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73850847v2 6 (l) Lender shall have received evidence that all requisite permits and other approvals have been issued. (m) The Fiscal Agent shall have received or shall simultaneously receive a lien waiver from each contractor, subcontractor or materials supplier for all work done and for all materials furnished by it for the Project covered by the requested disbursement, pursuant to the Borrower Loan Agreement. (n) The Borrower shall have completed construction of the foundation and footings for the Project, and the City shall have inspected and approved the same. Section 3.02. Disbursement of TIF Loan Proceeds. Subject to the terms and conditions of this Agreement, the TIF Loan Proceeds shall be initially disbursed by the Lender to the Fiscal Agent upon satisfaction of the conditions precedent as contained in Section 3.01 herein. The Fiscal Agent shall maintain and disburse the TIF Loan Proceeds pursuant to the Borrower Loan Agreement. Article 4 Covenants, Warranties, Representations and Agreements of Borrower Borrower covenants, warrants, represents and agrees throughout the term of this Agreement: Section 4.01. Enforceable Documents. Borrower is a limited partnership duly organized and in good standing under the laws of the State of Minnesota, is lawfully authorized to acquire, construct, equip, operate and maintain the Project and has full power and authority to enter into this Agreement. That this Agreement have all been duly executed and delivered, and assuming due execution and delivery by the other parties thereto, such documents constitute the legally binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms. Section 4.02. Ownership. Borrower is the fee owner and has possession of the land on which the Project is to be constructed. Section 4.03. Financial Statements. The financial statements of Borrower previously or hereafter delivered to the Lender have been prepared in accordance with generally accepted accounting principles and accurately present Borrower's financial condition as of the date of such statements. Section 4.04. Project Construction. The construction of the Project will be undertaken strictly in accordance with the Construction Plans. To the best of Borrower's knowledge, the construction of the Project, both during the work and at the time of completion, will not violate any applicable federal, state or local environmental laws, ordinances, regulations, permits, zoning, subdivision, or use statute, ordinance, building code, rule or regulation, or any covenant or agreement of record.