Laserfiche WebLink
200003557 <br />(subject to the rights of tenants under their Leases) to inspect the progress of any Required Repairs <br />and all materials being used in connection therewith, to examine all plans and shop drawings <br />relating to such Required Repairs which are or may be kept at the Property, and to complete any <br />Required Repairs made pursuant to this Section 4. Borrower shall cause all contractors and <br />subcontractors to cooperate with Lender or Lender's representatives or such other persons <br />described above in connection with inspections described in this Section 4(f) or the completion of <br />Required Repairs pursuant to this Section 4. <br />(ii) Lender may require an inspection of the Property at Borrower's expense <br />prior to making a quarterly disbursement from the Required Repair Reserve in order to verify <br />completion of the Required Repairs for which reimbursement is sought. Lender may require that <br />such inspection be conducted by an appropriate independent qualified professional selected by <br />Lender and /or may require a copy of a certificate of completion by an independent qualified <br />professional acceptable to Lender prior to the disbursement of any amounts from the Required <br />Repair Reserve. Borrower shall pay the expense of the inspection as required hereunder, whether <br />such inspection is conducted by Lender or by an independent qualified professional. <br />(g) Lien -Free Completion. <br />(i) The Required Repairs and all materials, equipment, fixtures, or any other <br />item comprising a part of any Required Repair shall be constructed, installed or completed, as <br />applicable, free and clear of all mechanic's, materialman's or other liens (except for those liens <br />existing on the date of this Security Instrument which have been approved in writing by Lender, if <br />any). <br />(ii) Lender may require Borrower to provide Lender with a search of title to the <br />Property effective to the date of the disbursement, which search shows that no mechanic's or <br />materialmen's liens or other liens of any nature have been placed against the Property since the <br />date of recordation of this Security Instrument and that title to the Property is free and clear of all <br />liens (other than the lien of this Security Instrument and any other liens previously approved in <br />writing by Lender, if any). <br />(h) Compliance with Laws. All Required Repairs shall comply with all applicable laws <br />and applicable insurance requirements, including, without limitation, applicable building codes, <br />special use permits, environmental regulations and requirements of insurance underwriters. <br />(i) Insurance Requirements. In addition to any insurance required under this Security <br />Instrument and the Other Loan Documents, Borrower shall provide or cause to be provided <br />workmen's compensation insurance, builder's risk, and public liability insurance and other insurance <br />to the extent required under applicable law in connection with a particular Required Repair. All such <br />policies shall be in form and amount reasonably satisfactory to Lender. All such policies which can <br />be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns shall <br />be so endorsed. Certified copies of such policies shall be delivered to Lender. <br />(j) Sole Discretion of Lender. Wherever pursuant to this Special Stipulation (i) Lender <br />exercises any right given to it to approve or disapprove, (ii) any arrangement or term is to be <br />satisfactory to Lender, or (iii) any other decision or determination is to be made by Lender, the <br />decision of Lender to approve or disapprove all decisions that arrangements or terms are <br />satisfactory or not satisfactory, and all other decisions and determinations made by Lender, shall <br />be in the sole and absolute discretion of Lender and shall be final and conclusive, except as may <br />be otherwise expressly and specifically provided herein. <br />ATLANTA4181845.4 <br />GMACCM (SLP) - DOT (8/98) B-4 Grand Isle, Nebraska <br />