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

Home Browse Search

(b) To make such additions, changes and corrections in the Project Plans as shall be necessary or desirable to complete the Project in substantially the manner contemplated by the Project Plans; (c) To employ such contractors, subcontractors, agents, architects and inspectors as shall be required for such purposes; (d) To pay, settle or compromise all existing bills and claims which may be liens against the Land, or as may be necessary or desirable for the completion of the Project,or for clearance of title; (e) To execute all applications and certificates in the name of the Borrower; (f) To prosecute and defend in the name of the Borrower all actions or proceedings in connection with the acquisition,construction and installation of the Project and to take such action and require such performance as it deems necessary under any applicable the payment and performance bonds; and (g) To do any and every act which the Borrower might do in its own behalf in connection with completion of the Project. It is further understood and agreed that this power of attorney, which constitutes a power coupled with an interest,cannot be revoked. The Borrower hereby assigns and quitclaims to the Trustee all sums unadvanced under the Loan and held in the Construction Account,such assignment to become effective only in case of the Borrower's default. The rights and powers granted to the Trustee pursuant to this Section shall in no way alter or affect the rights of the Trustee under the Mortgage,the Subordinate Mortgage,or any other provision hereof. Section 3.10Establislmiiit 3.10 Establishment of Completion Date. The Completion Date shall be the date on which the Trustee shall receive: (a) a Certificate signed by the Authorized Borrower Representative stating that: (i) except for amounts retained by the Trustee in the Project Fund at the Borrower's direction for any Project Costs not then due and payable because of retainage, punch list items or required seasonality delays or similar reasons,all Project Costs incurred and to be incurred for completion of the Project have been paid(or will have been paid upon receipt of any pending disbursement from the Project Account); (ii) construction of the Project has been completed in accordance with the Project Plans and is satisfactory to the Borrower; (iii) all Project Equipment has been installed to the Borrower's satisfaction,such equipment so installed is suitable and sufficient for the operation of the Project; (iv) the Project Facilities conform to all applicable zoning, building, planning and land use law, ordinances and regulations; -21-