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 AN ENVIRONMENTAL REPORT IN RESPECT OF THE PROPERTY, IN EACH CASE
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, IF AVAILABLE OR (III) OTHER
EVIDENCE OF ZONING COMPLIANCE, IN EACH CASE IN SUBSTANCE REASONABLY SATISFACTORY
TO LENDER.
24
(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 ON THE PROPERTY AS OF THE CLOSING 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 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 APPROPRIATE JURISDICTIONS, 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 BORROWER'S LOCAL 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, AND LENDER
SHALL HAVE APPROVED, THE ANNUAL BUDGET FOR THE CURRENT FISCAL YEAR.
3.1.8
BASIC CARRYING COSTS. BORROWER SHALL HAVE PAID ALL
BASIC CARRYING COSTS RELATING TO THE PROPERTY WHICH ARE IN ARREARS, INCLUDING
WITHOUT LIMITATION, (A) ACCRUED BUT UNPAID INSURANCE PREMIUMS RELATING TO THE
PROPERTY, (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