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

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(v) all licenses and permits necessary for the operation of the Project for its intended purposes have been obtained, together with any other building inspection approvals; (vi) all other improvements and facilities necessary in connection with the full operation of the Project for its intended purposes have been acquired constructed and equipped; (vii) a certificate or certificates of occupancy for all of the Project Facilities,if required, from the City has been obtained; (viii) an "as-built survey" of the Project is on file; (ix) Certificate from the Inspecting Architect has been obtained to the effect that,based upon actual inspection of the Project Facilities and review of the Project Plans, the Project Facilities are completed substantially in compliance with the Project Plans; such Certificate shall state that it is given without prejudice to any rights against third parties which exist at the date of such Certificate or which may subsequently come into being; (b) an endorsement or update to the title insurance policy insuring the Trustee with respect to the Land dated no earlier than the five days prior to the Completion Date reflecting that no liens or encumbrances exist on the Project Facilities other than Permitted Encumbrances. The Borrower shall cause the Certificate of the Borrower and the endorsement or update to the Title Insurance Policy described above to be delivered on a reasonably timely basis to the Trustee. Upon receipt of such Certificate,the Trustee shall retain in the Project Fund a sum equal to the amounts necessary for payment of holdback amounts or other Project Costs not then due and payable (including 150% of all punch list items as certified to the Trustee by its Borrower). On and after the Completion Date,the Trustee shall apply all amounts in the Project Fund as provided in Section 4.03 of the Indenture. [End of Article III] -22-