Common use of Permanent Phase Clause in Contracts

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than July 31, 2057 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect (1) the operation of the Improvements as a residential apartment complex or