Common use of Existing Project Clause in Contracts

Existing Project. (a) Borrower shall cause Ionis to complete the Existing Project in a good and workmanlike manner and on a lien-free basis. (b) The Existing Project and all materials, equipment, fixtures, or any other item comprising a part of the Existing Project shall be constructed, installed or completed, as applicable, free and clear of all liens, claims and other encumbrances not previously approved by Lender. (c) The Existing Project shall comply with all applicable Legal Requirements of all Governmental Authorities having jurisdiction over the Property and all applicable insurance requirements (including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters) and any other restrictions encumbering the Property, including, without limitation, the REAs. (d) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause Ionis to provide builder’s risk insurance, workers’ compensation insurance, public liability insurance and other insurance to the extent required by the applicable Legal Requirements in connection with any portion of the Existing Project. All such policies shall be in form and amount reasonably satisfactory to Lender. All such policies which can be endorsed with a non-contributing mortgagee clause (or its equivalent) making loss thereunder payable to Lender and its successors and/or assigns shall be so endorsed. At Lender’s written request, certified copies of such policies shall be delivered to Lender. (e) Borrower shall provide (or cause Ionis to provide) to Lender copies of such contracts, plans, specifications, budgets, surveys and other information and/or documents with respect to the Existing Project as Lender may reasonably request. (f) [Reserved]. (g) All of the Existing Projects shall be completed prior to the date that is at least six (6) months prior to the Stated Maturity Date. (h) Borrower provides (or causes Ionis to provide) to Lender written evidence reasonably acceptable to Lender in all respects that the Existing Project complies with all applicable requirements set forth in the REA, and all approvals required pursuant to the terms of any REA have been obtained by Borrower or Ionis, as applicable (to the extent any such approvals are required pursuant to the terms of any REA). (i) Upon completion of the Existing Project, Borrower provides to Lender written evidence reasonably acceptable to Lender in all respects that the Property continues to comply with all applicable Legal Requirements of all Governmental Authorities having jurisdiction over the Property and all applicable insurance requirements (including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters) and any other restrictions encumbering the Property, including, without limitation, the REAs. (j) Upon completion of the applicable Existing Project (and to the extent any new building or structure is constructed as part of such Existing Project), Borrower shall deliver to Lender an updated Survey reasonably acceptable to Lender in all respects. (k) Upon completion of the applicable Existing Project (and to the extent required pursuant to the applicable Legal Requirements), Borrower shall deliver a new or updated certificate of occupancy with respect to the Property. (l) Upon completion of the Existing Project, Borrower shall deliver an endorsement to the Title Insurance Policy insuring the continued priority of the Lien of the Security Instrument and evidence of payment of any premium payable in connection with such endorsement. (m) Upon completion of the Existing Project, Borrower shall deliver to Lender notice of such completion of the applicable Existing Project, together with an Officer’s Certificate certifying that all of the requirements of this Section 4.1.11 have been satisfied.