5. HRSR 05-02-2011 - Laserfiche WebLink

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(c) Title Insurance Policy. Deliver to Lender a mortgagee's title insurance policy ("Title Policy"), from Title issued to Lender in the amount of $90,000.00 with respect to the Mortgage and insuring that the Mortgage is a second lien on the Loan Property, subject only to a mortgage made or granted by way of security for, and only for, the purpose of obtaining construction, interim or permanent financing necessary to enable Borrower to construct the Improvements or any component thereof, free and clear of mechanic's liens, materialmen's liens, taxes, special assessments, rights of parties in possession, other than the rights of tenants as tenants only under existing leases, and questions of survey and subject only to exceptions approved in writing by Lender. (d) Organizational Documents and Resolutions. Deliver to Lender copies of the (i) articles of organization for Borrower certified by the Minnesota Secretary of State, (ii) operating agreement and member control agreement for Borrower, (iii) a certificate of good standing for Borrower issued by the Minnesota Secretary of State; and (iv) a certified copy of resolutions of Borrower authorizing the execution and delivery of this Agreement, the Note, the Mortgage, and any other document to be executed by Borrower pursuant to this Agreement. (e) Insurance. Deliver to Lender (i) a certificate or policy for all insurance required, under the terms hereof or of the Mortgage, to be maintained by Borrower, and (ii) evidence that no part of the Loan Property is located in an area designated as being a flood plain or flood hazard area as defined by the Flood Hazard Boundary Map published by the Federal Insurance. Administration. (f) Compliance With Laws, Etc. Deliver to Lender such evidence as Lender may require as to the compliance of the Loan Property and the Improvements with (i) all applicable laws, codes, rules, regulations and ordinances, including, without limitation, those relative to environmental protection, protection of wetlands, building and zoning matters and the Americans with Disabilities Act, and (ii) the requirements of any restrictive covenants, conditions and restrictions; conditional use permit and/or planned unit development applicable to the Loan Property. (g) Hazardous Substances. Deliver to Lender evidence acceptable to Lender, that (i) the Loan Property has not been used as a hazardous waste storage facility or burial site, (ii) the soil is free from hazardous waste, hazardous substances, pollutants and contaminants, and (iii) no hazardous waste, hazardous substance, pollutant or contaminant has been used in the construction or use of any building or other improvement on the Loan Property. For purposes of this subparagraph, the terms "hazardous waste," "hazardous substances," "pollutants" and "contaminants" shall include, but not be limited to, polychlorinated biphenyls (PCBs), asbestos, petroleum products and any other chemical or substance determined to be a hazard to human health or the environment. 385593v3 JSB EL185-12 -3-