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<br />(D) the issuance by an insurer satisfactory to City of aD A.L.T.A. lender's <br />policy of title insurance ("Title Policy") for the benefit of City in the amount of the Loan, <br />insuring that the lien of the Deed of Trust is subject only to Permitted Encumbrances and such <br />other defects, liens, conditions, encumbrances, restrictions, easements and exceptions as City <br />may approve in writing and containing such endorsements as City may reasonably require, with <br />the cost of such Title Policy to be paid by Borrower; <br /> <br />(E) Borrower's delivery to the City of evidence of insurance coverage in <br />accordance with the requirements set forth in the Regulatory Agreement; <br /> <br />(F) Borrower's delivery to City and City's approval of all of the following: <br /> <br />(1) Project budget; <br /> <br />(2) copies of such other documents related to the rehabilitation and <br />financing of the Project as City may reasonably request; <br /> <br />(G) Borrower's delivery to City of evidence reasonable satisfactory to City <br />that there are no mechanics' liens or stop notices related to the Property or the Project, and <br />Borrower's provision to City of full waivers or releases of lien clams if required by City; <br /> <br />(H) Borrower's delivery to City of each ofthe following: <br /> <br />(1) certified copy of Borrower's Articles of Incorporation; <br /> <br />(2) certified copy of Borrower's Bylaws; <br /> <br />(3) certificate of good standing, certified by the Secretary of State <br />indicating that Borrower is properly organized and authorized to do business in the State of <br />California; and <br /> <br />(4) certified resolution indicating that Borrower has authorized this <br />transaction and that the persons executing the City Documents on Borrower's behalf have been <br />duly authorized to do so. <br /> <br />(I) No material adverse change as determined by City in its reasonable <br />judgment shall have occurred in the condition of the Property or the Improvements or in the <br />financial or other condition of Borrower since the date of this Agreement. <br /> <br />2.4 NO OBLIGATION TO DISBURSE PROCEEDS UPON DEFAULT. <br />Notwithstanding any other provision of this Agreement, the City shall have no obligation to <br />disburse or authorize the disbursement of any portion of the Loan Proceeds following: <br /> <br />(A) the failure of any of Borrower's representations and warranties to be true <br />and correct in all material respects; <br /> <br />(B) <br /> <br />the termination of this Agreement by mutual agreement of the Parties; <br /> <br />818012-3 <br /> <br />7 <br />