RECEIVED
FROM BORROWER A FULLY EXECUTED AND ACKNOWLEDGED COUNTERPART OF EACH MORTGAGE AND
EVIDENCE THAT COUNTERPARTS OF EACH MORTGAGE AND UNIFORM COMMERCIAL CODE
FINANCING STATEMENTS 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 LIENS UPON THE PROPERTIES, OF THE REQUISITE
PRIORITY, IN FAVOR OF LENDER (OR SUCH OTHER TRUSTEE AS MAY BE REQUIRED OR
DESIRED 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, BORROWER PRINCIPAL, THE APPLICABLE OPERATING LESSEE
AND MANAGER, AS APPLICABLE, FULLY EXECUTED COUNTERPARTS OF THE CASH MANAGEMENT
AGREEMENT, THIS AGREEMENT, THE NOTE, EACH SUBORDINATION, NON-DISTURBANCE AND
ATTORNMENT AGREEMENT, EACH SUBORDINATION, ATTORNMENT AND SECURITY AGREEMENT, AND
EACH ASSIGNMENT OF MANAGEMENT AGREEMENT AND ALL OTHER LOAN DOCUMENTS.
(B)
TITLE INSURANCE.
LENDER SHALL HAVE RECEIVED A TITLE INSURANCE
POLICY WITH RESPECT TO EACH PROPERTY ISSUED BY A TITLE COMPANY ACCEPTABLE TO
LENDER AND DATED AS OF THE CLOSING DATE, WITH REINSURANCE AND DIRECT ACCESS
AGREEMENTS ACCEPTABLE TO LENDER.
EACH SUCH TITLE INSURANCE POLICY SHALL (I)
PROVIDE COVERAGE IN THE APPLICABLE ALLOCATED LOAN AMOUNT WITH TIE-IN
ENDORSEMENTS WITH RESPECT TO THE OTHER PROPERTIES, PROVIDED THAT IN THE INSTANCE
OF ANY PROPERTY(IES) LOCATED IN THE STATE OF NEW YORK OR THE STATE OF FLORIDA,
NO TIE-IN ENDORSEMENT SHALL BE REQUIRED AND THE COVERAGE SHALL BE LIMITED TO THE
AGGREGATE ALLOCATED LOAN AMOUNTS OF SUCH PROPERTY(IES) LOCATED IN EACH SUCH
STATE, (II) INSURE LENDER THAT THE MORTGAGE CREATES A VALID LIEN ON THE
PROPERTIES OF THE REQUISITE PRIORITY, 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 AS THE INSURED.
EACH TITLE
36
INSURANCE POLICY SHALL BE ASSIGNABLE.
LENDER ALSO SHALL HAVE RECEIVED EVIDENCE
THAT ALL PREMIUMS IN RESPECT OF EACH TITLE INSURANCE POLICY HAVE BEEN PAID.
(C)
SURVEY.
LENDER SHALL HAVE RECEIVED A CURRENT TITLE SURVEY FOR
EACH 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 1999 MINIMUM STANDARD DETAIL REQUIREMENTS FOR ALTA/ACSM LAND
TITLE SURVEYS.
EACH SURVEY SHALL MEET THE CLASSIFICATION OF AN "URBAN SURVEY"
AND 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.
EACH SUCH SURVEY SHALL REFLECT THE SAME LEGAL
DESCRIPTION CONTAINED IN THE CORRESPONDING TITLE INSURANCE POLICY REFERRED TO IN
SUBSECTION (B) ABOVE AND SHALL INCLUDE, AMONG OTHER THINGS, A METES AND BOUNDS
DESCRIPTION OF THE REAL PROPERTY COMPRISING PART OF EACH PROPERTY REASONABLY
SATISFACTORY TO LENDER.
THE SURVEYOR'S SEAL SHALL BE AFFIXED