Agenda - Council - 03/24/2015 - Laserfiche WebLink

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In addition to the other conditions to the extension of credit contained in this. Loan Agreement, including but not limited to the conditions to advances set forth in Article IV hereof, the HRA shall have no obligation to make any advance against the Notes until the Borrower has delivered the following items to the HRA, all of which shall be in form and substance satisfactory to the HRA: Section 1.1 Loan Documents. The executed Loan Documents. Section 1.2 Opinion of Counsel. Due authority and enforceability opinions from counsel for the Borrower, counsel for the Pledgors and counsel for the Corporate Guarantor and an enforceability opinion from counsel for the Personal Guarantor, all in form and substance acceptable to HRA. Section 1.3 Sworn Construction Cost Statement. A sworn construction cost statement executed by the Developer and the General Contractor of even date herewith which: (a) Lists the actual and estimated costs to complete the Minimum Improvements; (b) Lists the names of all Contractors; and (c) Shows that the funds available to the Developer are sufficient to assure completion of construction of the Minimum Improvements. Section 1.4 Final Construction Plans and Assessment Agreement. The Final Construction Plans and the "Assessment Agreement," as defined in the Development Agreement. The Assessment Agreement must be properly recorded in the office of the Anoka County Registrar of Titles and must be recorded prior to any mortgages or other liens encumbering the Development Property. Section 1.5 Insurance. One or more forms "ACORD 28 Evidence of Insurance" (or other evidence satisfactory to HRA) which substantiate that the insurance coverage required to be maintained by the Borrower hereunder, and that all insurance policies relating thereto are in full force and effect. Section 1.6 Organizational Documents and Certificates. (a) A Manager's Certificate for the Borrower, in a form acceptable to the HRA, certifying as to the following: (i) the accuracy and completeness of an attached copy of the Borrower's Operating Agreement; and (iii) the due adoption and accuracy of resolutions of the Borrower's members authorizing the Loans, authorizing the execution of the Loan Documents and identifying, by name and title the person or persons authorized to execute the Loan Documents on behalf of the Borrower. (b) A Certificate of Existence for the Borrower from the Secretary of State of Indiana, dated not more than fifteen (15) days before the date of this Loan Agreement. C-2-6 2695614v16