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14-20 Cedar Glen Bond Ordinance Addendums
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14-20 Cedar Glen Bond Ordinance Addendums
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Last modified
3/18/2020 2:57:42 PM
Creation date
3/18/2020 2:55:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/23/2020
Bill Number
14-20
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(i) Borrower has furnished to MBI evidence of public liability insurance with MBI <br /> named as an additional insured, in such amounts and in form and with insurers acceptable to <br /> MBI. <br /> (j) Borrower has furnished, or caused the general contractor to furnish, to MBI <br /> evidence of worker's compensation and other insurance required by the laws of the State in which <br /> the Project is located, or any other applicable jurisdiction,with MBI named as a certificate holder, <br /> such insurance to be with companies and in amounts acceptable to MBI. <br /> (k) Borrower has either furnished to MBI evidence that the Real Estate is not located <br /> in a flood hazard area as defined under the Flood Disaster Protection Act of 1973 and the <br /> National Flood Insurance Act of 1968 or furnished to MBI evidence of flood insurance coverage, <br /> with a standard mortgagee endorsement in favor of MBI, such insurance to be with a company <br /> and in an amount acceptable to MBI. <br /> (1) Borrower has furnished to MBI a Development Budget for the Project which is in <br /> form and substance acceptable to MBI. <br /> (m) Borrower has furnished to MBI executed copies of all agreements, quotations and <br /> estimates between or for Borrower and contractors or, to the extent requested by MBI, <br /> subcontractors with respect to the construction or rehabilitation of the Improvements and the <br /> purchase and installation of the Personal Property, including but not limited to a fixed price, <br /> contract with the general contractor. <br /> (n) [This Section is intentionally left blank]. <br /> (o) Borrower has furnished to MBI a copy of(1) Borrower's Partnership Agreement, <br /> and(2)Borrower's certificate of limited partnership filed with the Office of the Secretary of State <br /> of Indiana, and all amendments thereto, certified by the General Partner of Borrower. <br /> (p) Borrower has furnished to MBI an original, current Certificate of Existence for <br /> Borrower issued by the Office of the Secretary of State of Indiana. <br /> (q) [This paragraph is intentionally left blank]. <br /> (r) Borrower has furnished to MBI copies of organizational documents for the <br /> General Partner, the Developer, and any partner, manager or member of Borrower, General <br /> Partner, and Developer, as applicable, which will be executing any Loan Document for and on <br /> behalf of Borrower or General Partner or Developer and which is a partnership, corporation, <br /> limited liability company or other organized entity, together with certificates of existence/good <br /> standing issued by the state in which such partner, manager or member was formed and <br /> resolutions authorizing such partner, manager or member to execute any documents required in <br /> connection with the extension of the Loan to Borrower. <br /> (s) Borrower has furnished to MBI an opinion of Borrower's counsel which is <br /> acceptable to MBI. <br /> (t) Borrower has furnished to MBI a satisfactory schedule or chart for the <br /> development of the Project and the construction or rehabilitation of the Improvements. <br /> (u) Borrower has furnished to MBI evidence satisfactory to MBI that the Real Estate <br /> is in compliance with current zoning use and restrictions and is adequately zoned for Borrower's <br /> Page 28 <br />
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