SURVEYS.
THE FOLLOWING ADDITIONAL ITEMS
FROM THE LIST OF "OPTIONAL SURVEY RESPONSIBILITIES AND SPECIFICATIONS" (TABLE A)
SHOULD BE ADDED TO EACH SURVEY: 2, 3, 4, 6, 8, 9, 10, 11 AND 13.
THE SURVEY
SHALL REFLECT THE SAME LEGAL DESCRIPTION CONTAINED IN THE TITLE INSURANCE POLICY
RELATING TO THE PROPERTY REFERRED TO IN CLAUSE (B) ABOVE AND SHALL INCLUDE,
AMONG OTHER THINGS, A LEGAL DESCRIPTION OF THE REAL PROPERTY COMPRISING PART OF
SUCH PROPERTY REASONABLY SATISFACTORY TO LENDER.
THE SURVEYOR'S SEAL SHALL BE
AFFIXED TO EACH SURVEY AND THE SURVEYOR SHALL PROVIDE A CERTIFICATION FOR EACH
SURVEY IN FORM AND SUBSTANCE ACCEPTABLE TO LENDER.
(D)
INSURANCE.
LENDER SHALL HAVE RECEIVED VALID CERTIFICATES OF
INSURANCE FOR THE POLICIES OF INSURANCE REQUIRED HEREUNDER, SATISFACTORY TO
LENDER IN ITS SOLE DISCRETION, AND EVIDENCE OF THE PAYMENT OF ALL PREMIUMS
PAYABLE FOR THE EXISTING POLICY PERIOD.
(E)
ENVIRONMENTAL REPORTS.
LENDER SHALL HAVE RECEIVED THE
ENVIRONMENTAL REPORT IN RESPECT OF THE PROPERTY, IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO LENDER.
(F)
ZONING.
WITH RESPECT TO THE PROPERTY, LENDER SHALL HAVE
RECEIVED, AT LENDER'S OPTION, (I) LETTERS OR OTHER EVIDENCE WITH RESPECT TO THE
PROPERTY FROM THE APPROPRIATE MUNICIPAL AUTHORITIES (OR OTHER PERSONS)
CONCERNING APPLICABLE ZONING AND BUILDING LAWS, (II) AN ALTA 3.1 ZONING
ENDORSEMENT TO THE TITLE INSURANCE POLICY, OR (III) OTHER EVIDENCE OF ZONING
COMPLIANCE, IN EACH CASE IN SUBSTANCE REASONABLY SATISFACTORY TO LENDER.
(G)
ENCUMBRANCES.
BORROWER SHALL HAVE TAKEN OR CAUSED TO BE TAKEN
SUCH ACTIONS IN SUCH A MANNER SO THAT LENDER (OR LENDER'S NOMINEE) HAS A VALID
AND PERFECTED FIRST LIEN ON THE PROPERTY AS OF THE MODIFICATION DATE WITH
RESPECT TO THE MORTGAGE, SUBJECT ONLY TO APPLICABLE PERMITTED ENCUMBRANCES AND
SUCH OTHER LIENS AS ARE PERMITTED PURSUANT TO THE LOAN DOCUMENTS, AND LENDER
SHALL HAVE RECEIVED SATISFACTORY EVIDENCE THEREOF.
3.1.4
RELATED DOCUMENTS.
EACH ADDITIONAL DOCUMENT NOT SPECIFICALLY
REFERENCED HEREIN, BUT RELATING TO THE TRANSACTIONS CONTEMPLATED HEREIN, SHALL
HAVE BEEN DULY AUTHORIZED, EXECUTED AND DELIVERED BY ALL PARTIES THERETO AND
LENDER SHALL HAVE RECEIVED AND APPROVED CERTIFIED COPIES THEREOF.
3.1.5
DELIVERY OF ORGANIZATIONAL DOCUMENTS.
ON OR BEFORE THE
MODIFICATION DATE, EACH BORROWER SHALL DELIVER OR CAUSE TO BE DELIVERED TO
LENDER COPIES CERTIFIED BY BORROWER OF ALL ORGANIZATIONAL DOCUMENTATION RELATED
TO BORROWER AND/OR THE FORMATION, STRUCTURE, EXISTENCE, GOOD STANDING AND/OR
QUALIFICATION TO DO BUSINESS, AS LENDER MAY REQUEST IN ITS SOLE DISCRETION,
INCLUDING, WITHOUT LIMITATION, GOOD STANDING CERTIFICATES, QUALIFICATIONS TO DO
BUSINESS IN THE STATE, RESOLUTIONS AUTHORIZING THE ENTERING INTO OF THE LOAN AND
INCUMBENCY CERTIFICATES AS MAY BE REQUESTED BY LENDER.
3.1.6
OPINIONS OF BORROWER'S COUNSEL. LENDER SHALL HAVE RECEIVED OPINIONS
OF BORROWER'S COUNSEL (AND IF APPLICABLE, BORROWER'S LOCAL COUNSEL) (A) WITH
RESPECT TO NON-CONSOLIDATION ISSUES (AN "INSOLVENCY OPINION") AND (B) WITH
RESPECT TO DUE EXECUTION, AUTHORITY, ENFORCEABILITY OF THE LOAN DOCUMENTS AND
SUCH OTHER MATTERS AS LENDER MAY REASONABLY REQUIRE, ALL SUCH OPINIONS IN FORM,
SCOPE AND SUBSTANCE REASONABLY SATISFACTORY TO LENDER AND LENDER'S COUNSEL IN
THEIR REASONABLE DISCRETION.
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3.1.7
BUDGETS.
BORROWER SHALL HAVE DELIVERED THE ANNUAL