Conditions Precedent to the Initial Advance. The obligation of the Bank to make the Initial Advance on the Loan pursuant to this Agreement shall be subject to the satisfaction of all of conditions precedent set forth in this Section. In the event that any condition precedent is not so satisfied but Bank elects to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a waiver of such condition and the condition shall be satisfied prior to any subsequent Advance. (a) All of the Loan Documents shall be in full force and effect and binding and enforceable obligations of Borrowers and, to the extent that it is a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound thereby. (b) All actions, proceedings, instruments and documents required to carry out the borrowings and transactions contemplated by this Agreement or any other Loan Document or incidental thereto, and all other related legal matters, shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested. (c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect. (d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items: (1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) and delivered by Borrowers and any Person who is a party thereto. (2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party or by which it is otherwise bound, which resolutions shall have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and in full force and effect; (ii) incumbency certifications of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s); (iii) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business. (3) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request shall have been executed and delivered by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary to perfect, subject only to Permitted Encumbrances, the Liens granted thereby. (4) An opinion of Borrowers’ legal counsels, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance to Bank. (5) A UCC, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances. (6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4 (7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust). (8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant. (9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank. (10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.
Appears in 1 contract
Conditions Precedent to the Initial Advance. The obligation Agent and ▇▇▇▇▇▇ will make the initial Advance provided for hereunder only after the satisfaction or waiver, as determined by Agent and ▇▇▇▇▇▇▇, of each of the Bank to make the Initial Advance on the Loan pursuant to this Agreement shall be subject to the satisfaction of all of following conditions precedent set forth in this Section. In (the event that any condition precedent is not so satisfied but Bank elects making of such initial Advance by a Lender being conclusively deemed to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a be its satisfaction or waiver of such condition and the condition shall be satisfied prior to any subsequent Advance.conditions precedent):
(a) All Agent shall have received each of the Loan Documents following documents, in form and substance satisfactory to Agent, duly executed, and each such document shall be in full force and effect effect:
(i) To the extent required under Section 5.15, Control Agreements with respect to all Deposit Accounts and binding and enforceable obligations of Borrowers andSecurities Accounts constituting Collateral maintained by, or for the benefit of, Borrower,
(ii) The Co-Lender Agreements;
(iii) a Borrowing Base Certificate;
(iv) Amendment Number One;
(v) The supplement to the extent that it is a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound thereby.Perfection Certificate; and
(vi) The Intercompany Subordination Agreement;
(b) All actionsAgent shall have received duly executed copies of each amendment to the Obligor Loan Documents reasonably requested by Agent and in form and substance satisfactory to Agent, proceedings, instruments and documents each such amendment shall be in full force and effect;
(c) Agent shall have received all Negotiable Collateral required to carry out be delivered to Agent and duly endorsed by Borrower pursuant to the borrowings terms and provisions of Section 4.3 and Section 7.13;
(d) Borrower shall have received a copy of the SRT Financing Facility, in form and substance satisfactory to Agent, duly executed, and each such document shall be in full force and effect;
(e) Agent shall have received a certificate of insurance, together with the endorsements thereto, as are required by Section 6.6, the form and substance of which shall be satisfactory to Agent; and
(f) all other documents and legal matters in connection with the transactions contemplated by this Agreement or any other Loan Document or incidental thereto, and all other related legal matters, to be completed prior to the initial Advance hereunder shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested.
(c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect.
(d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items:
(1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) or recorded and delivered by Borrowers and any Person who is a party thereto.
(2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party or by which it is otherwise bound, which resolutions shall have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and in full force and effect; (ii) incumbency certifications of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s); (iii) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business.
(3) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request shall have been executed and delivered by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary to perfect, subject only to Permitted Encumbrances, the Liens granted thereby.
(4) An opinion of Borrowers’ legal counsels, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance satisfactory to BankAgent.
(5) A UCC, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4
(7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.
Appears in 1 contract
Sources: Loan and Security Agreement (Sunrise Realty Trust, Inc.)
Conditions Precedent to the Initial Advance. The obligation of the Bank each Lender to make its initial Advance under the Initial Advance on the Loan pursuant to this Agreement shall be Credit Facility is subject to and conditional upon the satisfaction fulfilment of all of the following conditions precedent set forth in this Section. In at the event that any condition precedent time the initial Advance is not so satisfied but Bank elects to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a waiver of such condition and the condition shall be satisfied prior to any subsequent Advance.made available:
(a) All no Default or Event of Default has occurred or is continuing or would arise immediately after giving effect to or as a result of the Loan Documents shall be in full force and effect and binding and enforceable obligations of Borrowers and, to the extent that it is a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound thereby.Advance;
(b) All actionsthe Advance will not violate any Applicable Law;
(c) the representations and warranties of the Credit Parties contained in Article 5 and in each of the other Credit Documents are true and correct on the date of the Advance as if such representations and warranties were made on that date;
(d) the conditions precedent in Section 4.1 have been satisfied;
(e) the Administrative Agent has received, proceedingsin form and substance and dated a date satisfactory to the Lenders and their counsel and in sufficient quantities for each Lender:
(i) an executed copy of the Credit Documents (other than this Agreement);
(ii) a certified copy of the IP Credit Documents;
(i) all documents, instruments, financing statements and notices of security shall have been properly registered, recorded and filed in all places which, (ii) searches shall have been conducted in all jurisdictions which, and (iii) deliveries of all consents, approvals, acknowledgements, confirmations, undertakings, subordinations, discharges, waivers, directions, negotiable documents of title and other documents and instruments and documents to the Administrative Agent shall have been made which, in each case, are desirable or required to carry out make effective the borrowings Security and to ensure the perfection and the first-ranking priority of such Security subject only to Permitted Liens which rank by law in priority;
(iv) an executed no interest letter in favour of the Administrative Agent and the Lenders from the lenders under the IP Credit Agreement, in respect of the Restricted Account and the Restricted Account Collateral;
(v) certified copies of (i) the charter documents and by-laws of each Credit Party, (ii) all resolutions of the Board of Directors or shareholders, as the case may be, of each Credit Party approving the borrowing and other matters contemplated by this Agreement and the other Credit Documents, and (iii) a list of the officers and directors authorized to sign agreements together with their specimen signatures;
(vi) a certificate of status, compliance or like certificate with respect to each Credit Party issued by the appropriate Governmental Authority of the jurisdiction of its incorporation;
(vii) an opinion of counsel to each Credit Party addressed to the Lenders and the Administrative Agent relating to the status and capacity of such Credit Party, the due authorization, execution and delivery and the validity and enforceability of the Credit Documents to which such Credit Party is a party, and perfection of the Security granted pursuant to the Security Agreement to which such Credit Party is a party in the jurisdiction of incorporation of such Credit Party, in the Province of Alberta and in any other relevant jurisdiction, and such other matters as the Administrative Agent may reasonably request;
(viii) all approvals, acknowledgments and consents of all Governmental Authorities and other Persons which are required to be obtained by any Credit Party in order to complete the transactions contemplated by this Agreement or and to perform its obligations under any other Loan Document or incidental thereto, and all other related legal matters, shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested.
(c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect.
(d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items:
(1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) and delivered by Borrowers and any Person who is a party thereto.
(2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Credit Document to which it is a party party;
(ix) the documentation and other information that is required by the Administrative Agent and the Lenders pursuant to Anti-Terrorism Laws and applicable “know your client” laws and regulations;
(x) such other certificates and documentation as the Administrative Agent may reasonably request;
(f) the Lenders have completed, to their satisfaction, a due diligence review of the Credit Parties including a review of the capital structure of the Borrower and the IP Credit Documents;
(g) the Lenders are satisfied that, since December 31, 2018, there has not been an event or by circumstance which it is otherwise bound, which resolutions shall could reasonably be expected to result in a Material Adverse Effect;
(h) all fees and other amounts then payable under the Credit Documents have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and paid in full force and effectfull; (ii) incumbency certifications of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s); (iii) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business.and
(3i) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request shall have been executed and delivered initial Advance is made by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary Lenders prior to perfectMarch 1, subject only to Permitted Encumbrances, the Liens granted thereby2020.
(4) An opinion of Borrowers’ legal counsels, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance to Bank.
(5) A UCC, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4
(7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.
Appears in 1 contract
Conditions Precedent to the Initial Advance. The obligation Agent and ▇▇▇▇▇▇ will make the initial Advance provided for hereunder only after the satisfaction or waiver, as determined by Agent and ▇▇▇▇▇▇▇, of each of the Bank to make the Initial Advance on the Loan pursuant to this Agreement shall be subject to the satisfaction of all of following conditions precedent set forth in this Section. In (the event that any condition precedent is not so satisfied but Bank elects making of such initial Advance by a Lender being conclusively deemed to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a be its satisfaction or waiver of such condition and the condition shall be satisfied prior to any subsequent Advance.conditions precedent):
(a) All Agent shall have received each of the Loan Documents following documents, in form and substance satisfactory to Agent, duly executed, and each such document shall be in full force and effect effect: (i) To the extent required under Section 5.15, Control Agreements with respect to all Deposit Accounts and binding and enforceable obligations of Borrowers andSecurities Accounts constituting Collateral maintained by, or for the benefit of, Borrower, (ii) The Co-Lender Agreements; (iii) a Borrowing Base Certificate; (iv) Amendment Number One; (v) The supplement to the extent that it is a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound thereby.Perfection Certificate; and (vi) The Intercompany Subordination Agreement;
(b) All actions, proceedings, instruments Agent shall have received duly executed copies of each amendment to the Obligor Loan Documents reasonably requested by Agent and documents required in form and substance satisfactory to carry out the borrowings and transactions contemplated by this Agreement or any other Loan Document or incidental theretoAgent, and all other related legal matters, each such amendment shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested.
(c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect.
(d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items:
(1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) and delivered by Borrowers and any Person who is a party thereto.
(2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party or by which it is otherwise bound, which resolutions shall have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and in full force and effect; (iic) incumbency certifications Agent shall have received all Negotiable Collateral required to be delivered to Agent and duly endorsed by Borrower pursuant to the terms and provisions of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for Section 4.3 and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s)Section 7.13; (iiid) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business.
(3) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request Borrower shall have been executed and delivered by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary to perfect, subject only to Permitted Encumbrances, the Liens granted thereby.
(4) An opinion of Borrowers’ legal counsels, dated as received a copy of the date of this AgreementSRT Financing Facility, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance satisfactory to Bank.
(5) A UCCAgent, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4
(7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicableduly executed, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.each such document shall be in full force and effect; - 57 – BN 88856835v9
Appears in 1 contract
Sources: Loan and Security Agreement (Sunrise Realty Trust, Inc.)
Conditions Precedent to the Initial Advance. The obligation Agent and ▇▇▇▇▇▇ will make the initial Advance provided for hereunder only after the satisfaction or waiver, as determined by Agent and ▇▇▇▇▇▇▇, of each of the Bank to make the Initial Advance on the Loan pursuant to this Agreement shall be subject to the satisfaction of all of following conditions precedent set forth in this Section. In (the event that any condition precedent is not so satisfied but Bank elects making of such initial Advance by a Lender being conclusively deemed to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a be its satisfaction or waiver of such condition and the condition shall be satisfied prior to any subsequent Advance.conditions precedent):
(a) All Agent shall have received each of the Loan Documents following documents, in form and substance satisfactory to Agent, duly executed, and each such document shall be in full force and effect and binding and enforceable obligations of Borrowers and, to effect:
(i) To the extent that it is required under Section 5.15, Control Agreements with respect to all Deposit Accounts and Securities Accounts constituting Collateral maintained by, or for the benefit of, Borrower,
(ii) The Co-Lender Agreements, and
(iii) a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound therebyBorrowing Base Certificate.
(b) All actionsAgent shall have received duly executed copies of each amendment to the Obligor Loan Documents reasonably requested by Agent and in form and substance satisfactory to Agent, proceedings, instruments and documents each such amendment shall be in full force and effect;
(c) Agent shall have received all Negotiable Collateral required to carry out be delivered to Agent and duly endorsed by Borrower pursuant to the borrowings terms and provisions of Section 4.3;
(d) Agent shall have received the original assignment of each Obligor Loan Mortgage securing each Eligible Obligor Loan Receivable, as applicable, duly executed by Borrower and otherwise acceptable to Agent;
(e) Agent shall have received a certificate of insurance, together with the endorsements thereto, as are required by Section 6.6, the form and substance of which shall be satisfactory to Agent; and
(f) all other documents and legal matters in connection with the transactions contemplated by this Agreement or any other Loan Document or incidental thereto, and all other related legal matters, to be completed prior to the initial Advance hereunder shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested.
(c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect.
(d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items:
(1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) or recorded and delivered by Borrowers and any Person who is a party thereto.
(2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party or by which it is otherwise bound, which resolutions shall have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and in full force and effect; (ii) incumbency certifications of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s); (iii) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business.
(3) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request shall have been executed and delivered by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary to perfect, subject only to Permitted Encumbrances, the Liens granted thereby.
(4) An opinion of Borrowers’ legal counsels, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance satisfactory to BankAgent.
(5) A UCC, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4
(7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.
Appears in 1 contract
Sources: Loan and Security Agreement (Sunrise Realty Trust, Inc.)
Conditions Precedent to the Initial Advance. The obligation of the Bank to make the Initial Advance on the Loan pursuant to this Agreement shall be subject to the satisfaction of all of conditions precedent set forth in this Section. In the event that any condition precedent is not so satisfied but Bank elects to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a waiver of such condition and the condition shall be satisfied prior to any subsequent Advance.
(a) All of the Loan Documents shall be in full force and effect and binding and enforceable obligations of Borrowers and, to the extent that it is a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound thereby.
(b) All actions, proceedings, instruments and documents required to carry out the borrowings and transactions contemplated by this Agreement or any other Loan Document or incidental thereto, and all other related legal matters, shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested.
(c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect.
(d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items:
(1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered {PH005695.1} Addendum 2, Page 7 017104 000349 15171164.4 Page7 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) and delivered by Borrowers and any Person who is a party thereto.
(2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party or by which it is otherwise bound, which resolutions shall have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and in full force and effect; (ii) incumbency certifications of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s); (iii) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business.
(3) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request shall have been executed and delivered by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary to perfect, subject only to Permitted Encumbrances, the Liens granted thereby.
(4) An opinion of Borrowers’ legal counsels, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance to Bank.
(5) A UCC, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. {PH005695.1} Addendum 2, Page 8 017104 000349 15171164.4Page8
(7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.
Appears in 1 contract
Conditions Precedent to the Initial Advance. The obligation of the Bank Lender to make the Initial Advance on the Loan pursuant to this Agreement shall be is subject to the satisfaction of all of the conditions precedent set forth in this SectionSection 2.2(i). In the event that If any condition precedent is not so satisfied (other than as set forth in Section (i)(iv)(J)) but Bank Lender nevertheless elects to make the Initial Advance on the Loan notwithstanding the sameAdvance, such then that election shall not constitute a waiver of such that condition and the condition shall be satisfied prior to before any subsequent Advance.. The conditions precedent to the Initial Advance are:
(ai) All of the Loan Documents shall be in full force and effect and binding effect, binding, and enforceable obligations of Borrowers and, to the extent that it is a party thereto or otherwise bound thereby, Borrower and of each other Person who may be a party thereto or bound thereby.
(bii) All actions, proceedings, instruments instruments, and documents required to carry out the borrowings and transactions contemplated by this Agreement or under any other Loan Document or incidental thereto, and all other related legal matters, shall have been are satisfactory to and are approved by legal counsel for BankLender, and said that counsel shall have has been furnished with such certified copies of actions and proceedings and such those other instruments and documents as they shall have requested.
(ciii) Each Loan Party shall have has performed and complied with all applicable agreements and conditions contained in the Loan Documents applicable to it and which that are then in effect.
(div) Borrowers shall have Borrower has delivered; , done, or caused to have been delivered, to Bank be delivered or done or caused to have been done, to BankLender’s satisfaction full and complete satisfaction, each and every of the following itemsfollowing:
(1A) This this Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant heretoto this Agreement), the Note, the Deeds Deed of Trust Trust, the Guaranty and all other Loan Documents duly executed, acknowledged (if required) as provided), and delivered by Borrowers Borrower and any Person who is a party thereto.thereto when and as required by Lender;
(2B) a consent of architect to the assignment of the Plans to Lender and the consent of Contractors to the assignment of the Construction Contract to Lender, all in form and content satisfactory to Lender;
(C) (i1) Copies copies of resolutions of the board of directorspartners, partners or members or managers, managers (as applicable, ) of each Loan Party Party, evidencing approval of the borrowing hereunder under this Agreement and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery delivery, and performance by each Loan Party of each Loan Document to which it is a party or by which it is otherwise bound, which resolutions shall have been certified by a duly authorized officer, partner partner, or other representative, representative (as applicable, ) of each Loan Party as of the date of this Agreement as being complete, accurate accurate, and in full force and effect; (ii2) incumbency certifications of a duly authorized officer, partner partner, or other representative, representative (as applicable, ) of each Loan Party, in each case, case identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s)each Person, respectively, and to otherwise act for and on behalf of such Person(s)each Person; (iii3) certified copies of each of such Person(s)’ Loan Party’s articles of incorporation and bylaws, partnership agreementincorporation, certificate of limited partnership or article of organization as applicable, (4) certified copies of each Loan Party’s partnership, articles of organization, regulations operating agreement or operating agreementbylaws, as applicable, and all amendments thereto; and (iv5) certificates of existence, good standing standing, and authority to do business, business (as applicable, ) certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ Person’s organization and from every other each state or jurisdiction in which such Person the Land is required, under applicable law, to be qualified to do businesslocated.
(3D) Proof proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral collateral, and such those additional documents or certificates as may be required by Bank and/or contemplated Lender or required under the terms of any and every Loan Document, and such those other documents or agreements of security and appropriate assurances of validity, perfection perfection, and priority of Lien as Bank lien that Lender may request shall have been executed and delivered by the appropriate Persons and recorded or filed in such those jurisdictions and such all other steps shall have been taken as necessary to perfect, subject only to Permitted Encumbrances, Exceptions and the Liens granted thereby.;
(4E) An an opinion of Borrowers’ each Loan Party’s legal counselscounsel, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other those matters as that are required by Bank Lender and which are that is otherwise reasonably satisfactory in form and substance to Bank.Lender and Lender’s Counsel;
(5F) A to the extent applicable as of the date of the Initial Advance with respect to the then current stage of construction, copies of each authorization, license, permit, consent, order, or approval of, or registration, declaration, or filing with any Governmental Authority or other Person obtained or made by Borrower or any other Person in connection with transactions contemplated by the Loan Documents that is material to the transactions contemplated under this Agreement or the Mortgaged Property, including, but not limited to, building permits;
(G) UCC, tax lien lien, and judgment lien record searchsearches, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement Exceptions and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4
(7) The Title Policy (no tax liens or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within judgments against Borrower or any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.Loan Party;
Appears in 1 contract
Sources: Construction Loan Agreement (Global Growth Trust, Inc.)
Conditions Precedent to the Initial Advance. The obligation of the Bank each Lender to make its initial Advance under the Initial Advance on the Loan pursuant to this Agreement shall be Credit Facility is subject to and conditional upon the satisfaction fulfilment of all of the following conditions precedent set forth in this Section. In at the event that any condition precedent time the initial Advance is not so satisfied but Bank elects to make the Initial Advance on the Loan notwithstanding the same, such election shall not constitute a waiver of such condition and the condition shall be satisfied prior to any subsequent Advance.made available:
(a) All no Default or Event of Default has occurred or is continuing or would arise immediately after giving effect to or as a result of the Loan Documents shall be in full force and effect and binding and enforceable obligations of Borrowers and, to the extent that it is a party thereto or otherwise bound thereby, of each other Person who may be a party thereto or bound thereby.Advance;
(b) All actionsthe Advance will not violate any Applicable Law;
(c) the representations and warranties of the Credit Parties contained in Article 5 and in each of the other Credit Documents are true and correct on the date of the Advance as if such representations and warranties were made on that date;
(d) the conditions precedent in Section 4.1 have been satisfied;
(e) the Administrative Agent has received, proceedingsin form and substance and dated a date satisfactory to the Lenders and their counsel and in sufficient quantities for each Lender:
(i) an executed copy of the Credit Documents (other than this Agreement);
(ii) a certified copy of the IP Credit Documents;
(iii) (i) all documents, instruments, financing statements and notices of security shall have been properly registered, recorded and filed in all places which, (ii) searches shall have been conducted in all jurisdictions which, and (iii) deliveries of all consents, approvals, acknowledgements, confirmations, undertakings, subordinations, discharges, waivers, directions, negotiable documents of title and other documents and instruments and documents to the Administrative Agent shall have been made which, in each case, are desirable or required to carry out make effective the borrowings Security and to ensure the perfection and the first-ranking priority of such Security subject only to Permitted Liens which rank by law in priority;
(iv) an executed no interest letter in favour of the Administrative Agent and the Lenders from the lenders under the IP Credit Agreement, in respect of the Restricted Account and the Restricted Account Collateral;
(v) certified copies of (i) the charter documents and by-laws of each Credit Party, (ii) all resolutions of the Board of Directors or shareholders, as the case may be, of each Credit Party approving the borrowing and other matters contemplated by this Agreement and the other Credit Documents, and (iii) a list of the officers and directors authorized to sign agreements together with their specimen signatures;
(vi) a certificate of status, compliance or like certificate with respect to each Credit Party issued by the appropriate Governmental Authority of the jurisdiction of its incorporation;
(vii) an opinion of counsel to each Credit Party addressed to the Lenders and the Administrative Agent relating to the status and capacity of such Credit Party, the due authorization, execution and delivery and the validity and enforceability of the Credit Documents to which such Credit Party is a party, and perfection of the Security granted pursuant to the Security Agreement to which such Credit Party is a party in the jurisdiction of incorporation of such Credit Party, in the Province of Alberta and in any other relevant jurisdiction, and such other matters as the Administrative Agent may reasonably request;
(viii) all approvals, acknowledgments and consents of all Governmental Authorities and other Persons which are required to be obtained by any Credit Party in order to complete the transactions contemplated by this Agreement or and to perform its obligations under any other Loan Document or incidental thereto, and all other related legal matters, shall have been satisfactory to and approved by legal counsel for Bank, and said counsel shall have been furnished with such certified copies of actions and proceedings and such other instruments and documents as they shall have requested.
(c) Each Loan Party shall have performed and complied with all agreements and conditions contained in the Loan Documents applicable to it and which are then in effect.
(d) Borrowers shall have delivered; or caused to have been delivered, to Bank or done or caused to have been done, to Bank’s satisfaction each and every of the following items:
(1) This Agreement (together with all addenda, schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered Addendum 2, Page 7 017104 000349 15171164.4 pursuant hereto), the Note, the Deeds of Trust and all other Loan Documents duly executed, acknowledged (if required) and delivered by Borrowers and any Person who is a party thereto.
(2) (i) Copies of resolutions of the board of directors, partners or members or managers, as applicable, of each Loan Party evidencing approval of the borrowing hereunder and the transactions contemplated by the Loan Documents, and authorizing the execution, delivery and performance by each Loan Party of each Loan Credit Document to which it is a party party;
(ix) the documentation and other information that is required by the Administrative Agent and the Lenders pursuant to Anti-Terrorism Laws and applicable “know your client” laws and regulations;
(x) such other certificates and documentation as the Administrative Agent may reasonably request;
(f) the Lenders have completed, to their satisfaction, a due diligence review of the Credit Parties including a review of the capital structure of the Borrower and the IP Credit Documents;
(g) the Lenders are satisfied that, since December 31, 2018, there has not been an event or by circumstance which it is otherwise bound, which resolutions shall could reasonably be expected to result in a Material Adverse Effect;
(h) all fees and other amounts then payable under the Credit Documents have been certified by a duly authorized officer, partner or other representative, as applicable, of each Loan Party as of the date of this Agreement as being complete, accurate and paid in full force and effectfull; (ii) incumbency certifications of a duly authorized officer, partner or other representative, as applicable, of each Loan Party, in each case, identifying those individuals who are authorized to execute the Loan Documents for and on behalf of such Person(s), respectively, and to otherwise act for and on behalf of such Person(s); (iii) certified copies of each of such Person(s)’ articles of incorporation and bylaws, partnership agreement, certificate of limited partnership, articles of organization, regulations or operating agreement, as applicable, and all amendments thereto; and (iv) certificates of existence, good standing and authority to do business, as applicable, certified substantially contemporaneously with the date of this Agreement, from the state or other jurisdiction of each of such Person(s)’ organization and from every other state or jurisdiction in which such Person is required, under applicable law, to be qualified to do business.and
(3i) Proof that appropriate security agreements, financing statements, mortgages, deeds of trust, collateral and such additional documents or certificates as may be required by Bank and/or contemplated under the terms of any and every Loan Document, and such other documents or agreements of security and appropriate assurances of validity, perfection and priority of Lien as Bank may request shall have been executed and delivered initial Advance is made by the appropriate Persons and recorded or filed in such jurisdictions and such other steps shall have been taken as necessary Lenders prior to perfectMarch 1, subject only to Permitted Encumbrances, the Liens granted thereby2020.
(4) An opinion of Borrowers’ legal counsels, dated as of the date of this Agreement, as to enforceability and authority issues and covering such other matters as are required by Bank and which are otherwise reasonably satisfactory in form and substance to Bank.
(5) A UCC, tax lien and judgment lien record search, disclosing no notice of any Liens or encumbrances filed against any of the Mortgaged Property, other than the Permitted Encumbrances.
(6) Evidence of insurance coverage as required by this Agreement and the Deeds of Trust. Addendum 2, Page 8 017104 000349 15171164.4
(7) The Title Policy (or the Title Company’s unconditional commitment to issue the Title Policy upon recordation of the Deeds of Trust).
(8) If requested by bank, an environmental audit report covering the Primary Collateral, in form and content and conducted and prepared by an environmental consultant reasonably acceptable to Bank. Borrowers agree that Bank may disclose the contents of such environmental audit report to Governmental Authorities and Borrowers shall deliver to Bank the written consent to such disclosure from the respective environmental consultant.
(9) Evidence that none of the Primary Collateral is located within any designated flood plain or special flood hazard area (as may be shown on the surveys delivered to Bank or other evidence acceptable to Bank) or, in lieu thereof at Bank’s request, evidence that Borrowers have applied for and received flood insurance covering the insurable Improvements in the maximum coverage available to Bank.
(10) To the extent portions of the Primary Collateral have been platted, full-size, single sheet copies of all recorded subdivision or plat maps of the Primary Collateral approved (to the extent required by Governmental Requirements) by all Governmental Authorities, if applicable, and legible copies of all instruments representing exceptions to the state of title to the Primary Collateral.
Appears in 1 contract
Sources: Credit Agreement