabilitation of the Improvements, and/or final lien waivers from all
<br /> contractors, architects, subcontractors, mechanics, journeymen, laborers, materialmen, lessors leasing
<br /> construction or other equipment and tools, or other persons entitled to a lien, waiving their rights to file
<br /> liens against the Project as to any work performed or furnished or to be performed or furnished and
<br /> materials supplied or to be supplied in the construction or rehabilitation of the Improvements and
<br /> furnishing of the Personal Property.
<br /> Section 15.4 Approval of Each Draw Request by Construction Consultant. MBI shall have the
<br /> right to require a Construction Consultant to review the Development Budget and each Draw Request,
<br /> i Request.any supporting materials submitted by Borrower in connection with the Draw eq
<br /> uest. Prior to
<br /> making the requested advancement, the Construction Consultant must certify to MBI (i) that the
<br /> construction or rehabilitation of the Improvements can be completed as shown by the Development
<br /> Budget, (ii) what the percentage of completion of the Improvements is as of the time of such requested
<br /> advancement, (iii) that the Draw Request conforms with the Development Budget, and (iv) such other
<br /> matters as MBI may require in connection with such Draw Request. The certification of the Construction
<br /> Consultant shall verify the percentage, cost and schedule of the completion of the construction or
<br /> rehabilitation of the Improvements, the amount of the materials stored at the Real Estate, and the
<br /> compliance of the construction with the Plans and Specifications and any applicable building codes,
<br /> ordinances,regulations and requirements.
<br /> Section 15.5 Advancements Relating to Construction and Materials Costs. The advancements
<br /> to which Borrower shall be entitled, with respect to construction and materials costs, shall be the total of
<br /> (i)the purchase price of Uninstalled Materials for which MBI has approved funding pursuant to the terms
<br /> of this Agreement, plus (ii) the cost of the portions of the work acceptably completed less prior
<br /> advancements with respect thereto and any applicable retainages required by MBI all as certified by the
<br /> Construction Consultant; provided however, Borrower shall not be entitled to and MBI shall have no
<br /> obligation to make an advancement if either prior to such advancement or after the intended application of
<br /> the proceeds of such advancement the Loan is not In Balance. No advancements for construction costs
<br /> shall be made, however, unless and until all work requiring an inspection at the time by municipal or
<br /> other governmental authorities having jurisdiction has been duly inspected and approved by such
<br /> authorities.
<br /> Page 53
<br />
|