OF THE PAYMENT OF ALL PREMIUMS
PAYABLE FOR THE EXISTING POLICY PERIOD.
(E)
ENVIRONMENTAL REPORTS. LENDER SHALL HAVE RECEIVED A PHASE I
ENVIRONMENTAL REPORT (AND, IF RECOMMENDED BY THE PHASE I ENVIRONMENTAL REPORT, A
PHASE II ENVIRONMENTAL REPORT) IN RESPECT OF THE PROPERTY, IN EACH CASE
SATISFACTORY 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, AND (II) EITHER (A) AN ALTA 3.1 ZONING
ENDORSEMENT FOR THE APPLICABLE TITLE INSURANCE POLICY OR (B) 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 HAS A VALID AND PERFECTED FIRST
LIEN AS OF THE CLOSING DATE WITH RESPECT TO THE SECURITY INSTRUMENT ON THE
PROPERTY, SUBJECT ONLY TO APPLICABLE PERMITTED
32
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 CLOSING
DATE, 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
FROM BORROWER'S COUNSEL 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.
3.1.7
BUDGETS.
BORROWER SHALL HAVE DELIVERED THE ANNUAL BUDGET FOR THE
CURRENT FISCAL YEAR.
3.1.8
BASIC CARRYING COSTS.
BORROWER SHALL HAVE PAID OR RESERVED FOR ALL
BASIC CARRYING COSTS RELATING TO THE PROPERTY WHICH ARE IN ARREARS, INCLUDING
WITHOUT LIMITATION, (A) ACCRUED BUT UNPAID INSURANCE PREMIUMS DUE PURSUANT TO
THE POLICIES, (B) CURRENTLY DUE AND PAYABLE TAXES (INCLUDING ANY IN ARREARS)
RELATING TO THE PROPERTY, AND (C) CURRENTLY DUE OTHER CHARGES RELATING TO THE
PROPERTY, WHICH AMOUNTS SHALL BE FUNDED WITH PROCEEDS OF THE LOAN.
3.1.9
COMPLETION OF PROCEEDINGS.
ALL ORGANIZATIONAL PROCEEDINGS TAKEN OR
TO BE TAKEN IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
AND OTHER LOAN DOCUMENTS AND ALL DOCUMENTS INCIDENTAL THERETO SHALL BE
REASONABLY SATISFACTORY IN FORM AND SUBSTANCE TO LENDER, AND LENDER SHALL HAVE
RECEIVED ALL SUCH COUNTERPART ORIGINALS