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(g) <br />any and all other instruments executed in connection therewith, or the carrying <br />out or performance by Borrower of any of the transactions required or <br />contemplated thereby, or, if required, such consent, approval, order or <br />authorization shall have been obtained or such registration, declaration or filing <br />shall have been accomplished prior to the initial Advance. <br />'T'here is no litigation or other legal proceedings pending or threatened against <br />Borrower or any Guarantor which might result in any material adverse change in <br />the business or condition (financial or otherwise) of the Borrower, and Borrower <br />is not in material default under any material contract or agreement to which <br />Borrower or any Guarantor is a party or by which Borrower or any Guarantor is <br />bound. <br />(h) The Borrower has or will obtain all licenses and permits required to complete the <br />Project and to use the Improvements for their intended purpose, except those <br />which cannot be obtained until completion of the Project. <br />(i) <br />The Borrower shall have performed obligations arising under, and shall not be in <br />default of, any obligation owing to any holder of any prior lien or encumbrance <br />against the Land. <br />ARTICLE V <br />Additional Covenants of the Borrower <br />Section 5.1. Affirmative Covenants. The Borrower covenants and agrees for so long as <br />there are any amounts remaining unpaid pursuant to the Note or this Agreement, that: <br />(a) <br />The Borrower will diligently proceed with construction of the Improvements <br />according to the Plans and the construction timetable submitted to Lender, so that <br />the Improvements can he completed by the Completion Date, and in accordance <br />with all applicable zoning or use statutes, ordinances, building codes, rules or <br />regulations and covenants or agreements of record. All of the Advances will be <br />used to pay Project Costs. <br />(b) The Borrower will require each Subcontractor to comply with all rules, <br />regulations, ordinances and laws bearing on their conduct of work on the <br />Improvements. <br />(0) <br />The Borrower will provide and maintain at all times during the process of <br />constructing the Improvements (and, from time to time at the request of the <br />[.,ender, furnish the Lender with proof of payment of premiums on) all insurance <br />policies required by the Mortgage, and such other insurance as may be required <br />by the Lender. <br />9 <br />13 <br />