BORROWER'S ACCEPTANCE OF THE COMMITMENT LETTER; AND (C) $470,000 SHALL BE
DUE AND PAYABLE ON THE CLOSING DATE (THE "CLOSING FEE", THE APPLICATION FEE, THE
COMMITMENT FEE AND THE CLOSING FEE, COLLECTIVELY, THE "LOAN FEES") AND SHALL BE
REFERRED TO AS THE LOAN FEE ON THE PROJECT BUDGET ATTACHED HERETO AS EXHIBIT B).
SECTION 2.4
LOAN EXPENSES.
(A)
BORROWER SHALL PAY ALL FEES, COSTS AND EXPENSES PAID OR INCURRED
BY LENDER IN CONNECTION WITH THE LOAN, INCLUDING:
(I) ALL COSTS OF CLOSING,
ADMINISTERING AND ENFORCING THE LOAN, INCLUDING ALL UNPAID LOAN FEES; (II) ALL
COSTS OF PREPARATION, NEGOTIATION AND EXECUTION OF THE LOAN DOCUMENTS AND ALL
CLOSING OR LOAN ADMINISTRATION DOCUMENTS; (III) ALL COSTS OF THE TITLE
COMMITMENT, THE TITLE POLICY, DATE DOWNS TO ANY EXISTING TITLE COMMITMENT OR
TITLE POLICY AND ANY AND ALL ENDORSEMENTS TO ANY OF THE FOREGOING, THE SURVEY
AND ANY AND ALL ADDITIONS OR UPDATES TO THE SURVEY, ESCROW CHARGES, TITLE
CHARGES, UCC, TAX LIEN AND JUDGMENT AND ALL SIMILAR SEARCHES AND REPORTS WHICH
LENDER MAY REQUIRE IN ASSESSING THE STATUS OF THE SECURITY FOR THE LOAN IN EACH
2
of the foregoing cases, as such items may be required from time to time in the
discretion of Lender; (iv) all fees and expenses of any consultants engaged by
Lender in connection with this Loan, including cost-estimators, construction
inspectors, consulting architects, appraisers, insurance consultants,
environmental consultants, investigators and Lender's Project Consultant; (v)
all Project Costs; (vi) brokerage commissions (if any); (vii) recording and
filing fees, and taxes, levies or fees required to be paid with respect to the
Note, the Deed of Trust or any other of the Loan Documents or the filing or
recordation thereof, even if such taxes, levies or fees are levied or assessed
against, or under applicable Laws are to be borne by, Lender; and (viii) all of
Lender's travel and lodging costs relating to Property site inspections.
With
respect to travel expenses, airfare for each officer or analyst who inspects the
Project as part of Lender's due diligence will be charged to Borrower.
If
Lender employees utilize a commercial airline, the amount charged will be the
actual expense incurred.
In the event Lender utilizes a private aircraft, the
amount charged will be $800 per individual.
(B)
BORROWER SHALL ALSO PAY ALL REASONABLE FEES AND DISBURSEMENTS OF
LENDER'S ATTORNEYS (WHETHER CHARGED BY OUTSIDE OR "IN-HOUSE" COUNSEL) IN
CONNECTION WITH THE LOAN, INCLUDING FEES AND DISBURSEMENTS RELATED TO: (I)
PREPARING AND NEGOTIATING DOCUMENTATION FOR THE LOAN; (II) LOAN ADMINISTRATION
ITEMS (SUCH AS REVIEWING ITEMS TO BE APPROVED DURING THE TERM OF THE LOAN);
(III) ENFORCING OR EXERCISING LENDER'S RIGHTS OR REMEDIES CONNECTED WITH THE
LOAN; AND (IV) ANY LITIGATION OR THREATENED LITIGATION OR THE PREPARATION
THEREFOR WHICH IN ANY WAY WHATSOEVER RELATES TO THE LOAN, THE LOAN DOCUMENTS OR
THE PROPERTY. THE TERMS "ATTORNEYS FEES," "LEGAL FEES AND EXPENSES" OR OTHER
TERMS OF SUCH IMPORT WHETHER USED HEREIN OR IN ANY OTHER LOAN DOCUMENT SHALL
INCLUDE, WITHOUT LIMITATION, THE FEES CHARGED