Real Property Requirements Clause Samples
The Real Property Requirements clause sets out the specific conditions and standards that must be met regarding real estate involved in a contract or transaction. It typically details obligations such as property condition, compliance with zoning laws, required inspections, or the provision of clear title. By clearly outlining these requirements, the clause ensures that both parties understand their responsibilities and helps prevent disputes related to the state or legal status of the property.
Real Property Requirements. The Collateral Agent shall have received:
(i) a Mortgage, encumbering each Mortgaged Property in favor of the Collateral Agent, for the benefit of the applicable Secured Parties, duly executed and acknowledged by each Loan Party that is the owner of or holder of any interest in such Mortgaged Property, and otherwise in form for recording in the recording office of each applicable political subdivision where each such Mortgaged Property is situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof to create a lien under applicable law, and such financing statements and any other instruments necessary to grant a mortgage lien under the laws of any applicable jurisdiction, all of which shall be in form and substance reasonably satisfactory to Collateral Agent;
(ii) with respect to each Mortgaged Property, such consents, approvals, amendments, supplements, estoppels, tenant subordination agreements or other instruments as necessary to consummate the Transactions or as shall reasonably be deemed necessary by the Collateral Agent in order for the owner or holder of the fee or leasehold interest constituting such Mortgaged Property to grant the Lien contemplated by the Mortgage with respect to such Mortgaged Property;
(iii) with respect to each Mortgage, a policy of title insurance (or marked up title insurance commitment having the effect of a policy of title insurance) insuring the Lien of such Mortgage as a valid first mortgage Lien on the Mortgaged Property and fixtures described therein in the amount equal to not less than 115% of the fair market value of such Mortgaged Property and fixtures, which fair market value is set forth on Schedule 4.01(o)(iii), which policy (or such marked-up commitment) (each, a “Title Policy”) shall (A) be issued by the Title Company, (B) to the extent necessary, include such reinsurance arrangements (with provisions for direct access, if necessary) as shall be reasonably acceptable to the Collateral Agent, (C) contain a “tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount), (D) have been supplemented by such endorsements (or where such endorsements are not available, opinions of special counsel, architects or other professionals reasonably acceptable to the Collateral Agent)...
Real Property Requirements. The Collateral Agent shall have received:
Real Property Requirements. PESRM shall have delivered or caused to be delivered the following: (i) an amended and restated Mortgage, in form and substance reasonably acceptable to MLC (the “Amended and Restated Mortgage”), duly executed by PESRM and in proper form for recording in the real estate records of the county in which the applicable Mortgaged Property is located (the “Recording Office”); (ii) UCC-3 financing statements and other termination documentation relating to the Existing Mortgage as may be reasonably requested by MLC; (iii) an endorsement to the mortgagee’s policy of title insurance (the “Mortgage Policy”), dated as of the Effective Date, insuring the assignment of the Existing Mortgage and the Amended and Restated Mortgage, and insuring MLC as the mortgagee of record as of the Effective Date, which endorsement shall reveal no liens or encumbrances other than Permitted Liens or other liens or encumbrances otherwise acceptable to MLC and shall otherwise be in form and substance reasonably acceptable to MLC and as is customarily issued in the Commonwealth of Pennsylvania by the Title Company; (iv) all affidavits and other documentation executed by JPMVEC, PESRM or MLC as reasonably requested by the Title Company in order for the Title Company to issue the title endorsement as described in the immediately preceding clause (iii); and (v) all other documentation reasonably necessary or advisable to effect the actions contemplated by this Section 2.02(g).
Real Property Requirements. The Collateral Agent shall have received, with respect to each Real Property, copies of all Leases in which any Loan Party holds the lessor’s interest or other agreements relating to possessory interests, if any. With respect to each Real Property, each Loan Party shall have made all notifications, registrations and filings, to the extent required by, and in accordance with, all Governmental Real Property Disclosure Requirements applicable to such Real Property.
Real Property Requirements. The Borrower shall have delivered or caused to be delivered to the Title Company, as escrow agent, the following: (i) an amended and restated Mortgage, in form and substance reasonably acceptable to the Collateral Agent (the “Amended and Restated Mortgage”), duly executed by the Borrower and in proper form for recording in the real estate records of Philadelphia County, Pennsylvania (the “Recording Office”), it being understood and agreed that the Amended and Restated Mortgage shall not be recorded in the Recording Office until each Lender has advised the Administrative Agent in writing that its Flood Insurance Requirements have been met in accordance with Section 5.11(b); (ii) UCC-3 financing statements and other termination documentation relating to the Existing Mortgage as may be reasonably requested by the Administrative Agent, if any; (iii) all other documentation reasonably necessary or advisable to effect the actions contemplated by this Section 4.01(r).
Real Property Requirements. The Collateral Agent shall have received:
(i) with respect to each Mortgage encumbering a Mortgaged Property, an amendment thereof (each a “Mortgage Amendment”) duly executed and acknowledged by the applicable Loan Party, and in form for recording in the recording office where each such Mortgage was recorded, together with such certificates, affidavits, questionnaires or returns as shall be reasonably required in connection with the recording or filing thereof under applicable law, in each case in form and substance reasonably satisfactory to the Collateral Agent;
(ii) with respect to each Mortgage Amendment, a copy of the existing mortgage Title Policy relating to the Mortgage encumbering such Mortgaged Property assuring the Collateral Agent that the Mortgage, as amended by the Mortgage Amendment, is a valid and enforceable first priority Lien on such Mortgaged Property in favor of the Collateral Agent for the benefit of the Secured Parties free and clear of all defects and encumbrances and Liens, other than Permitted Collateral Liens, and such Title Policy shall otherwise be in form and substance reasonably satisfactory to the Collateral Agent.
Real Property Requirements. The Collateral Agent shall have received:
(i) with respect to each Mortgage, endorsements to each Title Policy as shall be reasonably requested by the Collateral Agent to "bring-down" the status of title and to confirm that the Title Policy continues to apply to the Mortgages and the Obligations under this Agreement and the Prior Credit Agreement; and
(ii) with respect to each Mortgaged Real Property, such affidavits, certificates, information (including financial data) and instruments of indemnification (including, without limitation, a so-called "gap" indemnification and no-new improvements to survey affidavits) as shall be required to induce the Title Company to issue the endorsements contemplated in subparagraph (a) above.
(iii) with respect to each Mortgage, an amendment to such Mortgage, in recordable form and substance acceptable to the Administrative Agent providing, among other things, for the recognition of the amendment and restatement of this Agreement as set forth herein and the reaffirmation of the Mortgage; and
(iv) evidence of payment of any and all mortgage, documentary, intangibles or similar taxes, if any, which shall be due and payable in connection with either the increase in the amount of the Obligations under this Agreement or the recording of any such Mortgage amendment referenced in clause (iii) above.
Real Property Requirements. Within ninety (90) days after the Effective Date (or such later date as may be agreed to by Administrative Agent), but in no event earlier than the Closing Date, the Collateral Agent shall have received:
Real Property Requirements. The Collateral Agent shall have received:
(i) a Mortgage encumbering each Mortgaged Property in favor of the Collateral Agent, for the benefit of the Secured Parties, duly executed and acknowledged by each Loan Party that is the owner of or holder of any interest in such Mortgaged Property, and otherwise in form for recording in the recording office of each applicable political subdivision where each such Mortgaged Property is situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof to create a lien under applicable law, and such financing statements and any other instruments necessary to grant a mortgage lien under the laws of any applicable jurisdiction, all of which shall be in form and substance reasonably satisfactory to Collateral Agent;
(ii) with respect to each Mortgaged Property, such consents, approvals, amendments, supplements, estoppels or other instruments as necessary to consummate the Transactions or as shall reasonably be deemed necessary by the Collateral Agent in order for the owner or holder of the Mineral Interest constituting such Mortgaged Property to grant the Lien contemplated by the Mortgage with respect to such Mortgaged Property; and
(iii) evidence reasonably acceptable to the Collateral Agent of payment by Borrower of all mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgages referred to above.
Real Property Requirements. (a) Contico shall cause the Company to obtain, on or prior to January 8, 1999, extended coverage commitments for title insurance on the Leased Real Property (leasehold interest), Contico Leased Real Property (leasehold interest) and the Contributed Real Property (fee interest) (the "Title Commitments") dated as of a recent date, from Old Republic Title Company or its affiliate (the "Title Company") with respect to the real property identified on Schedule 8.6(c) attached hereto, subject only to the Permitted Exceptions. At the Closing, Contico shall cause the Company to obtain title policies (the "Title Policies") consistent with the Title Commitments, and including a GAP endorsement, a zoning 3.1 endorsement, an access endorsement and such other endorsements as are appropriate in the Company's reasonable discretion given specific site conditions, from the Title Company insuring (i) the Company's fee simple title to the Contributed Real Property or its designee, (ii) the Company's leasehold interest in the Leased Real Property and (iii) the Company's leasehold interest in the Contico Leased Real Property, all in amounts satisfactory to the Company in its reasonable discretion. All fees of the Title Company in connection with the Title Commitments and the Title Policies shall be the responsibility of Contico.
(b) Contico shall cause the Company to obtain on or prior to January 8, 1999 (or, with respect to the Winters, Texas property, as soon as practicable following the Closing Date), current surveys of the Real Property identified on Schedule 8.6(b) attached hereto certified in favor of the Company and the Title Company, prepared by a registered land surveyor containing the Minimum Standard Detail Requirements for an ALTA/ACSM Land Title Survey most recently adopted by the American Land Title Association and American Congress on Surveying and Mapping, including without limitation, a flood plain certification, designation of wetlands and location of all easements, licenses or other real property interests identified in the Title Commitments and indicating that none of the Contributed Real Property in the United States lies in a flood plain or in a wetlands area and otherwise in form sufficient for the Title Company to waive or provide title insurance over any matters which would be disclosed by an accurate survey. Survey costs shall be the responsibility of Contico.
(c) At or immediately prior to the Closing, Contico shall deliver to the Company the followin...