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TABLE OF CONTENTS <br /> Page <br /> ARTICLE 1 DEFINITIONS AND EXHIBITS 1 <br /> Section 1.1 Definitions 1 <br /> Section 1.2 Exhibits 4 <br /> ARTICLE 2 LOAN PROVISIONS 4 <br /> Section 2.1 Loan. 4 <br /> Section 2.2 Interest 4 <br /> Section 2.3 Repayment of the Loan 4 <br /> Section 2.4 Prepayment Of Loan. 8 <br /> Section 2.5 Use of Loan Funds. 8 <br /> Section 2.6 Security. 8 <br /> Section 2.7 Predevelopment Loan Cancellation. 8 <br /> Section 2.8 Conditions Precedent to Disbursement. 8 <br /> Section 2.9 Non-Recourse. 9 <br /> ARTICLE 3 CONSTRUCTION OF THE PROJECT 9 <br /> Section 3.1 Permits and Approvals. 9 <br /> Section 3.2 Construction Contract. 9 <br /> Section 3.3 Construction Bonds 10 <br /> Section 3.4 Commencement and Completion of Construction 10 <br /> Section 3.5 Construction Pursuant to Plans and Laws 10 <br /> Section 3.6 Mechanics Liens, Stop Notices, and Notices of Completion 10 <br /> ARTICLE 4 LOAN REQUIREMENTS 11 <br /> Section 4.1 Inspection of Books and Records. 11 <br /> Section 4.2 Yearly Reporting Requirements. 11 <br /> Section 4.3 Maintenance and Damage 11 <br /> Section 4.4 Notice of Litigation 11 <br /> Section 4.5 Operation of Project as an Assisted Living Facility. 11 <br /> Section 4.6 City Preference System. The Borrower shall comply with <br /> the preference requirements set forth in Section 2.12 of the <br /> Lease. 11 <br /> Section 4.7 Transfer. 11 <br /> Section 4.8 Insurance Requirements 13 <br /> ARTICLE 5 DEFAULT AND REMEDIES 13 <br /> Section 5.1 Events of Default. 13 <br /> Section 5.2 Remedies 15 <br /> Section 5.3 Right of Contest. 15 <br /> Section 5.4 Remedies Cumulative. 15 <br /> ARTICLE 6 GENERAL PROVISIONS 16 <br /> Section 6.1 Relationship of Parties. 16 <br /> Section 6.2 No Claims. 16 <br /> Section 6.3 Amendments. 16 <br /> 144V105\217525.16 <br />