1980-070 CRA - Laserfiche WebLink

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. . . t of completion in accordance with approved plans and specifications and compliance with building code require- ments as Bank may require. (d) An ALTA lender's title insurance policy shall have been issued by a responsible title insurer acceptable to Bank in an amount at least equal to the outstanding principal amount of the corresponding Borrower Note on the date of assign- ment thereof as security for this note, which title insurance policy shall contain appropriate mechanics' lien and other endorsements required by Bank and shall evidence merchantable title to the rehabilitated property in the Borrower's name free and clear of all liens and encumbrances, except for liens securing current real estate taxes and assessments not yet due and payable, the lien of the deed of trust securing £uch Borrower Note, and such other liens and encumbrances as may have been expressly approved in writing by Bank, and said title insurance policy shall have been endorsed to evidence the priority of the above deed of trust and to insure the interest of the holder of such Borrower Note and assignees of such holder. (e) Such Qualified Take-Out Loan shall include only: Advances reasonably necessary to pay the cost of the contemplated work of rehabilitation; related architectural and other professional fees; acquisition costs; charges for con- struction financing; loan fees and charges; insurance premiums; and other reasonable costs, fees or charges (including the undersigned's costs, fees, and charges not to exceed three percent of the amount of the corresponding Borrower Note) related to rehabilitation of the property described in the deed -7- 7.4 5E