Additional Individual Loans Clause Samples

Additional Individual Loans. (a) Lender and Borrowers hereby agree that Lender shall make certain additional Individual Loans in the aggregate principal amount of Fifty-Three Million Nine Hundred Thirty-Six Thousand Thirty-Nine and No/100 Dollars ($53,936,039.00) (each, an “Individual Phase 2 Loan” and collectively in the aggregate, the “Phase 2 Loan”) to the entities listed on Schedule B attached hereto, each an affiliate of Borrowers (each, a “Phase 2 Borrower”, and collectively, the “Phase 2 Borrowers”), to be secured by certain real properties owned by the Phase 2 Borrowers and located in the State of Washington (each, a “Phase 2 Individual Property”, and collectively, the “Phase 2 Property”), provided the following conditions are satisfied (as determined by Lender in its sole discretion) (hereinafter referred to as the “Phase 2 Closing Conditions”): (i) the closing of the Phase 2 Loan (the “Phase 2 Closing”) must occur prior to the earlier to occur of (A) February 1, 2014, and (B) the date that is sixty (60) days after the date of this Agreement (the “Phase 2 Outside Closing Date”), (ii) each Individual Phase 2 Loan shall be coterminous with the term of the Loan and otherwise be on the terms as set forth for Loan Numbers 706109321, 706109330, 706109331 and 706109332 in that certain First Mortgage Loan Application Nos. 706109321-706109336, dated September 20, 2013, made by Borrowers and Phase 2 Borrowers with respect to the Loan and the Phase 2 Loan (the “Application”), (iii) the Documents shall be amended to include the Phase 2 Loan, each Phase 2 Borrower shall be added as an additional Borrower of the Loan, and each Phase 2 Individual Property shall be added as an Individual Property under the Documents, and (iv) each of the Individual Loans and each of the Individual Phase 2 Loans shall be cross-collateralized and cross-defaulted. (b) In the event that the Phase 2 Closing does not occur on or before the Phase 2 Outside Closing Date, then, notwithstanding anything to the contrary contained in the Application or in this Agreement, the following shall occur: (i) Lender shall have no obligation to fund any additional Loan proceeds to the Phase 2 Borrowers and Lender shall retain the remainder of the Interest Rate Standby Fee (as defined in the Application) attributable to the Phase 2 Loan; provided, however, in the event that one (1) Phase 2 Individual Property is not the subject of the Phase 2 Closing as the sole result of a default by the seller of such Phase 2 Individual Propert...