Description of Exception Sample Clauses
Description of Exception. 5 Tan-Tar-A Resort The related Ground Lease is silent as to whether the lessor is required to give the Mortgagee notice of a default under such Ground Lease and whether notice of default is deemed effective against the Mortgagee unless a copy has been delivered to the Mortgagee.
Description of Exception. Staybridge Suites Houston — There are outstanding unsecured partnership Notes by the related mortgagor to indirect partners of the related Mortgagor to reimburse such partners for prior advances to the related Mortgagor. The approximate outstanding balance (in the aggregate) is $1,508,056, and such partners executed subordination and standstill agreements with Seller. Highland Road Village — The Limited Partnership Agreement (“LPA”) of Mortgagor is unclear as to whether it was formed solely for the purpose of owning and operating the Mortgaged Property. However, in the Loan Agreement, Mortgagor has made representations that this is the case. Also, the LPA does not directly prohibit the Mortgagor from engaging in any business unrelated to the Mortgaged Property. However, in the Loan Agreement, Mortgagor agrees to a negative covenant consistent with this prohibition, and the Officer’s Affidavit (regarding Recycled Entity) confirms that Mortgagor has never engaged in any business except the ownership and operation of the Mortgaged Property. In order to further mitigate the effect of the deficiencies in the LPA, additional protections were built into the Loan Agreement as well as the organizational documents of each of the two (2) General Partners (each a “GP,” together, the “GPs”) (who together control the Mortgagor). Specifically, the following provisions were incorporated into the Loan Agreement: (i) Mortgagor and both GPs must comply with full SPE provisions, (ii) the organizational documents of Mortgagor and of each GP cannot be amended without the consent of Lender; (iii) Mortgagor cannot replace either GP without the consent of Lender; (iv) each GP is required to have an Independent Director/Manager, who must consent to any bankruptcy petition of Mortgagor or such GP and any amendment of the organizational documents of Mortgagor or such GP, and (v) any violation of any of the foregoing shall trigger full recourse liability. The following provisions were incorporated into the organizational documents of both GPs: (a) both GPs must comply with full SPE provisions, (b) organizational documents of the GPs may not be amended without the consent of Lender, (c) each GP must have an Independent Director/Manager whose consent is required in connection with any bankruptcy petition of such GP or Mortgagor or amendment of such GP’s or Mortgagor’s organizational documents, and (d) the GPs may not permit Mortgagor to take any action in contravention of the SPE provis...
Description of Exception. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ The related Mortgage Loan documents provide that the Mortgage Rate varies during the first 84 months of the Mortgage Loan’s term and is fixed thereafter.
Description of Exception. Case No. BC441007. This action affects the related Mortgaged Property and is covered by title insurance obtained in connection with the closing of the related Mortgage Loan; and (4) Tax appeal filed by Ridgefield Park Lodging Associates, LLP, as Plaintiff, vs. Ridgefield Park, as Defendant. This appeal affects the related Mortgaged Property. The amount of the disputed taxes was escrowed at closing of the related Mortgage Loan and will be used to pay the taxes upon the earlier of 12/30/11 and settlement of such tax dispute.
Description of Exception. Times Square Each Mortgage Loan is cross-collateralized and cross-defaulted with its related Companion Loan(s), which is/are not included in the Mortgage Pool. In addition, the related Companion Loan(s) is/are secured by the same Mortgaged Property and the same Mortgage securing each Mortgage Loan. 2 Beacon D.C. & Seattle Pool 5 ▇▇▇▇▇ ▇▇▇▇▇▇ Village & Stuyvesant Town With respect to three of the assets in the related portfolio only, the mortgagee does not have a mortgage on the related real property. Instead, the underlying owners of such real property have covenanted to deposit portions of the related cash flow and additional collateral from such real properties into a lockbox.
Description of Exception. 1 Five Times Square With respect to the non-payment of premiums the Mortgage provides that the policy may not be terminable and may not be reduced without at least 5 days prior notice to the mortgagee.
Description of Exception. 5 Tan-Tar-A Resort The related Ground Lease is silent as to whether the interest thereunder may be encumbered by the related Mortgage or if consent of the lessor is required to so encumber the Ground Lease. In addition, the related Ground Lease has not been recorded.
Description of Exception. Club Apartments The related Mortgage Loan documents permit the transfer of certain direct or indirect interests in the Mortgagor, subject to certain conditions set forth in the related Mortgage Loan documents.
Description of Exception. 14 City Heights Apartment Homes Wachovia Development Corporation, an affiliate of the Seller, owns a preferred equity interest in the related Mortgagor, and the terms of such preferred equity interest could require such affiliate to make an additional capital contribution. ▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Village & Stuyvesant Town At any time during the period commencing on the payment date in November 2011 and ending on the payment date in May 2013, Mortgagor shall have the one-time right to obtain additional financing secured by the Mortgaged Property, provided that the terms and conditions set forth in the loan documentation are satisfied.
Description of Exception. Pool The Mortgaged Property is held as a fee simple as to improvements and an estate for years as to the land through December 31, 2012, converting to a leasehold interest upon expiration of the estate for years.