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73850847v2 <br /> <br /> <br />5 <br /> <br />the date on which the same become due, as herein provided. Any such prepayment shall be applied <br />first to interest due thereon and the remainder, if any, to principal. <br />Article 3 <br />Disbursement <br />Section 3.01. Conditions Precedent to Disbursement. The obligation of the Lender to <br />disburse TIF Loan Proceeds shall be subject to the conditions precedent that Borrower shall be in <br />compliance with the terms of this Agreement and the following conditions: <br />(a) Borrower shall be in compliance with the TIF Loan Documents. <br />(b) Borrower shall have delivered, without expense to the Lender, the TIF Loan <br />Documents, and copies of the Construction Plans. <br />(c) Borrower shall have committed one hundred percent (100%) of all equity, <br />loan proceeds or other project funds, including the Other Project Financing, sufficient, <br />together with the TIF Loan, to pay all costs of the Project. <br />(d) All filing and permit fees, charges, expenses and taxes shall have been paid <br />by Borrower; and all required insurance policies shall be in appropriate amounts, name all <br />insureds, and be in full force and effect as evidenced by the certificates of insurance. <br />(e) Construction Plans relating to the Project shall have been approved in <br />writing by the City. <br />(f) Evidence satisfactory to Lender that Borrower has established a separate <br />account ledgering system within the Project's line-item budgeting for the exclusive purpose <br />of recording the receipt and expenditure of the TIF Loan Proceeds. <br /> (g) No Event of Default as defined in Section 5.01 or event which would <br />constitute such an Event of Default but for the requirement that notice be given or that a <br />period of grace or time elapse, shall have occurred and be continuing and all representations <br />and warranties made by Borrower in Article 4 shall continue to be true and correct as of <br />the date of such disbursement. <br />(h) The disbursement requirements hereof and as set forth in the Borrower Loan <br />Agreement and any master disbursement agreement for the Project have been satisfied. <br />(i) Borrower shall have provided to Lender such evidence of compliance with <br />all of the provisions of this Agreement as Lender may reasonably request. <br />(j) No license or permit necessary for the Project shall have been revoked or <br />the issuance thereof subjected to challenge before any court or other governmental <br />authority having or asserting jurisdiction thereover. <br />(k) Construction of the Project has begun by the Construction Start Date and is <br />being or has been completed in accordance with the Construction Plans.