AFFIRMATIVE COVERAGE AND ENDORSEMENTS DESCRIBED IN
CLAUSE (II) BELOW ON THE BASIS OF AN EARLIER SURVEY, AND SUCH SURVEY SHALL BE
PREPARED BY AN INDEPENDENT PROFESSIONAL LICENSED LAND SURVEYOR 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 ON THE DATE OF THE PREPARATION OF THE SURVEY AND
MEETING THE ACCURACY REQUIREMENTS AS DEFINED THEREIN;
(II)
THE ADMINISTRATIVE AGENT SHALL HAVE
RECEIVED IN RESPECT OF EACH MORTGAGED PROPERTY A MORTGAGEE'S TITLE INSURANCE
POLICY (OR POLICIES) OR MARKED UP UNCONDITIONAL BINDER FOR SUCH INSURANCE. EACH
SUCH POLICY SHALL (A) BE IN AN AMOUNT
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SATISFACTORY TO THE ADMINISTRATIVE AGENT; (B) INSURE THAT THE MORTGAGE INSURED
THEREBY CREATES A VALID FIRST LIEN ON, AND SECURITY INTEREST IN, SUCH MORTGAGED
PROPERTY FREE AND CLEAR OF ALL DEFECTS AND ENCUMBRANCES, EXCEPT FOR PERMITTED
LIENS DISCLOSED THEREIN; (C) NAME THE ADMINISTRATIVE AGENT FOR THE BENEFIT OF
THE SECURED PARTIES AS THE INSURED THEREUNDER; (D) BE IN THE FORM OF ALTA LOAN
POLICY 2006; (E) CONTAIN SUCH ENDORSEMENTS AND AFFIRMATIVE COVERAGE AS THE
ADMINISTRATIVE AGENT MAY REASONABLY REQUEST IN FORM AND SUBSTANCE ACCEPTABLE TO
THE ADMINISTRATIVE AGENT, INCLUDING, WITHOUT LIMITATION (TO THE EXTENT
APPLICABLE WITH RESPECT TO SUCH MORTGAGED PROPERTY AND AVAILABLE IN THE
JURISDICTION IN WHICH SUCH MORTGAGED PROPERTY IS LOCATED), THE FOLLOWING: FUTURE
ADVANCE ENDORSEMENT; VARIABLE RATE ENDORSEMENT; SURVEY ENDORSEMENT;
COMPREHENSIVE ENDORSEMENT; ZONING (ALTA 3.1 WITH PARKING ADDED) ENDORSEMENT;
FIRST LOSS, DOING BUSINESS AND TIE-IN ENDORSEMENT; ACCESS COVERAGE; SEPARATE TAX
PARCEL COVERAGE; CONTIGUITY COVERAGE; USURY; SUBDIVISION; ENVIRONMENTAL
PROTECTION LIEN; AND SUCH OTHER ENDORSEMENTS AS THE ADMINISTRATIVE AGENT SHALL
REASONABLY REQUIRE IN ORDER TO PROVIDE INSURANCE AGAINST SPECIFIC RISKS
IDENTIFIED BY THE ADMINISTRATIVE AGENT IN CONNECTION WITH SUCH MORTGAGED
PROPERTY, (F) BE ISSUED BY TITLE COMPANIES SATISFACTORY TO THE ADMINISTRATIVE
AGENT (INCLUDING ANY SUCH TITLE COMPANIES ACTING AS CO-INSURERS OR REINSURERS,
AT THE OPTION OF THE ADMINISTRATIVE AGENT), AND (G) NOT INCLUDE "STANDARD" TITLE
EXCEPTIONS, A SURVEY EXCEPTION OR AN EXCEPTION FOR MECHANICS LIENS. THE
ADMINISTRATIVE AGENT SHALL HAVE RECEIVED EVIDENCE 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;
(III)
THE ADMINISTRATIVE AGENT SHALL HAVE RECEIVED
A COPY OF ALL RECORDED DOCUMENTS REFERRED TO, OR LISTED AS EXCEPTIONS TO TITLE
IN, THE TITLE POLICY OR POLICIES REFERRED TO IN CLAUSE (II) ABOVE AND A COPY OF
ALL OTHER MATERIAL DOCUMENTS AFFECTING THE MORTGAGED PROPERTIES; AND
(IV)
IF REQUESTED BY THE ADMINISTRATIVE AGENT, THE
ADMINISTRATIVE AGENT SHALL HAVE RECEIVED (A) A POLICY OF FLOOD INSURANCE THAT
(1) COVERS ANY PARCEL OF IMPROVED REAL PROPERTY THAT IS ENCUMBERED BY ANY
MORTGAGE (2) IS WRITTEN IN AN AMOUNT NOT LESS THAN THE OUTSTANDING PRINCIPAL
AMOUNT OF THE INDEBTEDNESS SECURED BY SUCH