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8333729v2 <br /> <br /> <br /> 8 <br /> <br />ARTICLE III <br /> <br />THE LOAN <br />Section 3.1 Amount and Source of Loan. The Issuer has authorized the issuance of <br />the Note in the principal amount of $7,500,000 to provide funds to the Borrower for its use in <br />financing the Project. The Borrower agrees to acquire and construct the Facility and the Issuer, <br />upon receipt of its administrative fee of $____________, agrees to lend the Borrower, upon the <br />other terms and conditions set forth herein, the proceeds received from the Note by causing such <br />sums to be advanced to the Borrower and disbursed at Closing or pursuant to this Agreement. <br />Section 3.2 Documents Required Prior to Closing and Disbursement of the Loan. <br />Prior to the closing and any advance of the proceeds, the Borrower shall deliver to the Lender the <br />following: <br />(1) The Note; <br />(2) This Agreement; <br />(3) The Pledge Agreement; <br />(4) The Declaration; <br />(5) The Security Agreement; <br />(6) The Purchase Agreement; <br />(7) Opinion of Counsel for the Borrower as prescribed by the Lender and <br />Bond Counsel; <br />(8) An opinion of Briggs and Morgan, Professional Association, to the effect <br />that the Issuer has duly authorized the Note and that the interest thereon is exempt from federal <br />income taxation and subject to other conditions acceptable to the Lender; <br />(9) 501(c)(3) determination letter from the Internal Revenue Service <br />evidencing that the Borrower is exempt from income taxation under Section 501(c)(3) of the <br />Code and such other documents and opinions as Bond Counsel may reasonably require for <br />purposes of rendering its opinion required in subsection (8) above; and <br />(10) Any certification, instrument, assignment or other document referenced in <br />or required by any of the foregoing. <br />Section 3.3 Disbursement of the Loan. Pursuant to this Agreement and the Act, the <br />Issuer authorizes the Borrower to provide directly for the financing of the Project in such manner <br />as determined by the Borrower and hereby authorizes the Lender to advance the proceeds of the <br />Note directly to or for the benefit of the Borrower or such other parties as may be entitled to <br />payment or reimbursement for Project Costs or Issuance Expenses, upon receipt of a <br />Disbursement Request in the form of Exhibit B hereto and such supporting documentation as the