Common use of Initial Survey Clause in Contracts

Initial Survey. An as-built survey of the Site current to within 90 days of the Closing Date (each such survey, an "INITIAL SURVEY"), which survey shall: (A) be a current "as-built" metes and bounds survey of the Site, including easements that benefit such Site; (B) be made in accordance with the "Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys" jointly established and adopted by ALTA, ACSM and NSPS in 1999 with all measurements made in accordance with the "Minimum Angle, Distance and Closure Requirements for Survey Measurements Which Control Land Boundaries for ALTA/ACSM Land Title Surveys"; (C) be prepared by a surveyor satisfactory to the Lenders; (D) contain "Optional Survey Responsibilities and Specifications" 2, 3, 8, 10 and 16 as specified on Table A to the "Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys"; and (E) contain a certification from said surveyor satisfactory to the Lenders.