Common use of Delivery of Property-Related Documents Clause in Contracts

Delivery of Property-Related Documents. It shall be a condition precedent to the funding of the Initial Term Loan that the Lender receive each of the following, each dated as of the Closing Date, in form and substance satisfactory to the Lender in all respects: (a) A favorable opinion of local counsel to the Borrowers as to the enforceability of the Security Instrument, and any other Loan Documents governed by local law, executed in connection with the Request. (b) A commitment for the Title Insurance Policy applicable to each Initial Mortgaged Property and a pro forma Title Insurance Policy based on such commitment. (c) A certificate of insurance and Environmental Report applicable to each Initial Mortgaged Property. (d) The Survey applicable to each Initial Mortgaged Property. (e) Evidence satisfactory to the Lender of compliance of each Initial Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide. (f) An Appraisal of each Initial Mortgaged Property. (g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrowers' obligations under the Loan Documents. (h) A Completion/Repair and Security Agreement, the Special Completion/Repair and Security Agreement and any other required Collateral Agreement, on the standard form required by the DUS Guide. (i) An Assignment of Management Agreement, on the standard form required by the DUS Guide. (j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.

Delivery of Property-Related Documents. It With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property, it shall be a condition precedent to the funding of the Initial Term Loan that the Lender receive each of the following, each dated as of the Closing DateDate for the Initial Advance or an Additional Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects: (a) A favorable opinion of local counsel to the Borrowers Borrower or Lender as to the enforceability of the Security Instrument, and any other Loan Documents governed by local lawDocuments, executed in connection with the Request. (b) A commitment for the Title Insurance Policy applicable to each Initial the Mortgaged Property and a pro forma Title Insurance Policy based on such commitmentthe Commitment. (c) A certificate The Insurance Policy (or a certified copy of insurance and Environmental Report the Insurance Policy) applicable to each Initial the Mortgaged Property. (d) The Survey applicable to each Initial the Mortgaged Property. (e) Evidence satisfactory to the Lender of compliance of each Initial the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide. (f) An Appraisal of each Initial the Mortgaged Property. (g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrowers' Borrower's obligations under the Loan Documents. (h) A Completion/Repair and Security Agreement, the Special Completion/Repair and Security Agreement and any other together with required Collateral Agreementescrows, on the standard form required by the DUS Guide. (i) An Assignment of Management Agreement, on the standard form required by the DUS Guide. (j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.

Delivery of Property-Related Documents. It With respect to each of the Mortgaged Properties, it shall be a condition precedent to the funding of the Initial Term Loan that the Lender receive each of the following, each dated as of the Closing Date, Date for the Initial Loan in form and substance satisfactory to the Lender in all respects: (a) A favorable opinion of local counsel to the Borrowers Borrower or Lender as to the enforceability of the Security Instrument, and any other Loan Documents governed by local lawDocuments, executed in connection with the Request. (b) A commitment for the Title Insurance Policy applicable to each Initial the Mortgaged Property and a pro forma Title Insurance Policy based on such commitmentthe Initial Loan. (c) A certificate The Insurance Policy (or a certified copy of insurance and Environmental Report the Insurance Policy) applicable to each Initial the Mortgaged Property. (d) The Survey applicable to each Initial the Mortgaged Property. (e) Evidence satisfactory to the Lender of compliance of each Initial the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide. (f) An Appraisal of each Initial the Mortgaged Property. (g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrowers' Borrower’s obligations under the Loan Documents. (h) A Completion/Repair and Security Agreement, the Special Completion/Repair and Security Agreement and any other together with required Collateral Agreementescrows, on the standard form required by the DUS Guide. (i) An Assignment of Management Agreement, on the standard form required by the DUS Guide. (j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.