Common use of Soil Report Clause in Contracts

Soil Report. If the Project Property is the Mortgaged Property or if GMAC has made other loans that are secured by the applicable Project Property, an assessment of the soil comprising the Project Property performed by a licensed soil engineer reasonably satisfactory to GMAC indicating that all areas on which any improvements are to be located are either sufficient for the construction of same thereon or can be made sufficient through specific engineering and earth-moving work described therein, the cost of which is included in the Cost Analysis.

Soil Report. If the Project Property is the new Mortgaged Property or if GMAC has made other loans that are secured by the applicable Project Property, an assessment of the soil comprising the Project Property performed by a licensed soil engineer reasonably satisfactory to GMAC indicating that all areas on which any improvements are to be located are either sufficient for the construction of same thereon or can be made sufficient through specific engineering and earth-moving work described therein, the cost of which is included in the Cost Analysis.