Pre-Closing Requirements. Prior to the closing of the Loan, Borrower shall provide to Agent each of the following, in form and substance acceptable to Agent.
(a) A commitment for each Title Policy or a preliminary title report for each Initial Property from the Title Company, complying with the standard requirements of Agent therefor, a copy of each of which has been delivered to Borrower.
(b) Three (3) copies of a current, certified ALTA/ACSM LAND TITLE SURVEY of each Initial Property, which shall also be prepared in accordance with Agent's standard requirements therefor, a copy of each of which has been delivered to Borrower.
(c) [Intentionally Deleted].
(d) An environmental report for each Initial Property showing that no remedial environmental action is recommended or required and other information produced in connection with the Tests. Each environmental report shall also specify whether or not any environmental assessment, study or statement with respect to the Initial Property covered thereby is required by any Governmental Requirement. If such an assessment, study or statement is so required for any Initial Property, Borrower shall provide a copy thereof to Agent, and, if none is so required, Borrower shall provide Agent with an appropriate declaration of environmental nonsignificance relating to such Initial Property, if available in the jurisdiction in which such Initial Property is located.
(e) Insurance policies or insurance certificates (conforming to the requirements of Exhibit G) written by insurers satisfactory to Agent and in amounts satisfactory to Agent, prepared in accordance with Agent's standard requirements therefor, a copy of each of which has been delivered to Borrower.
(f) Agent shall have received a flood zone and landslide hazard certification for each Initial Property from a qualified Consultant indicating that the improvements on such Initial Property are not located in a flood plain or any other flood prone area, or within an area subject to landslide hazards, as designated by the Federal Emergency Management Agency or any other Governmental Authority.
(g) A zoning endorsement for each Initial Property (to the extent available) insuring that such Initial Property is in compliance with the applicable zoning and building codes.
Pre-Closing Requirements. At least five (5) Business Days prior to the closing of the Loan, Borrower shall provide to Agent each of the following, in form and substance acceptable to Agent.
(a) A commitment for the Title Policy or a preliminary title report from the Title Company, complying with the standard requirements of Agent therefor, a copy of which has been delivered to Borrower.
(b) Two (2) complete sets of the Plans for the Improvements set forth in Exhibit M. All mechanical, electrical, structural and other specialized drawings for the Improvements shall be signed by licensed engineers of the respective disciplines normally responsible for such drawings. All portions of such Plans prepared by the Project Architect shall be signed by the Project Architect.
(c) The General Contractor’s construction contract and the guarantee given to Owner in connection therewith (collectively, the “Construction Contract”) and a schedule of values of all trades, the Project Architect’s agreement (the “Architect’s Agreement”), a schedule listing all subcontracts signed to date relating to the construction of the Improvements on the Property, and such other contracts, subcontracts and schedules relating to the Property as Agent may reasonably require to the extent then executed.
(d) Three (3) copies of a current, certified ALTA/ACSM land title survey prepared in accordance with Agent’s standard requirements therefor, copies of which have been delivered to Borrower.
(e) Soil reports on the Land, showing that the soil will adequately support the Improvements.
(f) An Environmental Audit running to the benefit of Agent, satisfactory to Agent, and all reports, data and other information produced in connection with the Tests. The Environmental Audit shall also specify whether or not any environmental assessment, study or statement with respect to the Property is required by any Governmental Requirement. If such an assessment, study or statement is so required, Borrower shall provide a copy thereof to Agent.
Pre-Closing Requirements. Prior to or on the date of the closing of the Loan, Borrower shall provide to Lender each of the following, in form and substance acceptable to Lender:
A. A copy of the Borrower’s Certificate of Formation and Limited Liability Company Agreement and any control agreement (certified by a member of the Borrower as being true, correct, complete, unamended and in full force and effect), together with a Certificate of Good Standing dated as of a recent date from the office of the Secretary of State of Delaware and Kansas, resolutions of the Borrower’s members/managers authorizing the transaction described herein and certifying as to incumbency of persons signing on behalf of Borrower, and evidence, satisfactory to Lender, that Borrower has complied with all filing requirements and fictitious name requirements, if any, necessary to permit Borrower to do business in Delaware and Kansas, and evidence, satisfactory to Lender, that Borrower has complied with the above-mentioned documents in executing the Loan Documents.
B. The most current available financial statements of Borrower and the Guarantors, and, upon request of the Lender, financial statements of each of said parties for the most recent full fiscal year of said parties immediately preceding the time period covered by said current financial statements, together with copies of all federal income tax returns (with all supporting schedules) of each of said parties for their most recent fiscal year, all signed and certified as true, correct and complete by the party to which they apply. If any such party is not an individual person, said financial statements must also be certified by an independent certified public accountant of recognized standing acceptable to Lender.
C. A commitment for the Title Policy or a preliminary title report from the Title Company, together with true and complete copies of all documents affecting title to the Land and the pro forma endorsements to the Title Policy as shall be deemed necessary or appropriate by the Lender.
D. A current, certified ALTA/ACSM LAND TITLE SURVEY of the Land, which shall also be prepared in accordance with the requirements set forth in the Commitment.
E. An appraisal of the Project, addressed to Lender prepared in conformance with Lender’s appraisal policy, Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) and prevailing standards of appraisal practice, and signed by an appraiser acceptable to Lender. The...
Pre-Closing Requirements. On or prior to the Closing Date (except as otherwise provided in this Section 2.1), Borrower shall provide to Lender, except as otherwise instructed, each of the following, in form and substance acceptable to Lender:
(a) A copy of the Environmental Audit.
(b) Certificates of insurance indicating that all insurance currently required under the terms of Exhibit F, attached hereto, is in place.
(c) Borrower’s estimated schedule for construction of the Improvements in accordance with the Plans, and a draw schedule for disbursement of the Loan proceeds.
(d) A copy of Borrower’s Organizational Documents, certified as true, correct and complete by an officer of Borrower authorized to do so, together with (i) a current certificate of good standing from the jurisdiction in which Borrower was organized (and from the jurisdiction in which the Land is located, if different from the jurisdiction in which Borrower was organized), and (ii) resolutions and/or consents of those parties necessary to authorize the transaction contemplated hereby.
(e) Evidence satisfactory to Lender that the Project shall satisfy eligibility requirements of the EB-5 Program and no other event, circumstance, or condition shall have occurred with respect to the EB-5 Program or any other matter (including any events, circumstances, or conditions arising from, which may reasonably be likely to arise from, any rulings, injunctions, statements, opinions, interpretations, or other actions by any Governmental Authority) which shall prohibit, restrict, diminish, or otherwise make it impractical for Lender to utilize the funds raised from the Offering to make the Loan.
(f) Such other approvals, consents, waivers, and other agreements from any Governmental Authority, if any, required for: (i) Lender, Lender GP, or the other investors under the Offering to agree to the Commitment and to make the Loan, or provide the funds to Lender to make the Loan, for the purposes of financing Borrower’s development and construction of the Project and the other purposes contemplated herein, shall have been received and be in full force and effect, and not subject to any challenge or appeal or (ii) Borrower to acquire the Land, develop, construct the Project, and carry out the other activities of Borrower contemplated herein, shall have been received and in full force and effect and not subject to any challenge or appeal.
(g) Copies of all such other agreements, documents and/or exhibits which may be reasonably required...
Pre-Closing Requirements. Prior to and as a condition precedent to the closing and funding of the Loan, each of the conditions set forth below must be met to Lender's satisfaction, and Borrower must meet to Lender's satisfaction all other conditions to the closing and initial funding of the Loan as may be specified in writing by Lender to Borrower pursuant to a loan commitment, term sheet, exhibit letter or other written instrument. For purposes of this Agreement, the term "closing" means the date the Deed of Trust is recorded and the conditions to the initial advance of Loan proceeds are satisfied. All documents and instruments referred to below or in any other such written instrument must be acceptable to Lender in form and content.
Pre-Closing Requirements. A. Seller shall have supplied The Mortgage Authority with all applicable instructions for transfer of purchase funds.
B. Seller must have the loan underwritten and approved by The Mortgage Authority prior to loan closing.
Pre-Closing Requirements. Prior to the closing of the Loan, Borrower shall provide or cause to be provided to Lender each of the following, all in form and substance reasonably acceptable to Lender in the exercise of its sole discretion:
(1) A commitment for issuance of an ALTA-2016 loan policies of title insurance issued by First American Title Insurance Company (“Title Company”), marked up by Title Company to the satisfaction of Lender, together with true and complete copies of all documents affecting title to the Property and such pro forma endorsements to the title policy as shall be deemed necessary or appropriate by Lender.
(2) Insurance policies or certificates evidencing insurance coverages written by insurers reasonably satisfactory to Lender and in amounts satisfactory to Lender, prepared in accordance with Lender’s requirements therefor as set forth in the Mortgage (as defined below) and as otherwise required by Lender.
(3) Appraisals of the Property, addressed to Lender prepared in conformance with Lender’s appraisal policy, Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time, and prevailing standards of appraisal practice, and signed by an appraiser acceptable to Lender.
(4) Complete and current UCC and state and federal tax lien searches on Borrower and each Guarantor in such offices and in such jurisdictions as Lender may reasonably require.
(5) Certified copies of Borrower’s and each Guarantor’s organizational documents.
(6) Borrower’s and its subsidiaries’ most current available consolidated financial statements; consolidated financial statements for the most recent full fiscal year immediately preceding the period covered by said current financial statements, and copies of federal income tax returns (with all supporting schedules) for Borrower’s most recent fiscal year, all of the foregoing financials and tax returns signed and certified as true, correct and complete by an officer of Borrower. Borrower’s and its subsidiaries’ most recent consolidated balance sheet, year-to-date profit & loss, aging accounts receivables and aging accounts payables statement, 2021 projections and 2020 capital expenditure budget.
(7) Evidence acceptable to Lender that the Property is not in a flood zone.
(8) Complete environmental reports (Phase I and Phase II, as applicable) and property condition assessments for the Property, to the satisfaction of Lender.
(9) Valuation of the Equipment and Motor Vehicles and acc...
Pre-Closing Requirements. Upon acceptance of this Commitment by Xxxxxxxx, Borrower shall submit to the Lender as soon as practical, but in no event later than twenty (20) days prior to Closing each of the following in form and substance acceptable to the Lender:
Pre-Closing Requirements. Within ten (10) days from the date of acceptance by Seller or such later time as may be provided for with respect to specific matters Seller, at Seller's sole cost and expense (except where stated otherwise) shall furnish, or cause to be furnished, to Purchaser each of the following items:
Pre-Closing Requirements. Prior to closing BUYER, at the BUYER’s sole cost and expense shall obtain any abstracting, title work, survey, and environmental report as the BUYER in BUYER’s discretion may determine to obtain.
