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4+~ iK ~~nt.11w CMM~o~w ~i tM i~~ 6~~ dirM M~~ ~s ~ Miw ~~r~~ ~r ~~r (~d
~ t~ ao~r~? ~ i~cN~w wi~id~ ,r~e ~ad~ ao~ +~eN fl~ ~ Nlo~ t~ ~ o~ wd~ a~ia r 10
No od~r«~ai ~A~M b~ ~~t to Mw Aa+~~wM If MM ~w~t of wd ~d~oea. ~~11 o~ow~M'nri~wlr
eiwiw~ hMwed~r. ~oN ~ tA~ MwK o1: (i) fa Ca+Nrrc~ lo~. 7S% (~0li if fMANA M~ co~i~N af tfy
oPP~~ ~o~d wlw d th~ Matoo~d ?ropwty w wb~iM~d b ond approwd by i«~, a(i~ tor Drwbp~+K l~
or ~M d~wlopn~a loon portion af Coiatruc~an toon~. d0li oi N» voM~ of 1M no! ~MoM ar d~wloMd, o? (~i) on owowN
whicA worlcl eor b~ in ~+ccw of ~M ~r~ca~ditioiwl Aoor o~wwN of tM purcia» ao~nt iMwd by tiw lonO T~ l«~d~?
in conn~ction with thi~ projrQ, if ony. .
Oiib~ninp A~M shoN dWbww oll proo»ds oi tl~ t+oon Fwid in wd~ ~onnw at b ooop~ra~ with th~ TAi~ ImwinO ~
11p~nt M ordw M~oimoin IM Till~ h~onu Poliry o? ~Ndw r~trd b in /his A~~N in hdl forp and ~A~Ct at oN ti~~, ~
Titl~ Inwrinq Ap~nt oprMa b awinlow~ to~pliaeu in tl+is ~pord ot ail ti~s dura~p th~ p~ndMCy of this AQr~~nNnt, ir~inp, '
b~A not W~wt~d to. ~hs impo~itio~n vf ~ondiUiwn r~{otirp t~ swotn sloMnwnt~„ woiwa o? nbons of Ii~K. Pl~s all poid bilb. imp~c.
t~on oi pap~oll vouci~rs and wbn~isrion d Sup~n?isirq Enpin~'s Proqnsa Mr~p~ction C~il'ios1~. sww~f?~, wr'hp cominuolion4
ab~troct w tit1~ cooti~uotioro. w Ti11~ Itau~inp Aq~nt map d«m n~oaton? b inwn 1M ptiwil~? of t~nd~rs morpop~ os a vaiid
fint lNn m tM tun~ of wch disbur~n~M. Whu~ Tnl~ Iraurinp Ap~nt and D'abuairq Ap~K on not on~ ond H~ ~on~. TiN~ Maw-
inp Ap~nt o~r~ ro full~r insMrct Disbww~p Ap~m with rpord b ~oid rpui~nn~nb in coen~clion with ~och loon adronc~ hqw~f.
ond Disbutsinp /?~ent o~~~s to complr with ~och of such ins~uctioos. Pria b ony wbs~qwnt loon odvonc~ ~puat wbmill~d
by DisbwNn~ /1~ent ~o lendK, TiN~ Inwrio~ A9ent aQ~e~t to tonfinn with ~isbunit~ A~tnt Ihat otl such inmuctioni of Titl~ Mwr• ~ '
ino I?ptet with referenc~ w previous odranc~ r~qws~s were prop~lr p~rfornNd o~ fulfill~d. +
If ot anr tin~e pMdiep or durin~ tM disbune~n~e?t of tha loon, it oppwn, that tM net proce~ds renwinin~ uRdir
bur~ed of the ioan amount will be i~aufBcieet to compl~tr oll of tht improvNntnb in accordanu with tM plons and sp~cificotioet,
ond b par for all lobor. nwt~rio) ond cosls. Bonow~r sholl, upon l~ndK's demond, d~posit with the Disbwsinq Ap~nt or with
tend~r, at lendei s option, oddifionol nwni~s which slwll, when added to 1M undisbun~d proce~ds of th~ loan, b~ wR'ici~nf ro
compl~t~ and par for the improrem~nt com and axpensc~s in conoadion tMr~wilh, TM omount so deposited ~oll be disb+in~d ro
par fo~ tbe improvemenn before onr oddi~onel loan proceeds of l~ndK are to be paid ou?.
(t) All cosn incident ~o th~ loan shall be poid br 8o?rower wh~n ond as nqvir~d br lendK or Oisbur~inp Ap~nt,
includin~ bonk wire, relephone, or other loon advonce Nansmission chorp~s of the Disbursiny Apent, or Lender, oed the f~es of
Disbursinp Agent for ~rs urvices ro be rende~ed in ~id copociry. -
t91 The merhod and schedule of odvances ond the Controdor's opplicotion lor loan Propress poymentt ihall be in ih~
manner es oppro~ed or deterrnined br lend~r, or its desi9nee, from time w time, provided thot 1096 of all loon Propr~s~ pay-
men» sholl be withheld until final porment is due.
(h) Upon rne occos~on of opplrm~ for loan Pro9ress Pvymsnt No. 2, the Controctor and the Barower sholi obroin ond
furnish to the Disou~smg Agent lien woivKS a~d r~teipted bills in wch fonns as it is ~equired, coverin~ the parment of o!1 labor,
~erric~s, onJ ma~enals contemptal~d to be paid ouf of loan P~o~~ess Payment No. 1; and, sinub?Ir, upon the occosion of applpinp
for eeth P~og~ess Porment thneofter, o like showing shall be made as to Me persons paid unde~ the loit prevwus loa~ Propress
Poyment, It is the ~ntention ond a~reement of the porties that unless otherwise speci6ed in w~ihn~ by lender, all loan P~oq~~ss
Parments si~oll bc F,o~d by Disb~rsin~ Agent in the (orm of separote remittances made porable to each of the persons or fi?ms
contempioted to be paid under ~he Contraclor's reqvest for odvonce. No porment sholl be applied for by Con~ractor o? Borrowtr,
or rtwde ot onr t;me, when me required lien waivers ond receipted bills show them to be in on amount in excess oF the omount
~+own in the b~eokdewn os is necessairy for the completion of the Consuuction and/or Development Project. Ths dwrowe? ~lwit '
onlr b~- ~nntled to ooyment in tiw onwunt approved by tender with respect to eoch requisihon or opplitotion for odvances or prw
aress pormen~s under ~his A~prasment. All advoncs reqvesn wbmitt~d to Disbursing /lqent ond lender sholl be in occordonc~ with
psocedures and forms r~quired or approved br lende~.
(i) It is th~ i~terttio~ of the pwti~s thot l~nder shol! d~duct from ths (oon fund on the first of each month, w ot wch
otMr times as mor be daterminsd br lend~r, al) ataued interest, purclws~ o? ~xt~n~ion discounls or other loan chorgss o~ omounts
dw to Lend~r unaer the Provi:ions of tM Loan specified i+Kein. '
(j) All loan adraoces are ro b~ made ot the prinapol oti'ice of th~ l~nd~?, or ot such other ptoce ai tende~ nwr d~si~-
note, ond sholl be deposited br Lender in an account to be established br tht Disbunin~ /1~ent i~ the manner approved br L~ndK,
at a dontc, Escrow or Title Compony specified or opproved br lender, the expense of which sholl be ioorne br Bwrower. Unltss
otherwiw specified, .rqvests for od~onces sholl be submittsd br Disburtinp Aqent to Lender five (S) days prior ~o the date of th~
requested odrance. ~
(k) It is understoood ood apreed betvreen the Boirower ond lender thot repordku whether lender mok~s odrant~s '
out of the loon fund to itself, to the Disbursin9 A~ent, to the Controctor, or to onr perwn fumishing or p~efwminy lobor, mat~riol,
or s~rvices ro the so~d construction job, or to ony otF~er penons or 6rms contemplated unde~ the total project cost breokdown or
' under this Ayreement, Borrower sholl ond does herebr ogree that wid pdrment conshtutes an irrevocoble direction and outhor- -
I ization br the Borrower to the lender to so advance the funds. No future direction or outhoriiat~on from 8orrower shall be neceuory
~ to worrant svch advonces and all such advonces shall sotisfp pro tanto the obliyations of lender hereunder ond shatl be s~cvr~d ;
~ bY ~~roa9e os tullr as if made to sorrower d~~ectly.
E (I) Contrac~w shall, upon demand of the Supervisin~ Enyineet, correct any shucturo) detects in the improv~mert~+t or
i ' anr d~partute of the ptons not opprored br him, in the Ame manner o: thou~h ths request Fwd bern mode br the 6orrowN. i
~ Th~ advone~ of any loee proceeds under the loon fund sholl not constitute a woi~~r oF lendr?'s ri~ht to requ~re complionc~ with
~ tfiis cov~nont with respect to anr such defects or deportures from the plons ~ot Nwrerofore disco•ered br or called to th~ a1t~n-
~ tion of tM Supe?visin~ Engineer.
i (m) All conditwns of the oblipotions of lende? to moke odrances hereunder and otherwise p~ovided in this Ap~Nn~nt
ar~ impo~d solelr ond eaclvsivelr for the benefit of lender or its assigns, and no other person shall ho~e standinq to r~qvi?~ a
E sati~fodion of suc1~ cond~tions, or be entiNed to os:ume thot lender wiN refvse to moke advontes in the obsence of stritt wmpli-
anc~ wiflf aqr Or p11 fbareof, ond no othe? psnon shall, under anr circum:tonces, be deemed to be bene6c~ary of such conditions,
enr or all of which mor be fullr woived in whole or in pan by the lende~ ot onr time, if in its sole discret~on it deems it odris-
obl~ b do so, nor sholl anr such woiver hove tl~e effect of predudin~ lender hom thereaf?er declaring such non-compliant~ of 1h~
terms of this Agreement to be on event ot defoulr as hereinoi?er prorided.
j I. The lender and its opent: shall m oll times dunng development and/or construction ha~e the riqht of entry ond f«s
e occ~a to the p~operry upon which th~ improrement i: bein~ mude, ond the rpht 1e insp~ti all work done, lobor perfornNd ond
E r+~at~riols fumished. in or obow the prope~tp.
S. The 9orrower ond Controdw undt~stond ond o~ree thot th~ lender is not th~ ~nt or repre:entative of the dorrow~r,
and n~r do?rower nor Controctor is th~ o~ent of the lender, ond this Aqreemem ~oll not be construed ro moke the L~nd~~
IiaW~ 1o nwt~iolmen, connocwr~, uaftsmM, loboras or others for ~oods or s~rvices delivered by them upon said p~emists, w for
d~b1s or daims accruinq to the soid portia oQanst the dorrowe?, ond it i: distinctlr und~rstood ond o~reed thot th~re is rw co~-
~?octuol nbtion eithsr expr~ssed or iinplied betwe~n ~he tender ond onr moterialmen, sub-co~troctors, croftsmen, loba~, or
anr o1Mr penon supplrin~ anr wak, labw or moterials on the job.
6. If onr rNiKfilonaoui it~s oi cost or ~xp~ns~, or onr oth~r expenditur~ are incurred br lender in connection wAh tM
Dhr~I.1p~NM ond/a Consrruction loo~, or in otd~r to protect. pr~s~rve, or fuAh~r securs the lender's first mort~op~ li~n: or. if
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