MATERIAL RESPECTS WITH
ALL TERMS AND CONDITIONS SET FORTH IN THIS LOAN AGREEMENT AND IN EACH OTHER LOAN
DOCUMENT ON ITS PART TO BE OBSERVED OR PERFORMED.
3.1.2
LOAN AGREEMENT AND NOTE.
LENDER SHALL HAVE RECEIVED A COPY OF THIS
LOAN 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)
MORTGAGE, ASSIGNMENT OF LEASES AND OTHER LOAN DOCUMENTS.
LENDER
SHALL HAVE RECEIVED FROM BORROWER FULLY EXECUTED AND ACKNOWLEDGED COUNTERPARTS
OF THE MORTGAGE AND THE ASSIGNMENT OF LEASES AND EVIDENCE THAT COUNTERPARTS OF
THE MORTGAGE 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 TRUSTEE AS MAY BE REQUIRED 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
FULLY EXECUTED COUNTERPARTS OF THE ASSIGNMENT OF MANAGEMENT AGREEMENT AND THE
OTHER LOAN DOCUMENTS.
(B)
TITLE INSURANCE.
LENDER SHALL HAVE RECEIVED A TITLE INSURANCE
POLICY ISSUED BY A TITLE COMPANY ACCEPTABLE TO LENDER AND DATED AS OF THE
CLOSING DATE.
SUCH TITLE INSURANCE POLICY SHALL (I) PROVIDE COVERAGE IN 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 MORTGAGE 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, ITS SUCCESSORS AND ASSIGNS,
AS THE INSURED.
THE TITLE INSURANCE POLICY SHALL BE ASSIGNABLE WITHOUT COST TO
LENDER.
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 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
21
REQUIREMENTS FOR ALTA/NSPS LAND TITLE SURVEYS.
THE FOLLOWING ADDITIONAL ITEMS
FROM THE LIST OF "OPTIONAL SURVEY RESPONSIBILITIES AND SPECIFICATIONS" (TABLE A)
SHOULD BE ADDED TO EACH SURVEY: 1, 2, 3, 4, 6, 8, 9, 10, 11, 13, 14, 15, 16, 17
AND 18.
THE SURVEY SHALL REFLECT THE SAME LEGAL DESCRIPTION CONTAINED IN THE
TITLE INSURANCE POLICY RELATING TO THE PROPERTY REFERRED TO IN CLAUSE (II) ABOVE
AND SHALL INCLUDE, AMONG OTHER THINGS, A LEGAL DESCRIPTION OF THE REAL PROPERTY
COMPRISING PART OF SUCH PROPERTY REASONABLY SATISFACTORY TO LENDER.
THE
SURVEYOR'S SEAL SHALL BE AFFIXED TO EACH SURVEY AND THE SURVEYOR SHALL PROVIDE A