Development Approvals and Building Permits. Upon final approval of the Design Documents by MRP and Investor, MRP (either directly and/or through Development Manager) shall cause the Design Documents, to be submitted to the appropriate Governmental Authorities for review, approval and further processing, with the objective of securing all required Development Approvals and building permits within the time frames provided for under the Preliminary Development Schedule. MRP and Development Manager will provide Investor with copies of any and all submissions, resubmissions and other correspondence or written communications by the Company or Development Manager with, and any written materials, comments, proposed changes, approval letters and/or other written communications received from, Governmental Authorities in the review and processing of the Design Documents and any other materials submitted by the Company or Development Manager in connection with the Company's application for issuance of the Development Approvals and/or building permits. Other than de minimis modifications, all modifications to the Design Documents and/or other submissions made by the Company or Development Manager to Governmental Authorities required or requested by D.C. Governmental Authorities in their review of in connection with seeking the Development Approvals and/or building permits, will be subject to the mutual review and approval of MRP and Investor, which approval shall not be unreasonably withheld, conditioned or delayed.
Development Approvals and Building Permits. That all development approvals, permits, licenses and requirements as applicable for any work then to be funded by Lender with respect to any Property as noted in the relevant Sub-Limit Classification under the Borrowing Base shall have been obtained as a condition of funding at the Advance Rate noted in the Borrowing Base Matrix for such Sub-Limit Classification. By submitting a Due Diligence Report and an updated Borrowing Base Report, the Borrower shall be deemed to have represented to Lender that the state of facts set forth therein are true and correct in all respects, and that Lender may rely on such Due Diligence Report and Borrowing Base Report in funding the Loan pursuant to and in accordance with the Loan Documents, without further inquiry or investigation. Borrower shall deliver copies of all issued approvals, licenses, permits and other evidence of the satisfaction of governmental requirements to Lender as a condition of funding and in order to verify the requirements under the applicable Sub-limit Classification as noted in the Borrowing Base Matrix. For any Land Under Development, that the Property is vested both for concurrency requirements and under any Preliminary Development Agreement or DRI Development Order, all necessary density units and uses are vested with respect to the Improvements, and that the use complies with such DRI Development Order. The Borrower shall deliver to Lender, as obtained, copies of all plats, approvals, and permits as issued by the applicable governmental authority.
