11-14-01 2. LOAN AGREEMENT - Laserfiche WebLink

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ARTICLE III ISSUANCE OF THE SERIES 2001 BONDS; PROJECT AND PROJECT FUND Section 3.01 Completion of Project. (a) The Borrower shall make all contracts and do all things necessary for the completion of the Project,with or without advertising for bids,and the Borrower agrees that: (i) The Borrower shall cause the Project Buildings and Project Equipment to be acquired, constructed, equipped and installed wholly within the boundary lines of the Land in substantial accordance with the Project Plans and the construction contracts,as the same may be modified from time to time in accordance with the provisions hereof, and shall provide or cause to be provided all other improvements, access roads, utilities, equipment, furnishings and other items required for a facility fully operable for the purpose for which the Project Facilities will be used. (ii) It will acquire,construct,equip and install the Project Buildings and Project Equipment with all reasonable dispatch and use its best efforts to cause the acquisition,construction and equipping of the Project to be completed by November 1,2002(exclusive of seasonal or punch-list construction costs), or as soon thereafter as may be practicable,delays caused by Force Majeure and seasonal or punch-list completion items only excepted; but if for any reason such acquisition, construction and equipping is not completed by said date there shall be no diminution in or postponement of the payments required in Section 4.02 hereof to be paid by the Borrower. (b) Until the Completion Date the Borrower shall have and keep on file and available for inspection by the Trustee copies of the following: (i)the Project Plans, (ii) a survey of the Land,prepared by a registered land surveyor in accordance with the standard detail requirements for land title surveys, showing the location of all improvements, easements, encroachments and other encumbrances on the Land, (iii)appropriate permits for construction,if required,including any building permits and such other evidence as shall be required in order to establish the approval by the local government of the construction of the Project, and (iv) a copy of each construction contract and a copy of the contract with each architect and/or engineer with respect to the Project,all of which have been assigned to the Trustee. (c) The Borrower may make changes in the Project Plans, Project Buildings or items of Project Equipment at any time; provided that: (i) no changes shall be made which would delete from the Project any essential characteristics of the Project nor which materially and adversely affect the total operating unity and efficiency or anticipated net income-producing capacity of the Project Facilities and that, after such changes,the Project shall continue to constitute an authorized "multifamily housing development" within the meaning of the Act, and remain in compliance -18-