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e. A certificate of the Clerk or other appropriate officer or partner of <br />Borrower (or other applicable entity) certifying (i) the votes duly authorizing the <br />execution, delivery and performance of this Agreement, the Note, and all other <br />documents executed by Borrower in connection with this Loan (the Agreement, Note, the <br />Mortgage and such other documents are referred to collectively as the "Loan <br />Documents"),and (ii) the name and signature of each officer of Borrower authorized to <br />sign the Agreement, the Note, and other Loan Documents and to borrow and effect the <br />transactions hereunder in form and substance 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 <br />all documents incident thereto shall be satisfactory in form and substance to Lender and <br />its counsel, and Lender and such counsel shall have received all information and <br />documents 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 to and <br />received by Lender (hereinafter referred to as a "Request for Disbursement") Lender shall <br />make such disbursement within five business days after such request has been approved <br />by the Department of Employment & Economic Development pursuant to Lender's Grant <br />from such department. Each Request for Disbursement shall specify the amount and date <br />of the proposed Loan Disbursement (a "Disbursement Date") and shall be accompanied <br />by 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 <br />to, 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 />3 <br />