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HomeMy WebLinkAbout11-5-01 DUE DILIGENCE LIST - ORONO WOODS As of 11/5/01 DUE DILIGENCE LIST ORONO WOODS APARTMENT PROJECT 1. LLC's Articles of Organization-received 2. LLC's Operating Agreement - received 3. LLC's Good Standing Certificate - received 4. Wedum's Articles of Incorporation-received 5. Wedum's Bylaws-received 6. Wedum's 501(c)(3) Determination Letter-received 7. Wedum's Good Standing Certificate-received 8. Wedum's Financial Statements for last 3 years-received 9. UCC Search-ordered 10. Proposed form of occupancy agreements with residents-received 11. Copies of all material licenses, permits or other governmental consents-N/A 12. Copies of marketing materials-received 13. Signed land purchase agreement between Orono Senior Housing and Union Land LLC - draft received 14. Signed land purchase agreement between Union Land LLC and Orono Ambar LLC -please provide prior to printing POS 15. Signed land purchase agreement between Orono Ambar LLC and the Rebers- received 16. Final Market Study with an update and reliance letter addressed to Miller Johnson Steichen Kinnard, Inc. -final Market Study and reliance letter received 17. Phase I with an update and reliance letter addressed to Miller Johnson Steichen Kinnard, Inc. -Phase I and reliance letter received 18. Appraisal - received; reliance letter requested 19. Management Agreement-draft received 20. Development Agreement- draft received 21. Construction Agreement-Draft contractor administrator agreement received; is this substantially fimal. will there be an AIA contract? 22. Architect's Agreement - received 23. Any other third-party service contracts related to the project-N/A 24. Survey- certified (1997 ALTA/ACSM Minimum Standard Detail Requirements and Accuracy Standards for an Urban Survey)to the underwriter, the trustee and the title company by a registered land surveyor setting forth the boundaries and legal description of the site, and showing all structures, improvements, encroachments, rights-of-way, easements and setbacks of record or known to the surveyor, all public and private roads abutting the site, the location of all utilities serving the site, and the planned location of the proposed building on the site. - DDC has ordered 25. Title Commitment- committing a title insurance company satisfactory to the underwriter to issue an ALTA form of Lender's Extended Coverage Policy of title insurance, naming the trustee as the insured, the HRA as the fee owner of the project site and the LLC as the fee owner of the facilities, and insuring, in an amount not less than the principal amount of the Bonds, that the mortgage securing the Bonds is a valid first lien on the site, subject only to such liens, encumbrances and restrictions as are approved by the underwriter. Such policy shall contain standard zoning, comprehensive, mortgage registry tax and other applicable endorsements, and shall delete all standard exceptions for parties in possession, surveys, mechanic's, contractor's, and materialmen's liens. -DDC has ordered 26. Plans and Specifications-DDC to provide 27. Flood Insurance or Flood Plain Letter(can be evidenced by survey) -DDC to provide 28. Sworn Construction Statement-Frana and DDC to provide 29. Builder's Risk Insurance-Frana and DDC to provide 30. Financial Forecast - in process; to be received prior to printing POS { As of 10/26/01 DUE DILIGENCE LIST ORONO WOODS APARTMENT PROJECT 1. LLC's Articles of Organization-please provide prior to printing POS 2. LLC's Operating Agreement-please provide prior to printing POS 3. LLC's Good Standing Certificate -provide before closing 4. Wedum's Articles of Incorporation-provide before closing 5. Wedum's Bylaws-provide before closing 6. Wedum's 501(c)(3) Determination Letter-provide before closing 7. Wedum's Good Standing Certificate-provide before closing 8. Wedum's Financial Statements for last 3 years-please provide prior to printing POS 9. UCC Search-provide before closing 10. Proposed form of occupancy agreements with residents- Great Lakes to provide before closing 11. Copies of all material licenses, permits or other governmental consents-provide before closing 12. Copies of marketing materials-Great Lakes to provide before closing 13. Signed land purchase agreement between Orono Senior Housing and Union Land LLC -please provide before printing POS 14. Signed land purchase agreement between Union Land LLC and Orono Ambar LLC -please provide prior to printing POS 15. Signed land purchase agreement between Orono Ambar LLC and the Rebers- please provide prior to printing POS 16. Final Market Study with an update and reliance letter addressed to Miller Johnson Steichen Kinnard, Inc. -final Market Study received;Kellie at DDC has requested update and reliance letter;should receive before printing POS 17. Phase I with an update and reliance letter addressed to Miller Johnson Steichen Kinnard, Inc. -Phase I received;Kellie at DDC has requested update and reliance letter;should receive before printing POS 18. Appraisal on Land only-DDC has ordered;should receive before printing POS 19. Management Agreement-Jim Christoffel to provide prior to printing POS 20. Development Agreement-Jim Christoffel to provide prior to printing POS 21. Construction Agreement-Draft contractor administrator agreement received; is this substantially final? will there be an AIA contract? 22. Architect's Agreement -received 23. Any other third-party service contracts related to the project-please provide prior to printing POS 24. Survey- certified (1997 ALTA/ACSM Minimum Standard Detail Requirements and Accuracy Standards for an Urban Survey) to the underwriter, the trustee and the title company by a registered land surveyor setting forth the boundaries and legal description of the site, and showing all structures, improvements, encroachments, rights-of-way, easements and setbacks of record or known to the surveyor, all public and private roads abutting the site, the location of all utilities serving the site, and the planned location of the proposed building on the site. - DDC has ordered 25. Title Commitment - committing a title insurance company satisfactory to the underwriter to issue an ALTA form of Lender's Extended Coverage Policy of title insurance, naming the trustee as the insured, the HRA as the fee owner of the project site and the LLC as the fee owner of the facilities, and insuring, in an amount not less than the principal amount of the Bonds, that the mortgage securing the Bonds is a valid first lien on the site, subject only to such liens, encumbrances and restrictions as are approved by the underwriter. Such policy shall contain standard zoning, comprehensive, mortgage registry tax and other applicable endorsements, and shall delete all standard exceptions for parties in possession, surveys, mechanic's, contractor's, and materialmen's liens. -DDC has ordered 26. Plans and Specifications-DDC to provide 27. Flood Insurance or Flood Plain Letter(can be evidenced by survey) -DDC to provide 28. Sworn Construction Statement-Frana and DDC to provide 29. Builder's Risk Insurance-Frana and DDC to provide