IS LOCATED IN A FLOOD
PLAIN OR, IF SUCH EVIDENCE IS NOT PROVIDED, A POLICY AND CERTIFICATE OF FLOOD
INSURANCE COVERING THE PROJECT, NAMING THE AGENT AS INSURED.
A MARKED-UP TITLE COMMITMENT OF FIRST AMERICAN TITLE INSURANCE
COMPANY OR ANOTHER TITLE INSURANCE COMPANY SATISFACTORY TO THE AGENT,
REPRESENTING THE TITLE INSURANCE COMPANY'S COMMITMENT TO ISSUE IN FAVOR OF THE
AGENT, FOR THE RATABLE BENEFIT OF THE LENDERS, BUT AT THE BORROWER'S EXPENSE, A
STANDARD FORM OF MORTGAGEE TITLE INSURANCE POLICY, OR APPROPRIATE ENDORSEMENTS
TO ANY EXISTING TITLE POLICY, INSURING THE MORTGAGE ON THE PROJECT, IN AN AMOUNT
DETERMINED BY BORROWERS AND AGENT IN GOOD FAITH, AS A FIRST LIEN ON THE REAL
ESTATE INCLUDED IN THE PROJECT, FREE AND CLEAR OF ALL PRIOR LIENS AND
ENCUMBRANCES (OTHER THAN LIENS AND ENCUMBRANCES IN FAVOR OF THE AGENT), SUBJECT
ONLY TO SUCH TITLE CONDITIONS AND PERMITTED LIENS AS MAY HAVE BEEN APPROVED BY
THE AGENT.
THE TITLE COMMITMENT SHALL ALSO PROVIDE THAT THE POLICY OF TITLE
INSURANCE SHALL INCLUDE SUCH ENDORSEMENTS OR ADDITIONAL COVERAGE AS DETERMINED
BY AGENT TO BE NECESSARY (WHICH MAY INCLUDE (IF AVAILABLE) PENNSYLVANIA
ENDORSEMENTS 100, 300, 710, 1010 AND 1110 OR THEIR EQUIVALENTS FROM OTHER
JURISDICTIONS).
42
IF REQUESTED BY AGENT, COPIES OF ANY SUBDIVISION OR LAND
DEVELOPMENT PLANS APPLICABLE TO SUCH PROJECT, EVIDENCE OF THE FINAL APPROVAL OF
SUCH PLANS AND, IF THE RECORDING OF SUCH PLAN HAS NOT BEEN DEMONSTRATED TO
AGENT, EVIDENCE REASONABLY ACCEPTABLE TO AGENT THAT SUCH PLANS WILL BE RECORDED
PROMPTLY UPON THE DELIVERY OF ANY REQUIRED LETTER OF CREDIT OR TRI-PARTY
AGREEMENT, AND IN ANY EVENT NOT LATER THAN 60 DAYS AFTER THE LATER OF (I) THE
DATE SUCH PROJECT IS ADMITTED INTO THE BORROWING BASE OR (II) WITH RESPECT TO
PROJECTS ADMITTED TO THE BORROWING BASE AFTER THE CLOSING DATE, THE BORROWER'S
RECEIPT OF ALL STATE- OR FEDERALLY-ISSUED GOVERNMENTAL APPROVALS THAT ARE
PREREQUISITE TO THE RECORDING OF THE PLANS, BUT IN THE LATTER EVENT NO MORE THAN
155 DAYS AFTER THE DATE THE PROJECT IS ADMITTED INTO THE BORROWING BASE.
EVIDENCE THAT THE BORROWER HAS PROCURED INSURANCE POLICIES AS
REQUIRED BY THE TERMS OF THIS AGREEMENT.
THE EVIDENCE OF INSURANCE SHALL
CONTAIN THE AGREEMENT OF THE INSURER TO GIVE NOT LESS THAN THIRTY (30) DAYS'
NOTICE TO THE AGENT PRIOR TO CANCELLATION OF SUCH POLICIES OR MATERIAL CHANGE IN
THE COVERAGE THEREOF OR TEN (10) DAYS' NOTICE FOR NON-PAYMENT OF PREMIUM AND
SHALL BE ON A FORM ACORD 27 (WITH RESPECT TO PROPERTY INSURANCE), ACORD 25 (WITH
RESPECT TO LIABILITY INSURANCE), OR SUCH SIMILAR FORM AS IS ACCEPTABLE TO AGENT.
IF REQUESTED BY AGENT, A SURVEY OR OTHER PLAN REASONABLY
ACCEPTABLE TO AGENT OF THE REAL ESTATE INCLUDED IN THE PROJECT, SHOWING ANY
ENCROACHMENTS BY OR ON THE REAL ESTATE AND THE LOCATION OF ALL EASEMENTS AND
RIGHTS-OF-WAY AFFECTING SUCH REAL ESTATE, ALL PRESENT AND PROPOSED UTILITY
LINES, ENCROACHMENTS AND BUILDING SET-BACK LINES.
AN ENVIRONMENTAL INDEMNITY AGREEMENT WITH RESPECT TO THE
PROJECT, EXECUTED BY THE