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SECTION 2.09 EVIDENCE OF PROJECT FUNDING <br />Before disbursement of the Loan funds, Recipient shall submit to City acceptable <br />evidence of financing for the acquisition of the property. <br />SECTION 2.10 LENDER STATUS <br />Recipient recognizes and agrees that City is not a commercial lending institution, but a <br />municipal corporation exercising its authority to protect the health, safety and welfare. Any <br />duties or obligations which a commercial lending institution may have with Recipient shall not <br />apply to this transaction except as set forth herein and in the Loan Documents. <br />ARTICLE III: CONDITIONS PRECEDENT <br />The obligation of City to make this Loan contemplated hereunder is subject to the <br />fulfillment of the following conditions: <br />SECTION 3.01 APPROVAL OF CITY'S COUNSEL <br />All legal matters incidental to City's commitment to issue the Loan hereunder shall be <br />satisfactory to counsel of City, including the form, validity and enforceability of this Agreement <br />and herein referenced agreements. <br />SECTION 3.02 AUTHORIZATION TO EXECUTE DOCUMENTS <br />Recipient hereby covenants that Recipient has full power and authority to enter into this <br />transaction. <br />SECTION 3.03 APPROVAL OF OTHERS <br />Recipient shall have secured all necessary approvals or consents required with respect <br />to this transaction, if required, by any governmental bodies having jurisdiction with respect to <br />any activity contemplated in accordance with the use of proceeds of the Loan. <br />Recipient shall have additionally secured all necessary approvals or consents required <br />with respect to this transaction by any mortgagee, creditor, or other party having any financial <br />interest in Recipient. <br />4 <br />