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200109053 (b) The Borrower has commenced the acquisition, construction, equipping and completion of the Project, and will proceed with due diligence to complete the same. (c) The Borrower reasonably expects to complete the acquisition, construction, equipping and completion of the Project and to expend the full amount of the Bond Proceeds for Qualified Project Costs prior to the date 36 months from the Closing Date. (d) The full amount of each disbursement will be applied to pay or to reimburse the Borrower for the payment of Qualified Project Costs and that, after taking into account the proposed disbursement, (i) the aggregate disbursements of Mortgage Loan proceeds will have been applied to pay or to reimburse the Borrower for the payment of Qualified Project Costs in an amount equal to 97% or more of the aggregate disbursements of the Bond Proceeds (provided, however, that if the Borrower provides the Trustee with an opinion of Bond Counsel to the effect that the Tax - exempt status of the Bonds will not be adversely affected if less than the aforesaid percentage, but not less than 95 %, is disbursed for such purpose, then the certificate may refer to such lesser percentage as may be specified by Bond Counsel); (ii) less than 25% of the Bond Proceeds will have been disbursed to pay or to reimburse the Borrower for the cost of acquiring land and (iii) not more than 2% of the Bond Proceeds will have been disbursed to pay or reimburse the Borrower for Costs of Issuance. (e) The Borrower (and any Affiliated Party) will not take or omit to take, as is applicable, any action if such action or omission would in any way cause the Bond Proceeds to be applied in a manner contrary to the requirements of this Regulatory Agreement, nor will it take or omit to take any such action if the Borrower (or any Affiliated Party) knows that such action or omission may cause the proceeds from the sale of the Bonds to be applied in a manner contrary to the Indenture, this Agreement, the Loan Agreement, the Act or the Code. (f) On the Completion Date, the Borrower shall evidence the Completion Date by providing a certificate (the "Completion Certificate ") to the Trustee and the Issuer, signed by the Authorized Borrower Representative, stating the total cost of the Project and identifying the total Qualified Project Costs and further stating that (i) construction of the Project has been completed substantially in accordance with the plans, specifications and work orders therefor, and all labor, services, materials and supplies used in construction have been paid for and (ii) all other facilities necessary in connection with the Project have been acquired, constructed and installed substantially in accordance with the plans and specifications and work orders therefor and all costs and expenses incurred in connection therewith have been paid. The Completion Certificate shall be delivered to the Trustee no later than the date 36 months from the Closing Date unless the Borrower delivers to the Trustee a certificate of the Issuer approving an extension of such date, accompanied by an Opinion of Bond Counsel to the effect that such extension will not result in interest on the Bonds being included in gross income for federal income tax purposes. The Borrower will provide to the Authority a cost certification by an independent qualified professional upon completion of the Project by December 1 of the year in which the Project is placed in service, to the effect that such independent qualified professional has inspected the application of the Project's sources of funds and has determined, based upon the aggregate basis in land and building determined by the Borrower's accountant, that 50% or more of the aggregate basis in the land and buildings have been financed by obligations which are exempt from tax pursuant to Section 103, such obligations are taken into account under Section 146 and principal payments on such financings are being applied within a reasonable period to redeem such obligations. In