THE MORTGAGES
LISTED ON SCHEDULE 3.1F, IN AMOUNTS NOT LESS THAN THE RESPECTIVE AMOUNTS
DESIGNATED ON SUCH SCHEDULE WITH RESPECT TO ANY PARTICULAR PORTION OF REAL
PROPERTY COLLATERAL, INSURING FEE SIMPLE TITLE TO OR A LEASEHOLD INTEREST IN
EACH SUCH PORTION OF REAL PROPERTY COLLATERAL VESTED IN SUCH LOAN PARTY AND
INSURING THE AGENT THAT THE APPLICABLE MORTGAGES CREATE VALID AND ENFORCEABLE
FIRST PRIORITY MORTGAGE LIENS ON THE RESPECTIVE MORTGAGED PROPERTIES ENCUMBERED
THEREBY, SUBJECT ONLY TO THE PERMITTED ENCUMBRANCES, WHICH MORTGAGEE POLICIES
(1) SHALL INCLUDE ALL ENDORSEMENTS REASONABLY REQUESTED BY AGENT AND (2) SHALL
PROVIDE FOR AFFIRMATIVE INSURANCE AND SUCH REINSURANCE AS THE AGENT MAY
REASONABLY REQUEST, ALL OF THE FOREGOING IN FORM AND SUBSTANCE CUSTOMARILY
EMPLOYED FOR COMMERCIAL REAL ESTATE TRANSACTIONS IN THE BAHAMAS AND OTHERWISE
REASONABLY SATISFACTORY TO THE AGENT; AND EVIDENCE SATISFACTORY TO THE AGENT
THAT SUCH LOAN PARTY HAS (I) DELIVERED TO THE TITLE COMPANY ALL CERTIFICATES AND
AFFIDAVITS REQUIRED BY THE TITLE COMPANY IN CONNECTION WITH THE ISSUANCE OF THE
MORTGAGEE POLICIES, EACH IN A FORM MUTUALLY ACCEPTABLE TO BORROWER AND TITLE
COMPANY AND (II) PAID TO THE TITLE COMPANY OR TO THE APPROPRIATE GOVERNMENTAL
AUTHORITIES ALL EXPENSES AND PREMIUMS OF THE TITLE COMPANY AND ALL OTHER SUMS
REQUIRED IN CONNECTION WITH THE ISSUANCE OF THE MORTGAGEE POLICIES AND ALL
RECORDING AND STAMP TAXES (INCLUDING MORTGAGE RECORDING AND INTANGIBLE TAXES)
PAYABLE IN CONNECTION WITH RECORDING THE MORTGAGES IN THE APPLICABLE REAL
PROPERTY RECORDS OF THE COMMONWEALTH OF THE BAHAMAS;
(III)
SURVEYS; PLAT MAPS.
A SURVEY OR PLAT MAPS CUSTOMARILY USED IN
COMMERCIAL REAL ESTATE TRANSACTIONS IN THE BAHAMAS AND OTHERWISE WITH RESPECT TO
THE PORTIONS OF THE PROJECT OWNED OR LEASED BY BORROWER AS OF CLOSING DATED A
DATE, AND PREPARED AND CERTIFIED BY A PERSON AND IN FORM AND SUBSTANCE,
REASONABLY SATISFACTORY TO THE AGENT;
(IV)
APPRAISAL.
ONE ORIGINAL OF THE INITIAL APPRAISAL, IN FORM AND
SUBSTANCE SATISFACTORY TO THE AGENT;
(V)
ENTITLEMENT DOCUMENTS.
AGENT SHALL HAVE RECEIVED TRUE, CORRECT
AND COMPLETE COPIES OF ALL ENTITLEMENT DOCUMENTS OBTAINED BY BORROWER AS OF
CLOSING;
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(VI)
ENGINEERING REPORTS.
AGENT SHALL HAVE
RECEIVED ENGINEERING AND SOILS REPORTS WITH RESPECT TO THE PROJECT OBTAINED BY
BORROWER AS OF CLOSING IN FORM AND SUBSTANCE SATISFACTORY TO THE AGENT;
(VII)
COPIES OF DOCUMENTS RELATING TO TITLE
EXCEPTIONS.
COPIES OF ALL RECORDED DOCUMENTS LISTED AS EXCEPTIONS TO TITLE OR
OTHERWISE REFERRED TO IN THE MORTGAGEE POLICIES DELIVERED PURSUANT TO CLAUSE
(II) ABOVE;
(VIII)
MATTERS RELATING TO FLOOD HAZARD PROPERTIES.
EVIDENCE THAT THE BORROWER HAS OBTAINED FLOOD INSURANCE FOR THE PROJECT IN FORM
AND SUBSTANCE REASONABLY SATISFACTORY TO AGENT; AND
(IX)
CONSTRUCTION DRAWINGS AND BUDGETS.
AGENT
SHALL HAVE RECEIVED CONCEPTUAL CONSTRUCTIONS DRAWINGS AND PLANS ACCEPTABLE TO IT
AND SHALL HAVE APPROVED AN INITIAL BUDGET AND PROJECT SCHEDULE (WHICH MAY BE
INCLUDED IN THE DEVELOPMENT BUDGET).
G.
COPIES OF DOCUMENTS FOR LENDERS.
IF
REQUESTED BY ANY LENDER OR ANY POTENTIAL ELIGIBLE ASSIGNEE IN WRITING (WITH SUCH
REQUEST ADDRESSED TO THE AGENT) PRIOR TO THE CLOSING DATE, BORROWER SHALL
PROVIDE A COPY