Res 2005-091 - Laserfiche WebLink

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with all renewals, extensions and modifications thereof being hereafter referred to as the "Deed of Trust"). 3.3 Title Policy. JQH delivering to the City, at JQH's expense, a Mortgagee Title Policy on the standard form promulgated by the Texas Department of Insurance with an insured amount of $2,000,000.00, naming City as the insured, covering the Property, insuring City's lien under the Deed of Trust (with no superior liens thereto), with such endorsements as City may request, and otherwise in form and content acceptable to City (specifically including, but not limited to, the Permitted Encumbrances). The Mortgagee Title Policy shall be issued by Stewart Title Guaranty Company through its agent, Hays County Abstract Company (the "Title Company"). 3.4 Survey. City receiving a survey of the Property (the "Survey"), at no expense to City, prepared by a registered licensed professional surveyor meeting the requirements of a Category lA, Condition II Survey as prescribed by the most recent version of the Manual of Surveying promulgated by the Texas Society of Professional Land Surveyors and shall (i) be sufficient for issuance (at JQH's expense) by the Title Company of a T-14 endorsement, T-15 endorsement, T-19 endorsement and/or a T- 23 endorsement, if any of the same are requested by City, and for deletion of the areas and boundaries exception of the standard printed provisions of the Mortgagee Title Policy; and (ii) contain a certificate of the surveyor to City, and such other parties as City may require, in a form acceptable to City. 3.5 Environmental Matters. City being satisfied that the Property is not in violation of any federal laws, rules or ordinances for environmental protection, regulations of the Environmental Protection Agency, and any applicable local or state law, rule, regulation or rule of common law or any judicial interpretation thereof relating primarily to the environment or Hazardous Materials. To this end, as a condition to closing, City must receive and approve a Phase One Environmental Site Assessment from a environmental consultant acceptable to City, which report must be in form, content and scope acceptable to City in its sole discretion (the "Phase One"). 3.6 Legal Opinion. JQH providing a written opinion from JQH's legal counsel, covering such matters regarding authority, good standing, existence, and other matters as City may reasonably require. The legal counsel and the terms of the opinion must be acceptable to City, in its reasonable discretion. 3.7 Other Requirements. JQH providing such other documentation and performing such other acts as may be reasonably requested by City and/or the Title Company. 3.8 City Donation. City accepting the donation of the Conference Center Site from Gilmore on terms acceptable to the City in its sole discretion. 3.9 Evidence of Purchase Price. City receiving evidence satisfactory to City that the purchase price for the Property is equal to or exceeds $2,000,000.00. 3.10 Closing of Transaction. JQH closing on its acquisition of the Property on or before July 15, 2005. CITY OF SAN MARcos-JQH LOAN AGREEMENT 779097,9 4