The Sites Clause Samples

The Sites. With respect to the Site relating to the applicable Project: (i) Such Borrower shall have (A) acquired a valid and indefeasible fee simple title to or leasehold interests (or other applicable interests) in the applicable Site, free and clear of all Liens other than Permitted Liens described in Section 3.2(g)(iii)(A)(1) and (B) caused one or more Mortgages in respect of the applicable Site to be duly recorded in accordance with applicable Law, together with such financing statements and any other instruments necessary to grant a mortgage lien on the applicable Site under the laws of any applicable jurisdiction, all of which shall be in form and substance reasonably satisfactory to the Administrative Agent, and such Borrower shall have provided evidence reasonably acceptable to the Administrative Agent of payment by such Borrower of all mortgage recording taxes, fees, charges, costs and expenses required for the recording of such Mortgages and such financing statements and other ancillary instruments. (ii) Such Borrower shall have obtained, at its sole cost and expense, all such consents, approvals, amendments, supplements, estoppels, tenant subordination agreements or other instruments as necessary to consummate the transactions contemplated hereby, or as shall be deemed reasonably necessary by any Lender in order for such Borrower to grant the Lien contemplated by each Mortgage relating to the applicable Site. (iii) Such Borrower shall have obtained, at its sole cost and expense, (A) one or more Lender’s or mortgagee’s policy of title insurance issued by the Title Insurance Company, in favor of the Collateral Agent, for the benefit of the Secured Parties, that shall (1) insure the validity and priority of the Lien created under the applicable Mortgage as a valid first mortgage Lien on the applicable Site, such policy or policies to be in an aggregate amount not less than $200,000,000 (subject to a pending disbursement provision as set forth in clause (2) below) (unless approved by the Administrative Agent, in its reasonable discretion), in form and substance, and listing only those exceptions, reasonably satisfactory to the Administrative Agent, (2) contain a pending disbursement provision reasonably satisfactory to the Administrative Agent, but without an exception for unfiled mechanics’ and materialmen’s lien claims, (3) be accompanied by such reinsurance agreements as may be reasonably requested by the Administrative Agent, (4) contain such endorsements...