2004 AGN APR 20 I10 - Laserfiche WebLink

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COMMUNITY REINVESTMENT ANAM` FUND L ater to the Cuiy cfcoltm the insurance. All costs will be paid for by the City and the insurance must be Page of 4 kept in force during the life of the loan. 11) CRF shall receive an appraisal in form and substance acceptable to CRF. 12) CRF shall receive evidence acceptable to it, including, but not limited to, a currently dated phase one environmental site assessment or similarly detailed report, such as a Transaction Screen Analysis, addressed to CRF and prepared by an environmental consultant approved by CRF in accordance with the standards promulgated by the American Society of Testing and Materials, that the Properties have not been used as a hazardous waste storage facility or burial site, that the Properties are free from hazardous waste, hazardous substances, pollutants and contaminants, and that no hazardous waste, hazardous substances, pollutants or contaminants have been used in the construction or use of any building or other improvement included in the Properties. The terms "hazardous waste," "hazardous substances", "pollutants" and "contaminants " shallinclude, but not be limited to, polychlorinated biphenyl's (PCBs), asbestos, petroleum products, radioactive materials and any other chemical or substance determined to be a hazard to human health or the environment. 13) CRF shall receive an attorney opinion letter from the City's bond counsel stating that the CRF loan will be a General Obligation of the City of Colton. 14) All reasonable legal fees and expenses shall be paid by the City. 15) No defaults shall exist under the Note or other Loan Documents at the time of purchase and no conditions shall then exist which with the giving of notice, lapse of time or both would constitute a default. 16) This commitment is conditional upon there being no unremedied material adverse change in the financial condition or operating capacity of the City or its related entities since the initial date of application. The City agrees to notify the Lender immediately in writing of any such change, and the absence of such notification shall be considered a continuing certification by the City that no such change has occurred. 17) The loan(s) shall fund no sooner than November 1, 2004. This commitment letter shall expire January 31, 2005, or may be extended solely by CRF in writing. The loan funding shall not occur prior to the closing of the securities offering, if the loan is funded by placement within a CRF securities offering. Seller shall give ten days notice to CRF prior to the purchase/funding of the loan.