Physical Conditions Report. The Agent shall have received a Physical Conditions Report for each Property, which report shall be reasonably satisfactory in form and substance to the Agent.
“Physical Conditions Report” means a report prepared by a company satisfactory to the Agent regarding the physical condition of any Property, satisfactory in form and substance to the Agent in its reasonable discretion, which report shall, among other things, # confirm that such Property and its use comply, in all material respects, with applicable Legal Requirements (including zoning, subdivision and building codes and laws), and # include a copy of a final certificate of occupancy with respect to all Improvements in respect of such Property (unless previously delivered to the Agent or unavailable).
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