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C, The EDA states, represents, and warrants that, to the hest of its knowledge, there <br />are no Events of Default, or events which with the passage of time could <br />constitute an Event of Default, currently existing under the Land Sale Loan <br />Documents and that, to the best of its knowledge, the EDA and Borrower both <br />have complied with all of the requirements imposed under such documents for the <br />closing of the Land Sale Loan. <br />D. The EDA further states, represents, and warrants that, to the best of its <br />knowledge, there are no Events of Default, or events which with the passage of <br />time could constitute an Event of Default, currently existing under the TIE <br />Documents and that, to the best of its knowledge, the EDA and Borrower both <br />have complied with all of the requirements imposed under the TI.F Documents. <br />7. Excess Insurance Proceeds. Notwithstanding any provisions contained in any of the loan <br />documents described herein (including the Oak Grove Loan Documents), upon the <br />occurrence of a casualty or condemnation, the Borrower shall be required to restore the <br />Project to the extent feasible (i.e. sufficient proceeds and other funds to permit restoration <br />are available to the Borrower). If restoration is not feasible (as determined by the <br />Borrower and the holder of the Oak Grove Loan), then the proceeds of such casualty <br />funds or condemnation award shall be distributed in accordance with the priority in <br />Section 3 hereof. <br />8. Additional Provisions. <br />A. No renewal, modification, increase, or extension of time of payment of any <br />indebtedness referred to herein, no releases or surrender of any security therefor, <br />nor any delay or omission in exercising any right or remedy contained therein <br />shall, in any event, impair or affect the subordination of loan documentation <br />and /or rights and obligations of the parties hereunder. Any party hereto, in its sole <br />discretion, may waive or release any right or option under the loan documentation <br />held by it and may exercise or refrain from exercising any right thereunder <br />without the consent of any other party hereto. The parties agree that any party <br />hereto at any time or from time to time may enter into such agreement or <br />agreements with Borrower as it deems appropriate, extending the time of payment <br />of or modifying, increasing, extending, renewing, or otherwise altering the terms <br />of any or all of the obligations, or may exchange, sell, surrender, or otherwise deal <br />with any such security, without notice, to the other parties hereto and without in <br />any way impairing or affecting this Agreement. The parties waive notice of <br />creation, existence, renewal, modification, or extension of time and payment of <br />the loan documentation referred to herein and the indebtedness evidenced thereby, <br />the disbursement of any sums thereunder, and any modifications or amendments <br />to the loan documentation referred to herein. <br />13. None of the parties hereto have any obligation under this Agreement to the other <br />parties hereto to advance any funds to Borrower or to insure that any funds so <br />advanced are used for any specific purpose. Any application or use of funds <br />advanced should not impair the subordination provided herein. <br />6 <br />7 <br />