Laserfiche WebLink
77060900v2 <br /> <br /> <br /> <br /> S6-3 <br /> <br />13. Searches. The Controlling Person shall have received searches from a recognized search firm <br />(which shall be updated from time to time at Borrower’s expense upon request by the Controlling Person) <br />that searches of the public record disclosed (a) no conditional sales contracts, security agreements, chattel <br />mortgages, leases of personalty, financing statements or title retention agreements which affect the <br />collateral, (b) no bankruptcy filings on the part of any of [the Borrower, the General Partner and th e <br />Guarantor] (collectively, the “Obligors”), and (c) no litigation with respect to the Project Facilities or any <br />of the Obligors that would materially adversely affect the obligations of the Obligors hereunder. <br />14. Mechanics’ Liens. In the event that for any reason the initial Advance is not funded on the Closing <br />Date, the Controlling Person may withhold or refuse to approve the initial Advance if any mechanic’s lien <br />or notice of intention to record or file a mechanic’s lien has been filed or given. <br />15. Notices. All notices required by any Governmental Authority under applicable Legal Requirements <br />to be filed prior to commencement of construction of the Improvements shall have been filed. <br />16. Appraisal. The Controlling Person shall have received an Appraisal, in form and substance <br />satisfactory to the Controlling Person. <br />17. Performance; No Default. The Borrower shall have performed and complied with all terms and <br />conditions herein required to be performed or complied with by it on or prior to the date of the initial <br />advance, and on the date of the initial advance there shall exist no Event of Default. <br />18. Representations and Warranties. The representations and warranties made by the Obligors in the <br />Funding Loan Documents, the General Partner Pledge, the Developer Fee Pledge or the documents <br />executed by the Guarantor or otherwise made by or on behalf of the Obligors in connection therewith or <br />after the date thereof shall have been true and correct in all respects when made and shall be true and correct <br />in all respects on the date of the initial advance. <br />19. Proceedings and Documents. All proceedings in connection with the transactions contemplated by <br />this Agreement and the other Funding Loan Documents shall be satisfactory to the Controlling Person and <br />their counsel in form and substance, and the Controlling Person shall have received all information and <br />such counterpart originals or certified copies of such documents and such other certificates, opinions or <br />documents as they or their counsel may reasonably require. <br />20. Payment and Performance Bonds. The Controlling Person shall have received the original Payment <br />and Performance Bonds in form and content and from a surety satisfactory in all respects to the Controlling <br />Person. <br />B. CONDITIONS TO SUBSEQUENT ADVANCES. The right of the Borrower the draw each <br />advance after the initial advance shall be subject to the following conditions precedent in a manner, and by <br />documentation, satisfactory to the Controlling Person: <br />1. Prior Conditions Satisfied. All conditions precedent to any prior disbursement shall continue to be <br />satisfied as of the date of the Requisition of such subsequent advance. <br />2. Performance; No Default. The Borrower shall have performed and complied with all terms and <br />conditions herein required to be performed or complied with by it on or prior to the date of such Requisition, <br />and on such date there shall exist no Default or Event of Default. <br />3. Representations and Warranties. Each of the representations and warranties made by the Borrower <br />in the Funding Loan Documents or otherwise made by or on behalf of the Borrower in connection therewith