Agmt25 SEC-Lenders Documents 2 - Loan Agreement

Browse Search

C. Delivery of a binding commitment by a title insurance company acceptable to the City to issue a lender's policy of title insurance with any endorsements the City may reasonably require, insuring the City in the principal amount of the Loan, of the validity and priority of the Deed of Trust upon the Property, subject only to liens and matters of record approved by the City in writing, and showing fee simple title to the Property in the name of the Borrower. d. Borrower shall have provided the City with a copy of the resolution of the Borrower approving and authorizing execution of this Agreement and all documents contemplated hereby on behalf of Borrower and with such other documentation required by the City regarding Borrower's creation, status and authority to enter into this transaction. e. Borrower shall have provided and City shall have approved insurance certificates demonstrating compliance with the Insurance Requirements as set forth herein. £ Borrower shall have provided City with a certificate showing it to be in good standing under the laws of the State of California. g. Reserved h. Reserved i. If this Loan is required to be subordinated to one or more Senior Loans, City shall have approved (i) the terms of the Senior Loan or Loans and (ii) the form of any subordination agreements by and between City and the lender making the approved Senior Loan. j. Reserved k. Reserved. 1. Reserved. M. Borrower shall have satisfied all of the applicable terms and conditions set forth in this Agreement. n. All of the representations and warranties made by the Borrower in this Agreement and in the Note, the Deed of Trust and the Regulatory Agreement shall be true and correct in all material respects as of the date of the Initial Disbursement. 204.2 Reserved. 205. Repayment of Loan. Borrower shall repay the Loan pursuant to the terms of the Note. 206. Subordination of Loan. The City Manager shall have the authority to execute and deliver subordination agreements as they determine are commercially reasonable and consistent with the purpose and effect of this Agreement subordinating the Deed of Trust to one or more Senior Loans as approved by the City. Notwithstanding the foregoing, the Regulatory Agreement implements the affordability requirements required as a condition for the making of the Loan, and REV: 05-21-25 LF ATTY/AGR.2025.100/HEART-SV (417 Stambaugh St.) (Page 14 of 85)