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DOCUMENT TITLE:  CONSTRUCTION LOAN AGREEMENT .
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Clause Heading
(a) - Generally.
(b) - Purpose of Loan.
(c) - Borrowing Base Property Facilities.
(d) - Requesting Loans.
(e) - Frequency of Draw Requests and Advances.
(i) - Hard Cost Advances.
(ii) - Soft Cost Advances.
(g) - Disbursements of Loan Proceeds.
(h) - Borrowing Base Property Equity and Supplemental Equity Deposits.
(i) - Operating Account.
(j) - No Implied Waivers.
(a) - Rates.
(b) - Payment of Interest.
(c) - Inaccurate Financial Statements or Compliance Certificates.
Section 2.3 - Number of Interest Periods.
Section 2.4 - Repayment of Loans.
(a) - Optional.
(b) - Mandatory.
Section 2.6 - Continuation.
Section 2.7 - Conversion.
(a) - Notes.
(b) - Records.
(c) - Lost, Stolen, Destroyed or Mutilated Notes.
Section 2.9 - Extension of Termination Date.
Section 2.10 - Amount Limitations.
Section 2.11 - Increase of Commitments.
Section 3.1 - Payments.
Section 3.2 - Pro Rata Treatment.
Section 3.3 - Sharing of Payments, Etc.
Section 3.4 - Several Obligations.
(a) - Borrowings and Conversions.
(b) - Prepayments.
(a) - Unused Fee.
(b) - Extension Fee.
(c) - Administrative and Other Fees.
Section 3.7 - Computations.
Section 3.8 - Usury.
Section 3.9 - Agreement Regarding Interest and Charges.
Section 3.10 - Statements of Account.
(a) - Taxes Generally.
(b) - Tax Indemnification.
(c) - Tax Forms.
(a) - Additional Costs.
(c) - Notification and Determination of Additional Costs.
Section 4.2 - Suspension of LIBOR Loans.
Section 4.3 - Illegality.
Section 4.4 - Compensation.
Section 4.5 - Treatment of Affected Loans.
Section 4.6 - Change of Lending Office.
Section 4.7 - Assumptions Concerning Funding of LIBOR Loans.
(a) - Initial Borrowing Base Properties.
(b) - Additional Borrowing Base Properties.
(c) - Nonconforming Properties.
(d) - Conditions to Property Becoming a Borrowing Base Property.
(v) - Copies of the Construction Documents;
(viii) - A Survey;
Section 5.2 - Release of Properties.
Section 5.3 - Frequency of Calculations of Borrowing Base.
Section 6.1 - Conditions Precedent to Effectiveness of Agreement.
Section 6.3 - Initial Construction Requirements to Making of Loans Under a Borrowing Base Property Sub-Facility.
(iv) - The Pledge Agreement executed by the Borrower and the Pledgors;
(xvii) - A Borrowing Base Certificate calculated as of the Effective Date; and
Section 6.2 - Additional Conditions Precedent To All Loans.
(a) - A completed Draw Request;
(a) - A completed Draw Request;
Section 6.4 - Deliveries for Subsequent Loans for Borrowing Base Properties.
Section 6.5 - Deliveries for Final Disbursements.
Section 6.6 - Conditions as Covenants.
Section 7.1 - Representations and Warranties.
(a) - Organization; Power; Qualification.
(b) - Ownership of Property Owners.
(c) - Authorization of Agreement, Etc.
(d) - Compliance of Loan Documents with Laws, Etc.
(e) - Absence of Defaults.
(k) - No Material Adverse Change.
(l) - Foreign Assets Control.
(m) - Environmental Proceedings.
(n) - Condemnation.
(g) - Accuracy and Completeness of Information.
(h) - Properties.
(i) - Security Interests and Liens.
(j) - Existing Credit Agreement Representations.
(o) - Itemization.
(p) - Violation.
(q) - Public Utilities.
(r) - Public Roads and On-Site Parking.
(s) - Hazardous Material.
(t) - Completion.
Section 7.2 - Survival of Representations and Warranties, Etc.
ARTICLE VIII - AFFIRMATIVE COVENANTS
Section 8.1 - Use of Proceeds.
Section 8.2 - Further Assurances.
(a) - Complying With Existing Credit Agreement Covenants.
(b) - Certifications.
Section 8.4 - Foreign Assets Control.
(a) - Construction of Improvements.
(b) - Changes in Budgets.
(c) - Inspection by Agent.
(i) - Liens in General.
(e) - Payment of Taxes.
(f) - Insurance.
(g) - Appraisals.
(h) - Lease.
(i) - Furnishing Notices.
(j) - Construction Contracts.
(k) - Correction of Defects.
(l) - Hold Disbursements in Trust.
(m) - Supplemental Equity Deposit.
(n) - Timely Payment of Costs.
(o) - Existence, Etc.
ARTICLE IX - INFORMATION
Section 9.1 - Compliance Certificate.
(a) - Default.
(b) - Borrowing Base Certificate.
(c) - Rent Roll and Operating Summary.
(d) - Lease Agreements.
(e) - Patriot Act Information, Etc.
(f) - Other Information.
Section 10.1 - Events of Default.
(a) - Default in Payment of Principal.
(b) - Default in Payment of Interest and Other Obligations.
(c) - Default in Performance.
(d) - Misrepresentations.
(e) - Voluntary Bankruptcy Proceeding.
(f) - Involuntary Bankruptcy Proceeding.
(g) - Litigation; Enforceability.
(h) - Loan Documents.
(i) - Existing Credit Agreement Default.
(j) - Failure of Security.
Section 10.2 - Remedies Upon Event of Default.
(i) - Automatic.
(ii) - Optional.
(b) - Loan Documents.
(c) - Applicable Law.
(d) - Appointment of Receiver.
Section 10.3 - Remedies Upon Default.
Section 10.4 - Allocation of Proceeds.
Section 10.5 - Performance by Agent.
Section 10.6 - Rights Cumulative.
Section 11.1 - Authorization and Action.
Section 11.3 - Notice of Defaults.
Section 11.4 - KeyBank as Lender.
Section 11.5 - Approvals of Lenders.
Section 11.6 - Lender Credit Decision, Etc.
Section 11.7 - Collateral Matters.
Section 11.8 - Indemnification of Agent.
Section 11.9 - Successor Agent.
Section 11.10 - Titled Agent.
Section 12.1 - Notices.
Section 12.2 - Expenses.
Section 12.3 - Setoff.
Section 12.4 - Litigation; Jurisdiction; Other Matters; Waivers.
Section 12.5 - Successors and Assigns.
Section 12.6 - Amendments.
Section 12.7 - Nonliability of Agent and Lenders.
Section 12.8 - Confidentiality.
Section 12.9 - Indemnification.
Section 12.10 - Termination; Survival.
Section 12.11 - Severability of Provisions.
Section 12.12 - GOVERNING LAW.
Section 12.13 - Counterparts.
Section 12.14 - Obligations With Respect to Loan Parties.
Section 12.15 - Limitation of Liability.
Section 12.16 - Entire Agreement.
Section 12.17 - Construction.
Section 12.18 - Patriot Act.
Section 12.19 - Existing Credit Agreement Provisions.
1 - Guaranty of Payment.
2 - Guaranty of Performance.
Section 3. - Guaranty Absolute.
Section 4. - Action with Respect to Guaranteed Obligations.
Section 5. - Representations and Warranties.
Section 6. - Covenants.
Section 7. - Waiver.
Section 8. - Inability to Accelerate Loan.
Section 9. - Reinstatement of Guaranteed Obligations.
Section 10. - Subrogation.
Section 11. - Payments Free and Clear.
Section 12. - Set-off.
Section 13. - Subordination.
Section 14. - Avoidance Provisions.
Section 15. - Information.
Section 16. - Governing Law.
SECTION 17. - WAIVER OF JURY TRIAL.
Section 18. - Loan Accounts.
Section 19. - Waiver of Remedies.
Section 20. - Termination.
Section 21. - Successors and Assigns.
Section 22. - JOINT AND SEVERAL OBLIGATIONS.
Section 23. - Amendments.
Section 24. - Payments.
Section 25. - Notices.
Section 26. - Severability.
Section 27. - Headings.
Section 28. - Limitation of Liability.
Section 1. - Accession to Guaranty.
SECTION 2. - GOVERNING LAW.
Section 29. - Definitions.
Section 3. - Definitions.
Section 1. - Pledge.
Section 2. - Obligations Secured.
Section 3. - Representations and Warranties.
(a) - Validly Issued, etc.
(b) - Title and Liens.
(c) - Name; Chief Executive Office.
Section 4. - Covenants.
(a) - No Liens; No Sale of Pledged Collateral.
(b) - Change of Locations, Name, Etc.
Section 5. - Registration in Nominee Name, Denominations.
Section 7. - Event of Default Defined.
Section 8. - Remedies upon Default.
Section 9. - Application of Proceeds of Sale and Cash.
Section 6. - Voting Rights; Dividends, etc.
Section 10. - Agent Appointed Attorney-in-Fact.
Section 11. - Reimbursement of Agent.
Section 12. - Further Assurances.
Section 13. - Securities Act.
Section 14. - Investment Property.
Section 15. - Indemnification.
Section 16. - Security Interest Absolute.
Section 17. - Continuing Security Interest.
Section 18. - No Waiver.
Section 19. - Notices.
SECTION 20. - GOVERNING LAW.
Section 21. - Amendments.
Section 22. - Binding Agreement; Assignment.
Section 23. - Termination.
Section 24. - Severability.
Section 25. - Headings.
Section 26. - Counterparts.
Section 27. - Definitions.
Section 1. - Accession to Pledge Agreement; Grant of Security Interest.