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Section 5.6 hereof; provided, that minor defects in the Elementary School Campus and the <br /> Upper School Campus, respectively, which the Company has ordered to be remedied, or <br /> minor items of work and materials awaiting seasonal completion, may be specified in the <br /> Company Certificate, which specification shall include the amount, not to exceed two <br /> percent(2%) of the total Project Costs,required to remedy such defects or to be seasonally <br /> completed; and that all permits necessary for the occupancy and use of the Elementary <br /> School Campus and the Upper School Campus, respectively, have been obtained and are <br /> in full force and effect, and that the Elementary School Campus and the Upper School <br /> Campus, respectively, conform to all applicable zoning,planning and building regulations <br /> (or has appropriate variances or permits) and is suitable and sufficient for efficient <br /> operation for the purpose for which the Elementary School Campus and the Upper School <br /> Campus, respectively, will be used, but that the Company Certificates are given without <br /> prejudice to any rights against third parties which exist at the date thereof or which may <br /> subsequently come into being. <br /> (b) On the Completion Date, any balance then remaining in the 2022 Project <br /> Fund shall be disbursed by the Trustee in accordance with the Disbursing Agreement for <br /> payment or reimbursement of any Project Costs of the 2022 Project not theretofore paid or <br /> reimbursed to the Company pursuant to Section 5.6 of this Loan Agreement or transferred <br /> to the Bond Fund as required under the Indenture. The balance then remaining in the 2022 <br /> Project Fund, in excess of amounts, if any, specified pursuant to subsection (a) above, or <br /> then due for compensation and expenses of the Issuer, the Trustee or any Paying Agent, <br /> shall be transferred by the Trustee to the Bond Fund, provided that any amount retained <br /> pursuant to subsection (a) above for the purpose of remedying defects or for seasonal <br /> completion shall be used for that purpose subject to Section 5.6 hereof, when all such <br /> defects have been remedied or work completed and the cost thereof has been paid, as <br /> specified in a Company Certificate, any balance then remaining in the 2022 Project Fund <br /> shall be disbursed or transferred as aforesaid, subject to the requirements of the Disbursing <br /> Agreement, unless the 2022 Project is completed and the remaining amount is to be <br /> transferred to the Bond Fund. <br /> (c) Prior to submission to the Trustee of the Company Certificate referred to in <br /> subsection(a), above, and within ninety(90) days after the completion of the 2022 Project, <br /> the Company shall provide to the Issuer and the Majority Bondholder(s): <br /> (i) a certificate of an Independent Architect stating that, in the opinion <br /> of the Independent Architect based on the Independent Architect's observations of <br /> the 2022 Project, the 2022 Project has been completed substantially in accordance <br /> with the Plans and Specifications then in effect; <br /> (ii) an as-built survey prepared by a registered land surveyor describing <br /> and showing the 2022 Project Site and showing that the 2022 Project as completed <br /> lies wholly within the boundaries of the 2022 Project Site; <br /> (iii) a certificate of occupancy, if any, required by the City of Ramsey, <br /> Minnesota; and <br /> 22 <br /> 730911770 <br />