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<br />assignment, hypothecation, mortgage, pledge, encumbrance or conveyance the Property or <br />the Improvements. <br />ARTICLE II <br />USE AND DISBURSEMENT OF PROCEEDS <br />2.1 USE OF PROCEEDS. Owner shall use the proceeds of the Loan ("Loan <br />Proceeds") solely and exclusively to pay for costs billed to Owner by third-parties in <br />connection with the design and construction of the Project and such other costs related to <br />the Project as Agency may approve in writing. <br />2.2 DISBURSEMENT OF PROCEEDS. Upon satisfaction of the conditions set <br />forth in Section 2.3, provided that Owner has provided Agency with a written requisition <br />substantially in the form of Exhibit D attached hereto, specifying the amount and use of the <br />requested Loan Proceeds, accompanied by copies of bills and invoices from third parties <br />and such other documentation as Agency may reasonably require, Agency shall disburse <br />Loan Proceeds to Owner no more than once per calendar month. <br />2.3 CONDITIONS PRECEDENT TO DISBURSEMENT OF PROCEEDS. <br />Agency's obligation to disburse the Loan Proceeds is conditioned upon the <br />satisfaction of all of the following conditions: <br />(a) Owner's delivery to Agency of each of the following documents, fully- <br />executed and acknowledged as applicable: (i) the Note, (ii) the Deed of Trust, (iii) the <br />Memorandum, and (iv) this Agreement; <br />(b) The recordation of the Deed of Trust and the Memorandum in the Official <br />Records of Alameda County; <br />(c) Owner's delivery to Agency of evidence reasonably satisfactory to Agency <br />that Owner has obtained all necessary permits (including without limitation, building <br />permits), licenses, and approvals required to undertake the Project, or that the receipt of <br />such permits is subject only to such conditions as Agency shall reasonably approve; <br />Project; <br />(d) Agency shall have approved the final plans and specifications for the <br />(e) Reserved <br />(f) Owner's delivery to the Agency of evidence of insurance coverage in <br />accordance with the requirements set forth in Exhibit C attached hereto; <br />(g) Owner's delivery to Agency of such documentation as Agency shall <br />reasonably require regarding Owner's organizational status and authority to execute and <br />perform Owner's obligations under the Loan Documents; <br />1172237-2 5 <br />