7A Request from Presbyterian Homes for Conduit Financing

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including the Project, and do not and will not result in the creatian or irriposition of any lien, charge or e�xcumbrance af any nature upon any of the property or assets of the Borrower conirary to the �erms of any instrument or agreement to which the Borrower is a party or by which ii is bound; (5) As of the daie hereof, the use of the Proj ect as designed and ta be operaied compli�s, in all material respects, wiih a11 presently applicable development, pai�ution control, water conservation and oiher law�, regulat�ons, ru�es and ordinances of the �ederal governrnent and the State of Minnesoia and the respective agencies thereof and the political subdi�risions in vvhich the Project i� located, unless (a) the Borrower has received a permit or variance allowing such non-campliance; (b) such no�-compliance exists priar to the ez�actment or adoption of such law, ordinance rule or regulation, or (c) the same is being diligently contested by the Borrower in good faiih and by proper proceedings. The Borrower has obtained, ar will obtain in a timely manner, all necessary ar�d material approvals of and licenses, pernuts, cansents and franchises from fec�eral, staie, county, nnunicipal or other governmental authorities having jurisdiction aver the Project to operate the Project and to enter into, execute and perform its obligations undez- #his Agreernent and the Mortgage; and no violation of arry local ordinance, laws, regulation or requirement exists with respect to the Land; (b) The praceeds of the Note, together with any other funds to be contributed to the Projeci by the Borrower or atl�erwise in accordance with this Agreement, will be sufficient to pay the cost of the Project in a manner suitable for use as a ot'fice facility, and aIl costs and expenses incidentai thereto, and the proce�c�s of ihe Note will be used only far the purposes contemplated hereby and allowable under the Act; (7) Comparable private financing for the Project was not foun.d by the Borrawer to be reasonably available, and the Paroject is econornically mare feasible wiih the availability of the financing herein authorized; {8} The Borrower is not in the t�ade or business of selling properties such as the Project and is undertaking the �roject far investment pu�pases only or a#herwise for use by the Borrower in its trade or business, and therefore ihe Barrower has no intention now or in the foreseeable future to voluntarily sell, surrender or otherwise transfer, in whole or part, its interest in the Project; (9) There are no actions, suits, or proceedings pending or, to the knowledge of the Borrower, threatened against ar affecting the Borrower or any property of the Barrower in any court or befare any federal, siate, municipal or other governmental agency, which, if c�ecided adversely to the Borrower would have a mater�al adverse effect upon the Borrower or upon the business or properties of the Borrower; arad the Borrower is nat in default with respect to any order of ar�y court or governrnental agency; (10) The Borrower is not in default in the payment of ihe principai of or interest on any indebtedness for borrowed money nor in default under any instrument or agreement under and subject to which ar�y indebtedness for borrowed rnoney has been issued; 2208845v4 '%