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now ~ oa+irct~d M ~wi M w~~ M th~ ~w~a~io~t oo~wpl~ MY 11+~ NM~ a~d 1iw ~Met~~, Mwi
ti•) ~M ~aaAioe a~d ~ItNry oi a~d ~M corryino wA of li» 1~vao~~loe Iry 1i~i~t Aor~ IA~ ~ncwioe and d~tti
oi IM NoM ond M» Mo~pv~. a~d M» p~fon~ono~ ond ab~~a of M» pori~io~ oi ~N ef th~ ion~oiip, hovr 6~ drl~r
owho~ls~d bp oll Mawory oapa~ aid aocWioidw action~ d Ma~~ ~wt will ~M ao~Aict wi~M a ~~wk in o br~ocl~ ei tM
»?na a p~o+ri~ions af ary adwin~ low a ary ~xiaino n~. ~pda~o~ w~r ~f ary a~1 a~wn+w~d bod~r or ol tM
CM~iAoot~ of Mcorpwolio~ or tl» f~l-l~ows of Mort~ooot. i
Th~ Finoncial 51ot~nNnb I+~nlofor~ d~tiv~nd b tlr t~~du. an trw a~d ooR~et in all ~ppct~, ~ww 1~~ p?a ±
po~td in aeeordonee with a~oNY oee~Rtrd aeax?atinp Proetk~, ond farl~r pt+~nf 1M htp~etiw fina~eial eoe+ditio~u oE 11»
svbj~cts th~?~of os of th~, nsp~c~iw dotis 1!N?wf, no nwt~iollp advws~ ci~oep~ hos oawr~d in th~ financiol eo~nditio~s nA~ct~d
th~r~in sint0 f~1~ rl~OdiY~ d01~~ 1~fK~ 011d 110 O~i1101W~ klOROw~f101 ~IOw bN11 Q10~ br I~N MOf'I~OOQf t11K~ 1~N dOh I~Nf~Of
othK thon th~ boROwinq tonl~n~plo~d h~nby or apprav~d br th~ l,~ndu. ~ .
TMre an no oction~, win or proc~edinps p~~+dinq, w to !M bawl~dQ~ of tM Malpapo~ ~hnof~n~d, epo~st o? ~
al~KfinO it Or fht PrMpip O? invO~11~f10 ~ vol+f~llr O? M~OK~i~it~r Of Ih! MOr1~0~ Of 1~N pfiOfllr Of t~N ~iM af ~Ow Or
in equitp, a before o~ br o~N Gowrnn~+NOI A~thori~r, exc~pt octiom. wils and P~'oc~^W fdl~? cov~~d by iewronce or whkh, b
~f cdvenely determi~~d. woe d not subrtontiollr impau th~ obility of th~ Matpopo? b pop when dw aey onwunts which map ;
becoms poyabte in ~~ct of the No1r: and tQ th~ Mort~paqor': knvwl~dpt if is not in d~fouM wifh nipect fo aMr ord~r, writ. 1
~njunttion, dec~ee or de+~w~d of o~r cow~ w onr Go~•.nmenal ~udw~q:
(tj The consumrrwtion of the bensoctions Aerebr contemplat~d ond p~tfotmanc~ of 1hi: /?qr~ement o~+d the Mortpo~e
w~ll not ~esult ~n anr breech of, or constitute a defuolt under, eny mohpop~, de~d of hust, I~os~, benk loon or uedit o~rsement,
corporote charte~, by-laws or oih~r instrument to which the Mort~oqor is o parf~? or br which it nwy be bound or affectsd.
(u) to fu~nish to the Leoder, os aod wh~~ ?~~~~ed by svidence ond proof octepteble in lende~s sole jud~ment
and diuretion that the Nlwtpogor and ~ontractor hare the financial sotv~ncy and obiiitr k? and will obioin all tHttssory nwtsriob, ~
labor se~vices, ond other services, as ond whan required for the completion of developn~ent ond for the canpl~tion of consiruction
o{ soid bwldings ond otl improvments in eccordance with the approved ploni ond spetificotions of fhe 6rm purchose commitmsnt,
and the requireme~ts of oll governmenrol a9enciss hoving jurisdiction o~e? said properry.
(v) That ~he lender andlor its oyents sholl ot onr lime durin~ the period of this o9?eement hove the right to inspett
all books, cont~acts, :ubcon~racts, ond records of the Mortgogor and/or Controclor, (including qeneral and sub-controcton iovolred
in onr on-s~te ond ofI-site work) relating to the subject properry. .
(w) To submi~ ro the lender, as often os demanded by lender, aed within seren (7) doys cfter denwnd, o w~itten sum-
mary of alf on-site and ofF•site Improvements remaining to be completed, to~ether with the ilemized tos/s thereof, exetuted and
verified br Mortgogor and Contractor.
(x) Mortgagor sholl dulr ond punctuolly comply with and perForm all the terms, torenants, tonditions ond provisions
neceuary to close and consummate the mortgage referred to in the firm purthase commitment of the long Term tender, if anr,
and wid commitment shall not be omended, modi6ed or terminwed witiwut the ~onsent of lender o~d sholl be kept in Qood "
standing, free of onr defeult, cond+tion or event whith with the giving of notice or the lapse of time or both would constitute a
deEoult under said commitment. '
(y) The Mortgagor hereby auigns to the lender the proceeds oF soid permanent loon to the extent of ony indebted-
ness due or owiog to the lende? under soid construction mortgoqe and this Agreement at 1he time wid permanent loan is ciosed.
In the event the Mort~ayor fails to construd and complete said buildinq or buildings and improvements in actord-
once with the terms and prorisions of this Agreement, the Mortgogw herebr auigns to the tender the right to posseu and use
the Plans ond Specifications for the purpose of comple6ng soid building or buildinQt and improremenis, ond shall fwnish at the
execution of this Agreement the conunt of the Architect to such Assignme~t.
(aa} Mo.tgagor shatl furnish to Leeder prior to final disbursement of loan funds but not loter than thirty (30) dors after
the completion of the Improvement, (i) the original permanent tertificate of octupancy iuved by the Gove~nmental outhoritp
having jurisdidion of the Mortgaged Properry end all other necessary tonsents ood approvols of onr Governmental Boo~ds,
Bu?eaus or Deportmenn having jurisdiction of the Mortgaged Property, (ii) otl necessory certi6cates and vpprovals of the appropri-
cte Board of Fire Underwriten or other similo~ bodr acting in and for the locolity in whith the Premises ore situated, ond (iii) all
required licenses and agreements in resped of anr vault space or eosements extending beyond the bouridary lines of the Premises.
(bb) If the improveme~f is por6allr or fotolly domaged or deshoyed by Bre or anr other cause, ony monies received
as parment for any loss under onr suth insurunce sholl be paid over to the lender, ond sholl be applied, at the option of the
lender, either to the pre-poyment of the mortgage note due tender, o? Mortqogor shall immediately proceed with the resto~ation
thereof ond diligently prosecute the work of restoration to complefion, provided, however, that ltnder sholl moke oroiloble to
Mortgagor as such restoroteon pro~~es:es, in odrances !o be mode based on certifications of the Supcrvising Enginee?, the pro-
ceeds of such insuronce aduallp poid to lender in respect of such damoge or destruclion of the Improvement, but no part of the
cost of such restorotion shalt be mode the bosis of onr application for odronces under this Ag~eement. Mo?tgogor shalt pay
promptlr when due oll bills ond other obli9afions incurred br Mortgago~ fw the cost oF conshuttion of the Improveme~h or for
~ anr restorotion pursuont to the provisions of this Ag~eement.
~ 3. Before ony disbursements out of the loan ~und are advonced bJr lender, Borrower, Qs rnoy bs ?equired br lender, shall
f ei~her deposit wi?h the lender, w o person or 6rm selected or approved br lender to dis~u~se oll procceds of the loan fund (here-
f inofter sometimes colled "Disbursing /1qenY'), an omount equol to the dilFerence between the net proceeds of the Construction and/
~ or Cevelopment loon to be advonted br lender during the progress of tonshuction and/or dereiopment ond the es6mated tost
~ of conshuction and/or de~elopment and odditionol costs included in the projett to~t breokdown repon submifted by do?rower to
i and opproved by lende?, or Borrower sholl first expend its own funds in on omount equal to said dil~erence. Borrower's funds, ~
€ together with the p~oceeds of the (oon ro be odvanced br lender, os eridenced br 8orrower's Promiuory Note poyable to Lender a
~ as hereinbefore identified, shall constitute the loan fund to be disbursed br the Oisbursinq Aqent for the atcount af the Borrower ~
~ in the manner herein provided. 1Jnleu otherwise provided, atl sums daposited br the 8orrower os port of soid loan fund shall be
the fi~st monies disbursed out of wid loon fund. If the Borrower's deposit is not required by lender, then Bor~ower shall ptovide
Disburs;ng Agent with poid bills ond lien wairers, or other evidence of porment svtisfoctory to le~der, representing the Borrowers
own funds first odvanced during conshuction ond/or development to tfie ext~nt of t6e difference between the amount of the loon
~ ond the estimoted cost of construction and/o? derelopment before the disbursement of enr of the proceeds of the loan to be
E odronced br Lender. With referente to all Loon Fund advonces, Mortgogor agrees os follows:
~ (a) No payment nor advence need be mode br Lender or to the Disbu?sing Agent, fw the Borrower, unless and until
~ oll of the conditions of the Commitment letter referred to in Parograph 1 of this Agreement a~d all of the tonditions contempbted
by lender to be pe.formed prior to the moking of 6rst odvonce under this Agreement hove been performed, nor sholl onr popment
~ or odvonte be w made unless o~d until the Lender is furnisfied by the Borrower with o Controctor's cost breokdown of the job ond
additionai casts itemizing total project breokdown on forms opproved br the Lender. dased upon Cont?odor's cost breakdown #
opprored br lender or its designoted or approved conshuttion ond/or development com onalpst, the proceeds of the loan fu~d °
sholl be adranced not more frequentlr than once a month os construction and/or derelopmenf progresses, unless otherwise ogreed ~
to by tender.
(b) Borrower agrees to hire a Supervising Engineer who sboll be appror~d by the [ender, and 8orrower shall por for '
his services, inctuding inspecting the proQre:: of consnuction and/or devebpmtnt. The Super~;s;ng Engineer should certif~r to tF?e
lendN and to the D;sbursing Aqent os to the progress of conmuction and Coetroctor's complionce with the plans and specifica-
tions. The S~pervising Enginee?'s opprovol shall be ~equired br the Disbursinp Age~t before oor loan advances ere wbmitled ro.
3. BQ~~ 2~2 ~A~ 91fi
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