3.5 EDSR 11-21-2016 - Laserfiche WebLink

Home Browse Search

indemnify Lender for any damages suffered (including reasonable attorneys fees) by virtue of Lender's Mortgage not being the second priority lien as of the date of this Agreement. 5. Documents to be Delivered. Borrower covenants and agrees to immediately cause the compliance with the following conditions: (a) Note. Deliver to Lender the Note. (b) Mortgage. Deliver to Lender the Mortgage, together with evidence that the Mortgage has been or will be duly filed for record. (c) Guaranty. Deliver to Lender the Guaranty. (d) Title Insurance Policy. Deliver to Lender a Mortgagee's title insurance policy ("Title Policy"), from Title issued to Lender in the amount of $74,500.00 with respect to the Mortgage and insuring that the Mortgage is a first lien on the Loan Property free and clear of mechanic's liens, materialmen's liens, taxes, special assessments, rights of parties in possession, other than: (i) the Contracts for Deed; and (ii) the rights of tenants as tenants only under existing leases, and questions of survey and subject only to exceptions approved in writing by Lender. (e) Organizational Documents and Resolutions. Deliver to Lender copies of the (i) articles of 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) a copy of Borrower's member control agreement and bylaws; 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. 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.