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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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shall be reasonably satisfactory to you and your special counsel, and you and they shall have <br />received copies of such documents and papers as you and they may reasonably request in <br />connection therewith or as a basis for such counsel's opinions, all in form and substance <br />reasonably satisfactory to you and such counsel. <br />Section 2.7. Closing Certificate of the Borrower. On the Closing Date, you shall <br />have received the certificate of the Borrower, dated the Closing Date, signed by its general <br />partners, substantially in the form attached hereto as Exhibit J. <br />Section 2.8. Closing and Representation Certificate of FBT. On the Closing Date, <br />you shall have received the certificate of FBT, dated the Closing Date, signed by its <br />President or any Vice President, substantially in the form attached hereto as Exhibit K (the <br />"FBT Closing and Representation Certificate"). <br />Section 2.9. Mortgage Title Insurance. There shall be in full force and effect an <br />ALTA Leasehold Mortgage Title Insurance Policy - Form 1987, with Comprehensive <br />Endorsement Number 1 (or an ALTA Form 9 Endorsement), an ALTA 3.1 Zoning <br />Endorsement (with parking), an endorsement deleting Item 7 from the Exclusions from <br />Coverage and also containing an endorsement insuring the validity of the FBT Lease, in <br />form and substance satisfactory to you and your special counsel, issued by Chicago Title <br />Insurance Company or other title insurance company acceptable to you (the "Title <br />Company ") issued in an amount equal to the aggregate sum of the principal amount of the <br />Bonds and the principal amount of the Taxable Note, insuring the lien of the Mortgage to be <br />a first lien against the Project, subject only to such exceptions as shall be satisfactory to you <br />and your special counsel; provided, however, that such policy shall contain no exception for <br />(w) matters which would be shown by an inspection or accurate survey of the Project, <br />(x) rights of parties in possession, (y) easements and other matters not of record, or <br />(z) filed or unfiled mechanics' liens. <br />Section 2.10. Survey. You shall have received a current survey satisfactory to you <br />prepared by a registered surveyor licensed in the State of Indiana, containing the same legal <br />description of the Project site contained in the Mortgage and the mortgage title insurance <br />policy described in Section 2.9 above. The survey shall be certified to you and the Title <br />Company. The survey shall be prepared in accordance with the minimum standard detail <br />requirements for land surveys for a Class A Survey adopted by the American Land Title <br />Association and the American Congress on Surveying and Mapping, <br />1992 (with the <br />following additional Table A requirements shown: 1, 3, 4, 6, 7, 8, 10, 11 and 13), and shall <br />show the location of all locatable exceptions listed in the title insurance policy delivered on <br />the Closing Date. <br />Section 2.11. Evidence of Insurance. You shall have received policies or certificates <br />of insurance evidencing compliance by the Borrower with the requirements of Section 1.03 <br />of the Mortgage. <br />-5- <br />
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