8. EDSR 06-17-2013 - Laserfiche WebLink

Home Browse Search

(b) Mortgage. Deliver to Lender the Mortgage,together with evidence that the Mortgage has been or will be duly filed for record. (c) Guaranties. Deliver to Lender the Guaranties. (d) Title Insurance Policy. Deliver to Lender a Mortgagee's title insurance policy ("Title Policy"), from Title issued to Lender in the amount of Seventy-four Thousand Nine Hundred Ninety-nine and No/100s Dollars ($74,999.00) with respect to the Mortgage and insuring that the Mortgage is a [second][third] lien on the Loan Property free and clear of all mechanic's liens, materialmen's liens, taxes, special assessments, rights of parties in possession, other than: (i) that certain contract for deed between Farmer's State Bank of Albert Lea, a , as vendor, and Borrower, as vendee, dated , 2013, recorded in the Office of the Sherburne County [Recorder][Registrar of Deeds] on , 2013, as document number (the "Contract for Deed"); (ii) that certain [Mortgage] between the Bank of Elk River, a , as lender, and Borrower, as borrower, in the initial principal amount of Seventy-one Thousand One Hundred Ten and No/100s Dollars ($71,110.00), dated , 2013, recorded in the Office of the Sherburne County [Recorder][Registrar of Deeds] on 2013, as document number (the "Secondary Mortgage"); (iii) questions of survey; and(iv) exceptions approved in writing by Lender. (e) Organizational Documents and Resolutions - Borrower. Deliver to Lender copies of: (i) the articles of [incorporation][organization] for Borrower certified by the Minnesota Secretary of State, (ii) a certificate of good standing for Borrower issued by the Minnesota Secretary of State; (iii) the bylaws and [member][shareholder] control agreement and/or operating agreement for Borrower; 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. (f) 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. (g) 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. -3-