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and approved by the City, and the Budget and any change orders not to exceed the amount set for in Section 2.1. Section 2.7 Secures. Borrower shall secure its obligation to repay the Public Improvement Loan, as evidenced by the Promissory Note, by Borrower executing the Deed of Trust, and Michael Harrah shall execute a Personal Guarantee the form attached hereto as Exhibit "F". Section 2.8 Disbursement of Public Improvement Loan Funds. The City shall make disbursements of Public Improvement Loan funds from time to time for use in accordance with this Agreement, subject to the conditions set forth below. (a) Conditions Precedent. The City shall disburse Public Improvement Loan funds provided for herein from time to time upon City's receipt of invoices and supporting documentation from Borrower, provided that Borrower must comply with the following conditions precedent prior to each disbursement by City of proceeds of the Public Improvement Loan: (i) The Borrower shall have executed, in recordable form where applicable, and delivered to the City the Promissory Note and the Deed of Trust; (ii) Delivery of a binding commitment by a title insurance company acceptable to the City to issue a lender's policy of Title Insurance with any endorsements the City may reasonably require, insuring the City in the principal amount of the Public Improvement Loan, of the validity and priority of the Deed of Trust upon the Property, subject only to liens and matters of record approved by the City in writing; (iii) Deliver of an executed Personal Guarantee by Michael. Harrah to the City, as set forth in Exhibit F. (iv) All representations and warranties made by the Borrower in this Agreement, the Promissory Note, and the Deed of Trust, and any other related documents shall be true and correct as of the date of the proposed disbursement; (v) Borrower is not in Default under the terms of this Agreement or the Project including the DDA; and, (vi) Borrower has received Building Permit(s) for Project and have received all relevant Encroachment Permit(s) for public off -site improvements. (b) Disbursement Process. The process for the disbursement of the proceeds of the Public Improvement Loan shall be as follows: (i) Prior to the initial disbursement, Borrower and the City Building Official shall approve a final Budget including a disbursement schedule based on the final plans and specifications for which the building permits for the City Funded Improvements were issued. (ii) Borrower shall submit to City monthly invoices including supporting documentation showing the actual costs incurred for the City Funded Improvements. 55394.0004W0884170.6