Debt Financing
Loan documents
A closing is a stack of separate contracts, not one loan. Some end when you pay; the environmental indemnity and the guaranty are built to outlive it. Read those first.
You do not sign a loan. You sign a stack: a dozen separate documents that arrive together in one binder and get treated as one thing. They are not one thing. Each is a distinct contract with its own scope and its own life, and the difference that matters most is which ones end when the loan is paid and which ones are built to outlive it. This section takes the stack apart, document by document, and starts with the promises that follow you after the deal is over.
A closing is a stack of separate contracts, not one loan. Some end when you pay. The ones that do not are the ones to read first.
The note is the debt and the mortgage is the lien, and which security instrument you sign decides how fast you can be foreclosed. The environmental indemnity is a separate, permanent, personal liability that no nonrecourse clause touches. The assignment of rents decides who collects the income the day you default. The estoppels and subordination agreements fix where your tenants stand when the lender forecloses. And the authority package, the resolutions and certificates, is the boring, mandatory paperwork that decides whether the deal closes on time at all.
The five pages are below, in the order they matter when the deal goes wrong.