DETAIL REQUIREMENTS FOR
ALTA/ACSM LAND TITLE SURVEYS.
SUCH SURVEY SHALL REFLECT THE SAME LEGAL
DESCRIPTION CONTAINED IN THE TITLE INSURANCE POLICY RELATING TO SUCH REPLACEMENT
PROPERTY.
THE SURVEYOR'S SEAL SHALL BE AFFIXED TO EACH SURVEY AND EACH SURVEY
SHALL CERTIFY THAT THE IMPROVEMENTS ON SUCH SURVEYED PROPERTY IS NOT LOCATED IN
A "ONE-HUNDRED-YEAR FLOOD HAZARD AREA."
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(XIII)
LENDER SHALL HAVE RECEIVED VALID CERTIFICATES OF INSURANCE
INDICATING THAT THE REQUIREMENTS FOR THE POLICIES OF INSURANCE REQUIRED FOR EACH
PROPERTY HEREUNDER HAVE BEEN SATISFIED WITH RESPECT TO THE REPLACEMENT PROPERTY
AND EVIDENCE OF THE PAYMENT OF ALL PREMIUMS PAYABLE FOR THE EXISTING POLICY
PERIOD.
(XIV)
LENDER SHALL HAVE RECEIVED A PHASE I ENVIRONMENTAL REPORT AND,
IF RECOMMENDED UNDER THE PHASE I ENVIRONMENTAL REPORT, A PHASE II ENVIRONMENTAL
REPORT, WHICH CONCLUDE THAT THE REPLACEMENT PROPERTY DOES NOT CONTAIN ANY
HAZARDOUS SUBSTANCE (AS DEFINED IN THE MORTGAGE) AND IS NOT SUBJECT TO ANY
MATERIAL RISK OF CONTAMINATION FROM ANY OFF-SITE HAZARDOUS SUBSTANCE.
(XV)
THE APPLICABLE BORROWER SHALL DELIVER OR CAUSE TO BE DELIVERED
TO LENDER (A) UPDATES CERTIFIED BY BORROWER OF ALL ORGANIZATIONAL DOCUMENTATION
RELATED TO BORROWER AND/OR THE FORMATION, STRUCTURE, EXISTENCE, GOOD STANDING
AND/OR QUALIFICATION TO DO BUSINESS DELIVERED TO LENDER IN CONNECTION WITH THE
CLOSING DATE; (B) GOOD STANDING CERTIFICATES, CERTIFICATES OF QUALIFICATION TO
DO BUSINESS IN THE JURISDICTION IN WHICH THE REPLACEMENT PROPERTY IS LOCATED (IF
REQUIRED IN SUCH JURISDICTION) AND (C) RESOLUTIONS OF THE MEMBER OF BORROWER
AUTHORIZING THE SUBSTITUTION AND ANY ACTIONS TAKEN IN CONNECTION WITH SUCH
SUBSTITUTION.
(XVI)
LENDER SHALL HAVE RECEIVED THE FOLLOWING OPINIONS OF BORROWER'S
COUNSEL: (A) AN OPINION OR OPINIONS OF COUNSEL ADMITTED TO PRACTICE UNDER THE
LAWS OF THE STATE IN WHICH THE REPLACEMENT PROPERTY IS LOCATED STATING THAT THE
LOAN DOCUMENTS DELIVERED WITH RESPECT TO THE REPLACEMENT PROPERTY PURSUANT TO
CLAUSE (IX) ABOVE ARE VALID AND ENFORCEABLE IN ACCORDANCE WITH THEIR TERMS,
SUBJECT TO THE LAWS APPLICABLE TO CREDITORS' RIGHTS AND EQUITABLE PRINCIPLES,
AND THAT BORROWER IS QUALIFIED TO DO BUSINESS AND IN GOOD STANDING UNDER THE
LAWS OF THE JURISDICTION WHERE THE REPLACEMENT PROPERTY IS LOCATED OR THAT
BORROWER IS NOT REQUIRED BY APPLICABLE LAW TO QUALIFY TO DO BUSINESS IN SUCH
JURISDICTION; (B) AN OPINION OF COUNSEL STATING THAT THE LOAN DOCUMENTS
DELIVERED WITH RESPECT TO THE REPLACEMENT PROPERTY PURSUANT TO CLAUSE (IX) ABOVE
WERE DULY AUTHORIZED, EXECUTED AND DELIVERED BY BORROWER AND THAT THE EXECUTION
AND DELIVERY OF SUCH LOAN DOCUMENTS AND THE PERFORMANCE BY BORROWER OF ITS
OBLIGATIONS THEREUNDER WILL NOT CAUSE A BREACH OF, OR A DEFAULT UNDER, ANY
AGREEMENT, DOCUMENT OR INSTRUMENT TO WHICH BORROWER IS A PARTY OR TO WHICH IT OR
ITS PROPERTIES ARE BOUND; (C) AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE
TO THE RATING AGENCIES STATING THAT SUBJECTING THE REPLACEMENT PROPERTY TO THE
LIEN OF THE RELATED MORTGAGE AND THE EXECUTION AND DELIVERY OF THE RELATED LOAN
DOCUMENTS DOES NOT AND WILL NOT AFFECT OR IMPAIR THE ABILITY OF LENDER TO
ENFORCE ITS REMEDIES UNDER ALL OF THE LOAN DOCUMENTS