RECENT MINIMUM STANDARD DETAIL REQUIREMENTS FOR
ALTA/ACSM LAND TITLE SURVEYS.
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.
THE SURVEY SHALL REFLECT THE
SAME LEGAL DESCRIPTION CONTAINED IN THE TITLE INSURANCE POLICY RELATING TO SUCH
INDIVIDUAL PROPERTY REFERRED TO IN CLAUSE (II) ABOVE AND SHALL INCLUDE, AMONG
OTHER THINGS, A LEGAL DESCRIPTION OF THE REAL PROPERTY
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COMPRISING PART OF SUCH INDIVIDUAL PROPERTY REASONABLY SATISFACTORY TO LENDER.
THE SURVEYOR'S SEAL SHALL BE AFFIXED TO EACH SURVEY AND THE SURVEYOR SHALL
PROVIDE A CERTIFICATION FOR EACH SURVEY IN FORM AND SUBSTANCE ACCEPTABLE TO
LENDER.
(D)
INSURANCE.
LENDER SHALL HAVE RECEIVED VALID CERTIFICATES OF
INSURANCE FOR THE POLICIES OF INSURANCE REQUIRED HEREUNDER, SATISFACTORY TO
LENDER IN ITS SOLE DISCRETION, AND EVIDENCE OF THE PAYMENT OF ALL PREMIUMS
PAYABLE FOR THE EXISTING POLICY PERIOD.
(E)
ENVIRONMENTAL REPORTS.
LENDER SHALL HAVE RECEIVED AN
ENVIRONMENTAL REPORT IN RESPECT OF EACH INDIVIDUAL PROPERTY, IN EACH CASE
REASONABLY SATISFACTORY TO LENDER.
(F)
ZONING.
WITH RESPECT TO EACH INDIVIDUAL PROPERTY, LENDER SHALL
HAVE RECEIVED, AT LENDER'S OPTION, (I) LETTERS OR OTHER EVIDENCE WITH RESPECT TO
EACH INDIVIDUAL PROPERTY FROM THE APPROPRIATE MUNICIPAL AUTHORITIES (OR OTHER
PERSONS) CONCERNING APPLICABLE ZONING AND BUILDING LAWS, (II) AN ALTA 3.1 ZONING
ENDORSEMENT TO THE APPLICABLE TITLE INSURANCE POLICY OR (III) OTHER EVIDENCE OF
ZONING COMPLIANCE, IN EACH CASE IN SUBSTANCE REASONABLY SATISFACTORY TO LENDER.
(G)
ENCUMBRANCES.
BORROWER SHALL HAVE TAKEN OR CAUSED TO BE TAKEN
SUCH ACTIONS IN SUCH A MANNER SO THAT LENDER HAS A VALID AND PERFECTED FIRST
LIEN ON EACH INDIVIDUAL PROPERTY AS OF THE CLOSING DATE WITH RESPECT TO EACH
MORTGAGE ON THE APPLICABLE INDIVIDUAL PROPERTY, SUBJECT ONLY TO APPLICABLE
PERMITTED ENCUMBRANCES AND SUCH OTHER LIENS AS ARE PERMITTED PURSUANT TO THE
LOAN DOCUMENTS, AND LENDER SHALL HAVE RECEIVED SATISFACTORY EVIDENCE THEREOF.
3.1.4
RELATED DOCUMENTS.
EACH ADDITIONAL DOCUMENT NOT SPECIFICALLY
REFERENCED HEREIN, BUT RELATING TO THE TRANSACTIONS CONTEMPLATED HEREIN, SHALL
HAVE BEEN DULY AUTHORIZED, EXECUTED AND DELIVERED BY ALL PARTIES THERETO AND
LENDER SHALL HAVE RECEIVED AND APPROVED CERTIFIED COPIES THEREOF.
3.1.5
DELIVERY OF ORGANIZATIONAL DOCUMENTS.
ON OR BEFORE THE CLOSING
DATE, BORROWER SHALL DELIVER OR CAUSE TO BE DELIVERED TO LENDER COPIES CERTIFIED
BY BORROWER OF ALL ORGANIZATIONAL DOCUMENTATION RELATED TO BORROWER AND/OR THE
FORMATION, STRUCTURE, EXISTENCE, GOOD STANDING AND/OR QUALIFICATION TO DO
BUSINESS, AS LENDER MAY REQUEST IN ITS SOLE DISCRETION, INCLUDING, WITHOUT
LIMITATION, GOOD STANDING CERTIFICATES, QUALIFICATIONS TO DO BUSINESS IN THE
APPROPRIATE JURISDICTIONS, RESOLUTIONS AUTHORIZING THE ENTERING INTO OF THE LOAN
AND INCUMBENCY CERTIFICATES AS MAY BE REQUESTED BY LENDER.
3.1.6
OPINIONS OF BORROWER'S COUNSEL.
LENDER SHALL HAVE RECEIVED
OPINIONS OF BORROWER'S COUNSEL (AND IF APPLICABLE, BORROWER'S LOCAL COUNSEL)
(A) WITH RESPECT TO NON-CONSOLIDATION ISSUES (AN "INSOLVENCY OPINION") AND
(B) WITH RESPECT TO DUE EXECUTION, AUTHORITY, ENFORCEABILITY OF THE LOAN
DOCUMENTS AND SUCH OTHER MATTERS AS LENDER MAY REASONABLY REQUIRE, ALL SUCH
OPINIONS IN FORM, SCOPE AND SUBSTANCE REASONABLY SATISFACTORY