Common use of Post-Closing Conditions Clause in Contracts

Post-Closing Conditions. The Borrower shall deliver, or shall cause to be delivered, and shall perform each of the following, in each case in form and substance satisfactory to the Lender: (a) within thirty (30) days after the Closing Date (or such later date as may be agreed by the Lender in writing, in its discretion), such endorsements to the Borrower’s insurance policies as may be required by this Agreement and the Collateral Documents; (b) within ninety (90) days after the Closing Date (or such later date as may be agreed by the Lender in writing, in its discretion), a survey of the Mortgaged Property, together with such amendments and/or endorsements to the title insurance policy as the Lender may reasonably require; (c) within ninety (90) days after the Closing Date (or such later date as may be agreed by the Lender in writing, in its discretion), permit representatives of the Lender to visit and inspect any of the Borrower’s properties (such inspection, the “Post-Closing Field Exam”), to examine and make abstracts or copies from any of their respective books and records, to conduct a collateral audit and analysis of their respective operations and the Collateral, to verify the amount and age of the accounts receivable, the identity and credit of the respective account debtors, to review the billing practices of the Borrower and to discuss the Loan Parties’ respective affairs, finances and accounts with their respective officers, employees and independent public accountants, all to the Lender’s reasonable satisfaction; and (d) within five (5) Business Days after the Closing Date (or such later date as may be agreed by the Lender in writing, in its discretion), evidence that the Borrower’s insurance policies have been renewed.

Post-Closing Conditions. The Borrower shall deliver, or shall cause to be delivered, and shall perform each of the following, in each case in form and substance satisfactory to the Lender: (a) within thirty (30) days after Except as otherwise provided herein, the Closing Date (or such later date as may be agreed by the Lender in writing, in its discretion), such endorsements to the Borrower’s insurance policies as may Lenders shall not be required by this Agreement and the Collateral Documents; (b) to make any Credit Extensions if within ninety (90) days after the Closing Date the Borrower has not delivered, with respect to the real Property required to be subject to a Lien in favor of the Agent on the Closing Date: (i) ALTA or other mortgagee's title policy; (ii) an ALTA survey prepared and certified to the Agent by a surveyor acceptable to the Agent; (iii) the Loan Parties shall have delivered any requested environmental review reports from firm(s) satisfactory to the Agent, which review reports shall be acceptable to the Agent. Any environmental hazards or liabilities identified in any such later date environmental review report shall indicate the Loan Parties' plans with respect thereto; (iv) evidence that a counterpart of the Mortgage has been recorded in the place necessary, in the Agent's judgment, to create a valid and enforceable first priority Lien in favor of the Agent for the benefit of itself and the Lenders; (v) an opinion of counsel in the state in which such parcel of real Property is located in form and substance and from counsel reasonably satisfactory to the Agent; and (vi) such other information, documentation, and certifications as may be agreed reasonably required by the Lender in writing, in its discretion), a survey Agent. (b) If the appraised value of the Mortgaged Propertyreal Property secured by Mortgages pursuant hereto on the Closing Date multiplied by 75% does not equal or exceed $3,900,000, together with such amendments and/or endorsements to the title insurance policy as the Lender may reasonably require; (c) Borrower shall, within ninety (90) days after the Closing Date (or such later date as may be agreed by Date, grant to the Lender in writingAgent, in its discretion), permit representatives for the benefit of the Lender Lenders, Liens on additional real Property (along with a title commitment and an opinion of local counsel) until the appraised value of all such real Property multiplied by 75% equals or exceeds $3,900,000, pursuant to visit such documents as the Agent may deem necessary and inspect any deliver such documents to the Agent as the Agent may require to perfect the Liens of the Borrower’s properties (Agent in such inspection, the “Post-Closing Field Exam”), to examine and make abstracts or copies from any of their respective books and records, to conduct a collateral audit and analysis of their respective operations and the Collateral, to verify the amount and age of the accounts receivable, the identity and credit of the respective account debtors, to review the billing practices of the Borrower and to discuss the Loan Parties’ respective affairs, finances and accounts with their respective officers, employees and independent public accountants, all to the Lender’s reasonable satisfaction; and (d) within five (5) Business Days after the Closing Date (or such later date as may be agreed by the Lender in writing, in its discretion), evidence that the Borrower’s insurance policies have been renewedreal Property.