LEASED
MORTGAGED PROPERTIES) CERTIFIED TO THE ADMINISTRATIVE AGENT AND THE TITLE
INSURANCE COMPANY IN A MANNER REASONABLY SATISFACTORY TO THEM, DATED A DATE
REASONABLY SATISFACTORY TO THE ADMINISTRATIVE AGENT AND THE TITLE INSURANCE
COMPANY BY AN INDEPENDENT PROFESSIONAL LICENSED LAND SURVEYOR REASONABLY
SATISFACTORY TO THE ADMINISTRATIVE AGENT AND THE TITLE INSURANCE COMPANY, WHICH
MAPS OR PLATS AND THE SURVEYS ON WHICH THEY ARE BASED SHALL BE MADE IN
ACCORDANCE WITH THE MINIMUM STANDARD DETAIL REQUIREMENTS FOR LAND TITLE SURVEYS
JOINTLY ESTABLISHED AND ADOPTED BY THE AMERICAN LAND TITLE ASSOCIATION AND THE
AMERICAN CONGRESS ON SURVEYING AND MAPPING IN 1992, AND, WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, THERE SHALL BE SURVEYED AND SHOWN ON SUCH MAPS,
PLATS OR SURVEYS THE FOLLOWING: (A) THE LOCATIONS ON SUCH SITES OF ALL THE
BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS AND THE ESTABLISHED BUILDING
SETBACK LINES; (B) ALL EXCEPTIONS SET FORTH ON SCHEDULE B OF THE TITLE INSURANCE
POLICIES DELIVERED IN CLAUSE (III) BELOW; (C) THE LINES OF STREETS ABUTTING THE
SITES AND WIDTH THEREOF; (D) ALL ACCESS AND OTHER EASEMENTS APPURTENANT TO THE
SITES; (E) ALL ROADWAYS, PATHS, DRIVEWAYS, EASEMENTS, ENCROACHMENTS AND
OVERHANGING PROJECTIONS AND SIMILAR ENCUMBRANCES AFFECTING THE SITE, WHETHER
RECORDED, APPARENT FROM A PHYSICAL INSPECTION OF THE SITES OR OTHERWISE KNOWN TO
THE SURVEYOR; (F) ANY ENCROACHMENTS ON ANY ADJOINING PROPERTY BY THE BUILDING
STRUCTURES AND IMPROVEMENTS ON THE SITES; (G) IF THE SITE IS DESCRIBED AS BEING
ON A FILED MAP, A LEGEND RELATING THE SURVEY TO SAID MAP; AND (H) THE FLOOD ZONE
DESIGNATIONS, IF ANY, IN WHICH THE MORTGAGED PROPERTIES ARE LOCATED.
(III)
THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED
IN RESPECT OF EACH OWNED MORTGAGED PROPERTY (IT BEING UNDERSTOOD THAT NO
MORTGAGEE'S TITLE INSURANCE POLICY OR POLICIES SHALL BE REQUIRED FOR ANY OF THE
LEASED MORTGAGED PROPERTIES) A MORTGAGEE'S TITLE INSURANCE POLICY (OR POLICIES)
OR MARKED UP UNCONDITIONAL COMMITMENT OR PROFORMA FOR SUCH INSURANCE.
EACH SUCH
POLICY SHALL (A) BE IN AN AMOUNT REASONABLY SATISFACTORY TO THE ADMINISTRATIVE
AGENT; (B) BE ISSUED AT ORDINARY RATES; (C) INSURE THAT THE MORTGAGE INSURED
THEREBY CREATES A VALID FIRST LIEN ON SUCH MORTGAGED PROPERTY FREE AND CLEAR OF
ALL DEFECTS AND ENCUMBRANCES, EXCEPT AS DISCLOSED THEREIN AND AS REASONABLY
ACCEPTABLE TO THE ADMINISTRATIVE AGENT; (D) NAME THE ADMINISTRATIVE AGENT FOR
THE BENEFIT OF THE LENDERS AS THE INSURED THEREUNDER; (E) BE IN THE FORM OF ALTA
LOAN POLICY - 1970 (AMENDED 10/17/70 AND 10/17/84) (OR EQUIVALENT POLICIES);
(F) CONTAIN SUCH ENDORSEMENTS AND AFFIRMATIVE COVERAGE AS THE ADMINISTRATIVE
AGENT MAY REASONABLY REQUEST AND (G) BE ISSUED BY TITLE COMPANIES REASONABLY
SATISFACTORY TO THE ADMINISTRATIVE AGENT (INCLUDING ANY SUCH TITLE COMPANIES
ACTING AS CO-INSURERS OR REINSURERS, AT THE OPTION OF THE ADMINISTRATIVE
AGENT).
THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED EVIDENCE REASONABLY
SATISFACTORY TO IT THAT ALL PREMIUMS IN RESPECT OF EACH SUCH POLICY, ALL CHARGES
FOR MORTGAGE RECORDING TAX, AND ALL RELATED EXPENSES, IF ANY, HAVE BEEN PAID.
(IV)
THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED
(A) A POLICY OF FLOOD INSURANCE THAT (1) COVERS