Appraisal. The Administration shall order an appraisal or require one to be ordered by the sponsor. The appraisal shall be performed by an appraiser acceptable to the Administration and shall show the current value of the property and the expected value of the property after completion of proposed improvements, if any. Environmental Review. A project financed by a loan shall comply with applicable local, State, and federal environmental laws and regulations. A sponsor may be required, at the discretion of the Administration, to conduct a screening of the proposed site for environmental conditions such as man-made hazards, storm water runoff, underground storage tanks, lead-based paint, radon gas, PCBs, asbestos, and other environmental hazards within the meaning of the environmental laws referred to in §C(1) of this regulation. If the initial screening indicates adverse or potentially adverse environmental conditions, the Administration may require a more detailed physical investigation, review of historical records, testing and treatment, or abatement of the environmental condition as a requirement of the loan. For properties built before 1950, the sponsor shall keep the property registered with the Department of the Environment under Environment Article, Title 6, Subtitle 8, Annotated Code of Maryland. Mortgage Insurance. Before any loan closing, the Administration and sponsor shall secure a commitment acceptable to the Administration to insure the proposed loan in an amount equal to 100 percent of the principal amount of the loan. The Administration and sponsor, as applicable, shall comply with any conditions of the insurance commitment so that the insurance shall attach from the time of closing. If a project is initially funded from a source other than proceeds of revenue bonds, and fails to be funded from proceeds of revenue bonds within 18 months of closing, then mortgage insurance may not be required after the initial period of up to 18 months. Title Insurance. The sponsor shall provide a standard American Land Title Association (ALTA) Loan policy or other form of title insurance policy approved by the Administration and the Office of the Attorney General for an amount equal to the maximum principal amount of the loan, insuring the Administration that title to the building and the real property on which the building is located on the date of the loan closing is vested in the sponsor, and containing only exceptions and encumbrances approved by the Administration and the Office of the Attorney General. The Administration, in its discretion, may require the title insurance policy to include the ALTA endorsement form 100, comprehensive coverage, and ALTA endorsement form 8.1, environmental coverage, and such other endorsements as may be required by the Administration. The title insurance policy shall be accompanied by a survey certified in the manner required by the Administration and the title company issuing the title insurance, showing that there are no easements or encroachments upon or other matters pertaining to the property, except those acceptable to the Administration and the Office of the Attorney General. The title insurance policy may not contain any survey exceptions. Property, Liability, and Other Insurance. At or before closing of a loan, and at such other times as required by the Department, the sponsor shall provide evidence that the sponsor, contractor, and other parties, have obtained and maintained the following insurance: Owner's liability; Owner's property or hazard or contractor's builder's risk; Contractor's liability; Architect's errors and omissions; Engineer's errors and omissions; and Flood insurance, if the project is located in a flood hazard zone. All insurance required under §E(1) of this regulation shall meet the following requirements: Be written by a company that has a currently issued certificate of authority or other evidence of appropriate registration or licensure from the Maryland Insurance Administration. Be in force at the time of closing; Not be terminable without prior notification to the Department; and Contain such other terms and coverage satisfactory to the Department. In addition to the requirements of §E(2) of this regulation, owner's liability insurance shall: Name the Department as an additional insured; and Remain in force for the duration of the loan. In addition to the requirements of §E(2) of this regulation, contractor's liability and contractor's builder's risk insurance shall: Name the Department as an additional insured; and Remain in place through final closing or such later date as the Department requires. In addition to the requirements of §E(2) of this regulation, owner's property or hazard insurance shall: Name the Department as an additional insured, loss payee and mortgagee; and Remain in force for the duration of the loan.