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"Project" has the meaning set forth in the Development Agreement. <br />"Purchase Agreement" means the purchase agreement among the HRA, the Developer <br />and the City of Ramsey, Minnesota dated , 2011. <br />ARTICLE II <br />DOCUMENTS <br />In addition to the other conditions to the extension of credit contained in this Loan <br />Agreement, including but not limited to the conditions to advances set forth in Article IV hereof, <br />the HRA shall have no obligation to make any advance against the Notes until the Developer has <br />delivered the following items to the HRA, all of which shall be in form and substance <br />satisfactory to the HRA: <br />Section 2.1 Loan Documents. The executed Loan Documents. <br />Section 2.2 Opinion of Counsel. Due authority and enforceability opinions <br />from counsel for the Developer and counsel for the Corporate Guarantor and an enforceability <br />opinion from counsel for the Personal Guarantor, all in form and substance acceptable to HRA. <br />Section 2.3 Sworn Construction Cost Statement. A sworn construction cost <br />statement executed by the Developer and the General Contractor bearing even date herewith <br />which: <br />2695614v12 <br />Improvements; <br />(a) Lists the actual and estimated costs to complete the Minimum <br />(b) Lists the names of all Contractors; and <br />(c) Shows that the funds available to the Developer are sufficient to <br />assure completion of construction of the Minimum Improvements. <br />Section 2.4 Final Construction Plans and Assessment Agreement. The Final <br />Construction Plans and the "Assessment Agreement," as defined in the Development Agreement. <br />The Assessment Agreement must be properly recorded in the office of the Anoka County <br />Registrar of Titles and must be recorded prior to any mortgages or other liens encumbering the <br />Development Property. <br />Section 2.5 Insurance. One or more forms "ACORD 28 Evidence of <br />Insurance" (or other evidence satisfactory to HRA) which substantiate that the insurance <br />coverages required to be maintained by the Developer hereunder, and that all insurance policies <br />relating thereto are in full force and effect. <br />A -5 <br />