Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects: (a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment; (b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property; (c) The Survey applicable to the Mortgaged Property; (d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws; (e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents; (f) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender; (g) An Assignment of Management Agreement or an amendment thereto, on the standard form required by Lender, if applicable; (h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law; (i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time; (j) A Certificate of Borrower Parties; (k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and (l) A Contribution Agreement or an amendment thereto.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date of a Collateral Addition Request or a Substitute Mortgaged PropertyCollateral Substitution Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property of a Collateral Addition Request or a Substitute Mortgaged PropertyCollateral Substitution Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;the DUS Guide.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Mid America Apartment Communities Inc), Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Substitute Mortgaged PropertyCollateral Addition Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrowsAgreement, on the standard form required by Lender;the DUS Guide.
(gi) An If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (United Dominion Realty Trust Inc), Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date of a Collateral Addition Request or a Substitute Mortgaged PropertyCollateral Substitution Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property of a Collateral Addition Request or a Substitute Mortgaged Property, as the case may be, Collateral Substitution Request in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s the Borrower Parties’ obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;the DUS Guide.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Mid America Apartment Communities Inc), Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, and each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;title commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to (i) if tie-in endorsements are available for all or a portion of the Mortgaged Properties, in an aggregate amount equal to the combined Allocable Facility Amounts for all of the Mortgaged Properties covered by the tie-in endorsements, not to exceed the Fixed Facility Commitment in the maximum amount then available hereunder, or (ii) if tie-in endorsements are not available for any of the Mortgaged Properties, then with respect to such Mortgaged Properties not subject to the tie-in endorsement an amount equal to one hundred fifteen percent (115%) of the Valuation of such Mortgaged Properties not subject to the tie-in endorsement (or such lesser amount that is the maximum allowed by law or regulation).
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Unless waived by Lender, the Survey applicable to the Mortgaged PropertyProperty and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date); provided that Lender acknowledges that it has waived Surveys with respect to each of the Initial Mortgaged Properties;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) An Appraisal of the Mortgaged Property;
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, if required by Lender, together with required escrows, on the standard form required by Lender;
(gh) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;; and
(k) A Confirmation of Guaranty by each party providing Any other document that Lender may reasonably determine is required in connection with a guaranty to Lender; and
(l) A Contribution Agreement or an amendment theretoMortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Bre Properties Inc /Md/)
Delivery of Property-Related Documents. With respect to each of -------------------------------------- the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Mortgaged Properties or an Additional Mortgaged Property Advance Request or a Substitute Mortgaged PropertyCollateral Addition Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s 's obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrowsAgreement, on the standard form required by Lender;the DUS Guide.
(gi) An If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;.
(k) A Confirmation of Guaranty by each With respect to a Collateral Addition Request, adding the Borrower as a party providing and adding a guaranty to Lender; and
(l) A Contribution Agreement or an amendment theretoProperty Account for the Mortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from the applicable Collateral Pool Borrower or IDOT Guarantor each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, each of the following, each dated (where possible) as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;such commitment.
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(c) The Survey applicable to the Mortgaged Property;Property (which shall be last revised no less than ninety (90) days prior to the Closing Date).
(d) Evidence reasonably satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;.
(e) An Appraisal of the Mortgaged Property.
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s or IDOT Guarantor’s, if applicable, obligations under the Loan Documents;.
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, if required by Lender, together with required escrows, on the standard form required by Lender;.
(gh) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;.
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Archstone Smith Operating Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an any Additional Mortgaged Property or a Property, including any Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A favorable opinion of local counsel to Borrower or Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Lender’s Underwriting Requirements.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;.
(hj) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Sun Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the CommitmentTerm Loan amount;
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;; \
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(f) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender;
(g) An Assignment of Management Agreement or an amendment thereto, on the standard form required by Lender, if applicable;
(h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool Pool, and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to timeTerm Loan;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Camden Property Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or Properties, an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or Property, an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the CommitmentLoan amount, in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to (i) if tie-in endorsements are available for all or a portion of the Mortgaged Properties, in an aggregate amount equal to the combined Allocable Loan Amounts for all of the Mortgaged Properties covered by the tie-in endorsements, not to exceed the amount of the Initial Loan, or (ii) if tie-in endorsements are not available for any of the Mortgaged Properties, then with respect to such Mortgaged Properties not subject to the tie-in endorsement an amount equal to either 100% - 175% of the Valuation of such Mortgaged Properties not subject to the tie-in endorsement (or such lesser amount that is the maximum allowed by law or regulation), such percentage to be determined by Lender at the applicable time based on the Underwriting Requirements;
(b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(f) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender;
(g) An A Subordination Assignment of Management and Security Agreement for each Mortgaged Property which is managed or operated by an amendment thereto, on the standard form required by Lender, if applicableOperator;
(h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Propertiesfor each Loan. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to timeaggregate amount of the Loans;
(j) A Certificate of Borrower PartiesBorrower;
(k) A Confirmation of Guaranty by each any party providing a guaranty to Lender; and;
(l) A Contribution Agreement or an amendment thereto;
(m) Any and all Operating Leases, Management Agreements or other leases relating to the Mortgaged Property (it being acknowledged that such Operating Leases, Management Agreements or other leases may be dated other than as of the Closing Date); and
(n) Such other documents, instruments, approvals (and, if requested by F▇▇▇▇▇ Mae and Lender, certified duplicates of executed copies thereof) and opinions as F▇▇▇▇▇ M▇▇ or Lender may reasonably request.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Brookdale Senior Living Inc.)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;
(b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;
(e) An Appraisal of the Mortgaged Property;
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Borrower Documents;
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;
(gh) An If a property manager has been appointed by Borrower in accordance with Section 8.19, an Assignment of and Subordinate Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;Borrower; and
(k) A Confirmation If applicable, documentation relating to the termination of Guaranty by each party providing a guaranty the mortgage and security documents relating to Lender; and
(l) A Contribution Agreement the Prior Bonds and the discharge of the resolution or an amendment theretoindenture relating to the Prior Bonds on the redemption date of such Prior Bonds.
Appears in 1 contract
Sources: Master Credit Facility and Reimbursement Agreement (America First Apartment Investors Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date of a Collateral Addition Request or a Substitute Mortgaged PropertyCollateral Substitution Request, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property of a Collateral Addition Request or a Substitute Mortgaged PropertyCollateral Substitution Request, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A favorable opinion of local counsel to Borrower or Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;.
(hj) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request, a Collateral Addition Request, a Collateral Substitution Request, an Oaks in Fairlakes Commitment Increase or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCommitment Increase, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request, a Collateral Addition Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Substitution Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request, which Security Instrument and other Loan Documents shall be governed by the laws of the State where the Mortgaged Property is located.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Maximum Credit Facility Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s the Borrower Parties' obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrowsAgreement, on the standard form required by Lender;the DUS Guide, if the Lender determines such Agreement to be necessary.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;.
(k) A Confirmation of Guaranty With respect to a Collateral Addition Request or a Collateral Substitution Request, an amendment to the Cash Management Agreement executed by each party providing the Borrower on the Initial Closing Date, adding a guaranty to Lender; andProperty Account for the Mortgaged Property.
(l) A Contribution Agreement or If Borrower has entered into any Reimbursement Documents (as defined in Section 15.4) which are still in effect, the Borrower shall have delivered to ▇▇▇▇▇▇ ▇▇▇ a Second Security Instrument and a title insurance policy for such Second Security Instrument, in an amendment theretoamount and otherwise in form and substance satisfactory to ▇▇▇▇▇▇ Mae, and the Borrower shall have satisfied any other requirements required by ▇▇▇▇▇▇ ▇▇▇ with respect to such Reimbursement Documents.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Archstone Communities Trust/)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender ▇▇▇▇▇▇ Mae receive from the applicable Collateral Pool Borrower each of the documents and reports required by Lender ▇▇▇▇▇▇ ▇▇▇ pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, each of the following, each dated (where possible) as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender ▇▇▇▇▇▇ Mae in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;such commitment.
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(c) The Survey applicable to the Mortgaged Property;Property (which shall be last revised no less than ninety (90) days prior to the Closing Date).
(d) Evidence reasonably satisfactory to Lender ▇▇▇▇▇▇ ▇▇▇ of compliance of the Mortgaged Property with Property Laws;.
(e) An Appraisal of the Mortgaged Property.
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender▇▇▇▇▇▇ Mae, in which the owner shall (unless waived by Lender▇▇▇▇▇▇ ▇▇▇) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s obligations under the Loan Documents;.
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, if required by ▇▇▇▇▇▇ Mae, together with required escrows, on the standard form required by Lender;▇▇▇▇▇▇ ▇▇▇.
(gh) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;▇▇▇▇▇▇ Mae.
(hi) An Assignment of Leases and Rents, if Lender ▇▇▇▇▇▇ ▇▇▇ determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Avalonbay Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from the applicable Collateral Pool Borrower or IDOT Guarantor each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, each of the following, each dated (where possible) as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;such commitment.
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(c) The Survey applicable to the Mortgaged Property;Property (which shall be last revised no less than ninety (90) days prior to the Closing Date).
(d) Evidence reasonably satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;.
(e) An Appraisal of the Mortgaged Property.
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s or IDOT Guarantor’s, if applicable, obligations under the Loan Documents;.
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, if required by Lender, together with required escrows, on the standard form required by Lender;.
(gh) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;.
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, and each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmenttitle commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) Commitment and approved by Lender;
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Unless waived by Lender, the Survey applicable to the Mortgaged Property;Property and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date); Colonial/PNC ARCS — Master Credit Facility Agreement
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;
(e) An Appraisal of the Mortgaged Property;
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, if required by Lender, together with required escrows, on the standard form required by Lender;
(gh) An If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;; and
(k) A Confirmation of Guaranty by each party providing Any other document that Lender may reasonably determine is required in connection with a guaranty to Lender; and
(l) A Contribution Agreement or an amendment theretoMortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Colonial Properties Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, if applicable, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;
(b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(f) A If required by Lender, a Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender;
(g) An Assignment of Management Agreement or an amendment thereto, on the standard form required by Lender, if applicable;
(h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Education Realty Trust, Inc.)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, and each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmenttitle commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) Commitment and approved by Lender;
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Unless waived by Lender, the Survey applicable to the Mortgaged PropertyProperty and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date);
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws; Colonial/ Grandbridge — Master Credit Facility Agreement
(e) An Appraisal of the Mortgaged Property;
(ef) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(fg) A Completion/Repair and Security Agreement or an amendment thereto, if required by Lender, together with required escrows, on the standard form required by Lender;
(gh) An If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement or an amendment thereto, on the standard form required by Lender, if applicable;
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(ij) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, and in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to timeCommitment;
(jk) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment theretoAny other document that Lender may reasonably determine is required in connection with a Mortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Colonial Realty Limited Partnership)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Substitute Mortgaged PropertyCollateral Addition Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s the Borrower Parties' obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrowsAgreement, on the standard form required by Lender;the DUS Guide.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;.
(k) A Confirmation of Guaranty by each party providing With respect to a guaranty to Lender; and
(l) A Contribution Agreement or Collateral Addition Request, an amendment theretoto the Cash Management Agreement executed by the Borrower on the Initial Closing Date, adding the Borrower as a party and adding a Property Account for the Mortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Walden Residential Properties Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Substitute Mortgaged PropertyCollateral Addition Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrowsAgreement, on the standard form required by Lender;the DUS Guide.
(gi) An If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;.
(k) A Confirmation of Guaranty by each With respect to a Collateral Addition Request, adding the Borrower as a party providing and adding a guaranty to Lender; and
(l) A Contribution Agreement or an amendment theretoProperty Account for the Mortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the CommitmentTerm Loan amount;
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(f) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender;
(g) An Assignment of Management Agreement or an amendment thereto, on the standard form required by Lender, if applicable;
(h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool Pool, and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to timeTerm Loan;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Camden Property Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Substitute Mortgaged PropertyCollateral Addition Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s the Borrower Parties' obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;the DUS Guide.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;.
(k) A Confirmation of Guaranty by each party providing With respect to a guaranty to Lender; and
(l) A Contribution Agreement or Collateral Addition Request, an amendment theretoto the Cash Management Agreement executed by the Borrower Parties on the Initial Closing Date, adding the Borrower Parties as a party and adding a Property Account for the Mortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition pledge of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;title commitment.
(b) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(c) The Survey applicable to the Mortgaged Property;.
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;.
(e) An Appraisal of the Mortgaged Property.
(f) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;.
(fg) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;, if applicable.
(gh) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;.
(hi) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Emeritus Corp\wa\)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmenttitle commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to (i) if tie-in endorsements are available for all or a portion of the Mortgaged Properties, in an aggregate amount equal to the combined Allocable Loan Amounts for all of the Mortgaged Properties covered by the tie-in endorsements, not to exceed the amount of the amount of the Term Loan, or (ii) if tie-in endorsements are not available for any of the Mortgaged Properties, then with respect to such Mortgaged Properties not subject to the tie-in endorsement an amount equal to 150% of the Valuation of such Mortgaged properties not subject to the tie-in endorsement (or such lesser amount that is the maximum allowed by law or regulation);
(b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(f) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender;
(g) An A Subordination Assignment of Management and Security Agreement or an amendment thereto, on the standard form required by Lender, if applicablefor each Mortgaged Property;
(h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, Pool and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to timeTerm Loan;
(j) A Certificate of Borrower PartiesBorrower;
(k) A Confirmation of Guaranty by each party providing Indemnification Agreement Regarding Taxes
(l) Any and all Operating Leases, Sub-Leases or leases relating to a guaranty to LenderMortgaged Property; and
(lm) A Contribution Agreement Such other documents, instruments, approvals (and, if requested by ▇▇▇▇▇▇ Mae and Lender, certified duplicates of executed copies thereof) and opinions as ▇▇▇▇▇▇ ▇▇▇ or an amendment theretoLender may reasonably request.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Senior Housing Properties Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an on the Initial Closing Date and each Additional Mortgaged Property or on the Closing Date applicable thereto (including a Substitute Mortgaged Property), it shall be a condition precedent that Lender receive receives from Borrower each of the documents and reports required by Lender pursuant to the Underwriting and Servicing Requirements in connection with the addition Addition of such Mortgaged Property to the Collateral Pool and, and each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A a commitment for the Title Insurance Policy applicable to the such Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmenttitle commitment equal to one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property (which amount shall take into account the title insurance coverage provided by “tie-in” endorsements), each as approved by Lender;
(b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The unless waived by Lender, the Survey applicable to the Mortgaged Property and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date);
(d) a certificate from Borrower certifying to the compliance of the Mortgaged Property with Applicable Laws;
(e) an Appraisal of the Mortgaged Property;
(df) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;
(e) A a Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(fg) A a Completion/Repair and Security Agreement or an amendment thereto, if required by Lender, together with required escrows, on the standard form required by Lender;
(gh) An Assignment of Management Agreement a SASA or an amendment thereto, on the standard form required by Lender, if applicable;
(hi) An an Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(ij) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial each Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to timeCommitment;
(jk) A a Certificate of Borrower Parties;
(kl) A Confirmation of Guaranty any subordination, non-disturbance and attornment agreements and/or estoppel certificates required by each party providing a guaranty Lender with respect to Lenderany commercial leases and/or ground leases (if any) affecting the Mortgaged Property;
(m) any Facility Operating Agreement; and
(ln) A Contribution Agreement or an amendment theretoany other document that Lender may reasonably determine is required in connection with a Mortgaged Property.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Newcastle Investment Corp)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent to the inclusion of such Mortgaged Properties in the Collateral Pool that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance or an Additional Mortgaged Property or a Substitute Mortgaged PropertyAddition Request, as the case may be, in form and substance satisfactory to Lender in all respects:
(a) A favorable opinion of local counsel to Borrower or Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Initial Advance or Addition Request.
(b) A commitment for the Title Insurance Policy (the coverage amount of which shall take into account any tie-in endorsements applicable to the policy being issued) applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s 's obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment theretoAgreement, together with required escrows, on the standard form required by Lender;the DUS Guide.
(gi) An Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Bre Properties Inc /Md/)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties or an Additional Mortgaged Property or a Substitute Mortgaged Property, it shall be a condition precedent that Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property or an Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, if applicable, in form and substance satisfactory to Lender in all respects:
(a) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;
(b) the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;
(c) The Survey applicable to the Mortgaged Property;
(d) Evidence satisfactory to Lender of compliance of the Mortgaged Property with Property Applicable Laws;
(e) A Replacement Reserve Agreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to Lender, in which the owner shall (unless waived by Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for Borrower’s obligations under the Loan Documents;
(f) A If required by Lender, a Completion/Repair and Security Agreement or an amendment thereto, together with required escrows, on the standard form required by Lender;
(g) An Assignment of Management Agreement or an amendment thereto, on the standard form required by Lender, if applicable;
(h) An Assignment of Leases and Rents, if Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (Education Realty Trust, Inc.)
Delivery of Property-Related Documents. With respect to each of -------------------------------------- the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Mortgaged Properties or an Additional Mortgaged Property Advance Request or a Substitute Mortgaged PropertyCollateral Addition Request, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Mortgaged Property Advance Request or an Additional Mortgaged Property or a Substitute Mortgaged PropertyCollateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment;.
(bc) the The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property;.
(cd) The Survey applicable to the Mortgaged Property;.
(de) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with Property Laws;property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(ef) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement or an amendment theretoAgreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s 's obligations under the Loan Documents;.
(fh) A Completion/Repair and Security Agreement or an amendment thereto, together with required escrowsAgreement, on the standard form required by Lender;the DUS Guide.
(gi) An If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement or an amendment theretoAgreement, on the standard form required by Lender, if applicable;the DUS Guide.
(hj) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Sources: Master Credit Facility Agreement (United Dominion Realty Trust Inc)