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ARTICLE IV <br />ADVANCES AND DISBURSEMENTS <br />Section 4.1 Conditions of All Advances. Without limiting any of the other terms of <br />this Loan Agreement, the obligation of the HRA to make any Advance hereunder shall be subject <br />to the fulfillment of all of the following conditions: <br />(a) All representations, warranties and covenants contained in this Loan Agreement <br />or any documents or other written statements delivered to the HRA prior to or on the date of this <br />Loan Agreement shall be true and correct on and as of the date of this Loan Agreement as though <br />such representations, warranties and covenants had been made on and as of such date. <br />(b) No Default or Event of Default shall have occurred and be continuing. <br />(c) No default or event of default (however denominated) shall have occurred and be <br />continuing under any of the PNC Loan Documents and all conditions precedent to the <br />disbursement of the proceeds of the loan evidenced by the PNC Loan Documents shall be <br />satisfied except for conditions precedent related to the substantial construction of the "Rail Stop" <br />as defined in the Development Agreement and conditions precedent related to the full <br />disbursement of the proceeds of the Loans. <br />(d) The HRA shall have received the documents and other items listed in Article II <br />hereof. <br />(e) The HRA shall have received a certification from the Inspecting Architect that <br />any materials to be paid for from the Advance have been delivered to the Development Property <br />and any construction work to be paid for from the Advance has been completed in a <br />workmanlike manner in accordance with the Final Construction Plans. <br />(f) Developer shall have provided the HRA with the General Contractor's <br />Certification described in Section 4.2. <br />(g) The Developer shall have provided the HRA with lien waivers from all persons <br />providing services, labor or materials to be paid for from the Advance. <br />(h) The Developer shall provide the HRA with evidence, reasonably acceptable to the <br />HRA, that the Developer and the Borrower have spent at least $1,000,000.00 of Developer and <br />Borrower equity on the Project. <br />(i) Commercial Partners Title, LLC or such other title company as reasonably <br />selected by the HRA shall review the status of title to the Development Property and confirm, to <br />the reasonable satisfaction of the HRA, that there have been no liens filed against title to the <br />Development Property other than the lien of a "Project Mortgage," as defined in the <br />Development Agreement. The HRA, Borrower and Developer shall enter into a disbursing <br />agreement with Commercial Partners Title pursuant to which the HRA engages Commercial <br />Partners Title to make Advances to Borrower pursuant to the terms of this Agreement. <br />C-2-8 <br />2695614v16 <br />