Common use of Additional Real Estate Clause in Contracts

Additional Real Estate. To the extent otherwise permitted hereunder, if any Loan Party proposes to acquire a fee ownership interest in Material Real Estate after the occurrence of the Trigger Event, it shall within ninety (90) days of such acquisition (or such longer period as the Administrative Agent shall agree in its sole discretion) provide to the Administrative Agent Real Estate Documents in regard to such Material Real Estate. Notwithstanding anything to the contrary herein, or otherwise in any Loan Document, the Administrative Agent shall not enter into, accept, or record any mortgage in respect of any Material Real Estate until the Administrative Agent shall have received written confirmation (which confirmation shall, for purposes hereunder, include email) from each Lender that flood insurance compliance has been completed by such Lender with respect to such Material Real Estate (such written confirmation not to be unreasonably conditioned, withheld or delayed); provided, that, the inability of a Loan Party to deliver, enter into, or record a Mortgage with respect to any Material Real Estate within the time period required by this Section 5.13 due to the failure of the Administrative Agent to receive written confirmation from each Lender that flood insurance compliance has been completed by such Lender with respect to such Material Real Estate within such time period shall not be deemed to be a failure by such Loan Party to satisfy the requirements of this Section 5.13.

Additional Real Estate. To the extent otherwise permitted hereunder, if any Loan Credit Party proposes to acquire a fee ownership interest in Material Real Estate after the occurrence of the Trigger Event, it shall within ninety (90) days of such acquisition (or such longer period as the Administrative Agent Servicer shall agree in its sole discretion) provide to the Administrative Agent Servicer Real Estate Documents in regard to such Material Real Estate. Notwithstanding anything to the contrary herein, or otherwise in any Loan Operative Document, the Administrative Agent Servicer shall not enter into, accept, or record any mortgage in respect of any Material Real Estate until the Administrative Agent Servicer shall have received written confirmation (which confirmation shall, for purposes hereunder, include email) from each Lender Participant that flood insurance compliance has been completed by such Lender Participant with respect to such Material Real Estate (such written confirmation not to be unreasonably conditioned, withheld or delayed); provided, that, the inability of a Loan Credit Party to deliver, enter into, or record a Mortgage with respect to any Material Real Estate within the time period required by this Section 5.13 6.13 due to the failure of the Administrative Agent Servicer to receive written confirmation from each Lender Participant that flood insurance compliance has been completed by such Lender Participant with respect to such Material Real Estate within such time period shall not be deemed to be a failure by such Loan Credit Party to satisfy the requirements of this Section 5.136.13.