SHALL HAVE OCCURRED AND BE
CONTINUING; AND BORROWER SHALL BE IN COMPLIANCE IN ALL MATERIAL RESPECTS WITH
ALL TERMS AND CONDITIONS SET FORTH IN THIS AGREEMENT AND IN EACH OTHER LOAN
DOCUMENT ON ITS PART TO BE OBSERVED OR PERFORMED.
3.1.2
LOAN AGREEMENT AND NOTE. LENDER SHALL HAVE RECEIVED
A COPY OF THIS AGREEMENT AND THE NOTE, IN EACH CASE, DULY EXECUTED AND DELIVERED
ON BEHALF OF BORROWER.
3.1.3
DELIVERY OF LOAN DOCUMENTS; TITLE INSURANCE;
REPORTS; LEASES, ETC.
(A)
MORTGAGE, ASSIGNMENT OF LEASES AND OTHER
LOAN DOCUMENTS. LENDER SHALL HAVE RECEIVED FROM BORROWER FULLY EXECUTED AND
ACKNOWLEDGED COUNTERPARTS OF THE
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MORTGAGE AND THE ASSIGNMENT OF LEASES AND EVIDENCE THAT COUNTERPARTS OF THE
MORTGAGE AND ASSIGNMENT OF LEASES HAVE BEEN DELIVERED TO THE TITLE COMPANY FOR
RECORDING, IN THE REASONABLE JUDGMENT OF LENDER, SO AS TO EFFECTIVELY CREATE
UPON SUCH RECORDING VALID AND ENFORCEABLE FIRST PRIORITY LIENS UPON THE PROPERTY
IN FAVOR OF LENDER (OR SUCH TRUSTEE AS MAY BE REQUIRED UNDER LOCAL LAW), SUBJECT
ONLY TO THE PERMITTED ENCUMBRANCES AND SUCH OTHER LIENS AS ARE PERMITTED
PURSUANT TO THE LOAN DOCUMENTS. LENDER SHALL HAVE ALSO RECEIVED FROM BORROWER
FULLY EXECUTED COUNTERPARTS OF THE ASSIGNMENT OF MANAGEMENT AGREEMENT AND THE
OTHER LOAN DOCUMENTS.
(B)
TITLE INSURANCE. LENDER SHALL HAVE RECEIVED
A TITLE INSURANCE POLICY ISSUED BY A TITLE COMPANY ACCEPTABLE TO LENDER AND
DATED AS OF THE CLOSING DATE. SUCH TITLE INSURANCE POLICY SHALL (I) PROVIDE
COVERAGE IN AN AMOUNT EQUAL TO THE PRINCIPAL AMOUNT OF THE LOAN TOGETHER WITH,
IF APPLICABLE, A "TIE-IN" OR SIMILAR ENDORSEMENT, (II) INSURE LENDER THAT THE
MORTGAGE CREATES A VALID FIRST PRIORITY LIEN ON THE PROPERTY ENCUMBERED THEREBY,
FREE AND CLEAR OF ALL EXCEPTIONS FROM COVERAGE OTHER THAN PERMITTED ENCUMBRANCES
AND STANDARD EXCEPTIONS AND EXCLUSIONS FROM COVERAGE (AS MODIFIED BY THE TERMS
OF ANY ENDORSEMENTS), (III) CONTAIN SUCH ENDORSEMENTS AND AFFIRMATIVE COVERAGES
AS LENDER MAY REASONABLY REQUEST, AND (IV) NAME LENDER, ITS SUCCESSORS AND
ASSIGNS, AS THE INSURED. THE TITLE INSURANCE POLICY SHALL BE ASSIGNABLE WITHOUT
COST TO LENDER. LENDER ALSO SHALL HAVE RECEIVED EVIDENCE THAT ALL PREMIUMS IN
RESPECT OF SUCH TITLE INSURANCE POLICY HAVE BEEN PAID.
(C)
SURVEY. LENDER SHALL HAVE RECEIVED A TITLE
SURVEY FOR THE PROPERTY, CERTIFIED TO THE TITLE COMPANY AND LENDER AND THEIR
SUCCESSORS AND ASSIGNS, IN FORM AND CONTENT SATISFACTORY TO LENDER AND PREPARED
BY A PROFESSIONAL AND PROPERLY LICENSED LAND SURVEYOR SATISFACTORY TO LENDER IN
ACCORDANCE WITH THE MOST RECENT MINIMUM STANDARD DETAIL REQUIREMENTS FOR
ALTA/ACSM LAND TITLE 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 (II) 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