About Loan Documentation
The following items are commonly required for each mortgage loan to be provide by the applicant.
Proposed Loan Documentation
- Promissory Note
- Mortgage or Deed of Trust
- Assignment of Leases and Rents
- Assignment of Management Agreement (if applicable)
- Financing Statements (encumbering all fixtures, appliances, etc.)
- Environmental Indemnity Agreement
- Guaranty Agreement
- Lead-Based Paint Acknowledgment and indemnification Agreement Asbestos O&M Agreement (if applicable)
Other Documentation
- Copy of Title Policy
- Survey
- Mortgage Title Insurance Commitment
- Evidence of required insurance and special endorsements (if applicable)
- Copies of all recorded exception documents
- UCC Financing Statement Search, Tax Lien Search and Judgment Search
- Real Property Tax Search
- Copies of most recent real property tax bills
- Municipal departmental violation searches, including environmental lien searches
- Zoning, Use and Occupancy
- Copies of Certificate of Occupancy/Building Permit
- Letter from municipality (zoning and building compliance)
- Zoning Comfort Letter
- Copy of Management Agreement
Leases
- Copies of all leases, including all modifications and amendments (commercial tenants only)
- Copies of standard form lease (commercial and multi- family)
- Rent Roll and Occupancy Statements
- Estoppel Letters and Subordination Agreements
- Estoppel letters executed by all space tenants (commercial tenants only)
- Subordination, non-disturbance and Attornment Agreements (commercial tenants only)
Casualty Insurance Documentation
- Copy of All Risk Insurance Policy (Hazard & Liability)
- Boiler Damage and Liability Policy (if applicable)
- Flood Insurance Policy or evidence that premises are not in flood zone
- Evidence of payment of one year’s insurance premium
- Law and Ordinance coverage if property is non-conforming
BORROWER ORGANIZATIONAL DOCUMENTS
Where Borrower is Corporation or Corporate General Partner…
- Articles of Incorporation and all amendments thereto, certified by Secretary of State where in corporate
- Copy of Bylaws, certified by borrower
- Certificate of Good Standing issued by Secretary of State (or equivalent) of state where incorporated
- Borrowing Resolution of Board of Directors
- Incumbency and Secretary Certificate
Where Borrower is Limited or General Partner of a Partnership…
- Articles of Incorporation of General Partnership and all amendments thereto
- Certificate of Good Standing of General Partner
- Copy of Limited Partnership Agreement
- Certificate of Limited Partnership and all amendments thereto, certified by appropriate office
- Evidence of Publication of Certificate of Limited Partnership (if required)
- Borrowing Resolution
Where Borrower is Limited Liability Company…
- Articles of Incorporation and all amendments thereto
- Copy of Operating Agreement, certified by borrower
- Certificate of Good Standing
- Borrowing Resolution of Members/Manager