RIDGE VIEW COMMONS - CONSTRUCTION LOAN

9. any other document, requirement, evidence or information that Lender may request under any provision of the Loan Documents; 10. valid, recorded Notice(s) of Completion for the Improvements or any portions of the Improvements for which Notice(s) of Completion may be recorded under applicable law; and, 11. the Architect's, if any, Certificate of Substantial Completion, prior to the final Retention disbursement or the final stage disbursement of Hard Costs, as applicable. Borrower actnowledges that this approval process may result in disburse- ment delays and Borrower consents to all such delays. c. Disbursement of Lender's Fee. The portion of the. Disbursement Budget allocated for payment or Lender's Fee, Column D, Item 11, totalling , shall be disbursed directly to Lender for Borrower's credit upon the Effective Date. D. Periodic Disbursement of Interest Reserve. The portion of the Disbursement Budget totalling Five hundred and ten thousand dollars ($ 510,000.00) , as of the Effective Date, Column D, Item 8, shall be disbursed, from time to time, directly to Lender in payment of interest which accrues and becomes due under the Note. Lender is hereby authorized to charge the Loan and Borrower's Funds Account directly for such Interest payments as they become due. Lender shall provide Borrower with a monthly interest statement. Depletion of the interest Reserve shall not release Borrower from any of Borrower's obliga- tions under the Loan Documents, including but not limited to paying interest accruing under the Note and depositing Borrower's Funds With Lender pursuant to Section 2.01(b) of this Agreement. E. Contingency Reserve. 1. Hard Costs Contingency Reserve. The portion of the Disbursement Budget totalling Three hundred thousand dollars ($ 300,000.00) , as of the Effective Date, Column D, Item 5, shall be periodically disbursed into the Account or to or for the benefit or account of Borrower, the Property or Improvements for cost overruns that have been approved by Lender for Column D, Item 2 and in accordance with paragraph F hereof depending upon the intended use of any such funds. 2. Soft Costs Contingency Reserve. The portion of the Disbursement Budget totalling Seventy -five thousand dollars ($ 75,000.00) , as of the Effective Date, Column D. Item 16, shall be periodically disbursed into the Account or to or for the benefit or account of Borrower upon Borrower's request and approval of Lender tor cost overruns that have been approved by Lender for any items. F. Periodic Disbursements of Construction Costs. As construction progresses, the portion of the Disbursement Budget totalling Pleven million, three hundred and forty thousand dollars ($11. 4.0m00) , as of the Effective Date, shall be periodically disbursed into the Account or to or for the benefit or account of the Borrower, Property or improvements for the Construction Costs Item up to ninety percent (90i) of the maximum amount allocated for any requested Item less prior disbursements. As used herein, the Construction Costs Item is Item 2 as specified in Column D. The remaining ten percent (inn) (the "Retention ") of the amount allocated to the Construction Costs Item shall be disbursed into the Account or to or for the benefit or account of Ch._ Borrower, Property or Improvements after the Improvements are fully completed in accordance with the Plans and Specifications and Requirements. G. Periodic Disbursement of Architect & Engineering Costs. The portion of the Disbursement budget totalling at h_arher7 arrl thi.ty th-, n-1 Shllars ($130.000.00) , as of the Effective Date, shall be periodically disbursed into the Account or to or for the benefit or account of Borrower for the Architect & Engineering Costs up to the maximum amount allocated for any requested Item less prior disbursements. As used herein, the Architect & Engineering Costs Item is Item 3 as specified in Column D. Page 2 of 3 Pages EXHIBIT E