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e. A certificate of the Clerk or other appropriate officer or partner of Borrower <br />(or other applicable entity) certifying (i) the votes duly authorizing the execution, delivery <br />and performance of this Agreement, the Note, and all other documents executed by <br />Borrower in connection with this Loan (the Agreement, Note, the Mortgage and such other <br />documents are referred to collectively as the "Loan Documents"),and (ii) the name and <br />signature of each officer of Borrower authorized to sign the Agreement, the Note, and other <br />Loan Documents and to borrow and effect the transactions hereunder in form and substance <br />satisfactory to Lender and its counsel; <br />f. A statement, in reasonable detail, of all estimated costs and expenses of <br />acquisition of the Site, including proposed sources of financing for all such costs and <br />expenses. <br />4. All proceedings in connection with the transactions contemplated by this Agreement and all <br />documents incident thereto shall be satisfactory in form and substance to Lender and its <br />counsel, and Lender and such counsel shall have received all information and documents <br />relating to Borrower as they shall have requested. <br />5. Borrower shall have delivered to Lender a statement, in reasonable detail, of all estimated <br />costs of the completion of the Development, and such other relevant data as may be then <br />reasonably available, including proposed sources of financing for all such costs and <br />expenses; such statement shall be based on the best and most current data available to <br />Borrower. <br />D. Loan Disbursements. <br />1. Disbursements shall be made pursuant to Borrower's written request (hereinafter <br />referred to as a "Request for Disbursement") received by Lender shall make such <br />disbursement within five business days after such request has been approved by the <br />Department of Employment & Economic Development pursuant to Lender's Grant from <br />such department. Each Request for Disbursement shall specify the amount and date of the <br />proposed Loan Disbursement (a "Disbursement Date") and shall be accompanied by <br />supporting documentation, each of which shall be in form and substance satisfactory to <br />Lender, and which shall be signed only by an officer or authorized signatory of Borrower. <br />2. Lender shall have the right, exercisable in its sole and exclusive discretion, to <br />approve or disapprove each request for a Loan Disbursement. Borrower hereby expressly <br />acknowledges that Lender has no obligation whatsoever to make any Loan Disbursement to, <br />or on behalf of, Borrower and that Borrower has no entitlement or right whatsoever to <br />receive any Loan Disbursements unless and until such Loan Disbursement has been <br />approved by Lender in writing. Borrower further acknowledges that Lender shall in no <br />event make any Loan Disbursement unless and until Lender shall have determined, in its <br />3 <br />