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ARTICLE III <br />CONSTRUCTION LOAN CONIlVIITMENT <br />Section 3.1 Commitment of the HRA to Lend and the Loan Agreement. <br />Subject to the terms and conditions hereof and of the Notes and other Loan Documents delivered <br />herewith, the HRA agrees to loan to the Developer, and the Developer agrees to borrow from the <br />HRA, an amount not to exceed $ [to be completed prior to execution with an <br />amount equal to the sum of (i) $1,420,000; (ii) $6,825,000; and (iii) the Costs of Issuance, as <br />defined in the Development Agreement]. HRA shall make Advances against the Notes until <br />the Loans are fully advanced, in the stages and subject to the limitations as set forth below. The <br />HRA shall have no obligation to make any Advances against the Notes after the Completion <br />Date. <br />2695614v12 <br />continuing. <br />ARTICLE IV <br />ADVANCES AND DISBURSEMENTS <br />Section 4.1 Conditions of All Advances. Without limiting any of the other <br />terms of this Loan Agreement, the obligation of the HRA to make any Advance hereunder shall <br />be subject to the fulfillment of all of the following conditions: <br />(a) All representations, warranties and covenants contained in this <br />Loan Agreement or any documents or other written statement delivered to the HRA prior <br />to or on the date of this Loan Agreement shall be true and correct on and as of the date of <br />this Loan Agreement as though such representations, warranties and covenants had been <br />made on and as of such date. <br />(b) No Default or Event of Default shall have occurred and be <br />(c) No default or event of default (however denominated) shall have <br />occurred and be continuing under any of the PNC Loan Documents and all conditions <br />precedent to the disbursement of the proceeds of the loan evidenced by the PNC Loan <br />Documents shall be satisfied except for conditions precedent related to the substantial <br />construction of the "Rail Stop" as defined in the Development Agreement and conditions <br />precedent related to the full disbursement of the proceeds of the Loans. <br />(d) The HRA shall have received the documents and other items listed <br />in Article II hereof. <br />(e) The HRA shall have received a certification from the Inspecting <br />Architect that any materials to be paid for from the Advance have been delivered to the <br />Development Property and any construction work to be paid for from the Advance has <br />been completed in a workmanlike manner in accordance with the Final Construction <br />Plan. <br />A -6 <br />