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 THE 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 THE PROPERTY
REASONABLY SATISFACTORY TO LENDER.
THE SURVEYOR'S SEAL SHALL BE AFFIXED TO THE
SURVEY AND THE SURVEYOR SHALL PROVIDE A CERTIFICATION FOR THE 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 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
32
DATE WITH RESPECT TO THE MORTGAGE ON THE PROPERTY, 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 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