loop statement using while true bash

Question

Need to look for 2 things, either one to be met, running in a loop. 1 - look for a file is TRUE (check for file exists - will be created manually / automatic in a directory) 2 - If the file did not arrive at a specific time, exit the loop statement.

#!/bin/bash

TIME=$(date +%H%M)

file="/temp/test/filetest.txt"

while true

do

if [[ -f $file ]]

then

  echo "File did arrive safely"

  exit 0

else

if [[ $TIME = 1700 ]]

  then

    echo "Time is done"

    exit 1

fi

fi

done

The script should stay in a loop till either the file is created or the time has come.