3.5 EDSR 11-21-2016 - Laserfiche WebLink

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(h) Hazardous Substances. Deliver to Lender evidence acceptable to Lender, that: (i) the Loan Property has not been used as a hazardous waste storage facility or burial site; (ii) the soil is free from hazardous waste, hazardous substances, pollutants and contaminants; and (iii) no hazardous waste, hazardous substance, pollutant or contaminant has been used in the construction or use of any building or other improvement on the Loan Property. For purposes of this subparagraph, the terms "hazardous waste," "hazardous substances," "pollutants" and "contaminants" shall include, but not be limited to, polychlorinated biphenyls (PCBs), asbestos, petroleum products and any other chemical or substance determined to be a hazard to human health or the environment. (i) Indemnity. Deliver to Title any indemnity agreement in favor of Title in the form required by Title in order for Title to issue the title insurance policies referred to above. Project Cost and Total Equity Contribution Certificates. Deliver to Lender a preliminary sworn project cost certificate ("Project Cost Certificate"), in a form acceptable to Lender, verified on oath by an officer of Borrower showing the itemized breakdown of the total cost of the Improvements, including, without limitation, the cost of constructing the Improvements, special assessments, soft costs and all other costs and charges to be paid from the Loan or necessary to complete the Improvements, and a Certificate of Total Equity Contribution showing the portion of all such costs and charges paid to the date of the Project Cost Certificate. Borrower shall deliver to Lender lien waivers, receipts for payment and other evidence of payment acceptable to Lender with respect to any such portion of costs and charges incurred to the date of the preliminary Project Cost Certificate. (k) Sworn Construction Statement. Deliver to Lender a preliminary Sworn Construction Statement acceptable to Lender completed and executed by an officer of Borrower which identifies all subcontractors and suppliers having a contract with the Borrower or Borrower's contractor and the amount of the contract between Borrower or Borrower's contractor and each subcontractor or supplier with respect to the construction of the Improvements. (1) Expend Funds.,Lien Waivers; Property Documents. Not later than thirty (30) days after the disbursal of the Loan proceeds, Borrower shall deliver to Lender: (i) a final Project Cost Certificate; (ii) a final Sworn Construction Statement; (iii) an original written lien waiver from each contractor, subcontractor and supplier who performed work or supplied materials which were paid for out of Borrower's Total Equity Contribution or the Loan proceeds; (iv) a Certificate of Occupancy for the Loan Property; and (v) evidence acceptable to Lender that Borrower has paid all costs referred to in the Project Cost Certificate in excess of $74,500.00. Items (iii)-(v) will be considered timely if Borrower delivers them to Lender promptly after receipt and in any case, not more than forty-five (45) days after disbursal of the Loan proceeds. _4-