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subject only to such encumbrances or exceptions as are approved by the Lender, <br />in the amount of $262,143.48. <br />(f) Evidence that the Project and the contemplated use thereof are permitted by and <br />will comply with all applicable use or other covenants or restrictions in prior <br />conveyances, zoning ordinances and other laws or regulations governing <br />construction or use of the Project and that all building, zoning, environmental and <br />other permits or licenses required for construction have been obtained and are in <br />full force and effect. <br />(g) <br />Copies of the policies of builder's risk insurance and comprehensive general <br />liability insurance and a certificate of the worker's compensation insurance, and <br />any other coverages required under the Mortgage, with all such insurance in full <br />force and effect. <br />(h) A detailed schedule of all equipment and fixtures to be installed in or used in the <br />operation of the Project. <br />Section 3.2. Further Conditions Precedent to Any Advance. The obligation of the <br />Lender to make each Advance (including the initial Advance) shall be subject to the further <br />conditions precedent that on the date of such Advance: <br />(a) No Event of Default hereunder, or event which would constitute an Event of <br />Default upon the giving of notice or the passage of time or both, shall have <br />occurred and be continuing, and all representations and warranties made by the <br />Borrower in Article IV shall continue to be true and correct as of the date of such <br />Advance. <br />(b) The Borrower shall have provided to Lender such evidence of compliance with <br />any provisions of this Agreement as the Lender may reasonably request. <br />(c) <br />No license or permit necessary for the construction of the Project shall have been <br />revoked or the issuance thereof subjected to challenge before any court or other <br />governmental authority having or asserting jurisdiction thereover. <br />(d) All real estate taxes then due and payable and all special assessments against the <br />Land and its Improvements shall be paid in full. <br />(e) <br />Borrower shall have commenced construction on or before the date hereof, and be <br />diligently proceeding with construction in accordance with the construction <br />timetable submitted to and approved by the Lender. The initial Advance shall <br />have been requested and all conditions thereto satisfied on or before October 15, <br />2011. <br />7 <br />