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Borrower further acknowledges and
understands that such Reports are issued for the sole benefit and
protection of Apartment Lender for the purpose of Apartment Lender
making a decision on whether Apartment Lender is willing to approve
Borrower’s Apartment Loan application for real estate financing.
Regardless of whether or not Apartment Lender approves Borrower’s
Apartment Loan application, it is agreed that: (a) Borrower shall
not rely in any manner on any Reports or any information or analysis
contained therein whether copies of any such Reports are delivered
to Borrower either intentionally or inadvertently by any party; (b)
Borrower is not intended in any way to be, and shall not claim to
be, a third party beneficiary of such Reports, even though Borrower
may have incurred the costs for preparing such Reports directly or
as a Apartment Loan charge in connection with the multifamily loan application; and
(c) it is Borrower’s responsibility to determine the value and/or
current condition of the Real Estate for Borrower’s benefit either
through Borrower’s own due diligence efforts or through agents which
Borrower retains for that purpose.
APARTMENT LOAN BORROWER REPRESENTATIONS
Borrower(s) is not related to either an
officer or director of Apartment Lender, except as noted below. The subject property has not been purchased from an officer or
director of Apartment Lender, except as noted below.
APARTMENT LOAN BORROWER REPRESENTATIONS
If Borrower is an organization, no
director or officer of Apartment Lender, holds a stock or
partnership interest, or officer or director position in this
organization, except as noted here:
Borrower(s) further represents that the
proceeds from this Apartment Loan will be used for business purposes
and that the principal obligation secured by the mortgaged property
constitutes a business Apartment Loan. If this is an
apartment loan refinance
request is the subject property owned free and clear?
□ Yes □ No
Borrower(s) further represents that the net
proceeds (that being the remaining Apartment Loan amount following
the repayment of any and all liens [if applicable] on the subject
property plus closing costs) of the Apartment Loan will be used for
the
(check all that apply):
1) □ Rehab of the subject property
2) □ Purchase of additional real estate
(please specify): □ Residential / Multifamily property
3) □ Replenishment of reserves
4) □ Not applicable as this is a rate and
term apartment loan refinance request
Borrower(s) has read and understands the
foregoing conditions, acknowledgements and requirements and
understands that: 1) Apartment Lender is relying on Borrower’s
understanding of the foregoing conditions, acknowledgements and
requirements as an inducement for Apartment Lender to review and
process Borrower’s Apartment Loan application for real estate
financing; 2) Borrower intends to be legally bound to the terms
contained herein and Borrower intends that such terms and conditions
shall survive the closing of the Apartment Loan
contemplated hereby; 3) Borrower acknowledges receipt of a copy of
this Disclosure, and understands that this Disclosure contains only
some of the more frequently asked questions about conditions,
acknowledgements and requirements associated with the Apartment
Loan; and 4) Borrower also acknowledges that this Disclosure does
not constitute or represent a Apartment Loan approval by Apartment
Lender.
APARTMENT LOAN BROKER DISCLOSURE
Apartment Lender intends to pay incentive
fees or other compensation (“Incentives”) to Broker. Those
Incentives are intended to encourage Broker to bring Apartment Loans
to Apartment Lender, and may be based on a variety of different
factors, including the Apartment Loan Amount, Spread or Interest
Rate, number of applications or Apartment Loans referred, the amount
of investigative or due diligence assistance provided by Broker, or
other factors. These payments are not generally reflected on
the settlement statement for a particular Apartment Loan.
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