8. EDSR 06-17-2013 - Laserfiche WebLink

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[(h) 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.][EDA — Note that this is a placeholder paragraph. As this is a gas station, there is a significant likelihood of some amount of environmental contamination. We will need to consult further on the level of investigation that the EDA will require and the language to be utilized here. I suggest that the EDA, minimally, require Borrower to provide a Phase I Environmental Assessment of the Loan Property] (i) Indemnity. Deliver to Title any indemnity agreement in favor of Title in the form required by Title in order for Title to issue the title insurance policies referred to above. (j) Construction Contracts, Plans and Specifications and Permits. Deliver to Lender copies of the Plans and Specifications, any agreements with contractors or subcontractors relating to the Project (the "Construction Contracts"), any other specifications and contracts relating to the Project and/or the Improvements together and any building permits reasonably necessary to complete the Improvements. All contractors and subcontractors must be bonded, insured and licensed to do business in the State of Minnesota and be of good repute. Lender reserves the right to reject any contractor or subcontractor that does not meet the requirement of the previous sentence. (k) Project Cost and Source of Funds Certificate. Deliver to Lender a sworn project cost and source of funds certificate ("Project Cost and Source of Funds Certificate"), in a form acceptable to Lender, verified on oath by a manager of Borrower showing an itemized breakdown of: (i) the source and amount of all Project funds; and (ii) of the total cost of the Improvements, including, without limitation, the cost of constructing the Improvements, any special assessments, soft costs and all other costs and charges to be paid from the Loan proceeds and/or other Project funds or necessary to complete the Improvements. Borrower shall deliver to Lender lien waivers, receipts for payment and other evidence of payment acceptable to Lender with respect to any such portion of costs and charges incurred to the date of the Project Cost and Source of Funds Certificate. -4-