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)
SECURITY INSTRUMENT, ASSIGNMENT OF LEASES. LENDER SHALL HAVE
RECEIVED FROM BORROWER FULLY EXECUTED AND ACKNOWLEDGED COUNTERPARTS OF THE
SECURITY INSTRUMENT AND THE ASSIGNMENT OF LEASES AND EVIDENCE THAT COUNTERPARTS
OF THE SECURITY INSTRUMENT 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 OTHER TRUSTEE AS MAY BE
REQUIRED UNDER LOCAL LAW), SUBJECT ONLY TO THE PERMITTED ENCUMBRANCES AND SUCH
OTHER LIENS AS ARE PERMITTED PURSUANT TO
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THE LOAN DOCUMENTS.
LENDER SHALL HAVE ALSO RECEIVED FROM BORROWER FULLY
EXECUTED COUNTERPARTS OF THE OTHER LOAN DOCUMENTS.
(B)
TITLE INSURANCE. LENDER SHALL HAVE RECEIVED A BINDING COMMITMENT
TO ISSUE THE TITLE INSURANCE POLICY ISSUED BY A TITLE COMPANY ACCEPTABLE TO
LENDER AND DATED AS OF THE CLOSING DATE. TO THE EXTENT PERMITTED BY APPLICABLE
LEGAL REQUIREMENTS, SUCH TITLE INSURANCE POLICY SHALL (I) PROVIDE COVERAGE 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 SECURITY INSTRUMENT
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 OR LENDER'S NOMINEE, ITS
SUCCESSORS AND ASSIGNS, AS THE INSURED.
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 CURRENT 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 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