RESPECT TO THE THOMPSON PROPERTY.
38
(F)
APPRAISAL.
THE ADMINISTRATIVE AGENT
SHALL HAVE RECEIVED A REAL PROPERTY APPRAISAL OF EACH PARCEL OF REAL PROPERTY
DESCRIBED IN A MORTGAGE (INCLUDING AN APPRAISAL OF ALL BUILDINGS THEREON ON AN
AS-BUILT BASIS), WHICH APPRAISAL SHALL BE IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE LENDERS.
(G)
TITLE INSURANCE.
THE ADMINISTRATIVE AGENT
SHALL HAVE RECEIVED A COMMITMENT FOR A MORTGAGEE'S TITLE INSURANCE POLICY OR
MARKED UP UNCONDITIONAL BINDER FOR SUCH INSURANCE (OR EQUIVALENT THEREOF
REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT) WITH RESPECT TO EACH
MORTGAGE.
EACH SUCH POLICY SHALL (I) BE IN AN AMOUNT REASONABLY SATISFACTORY TO
THE LENDERS; (II) BE ISSUED AT ORDINARY RATES; (III) INSURE THAT THE MORTGAGE
INSURED THEREBY CREATES A VALID FIRST LIEN ON THE MORTGAGED PROPERTY DESCRIBED
THEREIN FREE AND CLEAR OF ALL DEFECTS AND ENCUMBRANCES, EXCEPT (A) AS DISCLOSED
THEREIN AND (B) WITH RESPECT TO THE RENVILLE MORTGAGE, SUBJECT ONLY TO THE LIEN
AGAINST THE RENVILLE PROPERTY IN FAVOR OF U.S. BANK NATIONAL ASSOCIATION, AS
TRUSTEE FOR THE HOLDERS OF THE 1999 SERIES BONDS AND THE 2001 SERIES BONDS;
(IV) NAME THE ADMINISTRATIVE AGENT FOR THE BENEFIT OF THE LENDERS AS THE INSURED
THEREUNDER; (V) BE IN THE FORM OF ALTA LOAN POLICY - 1970 (AMENDED 10/17/70 AND
10/17/84) (OR EQUIVALENT THEREOF REASONABLY SATISFACTORY TO THE ADMINISTRATIVE
AGENT); (VI) CONTAIN SUCH ENDORSEMENTS AND AFFIRMATIVE COVERAGE AS THE
ADMINISTRATIVE AGENT MAY REASONABLY REQUEST AND (VII) BE ISSUED BY A TITLE
COMPANY REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT (INCLUDING ANY SUCH
TITLE COMPANIES ACTING AS COINSURERS OR REINSURERS, AT THE OPTION OF THE
ADMINISTRATIVE AGENT).
THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED EVIDENCE
REASONABLY SATISFACTORY TO IT THAT ALL PREMIUMS IN RESPECT OF EACH SUCH POLICY,
ALL CHARGES FOR MORTGAGE RECORDING TAX, AND ALL RELATED EXPENSES, IF ANY, HAVE
BEEN PAID.
(H)
A.L.T.A. SURVEYS.
THE ADMINISTRATIVE AGENT
SHALL HAVE RECEIVED AS-BUILT A.L.T.A. SURVEYS OF THE MOARK PROPERTY, THE
RENVILLE PROPERTY AND EACH PROPERTY THAT IS SUBJECT TO A LANDLORD CONSENT,
REASONABLY SATISFACTORY IN FORM AND SUBSTANCE TO THE ADMINISTRATIVE AGENT,
REASONABLY CURRENT AND CERTIFIED TO THE ADMINISTRATIVE AGENT FOR THE BENEFIT OF
THE LENDERS AND THE TITLE COMPANY ISSUING THE MORTGAGEE'S TITLE INSURANCE POLICY
BY A LICENSED SURVEYOR REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT,
SHOWING (I) THE LOCATIONS ON EACH SUCH PROPERTY OF ALL THE BUILDINGS, STRUCTURES
AND OTHER IMPROVEMENTS AND THE ESTABLISHED BUILDING SETBACK LINES, (II) THE
LINES OF STREETS ABUTTING EACH SUCH PROPERTY AND WIDTH THEREOF, (III) ALL ACCESS
AND OTHER EASEMENTS APPURTENANT TO EACH SUCH PROPERTY, (IV) ALL ROADWAYS, PATHS,
DRIVEWAYS, EASEMENTS, ENCROACHMENTS AND OVERHANGING PROJECTIONS AND SIMILAR
ENCUMBRANCES AFFECTING EACH SUCH PROPERTY, WHETHER RECORDED, APPARENT FROM A
PHYSICAL INSPECTION OF THE SITES OR OTHERWISE KNOWN TO THE SURVEYOR, (V) ANY
ENCROACHMENTS ON ANY ADJOINING PROPERTY BY THE BUILDING STRUCTURES AND
IMPROVEMENTS ON EACH SUCH PROPERTY, (VI) IF EACH SUCH PROPERTY IS DESCRIBED AS
BEING ON A FILED MAP, A LEGEND RELATING THE SURVEY TO SAID MAP, AND (VII) THE
FLOOD ZONE DESIGNATIONS, IF ANY, IN WHICH