Common use of Agreement to Borrow and Lend Clause in Contracts

Agreement to Borrow and Lend. (a) On the terms of and subject to the conditions of this Agreement, Borrowers agree to borrow from Lender, and Lender agrees to lend to Borrowers, an amount not to exceed the Loan Amount. (b) The Loan shall be evidenced by the Note executed by Borrowers jointly and severally and shall be secured by the Mortgages and the Assignments of Rents. The Loan shall be guaranteed by Guarantors pursuant to the Guaranty, and Borrowers and Guarantors shall protect Lender with respect to environmental matters pursuant to the Environmental Indemnity. If Lender extends the Operator Loan to Operators, the Loan shall be secured by the Operator Loan Documents and the Loan Documents shall secure the Operator Loan; provided, however, that notwithstanding any other provision of the Loan Documents or the Operator Loan Documents, (i) if the Loan is repaid at a time when the Operator Loan is outstanding, and if there is no existing Default or Event of Default under any of the Operator Loan Documents, the Operator Loan shall no longer be secured by the liens and encumbrances created under the Loan Documents, and (ii) if the Operator Loan is repaid at a time when the Loan is outstanding, and no there is no existing Default or Event of Default under any of the Loan Documents, the Loan shall no longer be secured by the liens and encumbrances created under the Operator Loan Documents. If Lender does not extend the Operator Loan to Operators, the references in this Agreement and the other Loan Documents to the Operator Loan shall be of no force or effect. (c) The proceeds of the Loan shall be used by Borrowers for the purchase of the Projects and payment or reimbursement of $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 75% of the aggregate “as is” appraised value of the Projects as shown in the appraisals required by this Agreement. (d) At the Loan Opening, $300,000 of the Loan Proceeds disbursed by Lender shall be deposited in an account at Lender in the name of one or more of Borrowers, to be used for the purpose of paying or reimbursing $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Such Loan Proceeds shall commence bearing interest on the date of the Loan Opening. Within 30 days after the Loan Opening, Borrowers shall deposit $80,000 in such account, to be used for such purpose. After such deposit has been made by Borrowers, amounts shall be disbursed by Lender from such account for such purpose on the same terms as apply with respect to disbursements from the Capital Expenditures Reserve Account under Section 7.18 of this Agreement.

Agreement to Borrow and Lend. (a) On the terms of and subject to the conditions of this Agreement, Borrowers agree to borrow from Lender, and Lender agrees to lend to Borrowers, an amount not to exceed the Loan Amount. (b) The Loan shall be evidenced by the Note executed by Borrowers jointly and severally and shall be secured by the Mortgages and the Assignments of Rents. The Loan shall be guaranteed by Guarantors pursuant to the Guaranty, and Borrowers and Guarantors shall protect Lender with respect to environmental matters pursuant to the Environmental Indemnity. If Lender extends the any Operator Loan to any one of more of Operators, the Loan shall be secured by the Operator Loan Documents for such Operator Loan and the Loan Documents shall secure the such Operator Loan; provided, however, that notwithstanding any other provision of the Loan Documents or the any Operator Loan Documents, (i) if the Loan is repaid at a time when the any Operator Loan is outstanding, and if there is no existing Default or Event of Default under any of the Operator Loan Documents, the such Operator Loan shall no longer be secured by the liens and encumbrances created under the Loan Documents, and (ii) if the any Operator Loan is repaid and terminated at a time when the Loan is outstanding, and no there is no existing Default or Event of Default under any of the Loan Documents, the Loan shall no longer be secured by the liens and encumbrances created under the Operator Loan DocumentsDocuments for such Operator Loan. If At any time that Lender does not extend the have any Operator Loan extended to Operatorsany Operator, the references in this Agreement and the other Loan Documents to the Operator Loan shall be of no force or effect. Nothing contained in this Agreement shall constitute a commitment or agreement by Lender to extend any Operator Loan to any Operator. (c) The proceeds of the Loan together with cash equity of Borrowers shall be used by Borrowers for the purchase of the Projects Projects, funding the Collateral Account and payment or reimbursement of $300,000 of Capital Expenditures Reserve Account as required by this Agreement, and paying acquisition and financing costs for new fire protection sprinkler systems for one or more of the Projectsand expenses. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 7580% of the aggregate “as is” appraised value of the Projects as shown in the appraisals required by this Agreement, and the aggregate purchase price for the Projects must not exceed the aggregate “as is” appraised value of the Projects as shown in such appraisals. (d) At The closing of the Loan Openingpurchase of the Projects by Borrowers is to occur on Sunday, $300,000 April 1, 2012, and the deeds conveying the Projects to Borrowers will be dated April 1, 2012. April 1, 2012, is not a business day In order that Borrowers will be able to demonstrate the availability of funds on the April 1, 2012, purchase closing date, subject to compliance with all of the conditions to disbursement which are contained in this Agreement, Lender will disburse the proceeds of the Loan Proceeds disbursed by Lender shall be deposited in an account at Lender in on Friday, March 30, 2012, and the name of one or more of Borrowers, to be used for Loan and the purpose of paying or reimbursing $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Such Loan Proceeds shall commence Note will begin bearing interest on that date, and Borrowers hereby request that Lender do so. The disbursement on March 30, 2012, will consist of deposits into the date of the Loan Opening. Within 30 days after the Loan Opening, Borrowers shall deposit Collateral Account ($80,000 in such account, to be used for such purpose. After such deposit has been made by Borrowers, amounts shall be disbursed by Lender from such account for such purpose on the same terms as apply with respect to disbursements from the 1,340,000) and Capital Expenditures Reserve Account under Section 7.18 ($470,000) and payment of expenses to Lender and its legal counsel, and the remainder of the disbursement will be deposited by Lender into an escrow with a title insurance escrow agent for the Loan and purchase closing. The escrow instructions to such escrow agent will provide that the loan proceeds deposited in escrow are not to be disbursed prior to Monday, April 2, 2012, and then only if the closing of the purchase of the Projects, including delivery of deeds, has been completed. The Mortgages and the Assignments of Rents will be dated as of April 1, 2012, to correspond to the dating of the deeds conveying the Projects to Borrowers, and this Agreement, the Note, the Indemnity Agreement and the Guaranty will be dated as of March 30, 2012, to correspond to the date of disbursement of the Loan.

Agreement to Borrow and Lend. (a) On the terms of and subject to the conditions of this Agreement, Borrowers agree Borrower agrees to borrow from Lender, and Lender agrees to lend to BorrowersBorrower, an amount not to exceed the Loan Amount. The proceeds of the Loan shall be used by Borrower for the purchase of the Project. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 80% of the “as is” appraised value of the Project as shown in the appraisal required by this Agreement. (b) The Loan shall be evidenced by the Note executed by Borrowers jointly and severally Borrower and shall be secured by the Mortgages Deed to Secure Debt and the Assignments Assignment of Rents. The Loan shall be guaranteed by Guarantors pursuant to the Guaranty, and Borrowers Borrower and Guarantors shall protect Lender with respect to environmental matters pursuant to the Environmental Indemnity. If Lender extends the any Operator Loan to OperatorsOperator, the Loan shall be secured by the Operator Loan Documents and the Loan Documents shall secure the Operator Loan; provided, however, that notwithstanding any other provision of the Loan Documents or the Operator Loan Documents, (i) if the Loan is repaid at a time when the Operator Loan is outstanding, and if there is no existing Default or Event of Default under any of the Operator Loan Documents, the Operator Loan shall no longer be secured by the liens and encumbrances created under the Loan Documents, and (ii) if the Operator Loan is repaid and terminated at a time when the Loan is outstanding, and no there is no existing Default or Event of Default under any of the Loan Documents, the Loan shall no longer be secured by the liens and encumbrances created under the Operator Loan Documents. If At any time that Lender does not extend the have an Operator Loan extended to OperatorsOperator, the references in this Agreement and the other Loan Documents to the Operator Loan shall be of no force or effect. (c) The proceeds of the Loan . Nothing contained in this Agreement shall be used by Borrowers for the purchase of the Projects and payment constitute a commitment or reimbursement of $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 75% of the aggregate “as is” appraised value of the Projects as shown in the appraisals required by this Agreement. (d) At the Loan Opening, $300,000 of the Loan Proceeds disbursed agreement by Lender shall be deposited in an account at Lender in the name of one or more of Borrowers, to be used for the purpose of paying or reimbursing $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Such extend any Operator Loan Proceeds shall commence bearing interest on the date of the Loan Opening. Within 30 days after the Loan Opening, Borrowers shall deposit $80,000 in such account, to be used for such purpose. After such deposit has been made by Borrowers, amounts shall be disbursed by Lender from such account for such purpose on the same terms as apply with respect to disbursements from the Capital Expenditures Reserve Account under Section 7.18 of this AgreementOperator.

Agreement to Borrow and Lend. (a) On the terms of and subject to the conditions of this Agreement, Borrowers agree Borrower agrees to borrow from Lender, and Lender agrees to lend to BorrowersBorrower, an amount not to exceed the Loan Amount. The proceeds of the Loan shall be used by Borrower for the purchase of the Project. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 80% of the “as is” appraised value of the Project as shown in the appraisal required by this Agreement. (b) The Loan shall be evidenced by the Note executed by Borrowers jointly and severally Borrower and shall be secured by the Mortgages Mortgage and the Assignments Assignment of Rents. The Loan shall be guaranteed by Guarantors pursuant to the Guaranty, and Borrowers Borrower and Guarantors shall protect Lender with respect to environmental matters pursuant to the Environmental Indemnity. If Lender extends the any Operator Loan to OperatorsOperator, the Loan shall be secured by the Operator Loan Documents and the Loan Documents shall secure the Operator Loan; provided, however, that notwithstanding any other provision of the Loan Documents or the Operator Loan Documents, (i) if the Loan is repaid at a time when the Operator Loan is outstanding, and if there is no existing Default or Event of Default under any of the Operator Loan Documents, the Operator Loan shall no longer be secured by the liens and encumbrances created under the Loan Documents, and (ii) if the Operator Loan is repaid and terminated at a time when the Loan is outstanding, and no there is no existing Default or Event of Default under any of the Loan Documents, the Loan shall no longer be secured by the liens and encumbrances created under the Operator Loan Documents. If At any time that Lender does not extend the have an Operator Loan extended to OperatorsOperator, the references in this Agreement and the other Loan Documents to the Operator Loan shall be of no force or effect. (c) The proceeds of the Loan . Nothing contained in this Agreement shall be used by Borrowers for the purchase of the Projects and payment constitute a commitment or reimbursement of $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Notwithstanding any other provision of this Agreement, the amount of the Loan shall not exceed an amount equal to 75% of the aggregate “as is” appraised value of the Projects as shown in the appraisals required by this Agreement. (d) At the Loan Opening, $300,000 of the Loan Proceeds disbursed agreement by Lender shall be deposited in an account at Lender in the name of one or more of Borrowers, to be used for the purpose of paying or reimbursing $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Such extend any Operator Loan Proceeds shall commence bearing interest on the date of the Loan Opening. Within 30 days after the Loan Opening, Borrowers shall deposit $80,000 in such account, to be used for such purpose. After such deposit has been made by Borrowers, amounts shall be disbursed by Lender from such account for such purpose on the same terms as apply with respect to disbursements from the Capital Expenditures Reserve Account under Section 7.18 of this AgreementOperator.

Agreement to Borrow and Lend. (a) On the terms of and subject Subject to the terms, provisions and conditions of this Agreement, Borrowers agree to borrow from Lender, and Lender agrees to lend to Borrowers, an amount not to exceed the Loan Amount. (b) The Loan shall be evidenced by the Note executed by Borrowers jointly and severally and shall be secured by the Mortgages and the Assignments of Rents. The Loan shall be guaranteed by Guarantors pursuant to the Guaranty, and Borrowers and Guarantors shall protect Lender with respect to environmental matters pursuant to the Environmental Indemnity. If Lender extends the Operator Loan to Operators, the Loan shall be secured by the Operator Loan Documents and the Loan Documents shall secure the Operator Loan; provided, however, that notwithstanding any other provision of the Loan Documents or the Operator Loan Documents, (i) if the Loan is repaid at a time when the Operator Loan is outstanding, and if there is no existing Default or Event of Default under any of the Operator Loan Documents, the Operator Loan shall no longer be secured by the liens and encumbrances created under the Loan Documents, and (ii) if the Operator Loan is repaid at a time when the Loan is outstanding, and no there is no existing Default or Event of Default under any of the Loan Documents, the Loan shall no longer be secured by the liens and encumbrances created under the Operator Loan Documents. If Lender does not extend the Operator Loan to Operators, the references in this Agreement and the other Loan Documents Documents, Borrower agrees to borrow from Lender agrees to lend to Borrower the Loan, for the purposes and subject to all of the terms, provisions and conditions contained in this Agreement. If Lender consists of more than one party, the obligations of each such party with respect to the Operator Loan amount it has agreed to loan to Borrower shall be several (and not joint and several) and shall be limited to its proportionate share of no force or effectthe Loan and of each advance. (ca) The proceeds of the Loan shall be used by Borrowers for the purchase of the Projects and payment or reimbursement of $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Notwithstanding any other provision of this Agreement, the maximum aggregate amount of the Loan shall not exceed an amount equal to the lesser of (i) Nine Million, Two Hundred Fifty Thousand and No/100 Dollars ($9,250,000.00), or (ii) 75% of the aggregate “as is” appraised fair market value of the Projects Property, as shown set out in the appraisals required Appraisal of the Property approved by this AgreementLender hereunder. (b) Subject to Borrower’s compliance with and satisfaction of all conditions precedent to the Loan Closing and all conditions to disbursement under Article 8 and Article 10, provided that the Loan is In Balance, no Material Adverse Change has occurred with respect to Borrower, any Guarantor, or the Property and no Default or Event of Default has occurred and is continuing hereunder, at the Loan Closing, Lender will reimburse Borrower for a portion of the costs incurred by Borrower in connection with the development of the Property and the construction of the Improvements, to the extent provided for in the Budget. (c) After the Loan Closing, Borrower shall be entitled to receive further successive disbursements of the proceeds of the Loan in accordance with Article 10 within ten (10) Business Days after compliance with all conditions precedent thereto, provided that (i) the Loan remains In Balance; (ii) Borrower has complied with all conditions precedent to disbursement from time to time including the requirements of Articles 8, 9 and 10; (iii) no Material Adverse Change has occurred with respect to Borrower, any Guarantor, or the Property and (iv) no Event of Default and no Default exists hereunder or under any other Loan Document and there is no material default by Borrower. (d) At To the extent that Lender may have acquiesced in noncompliance with any conditions precedent to the Loan OpeningClosing or conditions precedent to any subsequent disbursement of Loan proceeds, $300,000 such acquiescence shall not constitute a waiver by Lender, and Lender may at any time after such acquiescence require Borrower to comply with all such requirements. (e) Borrower shall, prior to the Closing of the Loan, open an Operating Account. Borrower authorizes Lender to disburse Loan Proceeds disbursed proceeds by crediting the Operating Account; provided, however, that Lender shall not be deposited in an account at obligated to use such method. Lender is further authorized to pay and principal or interest due upon the Note when and as same shall become due by debiting funds on deposit in the name of one or more of Borrowers, to be used for the purpose of paying or reimbursing $300,000 of costs for new fire protection sprinkler systems for one or more of the Projects. Such Loan Proceeds shall commence bearing interest on the date of the Loan Opening. Within 30 days after the Loan Opening, Borrowers shall deposit $80,000 in such account, to be used for such purpose. After such deposit has been made by Borrowers, amounts shall be disbursed by Lender from such account for such purpose on the same terms as apply with respect to disbursements from the Capital Expenditures Reserve Account under Section 7.18 of this AgreementOperating Account.