Common use of Title Insurance and Survey Clause in Contracts

Title Insurance and Survey. The Bank's obligation to make the initial advance or any subsequent advance of Bond Proceeds is conditioned on the Bank's receipt of the following, all in form and substance satisfactory to Lender: (a) a commitment for a title insurance policy in the amount of the Debt covering all of the real property and fixtures that are part of the Premises and Improvements. The commitment shall be issued by Chicago Title Insurance Company and shall be for an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures conforming to the requirements of the commitment. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bank, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located; (b) a current certified Class "A" ALTA Land Title Survey by a registered engineer acceptable to the Bank with such certification being addressed to the Bank and to the Title Company. The survey shall show the Premises and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures or foundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary lines. The survey shall also state whether the Premises or any portion thereof is located on a federally designated flood plain area or wetland and shall also indicate the zoning classification of the Premises. The survey must conform to and be prepared in accordance with the Commitment and meet the "Minimum Standard Detail Requirements for ALTA Land Title Surveys" established and adopted by ALTA and the requirements of a Class A Survey as defined therein. The legal description set forth on the face of the approved survey will be used in the Loan Documents. The state of facts shown in the Preliminary Survey shall be satisfactory in all respects to the Bank and its counsel, the Construction Consultant and the Title Company. The Borrower shall deliver to the Bank (i) a foundation survey of the Improvements within thirty (30) days after the completion of the foundation of the Improvements, (ii) an as-built survey of the Improvements within thirty (30) days after the completion of Improvements, and (iii) any additional surveys requested or required by the Bank, the Construction Consultant or the Title Company within thirty (30) days after request, it being agreed that any change in the state of facts shown in any such updated survey shall be satisfactory in all respects to the Bank, its counsel, the Construction Consultant and the Title Company. The Borrower shall also deliver to the Bank contemporaneously with the delivery of each survey an affidavit from the surveyor that set-backs are in conformity with current zoning restrictions.

Title Insurance and Survey. The Bank's obligation Seller acknowledges that Seller has not added to make the initial advance or nor disposed of any subsequent advance of Bond Proceeds is conditioned on the Bank's receipt part of the followingProperty, all or gained any easements in form and substance satisfactory favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to Lender: (a) a commitment for closing, Seller agrees to furnish at Seller’s expense a title insurance policy commitment for an Owner’s Title Insurance Policy in the amount of the Debt covering sale price, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date of closing, prepared by an Illinois registered land surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real property estate and fixtures that are part of distances therefrom to the Premises and Improvementsnearest two lot lines. The commitment In addition, the survey to be provided shall be issued by Chicago Title Insurance Company and shall be for an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures boundary survey conforming to the requirements of the commitmentIllinois Department of Financial and Professional Regulation found at 68 Ill. Adm. Code, Sec. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bank, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located; (b) a current certified Class "A" ALTA Land Title Survey by a registered engineer acceptable to the Bank with such certification being addressed to the Bank and to the Title Company170.56. The survey shall show the Premises all corners staked and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures flagged or foundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary linesotherwise monumented. The survey shall also state whether have the Premises or any portion thereof following statement prominently appearing near the professional land surveyor seal and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is located not a boundary survey, and does not satisfy the necessary requirements.”  With regard to the issuance of title insurance: ( / ) Seller authorizes Brokerage to order title insurance and related services on a federally designated flood plain area or wetland and shall also indicate Seller’s behalf through  (Seller(s) Initials) , an affiliate of Brokerage, for the zoning classification of the Premises. The survey must conform to and be prepared in accordance with the Commitment and meet the "Minimum Standard Detail Requirements for ALTA Land Title Surveys" established and adopted by ALTA and the requirements of a Class A Survey estimated charges as defined therein. The legal description set forth on the face of the approved survey will be used disclosed in the Loan DocumentsFederal and State Disclosure Statements provided Seller by Brokerage. The state of facts shown in ( / ) Seller directs that provide the Preliminary Survey shall be satisfactory in all respects to the Bank title insurance and its counsel, the Construction Consultant and the Title Company. The Borrower shall deliver to the Bank (i) a foundation survey of the Improvements within thirty (30) days after the completion of the foundation of the Improvements, (ii) an as-built survey of the Improvements within thirty (30) days after the completion of Improvements, and (iii) any additional surveys requested or required by the Bank, the Construction Consultant or the Title Company within thirty (30) days after request, it being agreed that any change in the state of facts shown in any such updated survey shall be satisfactory in all respects to the Bank, its counsel, the Construction Consultant and the Title Company. The Borrower shall also deliver to the Bank contemporaneously with the delivery of each survey an affidavit from the surveyor that set-backs are in conformity with current zoning restrictions.

Title Insurance and Survey. The Bank's obligation Seller acknowledges that Seller has not added to make the initial advance or nor disposed of any subsequent advance of Bond Proceeds is conditioned on the Bank's receipt part of the followingProperty, all or gained any easements in form and substance satisfactory favor of or against the Property not disclosed in the Title Guaranty Policy except as stated herein. Prior to Lender: (a) a commitment for closing, Seller agrees to furnish at Seller’s expense a title insurance policy commitment for an Owner’s Title Insurance Policy in the amount of the Debt covering sale price, showing good title in the owner’s name. After a sales contract has been signed, arrangements must be made to secure title insurance and schedule the closing. Seller understands that Seller is not required to use any particular title insurance company and that Seller or Seller’s attorney may select any qualified licensed company for Seller’s title insurance needs. Not less than one (1) business day prior to closing, except where the subject property is a condominium, Seller may be required, at Seller’s expense, to furnish a Plat of Survey dated not more than six (6) months prior to the date of closing, prepared by an Illinois registered land surveyor, showing any encroachments, measurements of all lot lines, all easements of record, building set-back lines of record, fences, all building and other improvements on the real property estate and fixtures that are part of distances therefrom to the Premises and Improvementsnearest two lot lines. The commitment In addition, the survey to be provided shall be issued by Chicago Title Insurance Company and shall be for an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures boundary survey conforming to the requirements of the commitmentIllinois Department of Professional Regulation found at 68 Ill. Adm. Code, Sec. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bank, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located; (b) a current certified Class "A" ALTA Land Title Survey by a registered engineer acceptable to the Bank with such certification being addressed to the Bank and to the Title Company170.56. The survey shall show the Premises all corners staked and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures flagged or foundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary linesotherwise monumented. The survey shall also state whether have the Premises or any portion thereof following statement prominently appearing near the professional land surveyor seal and signature: “This professional service conforms to the current Illinois minimum standards for a boundary survey. A Mortgage Inspection, as defined, is located not a boundary survey, and does not satisfy the necessary requirements.” With regard to the issuance of title insurance: ❑ ( / ) Seller authorizes Broker to order title insurance and related services on a federally designated flood plain area or wetland and shall also indicate Seller’s behalf through Seller(s)’s Initials , an affiliate of Broker, for the zoning classification of the Premises. The survey must conform to and be prepared in accordance with the Commitment and meet the "Minimum Standard Detail Requirements for ALTA Land Title Surveys" established and adopted by ALTA and the requirements of a Class A Survey estimated charges as defined therein. The legal description set forth on the face of the approved survey will be used disclosed in the Loan DocumentsFederal and State Disclosure Statements provided Seller by Broker. The state of facts shown in ❑ ( / ) Seller directs that provide the Preliminary Survey shall be satisfactory in all respects to title insurance ❑ ( / ) Seller or Seller’s attorney will make the Bank necessary arrangements for title insurance and its counsel, the Construction Consultant and the Title Company. The Borrower shall deliver to the Bank (i) a foundation survey of the Improvements within thirty (30) days after the completion of the foundation of the Improvements, (ii) an as-built survey of the Improvements within thirty (30) days after the completion of Improvements, and (iii) any additional surveys requested or required by the Bank, the Construction Consultant or the Title Company within thirty (30) days after request, it being agreed that any change in the state of facts shown in any such updated survey shall be satisfactory in all respects to the Bank, its counsel, the Construction Consultant and the Title Company. The Borrower shall also deliver to the Bank contemporaneously with the delivery of each survey an affidavit from the surveyor that set-backs are in conformity with current zoning restrictionsrelated services.

Title Insurance and Survey. The Bank's obligation to make the initial advance or any subsequent advance of Bond Proceeds is conditioned on the Bank's receipt of the following, all in form and substance satisfactory to Lender: (a) a commitment for On or before thirty (30) days following the Effective Date, Purchaser shall obtain a title insurance commitment (the "Commitment") committing Chicago Title Insurance Company or another title insurance company acceptable to Purchaser and Seller (the "Title Insurance Company") to insure Purchaser's title to the Premises, together with copies of all documents listed in the Commitment as exceptions. Purchaser shall deliver a copy of the Commitment to Seller upon receipt. The Commitment and resulting owner's title insurance policy (the "Policy") shall be in the amount of the Debt covering all Purchase Price. The Commitment and Policy shall be in an ALTA standard form as currently authorized and approved by the Insurance Commissioner of the real property and fixtures that are part State of the Premises and Improvements. The commitment shall be issued by Chicago Title Insurance Company and shall be for an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures conforming to the requirements of the commitment. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bank, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located;Florida. (b) a current On or before thirty (30) days following the Effective Date, Purchaser shall obtain an ALTA/ACSM survey of the Premises certified Class "A" ALTA Land Title Survey by a registered engineer acceptable Florida surveyor ("Survey"). If the Survey shows encroachments, easements or violations of governmental regulations, the same shall be treated as a Title Defect as defined below, subject to the Bank with such certification being addressed to the Bank and to the Title CompanyPermitted Exceptions as defined below. The survey Survey shall show the Premises and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures or foundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary lines. The survey shall also state whether the Premises or any portion thereof is located on a federally designated flood plain area or wetland and shall also indicate the zoning classification of the Premises. The survey must conform to and be prepared in accordance with the Commitment minimum technical standards required by the Florida Board of Professional Land Surveyors, and meet shall be certified to the "Minimum Standard Detail Requirements for ALTA Land Purchaser, the Title Surveys" established Insurance Company and adopted by ALTA and the requirements of a Class A Survey as defined thereinSeller. The legal description set forth on the face Survey for the Premises shall be substituted for the description of the approved survey Premises contained in Exhibit "A" attached hereto. (c) If the Commitment or Survey reveals exceptions and/or restrictions which would materially or adversely affect The Proposed Development or which reveal that Seller does not have marketable title, then Purchaser may deliver to Seller written notice ("Purchaser's Title Notice"), on or before the forty-fifth (45th ) day following the Effective Date, specifically listing any unacceptable title defects ("Title Defects"). Title Defects that consist of mortgages or construction or other liens that can be cured by the payment of a liquidated amount of money will be used paid or otherwise discharged by Seller at or before Closing. (d) The matters shown on the Title Commitment and Survey that are not timely objected to in Purchaser's Title Notice shall hereinafter be referred to as the Loan Documents"Permitted Exceptions". (e) On or before fourteen (14) days following receipt of Purchaser's Title Notice, Seller shall deliver written notice to Purchaser ("Seller's Title Notice") of the Title Defects (referenced in Purchaser's Title Notice or among the requirements in Schedule B-Section I of the Commitment) that Seller shall not undertake to cure. The state Unless Purchaser notifies Seller of facts shown its election to terminate this Agreement on or before ten (10) days after the date Purchaser receives Seller's Title Notice, then the Title Defects that Seller elects not to cure, as contained in the Preliminary Survey Sellers Title Notice, shall be satisfactory in all respects become additional Permitted Exceptions. (f) With respect to the Bank Title Defects listed in Purchaser's Title Notice but not contained in Seller's Title Notice and its counselany exceptions to title arising after the effective date of the Title Commitment (collectively, the Construction Consultant and "Unpermitted Exceptions"), Seller shall use reasonable efforts to eliminate such Unpermitted Exceptions. (g) In the Title Company. The Borrower shall deliver event Seller is unable to eliminate the Bank (i) a foundation survey of the Improvements within Unpermitted Exceptions on or before thirty (30) days after delivery of Purchaser's Title Notice, Purchaser may, at its option (i) accept title subject to the completion of Unpermitted Exceptions, without adjustment in the foundation of the ImprovementsPurchase Price, in which event said Unpermitted Exceptions shall be deemed waived for all purposes and shall become additional Permitted Exceptions; or (ii) an as-built survey of terminate this Agreement by a written notice to Seller and Escrow Agent, in which event Escrow Agent shall promptly return the Improvements within thirty (30) days after Escrow Deposit to Purchaser and thereupon no party shall have any further rights, obligations or liabilities under this Agreement except those obligations and liabilities which survive the completion of Improvements, and (iii) any additional surveys requested or required by the Bank, the Construction Consultant or the Title Company within thirty (30) days after request, it being agreed that any change in the state of facts shown in any such updated survey shall be satisfactory in all respects to the Bank, its counsel, the Construction Consultant and the Title Company. The Borrower shall also deliver to the Bank contemporaneously with the delivery of each survey an affidavit from the surveyor that set-backs are in conformity with current zoning restrictionsclosing as specified herein.

Title Insurance and Survey. The Bank's obligation 10.01 Seller shall deliver to make the initial advance Purchaser or any subsequent advance of Bond Proceeds is conditioned counsel to Purchaser on the Bank's receipt of or before August 11, 1997, the following, all in form and substance satisfactory to Lender: (ai) a commitment for a preliminary title report ("Commitment") committing the Title Insurer to issue its owner's policy of title insurance policy in covering title to the amount of the Debt covering all of the real property and fixtures that are part of the Premises and Improvements. The commitment shall be issued by Chicago Title Insurance Company and shall be for Real Property with an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights and assuring that3.1 zoning endorsement, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures conforming to the requirements of the commitment. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bankif available, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete such other endorsements as Purchaser may reasonably require together with copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located;therein; and (bii) a current certified Class plat of survey ("A" ALTA Land Title Survey Survey") of the Real Property prepared by a registered engineer acceptable licensed Florida land surveyor, certified to and for the Bank with such certification being addressed to the Bank benefit of Seller, Purchaser and to the Title Company. The survey shall show the Premises and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures or foundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary lines. The survey shall also state whether the Premises or any portion thereof is located on a federally designated flood plain area or wetland and shall also indicate the zoning classification of the Premises. The survey must conform to and be Insurer as being prepared in accordance with the Commitment and meet the "Minimum Standard Detail Requirements for ALTA ALTA/ACSM Land Title Surveys" established Surveys adopted in 1992, for an Urban Survey, with such Table A requirements as Purchaser may reasonably require. The Commitment shall be conclusive evidence of good and adopted indefeasible title as therein shown as to all matters to be insured by ALTA the policy of title insurance, subject only to the exceptions, qualifications and limitations as therein stated. Within ten (10) Business Days following receipt of the last to be delivered of the Commitment and the requirements Survey, Purchaser shall give notice to Seller of a Class A Survey those exceptions contained in the Commitment which Purchaser finds acceptable and such exceptions shall be deemed "Permitted Exceptions" as defined therein. in Section 1.02. 10.02 The legal description set forth on obligation of Purchaser to close the face of the approved survey will transaction hereby contemplated shall, in addition to other conditions herein stated, be used in the Loan Documents. The state of facts shown in the Preliminary Survey shall be satisfactory in all respects subject to the Bank and its counselcondition that, at the Closing, the Construction Consultant Title Insurer be prepared to issue its owner's policy of title insurance pursuant to the Commitment (and the Title CompanyInsurer shall issue a new Commitment or update the existing Commitment to the date of Closing to so insure), insuring title to the Real Property in Purchaser, in an amount equal to the Purchase Price, subject only to the Permitted Exceptions with the deletion of or endorsement over the standard exceptions customarily contained in a commitment for an owner's policy of title insurance issued by the Title Insurer and with such endorsements as Purchaser may reasonably require. The Borrower Title Insurer shall deliver obtain ALTA facultative reinsurance agreements for all amounts above Five Million and No/100 Dollars ($5,000,000.00) providing for direct access by the insured. 10.03 If the Commitment shall disclose any Unpermitted Exceptions which constitute interests, encumbrances or liens of definite or liquidated amounts and such Unpermitted Exceptions may be discharged or satisfied by the payment of money, then to the Bank extent such Unpermitted Exceptions do not exceed, in the aggregate, the cash portion of the Purchase Price, Seller shall discharge or satisfy the same (i) a foundation survey of prior to the Improvements within thirty (30) days after the completion of the foundation of the ImprovementsClosing, by using its own funds or (ii) an as-built survey at the Closing, by using the Purchase Price so long as all conditions to the payment of the Improvements within thirty (30) days after Purchase Price to Seller have been satisfied or waived; provided, however, that if any Unpermitted Exceptions constitute mechanics' or materialmen's liens, then Seller may, at its election, provide, in lieu of the completion of Improvementsdischarge or satisfaction thereof, a bond in accordance with law and, otherwise, in form and (iii) any additional surveys requested or amount as may be required by the BankTitle Insurer to delete such Unpermitted Exceptions. 10.04 If the Commitment shall disclose any Unpermitted Exceptions which do not constitute interests, encumbrances or liens of definite or liquidated amounts, then Seller shall have a period ending on the Construction Consultant date five (5) days before the expiration of the Feasibility Period to cure or correct such Unpermitted Exceptions or, if Seller, after exercising reasonable diligence, is unable to cure or correct any such Unpermitted Exceptions, then, if available, to cause the Title Company within thirty (30) days after requestInsurer to commit to insure Purchaser and all subsequent owners and lenders of all or any part of the Property affected by any such Unpermitted Exceptions, it being agreed by affirmative endorsement reasonably satisfactory to Purchaser, against any loss or damage resulting from any such Unpermitted Exceptions, all at Seller's expense. 10.05 In the event that any change Unpermitted Exceptions are not discharged or satisfied as provided in Section 10.03 or cured or corrected or insured over as provided in Section 10.04, then Seller shall give notice thereof to Purchaser at or prior to the state expiration of facts shown the period specified in any Section 10.04 and Purchaser may, upon notice thereof given to Seller on or before the Closing Date, elect to (i) accept title to the Property, subject to the then undischarged or unsatisfied, uncured or uncorrected, or uninsured Unpermitted Exceptions in which case such updated survey Unpermitted Exceptions shall be satisfactory in all respects to the Bank, its counsel, the Construction Consultant deemed Permitted Exceptions and the Title Company. The Borrower transaction hereby contemplated shall also deliver be consummated at the Closing, without adjustment of the Purchase Price or payment of consideration of any kind to Purchaser on account of such Unpermitted Exceptions, or (ii) terminate this Agreement in which case Seller and Purchaser shall be released and discharged of and from their respective obligations under this Agreement to sell and purchase the Bank contemporaneously with Property and the delivery provisions of each survey an affidavit from the surveyor that set-backs are in conformity with current zoning restrictionsSection 13.02(iii) shall be operative and binding on Seller and Purchaser.

Title Insurance and Survey. The Bank's obligation 10.01 Seller shall arrange for the delivery to make Purchaser or counsel to Purchaser within ten (10) days following the initial advance or any subsequent advance of Bond Proceeds is conditioned on the Bank's receipt of Agreement Date the following, all in form and substance satisfactory to Lender: (ai) a commitment for a preliminary title report ("Commitment") committing the Title Insurer to issue its owner's policy of title insurance policy in covering title to the amount of the Debt covering all of the real property Real Property, with extended coverage and fixtures that are part of the Premises and Improvements. The commitment shall be issued by Chicago Title Insurance Company and shall be for with an ALTA form of mortgage loan policy to be issued without standard exceptions or reservation for creditor's rights 3.1 zoning endorsement, an access endorsement, a survey endorsement, a contingency endorsement (if applicable) and assuring that, upon satisfaction of the requirements listed herein, the Bank will hold a valid first priority mortgage lien on real property and fixtures conforming to the requirements of the commitment. The commitment shall include a pending disbursements clause satisfactory to the Bank and indicating that coverage under the policy will cover the initial disbursement of the Bank, and will be increased in amount and updated by appropriate endorsement prior to each construction advance. The title commitment must be accompanied by complete such other endorsements as Purchaser may reasonably require together with copies of all documents referred to therein as exceptions to or encumbrances on title. The Bank reserves the right to require such additional endorsements to the commitment as it may deem appropriate, including, but not limited to, a zoning 3.1 endorsement, including parking (or a zoning 3.0 endorsement with a commitment to issue a zoning 3.1 endorsement, including parking), tax parcel, comprehensive endorsement, endorsement over encroachments (if any that are otherwise acceptable to the Bank), mechanics' lien endorsement, access endorsement, interim endorsement, usury endorsement, variable rate endorsement and survey/location endorsement. A mortgage loan title insurance policy pursuant to the approved loan commitment shall be issued concurrently with the initial advance of Bond Proceeds. No actual physical improvement to the Development shall be permitted to occur until such time as the Mortgage has been recorded with the Recorder of Deeds for the County where the Premises is located;therein; and (bii) a current certified Class plat of survey ("A" ALTA Land Title Survey Survey") of the Real Property prepared by a registered engineer acceptable licensed New Jersey land surveyor, certified to and for the Bank with such certification being addressed to the Bank benefit of Seller, Purchaser and to the Title Company. The survey shall show the Premises and any matters affecting the same, including the location and area covered by all building set-back lines, the location and area of all easements encumbering and/or benefitting the Premises, the relation of the Premises to public thoroughfares and access thereto, the location of all physical conditions (including existing structures or foundations, utility lines, walks, drives, right-of-ways and parking areas) on the Premises, the proposed location of the Improvements (or the foundation thereof) and any encroachments of the Improvements (or the foundation thereof) or other physical conditions upon any easements, building lines or property boundary lines. The survey shall also state whether the Premises or any portion thereof is located on a federally designated flood plain area or wetland and shall also indicate the zoning classification of the Premises. The survey must conform to and be Insurer as being prepared in accordance with the Commitment and meet the "Minimum Standard Detail Requirements for ALTA ALTA/ACSM Land Title Surveys" established Surveys adopted in 1992, for an Urban Survey, with such Table A requirements as Purchaser may reasonably require and adopted by ALTA and the requirements of a Class A Survey certifying to such other matters as defined thereinPurchaser may reasonably require. The legal description set forth on the face of the approved survey will be used in the Loan Documents. The state of facts shown in the Preliminary Survey Commitment shall be satisfactory in conclusive evidence of good and indefeasible title as therein shown as to all respects matters to be insured by the policy of title insurance, subject only to the Bank exceptions, qualifications and its counsellimitations as therein stated. 10.02 The obligation of Purchaser to close the transaction hereby contemplated shall, in addition to other conditions herein stated, be subject to the condition that, at the Closing, the Construction Consultant Title Insurer be prepared to issue its owner's policy of title insurance pursuant to the Commitment (and the Title Company. The Borrower Insurer shall deliver issue a new Commitment or update the existing Commitment to the Bank date of Closing to so insure), insuring title to the Real Property in Purchaser, in an amount equal to the Purchase Price, subject only to the Permitted Exceptions with the deletion of the standard exceptions customarily contained in a commitment for an owner's policy of title insurance issued by the Title Insurer and with such endorsements as Purchaser may reasonably require, by notice to the Title Insurer and the Seller prior to the end of the Feasibility Period. 10.03 If the Commitment shall disclose any Unpermitted Exceptions which constitute interests, encumbrances or liens of definite or liquidated amounts and such Unpermitted Exceptions may be discharged or satisfied by the payment of money, then Seller shall discharge or satisfy the same (i) a foundation survey of prior to the Improvements within thirty (30) days after the completion of the foundation of the ImprovementsClosing, by using its own funds or (ii) an as-built survey at the Closing, by using the Purchase Price provided, however, that if any Unpermitted Exceptions constitute mechanics' or materialmen's liens, then Seller may, at its election, provide, in lieu of the Improvements within thirty (30) days after the completion of Improvementsdischarge or satisfaction thereof, a bond in accordance with law and, otherwise, in form and (iii) any additional surveys requested or amount as may be required by the BankTitle Insurer to delete such Unpermitted Exceptions. 10.04 If the Commitment shall disclose any Unpermitted Exceptions which do not constitute interests, encumbrances or liens of definite or liquidated amounts, then, within five (5) Business Days following receipt of the Construction Consultant last of the Commitment or the Title Company within thirty Survey, Purchaser shall notify Seller of any Unpermitted Exceptions disclosed in the Commitment or Survey and Seller shall have a period ending on the date five (305) days before the expiration of the Feasibility Period to cure or correct such Unpermitted Exceptions or, if Seller, after requestexercising reasonable diligence, it being agreed is unable to cure or correct any such Unpermitted Exceptions, then, if available at a commercially reasonable cost, to cause the Title Insurer to commit to insure Purchaser and all subsequent owners and lenders of all or any part of the Property affected by any such Unpermitted Exceptions, by affirmative endorsement reasonably satisfactory to Purchaser, against any loss or damage resulting from any such Unpermitted Exceptions, all at Seller's expense. 10.05 In the event that any change Unpermitted Exceptions are not discharged or satisfied as provided in Section 10.03 or cured or corrected or insured over as provided in Section 10.04, then Seller shall give notice thereof to Purchaser at or prior to the state expiration of facts shown the period specified in any Section 10.04 and Purchaser may, upon notice thereof given to Seller on or before the Closing Date, elect to (i) accept title to the Property, subject to the then undischarged or unsatisfied, uncured or uncorrected, or uninsured Unpermitted Exceptions in which case such updated survey Unpermitted Exceptions shall be satisfactory in all respects to the Bank, its counsel, the Construction Consultant deemed Permitted Exceptions and the Title Company. The Borrower transaction hereby contemplated shall also deliver be consummated at the Closing, without adjustment of the Purchase Price or payment of consideration of any kind to Purchaser on account of such Unpermitted Exceptions, or (ii) terminate this Agreement in which case Seller and Purchaser shall be released and discharged of and from their respective obligations under this Agreement to sell and purchase the Bank contemporaneously with Property and the delivery provisions of each survey an affidavit from the surveyor that set-backs are in conformity with current zoning restrictionsSection 13.02(iii) shall be operative and binding on Seller and Purchaser.