Common use of Final Advance Clause in Contracts

Final Advance. In the case of the final Advance, the Lender shall have received: (i) advice from the Construction Consultant and the Architects to the effect that performance of the Renovation has been completed, and any necessary utilities have been finished and made available for use, in each case substantially in accordance with the Renovation Plans, except to the extent of minor details not material to the use or occupancy of the Improvements, and that the Construction Consultant has received satisfactory evidence of the approval by all applicable Governmental Authorities of the Improvements for permanent occupancy (other than tenant improvements not yet completed); (ii) a current final “as-built” survey of the Land showing all Improvements thereon; (iii) a copy of the TCO or permanent certificate of occupancy received by Borrower or Manager from the appropriate Governmental Authorities which have approved the Improvements or occupied tenant improvements for occupancy; (iv) “as-built” plans for the improvements which are substantially reflective of the physical condition of the Mortgaged Property prepared by the Architects; (v) an Engineering Report with respect to the Mortgaged Property prepared by the Engineer, which Engineering Report shall be reasonably acceptable to the Lender; and (vi) a final Title Insurance Policy date-down.