12-06-1995 Council Agenda - Laserfiche WebLink

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304291.2 EDA. all necessary corporate action, executed by officers so authorized, and accordingly, constitute legal, valid and binding obligations upon Developer enforceable in accordance with their respective terms; (iii) The Guaranties of Robert Grootwassink and Mark Hotzler delivered herewith have been duly executed by the Guarantors and, accordingly, constitutes the legal, valid, and binding obligations of Guarantors upon enforceable in accordance with their terms. (1) Phase I Environmental Report addressed to Developer and (m) Current financial statements and annual tax returns of: (i) (ii) Developer; and Each Guarantor. 2.2 Documents to be Delivered on or Before the Date of Closing. On or before the date of closing, Developer shall deliver the following documents and /or instruments to the EDA: (a) Executed copies of the Loan Documents. (b) The Survey. (c) An Accord 27 form or other documentation satisfactory to EDA, evidencing Developer's acquisition and maintenance of casualty insurance coverage on the Project as follows: (i) Property insurance insuring the Project against loss or damage by fire and other hazards and contingencies insurable under an "All Risk" form of policy in an amount equal to the lesser of the full replacement cost of the Project or the full insurable value of the Project but in no event less than the amount outstanding under the Note. The property insurance policies may provide for deductible in an amount reasonably acceptable to the EDA. The, casualty insurance shall include specific endorsements providing coverage for damage to tenant improvements and deleting any exclusions in the policy for loss occasioned by the enforcement of any ordinance or law regulating the construction, repair, demolition or condemnation of any building or structure; (ii) The Policy shall name Developer as the insured and name EDA as mortgagee and loss payee in accordance with the so- called "standard mortgagee clause"; Page 9