FROM EACH SUCH LICENSOR ALL NECESSARY CONSENTS TO SUCH ASSIGNMENTS.
(R)
TITLE COMMITMENT.
THE TITLE COMPANY
SHALL HAVE ISSUED TO LENDER A TITLE INSURANCE COMMITMENT (THE "TITLE
COMMITMENT") (AMERICAN LAND TITLE ASSOCIATION, STANDARD LOAN POLICY ADDITIONAL
COVERAGE (1992)) IN THE AMOUNT OF THE CONSTRUCTION/TERM LOAN
COMMITMENT PLUS
THE REVOLVING CREDIT LOAN COMMITMENT INSURING THE LEASEHOLD MORTGAGE TO BE A
VALID FIRST LIEN ON BORROWER'S INTEREST IN THE PROPERTY (INCLUDING ANY
APPURTENANT OR IN GROSS EASEMENTS RELATED THERETO) AND IMPROVEMENTS, FREE AND
CLEAR OF ALL DEFECTS AND ENCUMBRANCES, EXCEPT SUCH AS LENDER AND ITS COUNSEL
SHALL APPROVE, AND SUCH TITLE COMMITMENT WHICH SHALL CONTAIN:
(i)
full coverage against mechanic's liens
(or an endorsement up to the aggregate amount outstanding under the
Construction/Term Loan Note as of the current Advance plus the Revolving Credit
Loan Commitment);
(ii)
the deletion of all standard exceptions;
and
(iii)
such endorsements thereto required by
Lender, including, but not limited to, pending disbursement, 3.0 zoning,
mechanic's lien, environmental, location, access, tax parcel, survey,
contiguity, creditors' rights, variable rate and lender's comprehensive.
The title policy issued pursuant to such Title Commitment must remain in full
force and effect, enforceable against the Title Company in accordance with its
terms, except to the extent that such title policy is canceled or terminated
solely due to Lender's gross negligence or willful misconduct.
(S)
SURVEY.
LENDER SHALL HAVE RECEIVED AND
APPROVED FROM BORROWER A SURVEY PREPARED BY A REGISTERED OR CERTIFIED SURVEYOR
APPROVED BY LENDER AND THE TITLE COMPANY SHOWING THE DIMENSIONS AND BOUNDARIES
OF THE PROPERTY, THE AREA OF THE PROPERTY IN SQUARE FEET AND OTHER MATTERS OF
INTEREST TO LENDER WITH COURSES AND DISTANCES SO AS TO PERMIT A VERBAL
DESCRIPTION OF THE PROPERTY AND OF ANY OTHER ITEM NOTED ON THE SURVEY (INCLUDING
ANY AND ALL EASEMENTS), ALL OF WHICH SHALL BE REASONABLY ACCEPTABLE TO LENDER.
THE SURVEY SHALL BE IN COMPLIANCE WITH THE MINIMUM STANDARDS AS ADOPTED BY THE
AMERICAN LAND TITLE ASSOCIATION AND THE AMERICAN CONGRESS ON SURVEYING AND
MAPPING (2005), WITH A CERTIFICATE OF THE SURVEYOR IN THE FORM ATTACHED HERETO
AS EXHIBIT E.
(t)
IFA Guaranty.
Lender shall have received
and approved the following in connection with the IFA Guaranty:
(i)
An executed original of the IFA Guaranty
executed by the IFA in favor of Lender;
(II)
AN EXECUTED ORIGINAL OF THAT CERTAIN
LENDER'S AGREEMENT EXECUTED BY LENDER AND THE IFA (THE "LENDER'S AGREEMENT");
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(iii)
An executed original of that certain
Collateral Agreement executed by Lender and the IFA (the "IFA Collateral
Agreement");
(iv)
An executed resolution passed by the IFA or
other evidence from the IFA satisfactory to Lender that (1) the terms and
provisions of this Agreement, the other Loan Documents, the IFA Guaranty and the
Lender's Agreement do not violate the Illinois Finance Authority Act, the
Guidelines for the Illinois State Guarantee Programs (the "IFA Guidelines"), or
the Illinois Finance Authority Regulations (currently codified as 8 Ill. Admin
Code 1400) (the "IFA Regulations"), (2) to the extent that the terms