10-25-01 11. DISBURSING AGREEMENT

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(i) Schedule evidencing the Borrower's and General Contractor's reasonable expectations as to the timing of the construction of the Project, signed by the Borrower and the General Contractor; (j) Copies of a building or any other permit required to commence construction of the Project, including any required foundation and grading permits; (k) Letters from utility companies establishing that all utilities necessary for the construction and operation of the Project are available at the boundaries of the Land, including without limitation,water, sewer, electricity, and gas,and that the Borrower has the right to connect to and use such utilities for the Project; (1) A financing statement,naming the Trustee as secured party, duly executed by the Borrower as debtor,describing the collateral as the personal property and fixtures covered by the Mortgage; (m) Copies of policies(or binders or commitments therefor)for all hazard, builders' risks, liability,and workers' compensation insurance required under the Mortgage or the Loan Agreement; (n) A policy of flood insurance showing the Trustee as a mortgagee payee and containing a thirty day cancellation clause, or evidence that the Project is not located within a flood plain; (o) An ALTA form of lender's extended coverage policy of title insurance (or a binding commitment therefor), as provided in Section 4.05 hereof, payable to the Trustee in an amount not less than the face amount of the Bonds(and the Subordinate Bonds,as described in the Indenture) stating that the Borrower is fee owner of has a leasehold interest in the Land and insuring that the mortgagee's interest under the Mortgage is a valid first lien on the Land, subject only to Permitted Encumbrances, as defined in the Mortgage(the"Title Insurance Policy"); and (p) A survey prepared by a registered land surveyor in accordance with "Minimum Standard Detail Requirements for ALTA/ASCM Land Title Surveys,"jointly established and adopted by ALTA and ASCM in 1992 certifying to the Trustee and Disbursing Agent the description of the Land and all structures, improvements, encroachments or within the boundaries of the Land. Section 2.02 Further Conditions Precedent to All Disbursements from Construction Account. The obligation of the Trustee to make the initial disbursement of amounts in the Construction Account for Project Costs, and each subsequent disbursement hereunder, shall be subject to the condition precedent that the Borrower shall be in compliance with all conditions set forth in Section 2.01 hereof, and the further condition precedent that on the date of such disbursement: (a) No Event of Default under the Indenture,the Loan Agreement, or the Mortgage,or any other event which would constitute such an Event of Default but for