OR ITS COUNSEL (SUCH FEES AND
EXPENSES COLLECTIVELY BEING REFERRED TO AS THE " LENDER FEES"), IN CONNECTION
WITH THE LOAN ASSUMPTION APPLICATION AND THE LOAN ASSUMPTION AND RELEASE.
4.5.6.
ADDITIONALLY, PURCHASER SHALL BE RESPONSIBLE FOR (A) REPLACING (AND
INCREASING TO THE EXTENT REQUIRED BY LENDER) ALL RESERVES, IMPOUNDS AND OTHER
ACCOUNTS REQUIRED TO BE MAINTAINED IN CONNECTION WITH THE LOAN, AND (B) FUNDING
ANY ADDITIONAL RESERVES, IMPOUNDS OR ACCOUNTS REQUIRED BY LENDER TO BE
MAINTAINED BY PURCHASER IN CONNECTION WITH THE LOAN AFTER THE LOAN ASSUMPTION
AND RELEASE (THE FOREGOING AMOUNTS IN (A) AND (B) COLLECTIVELY REFERRED TO
HEREIN AS THE " REQUIRED LOAN FUND AMOUNTS").
ANY EXISTING RESERVES, IMPOUNDS
AND OTHER ACCOUNTS REQUIRED TO BE REPLACED BY PURCHASER PURSUANT TO THE
FOREGOING SENTENCE SHALL BE RELEASED IN GOOD FUNDS TO SELLER AT THE CLOSING.
4.5.7.
PURCHASER AGREES PROMPTLY TO DELIVER TO THE LENDER ALL DOCUMENTS AND
INFORMATION REQUIRED BY THE ASSUMED LOAN DOCUMENTS, AND SUCH OTHER INFORMATION
OR DOCUMENTATION AS THE LENDER REASONABLY MAY REQUEST, INCLUDING, WITHOUT
LIMITATION, FINANCIAL STATEMENTS, INCOME TAX RETURNS AND OTHER FINANCIAL
INFORMATION FOR PURCHASER AND ANY REQUIRED GUARANTOR.
SELLER AGREES THAT IT
WILL COOPERATE WITH PURCHASER AND LENDER, AT NO COST OR EXPENSE TO SELLER, IN
CONNECTION WITH PURCHASER'S APPLICATION TO LENDER FOR APPROVAL OF THE LOAN
ASSUMPTION AND RELEASE AND SUBSEQUENT CONSUMMATION OF THE LOAN ASSUMPTION AND
RELEASE AT CLOSING.
4.5.8.
NO LATER THAN 10 DAYS AFTER THE EFFECTIVE DATE, PURCHASER SHALL
ORDER A PHASE I ENVIRONMENTAL STUDY (PREPARED BY AN ENVIRONMENTAL ENGINEER
REASONABLY ACCEPTABLE TO SELLER AND LENDER), AND COVENANTS THAT SUCH PHASE I
ENVIRONMENTAL STUDY SHALL BE DELIVERED TO SELLER AND LENDER NO LATER THAN 10
DAYS PRIOR TO THE CLOSING DATE IN CONNECTION WITH AND AS A PRECONDITION TO THE
LOAN ASSUMPTION AND RELEASE.
4.5.9.
PURCHASER SHALL BE IN DEFAULT HEREUNDER IF (I) PURCHASER FAILS TO
SUBMIT A COMPLETE LOAN ASSUMPTION APPLICATION BY THE LOAN ASSUMPTION APPLICATION
SUBMITTAL DEADLINE, OR (II) SUBJECT TO SECTION 4.5.10, PURCHASER FAILS TO OBTAIN
THE LOAN ASSUMPTION AND RELEASE PRIOR TO THE CLOSING DATE, IN EITHER OF WHICH
EVENTS SELLER MAY TERMINATE THIS CONTRACT AND THE DEPOSIT SHALL BE IMMEDIATELY
RELEASED BY THE ESCROW AGENT TO SELLER.
4.5.10.
PURCHASER SHALL HAVE UNTIL 60 DAYS AFTER THE EFFECTIVE DATE (THE "
FINANCE CONTINGENCY PERIOD") TO OBTAIN LENDER'S BINDING APPROVAL OF THE LOAN
ASSUMPTION AND RELEASE.
IF PURCHASER DOES NOT OBTAIN FINAL APPROVAL OF THE LOAN
ASSUMPTION AND RELEASE ON TERMS REASONABLY ACCEPTABLE TO PURCHASER WITHIN THE
FINANCE CONTINGENCY PERIOD, THEN THIS CONTRACT SHALL BE DEEMED AUTOMATICALLY
TERMINATED AND OF NO FURTHER FORCE AND EFFECT (SUBJECT TO AND EXCEPT FOR THE
SURVIVAL PROVISIONS) AS OF 5:00 P.M. ON THE DATE OF EXPIRATION OF THE FINANCE
CONTINGENCY PERIOD AND ESCROW AGENT SHALL RETURN THE DEPOSIT TO PURCHASER.
4.6.
SUBSEQUENTLY DISCLOSED EXCEPTIONS.
If at any time after the expiration of the Feasibility Period, any update to
the Title Commitment discloses any additional item that materially adversely
affects title to the Property which was not disclosed on any version