Common use of Borrower's Costs and Expenses Clause in Contracts

Borrower's Costs and Expenses. of a Secondary Market Transaction. Borrower shall be responsible for the payment of any costs and expenses in connection with any Secondary Market Transaction associated with the cost of obtaining: (i) a current phase one level environmental audit report with respect to certain Properties, (and such additional reports as may be required by Lender if any environmental problems are disclosed by the phase one level reports) prepared by qualified environmental consultant(s) or firm(s) designated and retained by Borrower and approved by Lender, and shall otherwise be in form and substance satisfactory in all respects to Lender; (ii) a detailed structural and physical inspection report ("PROPERTY INSPECTION REPORT"), with respect to certain Properties, prepared by Borrower unless otherwise required by Lender to retain a third party inspecting engineer, which shall give a detailed description of the physical condition of such Property and shall otherwise be in form and substance acceptable to Lender; and (iii) a comprehensive current written appraisal report with respect to certain Properties prepared by an MAI appraiser designated by Lender and complying with FIRREA standards.