TO BE RELEASED.
(H)
NO CONDEMNATION OR CASUALTY.
EXCEPT IN CONNECTION WITH A RELEASE
REQUEST OR A SUBSTITUTION REQUEST, THERE SHALL NOT BE PENDING OR THREATENED ANY
CONDEMNATION OR OTHER TAKING, WHETHER DIRECT OR INDIRECT, AGAINST THE MORTGAGED
PROPERTY AND THERE SHALL NOT HAVE OCCURRED ANY CASUALTY TO ANY IMPROVEMENTS
LOCATED ON THE MORTGAGED PROPERTY, WHICH CASUALTY WOULD HAVE A MATERIAL ADVERSE
EFFECT.
(I)
DELIVERY OF CLOSING DOCUMENTS.
THE RECEIPT BY LENDER OF THE
FOLLOWING, EACH DATED AS OF THE CLOSING DATE FOR THE REQUEST, IN FORM AND
SUBSTANCE SATISFACTORY TO LENDER IN ALL RESPECTS:
(I)
THE LOAN DOCUMENTS RELATING TO SUCH REQUEST;
(II)
A COMPLIANCE CERTIFICATE;
(III)
AN ORGANIZATIONAL CERTIFICATE; AND
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(IV)
SUCH OTHER DOCUMENTS, INSTRUMENTS, APPROVALS (AND, IF REQUESTED BY
LENDER, CERTIFIED DUPLICATES OF EXECUTED COPIES THEREOF) AND OPINIONS AS LENDER
MAY REASONABLY REQUEST.
(J)
COVENANTS.
EXCEPT TO THE EXTENT THAT A COVENANT APPLIES
EXCLUSIVELY AND SPECIFICALLY TO A MORTGAGED PROPERTY WHICH IS REQUESTED TO BE
RELEASED, BORROWER IS IN FULL COMPLIANCE WITH EACH OF THE COVENANTS CONTAINED IN
ARTICLE 8 AND ARTICLE 9 OF THIS AGREEMENT, WITHOUT GIVING EFFECT TO ANY NOTICE
AND CURE RIGHTS OF BORROWER.
Section 6.02.
Conditions Precedent to Term
Loan.
The obligation of Lender to make the Term Loan is subject to the following
conditions precedent:
(A)
RECEIPT BY LENDER OF THE REPLACEMENT RESERVE AGREEMENT AND
COMPLETION/REPAIR SECURITY AGREEMENT;
(B)
RECEIPT BY LENDER OF THE CERTIFICATE OF IDOT GUARANTOR AND IDOT
GUARANTY;
(C)
RECEIPT BY LENDER OF OPINIONS OF COUNSEL TO BORROWER, COUNSEL TO
MASTER TENANT AND COUNSEL TO OPERATOR IN FORM AND CONTENT SATISFACTORY TO
LENDER;
(D)
RECEIPT BY LENDER OF THE DOCUMENTS AND INSTRUMENTS REQUIRED BY
SECTIONS 6.11;
(E)
DELIVERY TO THE TITLE COMPANY WITH FULLY EXECUTED INSTRUCTIONS
DIRECTING THE TITLE COMPANY TO FILE AND/OR RECORD IN ALL APPLICABLE
JURISDICTIONS, ALL APPLICABLE LOAN DOCUMENTS REQUIRED BY LENDER TO BE FILED OR
RECORDED, INCLUDING DULY EXECUTED AND DELIVERED ORIGINAL COPIES OF THE VARIABLE
FACILITY NOTE OR FIXED FACILITY NOTE, AS APPLICABLE, THE GUARANTY, THE INITIAL
SECURITY INSTRUMENTS COVERING THE INITIAL MORTGAGED PROPERTIES AND UCC-1
FINANCING STATEMENTS COVERING THE PORTION OF THE COLLATERAL COMPRISED OF
PERSONAL PROPERTY, AND OTHER APPROPRIATE INSTRUMENTS, IN FORM AND SUBSTANCE
SATISFACTORY TO LENDER AND IN FORM PROPER FOR RECORDATION, AS MAY BE NECESSARY
IN THE OPINION OF LENDER TO PERFECT THE LIENS CREATED BY THE APPLICABLE SECURITY
INSTRUMENTS AND ANY OTHER LOAN DOCUMENTS CREATING A LIEN IN FAVOR OF LENDER, AND
THE PAYMENT OF ALL TAXES, FEES AND OTHER CHARGES PAYABLE IN CONNECTION WITH SUCH
EXECUTION, DELIVERY, RECORDING AND FILING;
(F)
RECEIPT BY LENDER OF THE INITIAL ORIGINATION FEE PURSUANT TO
SECTION 10.01(A) AND THE INITIAL DUE DILIGENCE FEE PURSUANT TO SECTION 10.02(A);
AND
(G)
SUCH OTHER DOCUMENTS, INSTRUMENTS, APPROVALS (AND, IF REQUESTED BY
FANNIE MAE AND LENDER, CERTIFIED DUPLICATES OF EXECUTED COPIES THEREOF) AND
OPINIONS AS FANNIE MAE OR LENDER MAY REASONABLY REQUEST.
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Section 6.03.
Reserved.
Section 6.04.
Reserved.
Section 6.05.
Conditions Precedent to
Release of Property from the Collateral Pool.
The release