5.2 Consultant Due Diligence Responsibilities

A. The Lender and the Borrower are required to retain competent third party consultants with skills, training, and experience appropriate to the scale and scope of the physical characteristics of the property; the nature of architectural and engineering documents required; the kinds of construction solutions existing or proposed; and the due diligence typical of multifamily real estate transactions. In this context, the term “due diligence” is used as a general term for the range of professional examinations, studies, inquiries, research, investigations, reporting, and documentation needed to determine the physical condition, utility, and suitability of sites and buildings existing or proposed for multifamily properties.