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<br />In entering this Agreement, Grantee represents that it relied upon the advice of its <br />attorneys who are attorneys of their own choice and that the terms of this Agreement and <br />attached Exhibits and documents have been completely read and explained to Grantee by <br />Grantee's attorneys, and that the terms are fully understood and voluntarily accepted by Grantee. <br />Grantee represents that the City afforded Grantee the opportunity to completely read and ask <br />questions of the City concerning the terms of this Agreement and attached Exhibits and documents <br />and that Grantee fully understands and voluntarily accepts those terms. <br /> <br />Article IV - Conditions of Grant <br /> <br />The obligation of the City to make the GRANT shall be subject to the fulfillment to the City's <br />satisfaction on the Execution Date of each of the following requirements set forth in Section 4.01 <br />through Section 4.06. <br /> <br />Section 4.01 <br /> <br />Execution and Delivery of GRANT Documents <br /> <br />Grantee shall execute and deliver to the City the GRANT Documents each in a form and <br />substance satisfactory to the City and its attorneys. <br /> <br />Section 4.2 Governmental Approval <br /> <br />Grantee shall secure all approvals, permits, and consents of governmental bodies having <br />jurisdiction with respect to any Project activities. <br /> <br />Section 4.03 <br /> <br />ADDroval of Others <br /> <br />Grantee shall secure all necessary approvals and consents required with respect to this <br />transaction by any mortgagor, creditor, or other party having any financial interèst in Grantee or <br />Grantee's property. <br /> <br />Section 4.4 No Event of Default and Representations and Warranties <br /> <br />There shall exist as of the Closing Date no event or condition, which constitutes an Event of <br />Default as hereinafter defined in Article VII, or which, after notice or lapse of time or both, would <br />constitute such an Event of Default and no such event shall occur as a result of such borrowing. <br /> <br />Section 4.05 <br /> <br />Guaranties/Securitv <br /> <br />Grantee shall provide the following duly executed guaranty and/or security document(s) as <br />required by the City: <br /> <br />Mortgage on Real Property: Grantee shall provide an Open-End Mortgage executed by Phil <br />Vedda & Sons, Inc. on the real property located at 12000 Berea Road, Lakewood, Ohio <br />Page 7 of 16 <br />