Timeshare Project Due Diligence Sample Clauses

The Timeshare Project Due Diligence clause establishes the requirement for a thorough investigation and assessment of a timeshare project before finalizing any agreements or transactions. This process typically involves reviewing legal documents, verifying property ownership, evaluating compliance with applicable laws, and assessing the project's financial and operational status. By mandating due diligence, the clause helps parties identify potential risks or issues early, ensuring informed decision-making and reducing the likelihood of future disputes or liabilities.
Timeshare Project Due Diligence. Borrower shall deliver to Lender the following due diligence items at least 15 days before the Effective Date (unless otherwise waived by the Lender in writing), all of which must be satisfactory in form and substance to Lender in its sole and absolute discretion: 
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Timeshare Project Due Diligence. Borrower shall deliver to Lender the following due diligence items at least 15 days before the Effective Date (unless otherwise waived by the Lender in writing), all of which must be satisfactory in form and substance to Lender in its sole and absolute discretion: (i) An ALTA commitment for an extended coverage mortgagee's policy of title insurance with respect to the Mortgage, as amended, from Title Insurer, which shall be in the form and substance and include such endorsements as are reasonably satisfactory to Lender. In connection with the closing of the Loan, the Title Insurer shall deliver to Lender an original policy of title insurance based on such commitment, in an amount equal to the Maximum Loan Amount, which title insurance policy (A) shall insure Lender against loss or damage on account of mechanics' or contractors' liens upon any part of the Timeshare Project, (B) shall insure that the Mortgage is a valid first lien on the Encumbered Timeshare Product, (C) shall insure that title to the Encumbered Timeshare Product is good and marketable and free and clear of all liens, encumbrances, easements, exceptions, reservations and restrictions, except for the Permitted Encumbrances. The condition of title must be satisfactory to Lender in all respects. Prior to closing, the Title Insurer shall provide Lender with an insured closing letter as to its title agent who may serve as closing agent or who provides Lender with title commitments and title policies. (ii) A certified copy of each Insurance Policy together with a mortgagee/loss payee/additional insured endorsement or certificate holder designation in favor of Lender or other proof of insurance as evidenced by a certificate of insurance, reasonably acceptable to Lender.
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Timeshare Project Due Diligence. Borrower shall deliver to Lender the following due diligence items at least 15 days before the Effective Date (unless otherwise waived by the Lender in writing), all of which must be satisfactory in form and substance to Lender in its sole and absolute discretion:  (i) Any necessary surveys that are required in order to enable the Title Insurer to issue the lender's policy of title insurance described in Section 4.1(e)(iii) below. (ii) Environmental reports pertaining to Long Creek Phases in form and substance acceptable to Lender. Among other things, Lender shall have received and approved an environmental Phase I audit report of Long Creek Phases, prepared by an environmental contractor acceptable to Lender, which shall confirm that there is no known or suspected violation of environmental laws or hazardous materials located at or used or stored on or transported to or from Long Creek Phases or in such proximity thereto as to create a material risk of contamination thereto. (iii) An ALTA commitment for an extended coverage lender's policy of title insurance with respect to the Mortgage, as amended, from Title Insurer, which shall be in the form and substance and include such endorsements as are reasonably satisfactory to Lender. In connection with the closing of the Loan, the Title Insurer shall issue to Lender the Title Policy in the form of the proforma attached hereto as Exhibit I-1, in an amount equal to the Maximum Loan Amount. The Title Policy: (A) shall insure Lender against loss or damage on account of mechanics' or contractors' liens upon the Timeshare Project, (B) shall insure that the Mortgage recorded at closing is a valid first lien on the Encumbered Timeshare Product, and (C) shall insure that title to the Encumbered Timeshare Product is good and marketable and free and clear of all liens, encumbrances, easements, exceptions, reservations and restrictions, except for the Permitted Encumbrances. The condition of title must be satisfactory to Lender in all respects. Prior to closing, the Title Insurer shall provide Lender with an insured closing letter as to its title agent who may serve as closing agent or who provides Lender with title commitments and title policies. (iv) Evidence that the Long Creek Phases are not located within a wetlands area or flood prone area or, if within a wetlands area or flood zone, evidence that flood insurance has been obtained. 6284.98.1115736.11 (v) A certified copy of each Insurance Policy together with a mo...
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Related to Timeshare Project Due Diligence

  • Development Diligence Pfizer will use its Commercially Reasonable Efforts to Develop and seek Regulatory Approval for one Product in the Field in [***]. Pfizer will have no other diligence obligations with respect to the Development or Regulatory Approval of Products under this Agreement.

  • Due Diligence During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted by the Agent in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during normal business hours and at the Company’s principal offices, as the Agent may reasonably request from time to time.

  • Due Diligence Items Buyer’s Due Diligence shall consist of Buyer’s review and approval of the contents of the Seller Disclosures referenced in Section 7, and any other tests, evaluations and verifications of the Property deemed necessary or appropriate by Buyer, such as: the physical condition of the Property; the existence of any hazardous substances, environmental issues or geologic conditions; the square footage or acreage of the land and/or improvements; the condition of the roof, walls, and foundation; the condition of the plumbing, electrical, mechanical, heating and air conditioning systems and fixtures; the condition of all appliances; the costs and availability of homeowners’ insurance and flood insurance, if applicable; water source, availability and quality; the location of property lines; regulatory use restrictions or violations; fees for services such as ▇▇▇ ▇▇▇▇, municipal services, and utility costs; convicted sex offenders residing in proximity to the Property; and any other matters deemed material to Buyer in making a decision to purchase the Property. Unless otherwise provided in the REPC, all of Buyer’s Due Diligence shall be paid for by Buyer and shall be conducted by individuals or entities of Buyer's choice. Seller agrees to cooperate with Buyer’s Due Diligence. Buyer agrees to pay for any damage to the Property resulting from any such inspections or tests during the Due Diligence.

  • Construction Documents Phase Services 3.4.1 Based on the Owner’s approval of the Design Development Documents, and on the Owner’s authorization of any adjustments in the Project requirements and the budget for the Cost of the Work, the Architect shall prepare Construction Documents for the Owner’s approval. The Construction Documents shall illustrate and describe the further development of the approved Design Development Documents and shall consist of Drawings and Specifications setting forth in detail the quality levels and performance criteria of materials and systems and other requirements for the construction of the Work. The Owner and Architect acknowledge that, in order to perform the Work, the Contractor will provide additional information, including Shop Drawings, Product Data, Samples and other similar submittals, which the Architect shall review in accordance with Section 3.6.4.

  • Lost Shareholder Due Diligence Searches and Servicing The Trust hereby acknowledges that USBFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended. Costs associated with such searches will be passed through to the Trust as an out-of-pocket expense in accordance with the fee schedule set forth in Exhibit C hereto. If a shareholder remains lost and the shareholder’s account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes vendor to enter, at its discretion, into fee sharing arrangements with the lost shareholder (or such lost shareholder’s representative or executor) to conduct a more in-depth search in order to locate the lost shareholder before the shareholder’s assets escheat to the applicable state. The Trust hereby acknowledges that USBFS is not a party to these arrangements and does not receive any revenue sharing or other fees relating to these arrangements. Furthermore, the Trust hereby acknowledges that vendor may receive up to 35% of the lost shareholder’s assets as compensation for its efforts in locating the lost shareholder.