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In entering this Agreement, Borrower 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 Borrower by <br />Borrower's attorneys, and that the terms are fully understood and voluntarily accepted by <br />Borrower. Borrower represents that the City afforded Borrower the opportunity to completely <br />read and ask questions of the City concerning the terms of this Agreement and attached <br />Exhibits and documents and that Borrower fully understands and voluntarily accepts those <br />terms. <br />ARTICLE IV - CONDITIONS OF LENDING <br />The obligation of the City to make the Loan shall be subject to the fulfillment to the <br />City's satisfaction on the Execution Date of each of the following requirements set forth in <br />Section 4.01 through Section 4.06. <br />Section 4.01 Execution and Delivery of Loan Documents <br />Borrower shall execute and deliver to the City the Loan Documents each in a form and <br />substance satisfactory to the City and its attorneys. <br />Section 4.02 Execution and Delivery of Open -End Mortgage and Secured Promissory Note <br />Borrower's obligation to make payments of principal and interest on the Loan and any <br />other sums payable under the Loan Agreement shall be stated in the Open -End Mortgage of <br />even date and attached as Exhibit B and secured with the Security Promissory Note of even <br />date and attached as Exhibit C. <br />Section 4.03 Governmental Approval <br />Borrower shall secure all approvals, permits, and consents of governmental bodies <br />having jurisdiction with respect to any Project activities. <br />Section 4.04 Approval of Others <br />Borrower shall secure all necessary approvals and consents required with respect to this <br />transaction by any mortgagor, creditor, or other party having any financial interest in Borrower <br />or Borrower's property. <br />Section 4.05 No Event of Default and Representations and Warranties <br />There shall exist as of the Closing Date no event or condition, which constitutes an Event <br />of Default as hereinafter defined in Article VII, or which, after notice or lapse of time or both, <br />Page 9 of 19 <br />