BORROWER AND GUARANTOR, IN FORM REASONABLY ACCEPTABLE
TO AGENT.
AN APPRAISAL OF THE PROJECT, WHICH APPRAISAL WILL BE SUBJECT TO
SECTION 3.3.3.
A PHASE I ENVIRONMENTAL STUDY FOR SUCH PROJECT, DATED NOT
EARLIER THAN TWELVE (12) MONTHS BEFORE THE DATE THAT THE PROJECT IS ADMITTED TO
THE BORROWING BASE AND THAT COMPLIES WITH (I) ASTM STANDARD E1527-00 IF THE
PROJECT IS ADMITTED TO THE BORROWER BASE PRIOR TO NOVEMBER 1, 2006 OR (II) ASTM
STANDARD E1527-05 IF THE PROJECT IS ADMITTED TO THE BORROWING BASE ON OR AFTER
NOVEMBER 1, 2006, WHICH STUDY INDICATES THAT THE REAL ESTATE IS NOT SUBJECT TO
ANY ENVIRONMENTAL CONDITIONS, IS IN COMPLIANCE WITH ALL APPLICABLE ENVIRONMENTAL
LAWS, THAT NO REGULATED SUBSTANCES HAVE BEEN DISPOSED OF IN, ON OR UNDER THE
REAL ESTATE, AND THAT THERE ARE NO UNDERGROUND STORAGE TANKS IN THE REAL ESTATE.
IF REQUESTED BY AGENT, (I) COPIES OF ALL GOVERNMENTAL APPROVALS
THERETOFORE ISSUED WITH RESPECT TO THE PROJECT, PERMITS, USE REGISTRATIONS AND
APPROVALS REQUIRED UNDER ANY LAW (INCLUDING, WITHOUT LIMITATION THERETO,
PLANNING, ZONING, SUBDIVISION AND BUILDING LAWS) FOR CONSTRUCTION OF THE UNITS
AND IMPROVEMENTS AND USE THEREOF BY THE BORROWER OR BY THE PURCHASERS THEREOF,
AND SUCH OTHER EVIDENCE AS THE AGENT MAY REQUIRE THAT THE UNITS AND USE THEREOF
CONTEMPLATED BY THE BORROWER, ARE PERMITTED BY AND COMPLY WITH ALL APPLICABLE
LAWS INCLUDING, WITHOUT LIMITATION THERETO, ZONING ORDINANCES, AND (II) WITH
RESPECT TO THE ADDITION OF APPROVED OR IMPROVED LAND TO THE BORROWING BASE, A
CERTIFICATION BY THE APPROPRIATE BORROWER THAT ALL GOVERNMENTAL APPROVALS
REQUIRED FOR THE LAWFUL COMMENCEMENT OF CONSTRUCTION OF UNITS THEREON (OTHER
THAN BUILDING PERMITS FOR SUCH UNITS) HAVE BEEN ISSUED AND CONTINUE TO BE IN
FULL
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FORCE AND EFFECT AND AVAILABLE TO THE APPROPRIATE BORROWER (OR, WITH RESPECT TO
APPROVED LAND, THE SAME WILL BE ISSUED WITHIN 120 DAYS).
SUCH OTHER INFORMATION AND DOCUMENTS THAT THE AGENT MAY
REASONABLY REQUEST.
THE FAILURE OF THE AGENT TO DEMAND A CERTAIN TYPE OF
INFORMATION OR DOCUMENT IN REGARD TO A PROJECT WILL NOT CONSTITUTE A WAIVER BY
THE AGENT OF ITS RIGHT TO DEMAND THAT TYPE OF INFORMATION OR DOCUMENT IN THE
FUTURE.
4.1.12
Not later than 30 days after the Closing Date, duly completed UCC
financing statements and fixture filings, with respect to all personal and mixed
property Collateral of the Borrowers and Guarantor, for filing in all
jurisdictions as may be necessary or, in the opinion of Agent, desirable to
perfect the security interests created in such Collateral pursuant to the
Mortgages and Security Agreement;
4.1.13
This Agreement, duly executed by Guarantor, Borrowers, Agent, each
2008 Maturity Date Lender and Requisite Lenders.
4.1.14
A certificate duly executed by Guarantor and each Borrower
certifying that, as of the Closing Date, after giving effect to the consummation
of the transactions contemplated by the Loan Documents, each Borrower and
Guarantor individually, and Guarantor on a consolidated basis, will be Solvent.
4.1.15
SUCH OTHER AND FURTHER DOCUMENTS AS MAY BE REQUIRED REASONABLY BY
THE