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7 Error! Unknown document property name. (p) Title shall have received or shall simultaneously receive a lien waiver from each contractor, subcontractor or materials supplier for all work done and for all materials furnished by it for the Project covered by the requested disbursement. Section 3.02. Disbursement of LCDA Proceeds. Subject to Section 6.08 of this Agreement, the LCDA Loan Proceeds shall be disbursed in accordance with disbursement procedures approved by Lender. Lender will authorize disbursements of LCDA Loan Proceeds only for eligible LCDA Grants activities and only after Lender has inspected the Project and approved Borrower’s Disbursement Request. Portions of the LCDA Loan Proceeds will be paid by Lender from time to time, and only in the amounts as sufficient to pay Borrower’s approved Disbursement Request, or portions thereof, to Title to be disbursed to Borrower only as required by this Agreement and specifically by the terms of the Disbursement Agreement. Covenants, Warranties, Representations and Agreements of Borrower Borrower covenants, warrants, represents and agrees throughout the term of this Agreement: Section 4.01. Enforceable Documents. Borrower is a limited partnership duly organized and in good standing under the laws of the State of Minnesota, is lawfully authorized to acquire, construct, equip, operate and maintain the Project and has full power and authority to enter into this Agreeme nt and the Construction and Other Documents. That this Agreement and the Construction and Other Documents have all been duly executed and delivered, and assuming due execution and delivery by the other parties thereto, such documents constitute the legally binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms. Section 4.02. Ownership. Borrower has a good and marketable fee simple interest in the Land and has possession of the Land. Section 4.03. Financial Statements. The financial statements of Borrower previously or hereafter delivered to the Lender have been prepared in accordance with generally accepted accounting principles and accurately present Borrower’s financial condition as of the date of such statements. Section 4.04. Project Construction. The construction of the Project Improvements will be undertaken strictly in accordance with the Construction Plans. To the best of Borrower’s knowledge, the construction of the Project Improvements and the LCDA Improvements, both during the work and at the time of completion, will not violate any applicable federal, state or local environmental laws, ordinances, regulations, permits, zoning, subdivision, or use statute, ordinance, building code, rule or regulation, or any covenant or agreement of record. Section 4.05. Use of LCDA Proceeds. All LCDA Proceeds shall be used solely to pay LCDA Project Costs actually incurred by Borrower. Section 4.06. Performance. Borrower will (i) keep, perform, enforce and maintain in full force and effect all of the terms, covenants, conditions and requirements of this Agreement and the Construction and Other Documents; (ii) not amend, cancel, change, terminate, supplement or waive any of the terms, covenants or conditions of the Construction and Other Documents, except as herein provided, without the consent of the Lender, which consent will not be unreasonably withheld; and (iii) execute such amendments, modifications and extensions of the Construction and Other Documents as may be requested by the Lender.