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ARTICLE II Commitment to Make Advances and Draw Requests Section 2.1. Advances. The Lender agrees, subject to the conditions hereinafter set forth, to make Advances to the Borrower from time to time prior to the Commitment Termination Date in an aggregate principal amount of up to $100,000.00 to enable the Borrower to pay Project Costs actually incurred in connection with the construction of the Improvements. In no event will Lender make Advances in an aggregate amount more than one hundred percent $100 %) of the cost of the completed Project according to the Sworn Construction Statement. Unless otherwise approved by the Lender in its sole discretion, the aggregate principal amount of Advances for any single Line Item in the Sworn Construction Statement shall not exceed the amount allocated to such Line Item in Exhibit A attached, or to be subsequently attached, hereto. The obligation of the Borrower to repay the Advances shall be evidenced by the Note and shall be secured by the Security Documents. Notwithstanding any provision of the Note, interest shall be payable at the rate provided therein only on such amounts as actually have been disbursed by the Lender pursuant to this Agreement. Section 2.2. Draw Requests. (a) Whenever the Borrower desires to borrow hereunder, which shall be no more often than monthly, the Borrower shall submit to the Lender a Draw Request, duly executed on behalf of the Borrower. Each Draw Request shall be submitted at least 15 days before the date the Advance is desired. Each Draw Request with respect to Project Costs shall be limited to amounts equal to (i) the total Project Costs actually incurred and paid or due and payable by the Borrower on the date of such Draw Request for work performed on and materials incorporated into the Improvements, (ii) the cost of materials and equipment not incorporated into the Improvements, but delivered to and suitably stored on the Land or in the Improvements, less (iii) all prior Advances. Each Draw Request with respect to Project Costs shall be made and submitted upon such forms as determined by Lender in its sole discretion. Each Draw Request shall constitute a representation and warranty by the Borrower that all representations and warranties set forth in Article IV hereof are true and correct as of the date of such Draw Request. (b) At the time of submission of each Draw Request, other than the final Draw Request, the Borrower shall submit to Lender the following: (i) Written lien waivers from each Subcontractor for work done and materials supplied by them which were paid for pursuant to any preceding Draw Request. 4