10-25-01 11. DISBURSING AGREEMENT

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the requirement that notice be given or that a period of grace or time elapse, shall have occurred and be continuing; (b) The disbursement requirements set forth in Section 3.01 hereof have been satisfied; (d) If requested by the Trustee or the Disbursing Agent,the Trustee and the Disbursing Agent shall be furnished with a statement of the Borrower and of any Contractor, in form and substance satisfactory to the Disbursing Agent, setting forth the names, addresses and amounts due or to become due as well as the amounts previously paid to every Contractor,person, firm or corporation furnishing materials or performing labor for any part of the Project; (e) All necessary licenses,permits and building permits for work done shall have been obtained and no license or permit necessary for the construction of the Project shall have been revoked or the issuance thereof subjected to challenge before any court or other governmental authority having or asserting jurisdiction thereover; (f) Title to the Land shall be subject to no encumbrances other than Permitted Encumbrances,regardless of whether any lien, encumbrance or other question existed at the time of a prior disbursement; and (g) The Disbursing Agent shall have received a written approval of the Inspecting Architect for payment of any Project Costs based upon a written request by the Borrower and a certificate for payments that the persons to be paid out of the requested payment,or the persons paid by the Borrower and for which reimbursement is sought,have satisfactorily completed the work and/or furnished the materials for which payment is requested. Section 2.03 Conditions Precedent to the Final Disbursement from the Construction Account. The making of the final disbursement by the Trustee from the Construction Account for the payment of Project Costs(excluding the release of amounts remaining therein to the Seller as provided in Section 4.03 of the Indenture) shall be subject to the condition precedent that the Borrower shall be in compliance with all conditions set forth in Sections 2.01 and 2.02 hereof and, further,that the following conditions shall have been satisfied prior to the Completion Date: (a) The Project Facilities have been substantially completed in accordance with the Drawings and Specifications as certified by the Borrower and the Inspecting Architect and the Trustee and all conditions set forth in Sections 3.03, 3.05 and 3.10 of the Loan Agreement have been satisfied; (b) The Trustee and Disbursing Agent shall have received satisfactory evidence that all requisite certificates of occupancy and other approvals have been issued; and (c) The Disbursing Agent shall have received a lien waiver from each Contractor for all work done and for all materials furnished by it for the Project; and (d) The Trustee and Disbursing Agent shall have received an as-built survey of the Project Facilities prepared after completion of all permanent improvements; and