BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon Xxxxxx’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time. (b) Borrower shall furnish to Lender each of the following: (i) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or (ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter. (iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower, (A) a Rent Schedule; and (B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter; (c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following: (i) an annual statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that fiscal year; (ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year; (iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and (iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts. (d) Borrower shall furnish to Lender each of the following: (i) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property; (ii) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members; (iii) copies of all tax returns filed by Xxxxxxxx, within thirty (30) days after the date of filing; and (iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time. (e) At any time upon Xxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently. (f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property. (g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing. (h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx. (i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation. (x) Xxxxxxxx authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 5 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp), Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon XxxxxxLender’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the following:
(i) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for XxxxxxxxBorrower’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for XxxxxxxxBorrower’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for XxxxxxxxBorrower’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon XxxxxxLender’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon XxxxxxLender’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by XxxxxxxxBorrower, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon XxxxxxLender’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by XxxxxxLender. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx Lender in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in XxxxxxLender’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at XxxxxxLender’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by XxxxxxLender.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xj) Xxxxxxxx Borrower authorizes Xxxxxx Lender to obtain a credit report on Borrower at any time.
Appears in 4 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Behringer Harvard Opportunity REIT II, Inc.), Multifamily Mortgage, Assignment of Rents and Security Agreement (Paladin Realty Income Properties Inc), Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office's offices, and upon Xxxxxx’s request Lendxx'x xequest shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office)Property, complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable timetime by Lendxx.
(b) Borrower shall furnish to Lender each all of the following:
(i1) if, in connection with this Loan, within 20 days after the Borrower purchased the Mortgaged Propertyend of each calendar month, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s Borrxxxx'x operation of the Mortgaged Property for the trailing six (6) months, such statement immediately preceding month and calendar year to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) abovedate and, within twenty-five (25) 45 days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) days after the end of each fiscal year of Borrowerat any other time upon Lendxx'x xequest, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that the immediately preceding quarter and year to date;
(2) within 20 days after the end of each calendar month, and at any other time upon Lendxx'x xequest, a rent schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Lendxx;
(3) within 120 days after the end of each fiscal year of Borrower, and a profit at any other time upon Lendxx'x xequest, annual financial statements in form and loss statement for Borrower; and
(iv) content satisfactory to Lender, and an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.such
(d4) Borrower shall furnish to Lender within 120 days after the end of each fiscal year of the following:
(i) prior to a SecuritizationBorrower, and thereafter at any other time upon Xxxxxx’s reasonable requestLendxx'x xequest, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required)each, and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling EntityBorrower, and if Borrower or a Controlling Entity is a limited liability company, all Managers managers who are not members;
(iii5) copies of all tax returns filed by Xxxxxxxxupon Lendxx'x xequest, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon Xxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.Lendxx; xxd
(f6) A natural person having authority to bind within 45 days after the end of each calendar quarter, a consolidating balance sheet, a statement of income and expenses for Borrower and a statement of changes in financial position of Borrower for the immediately preceding quarter; and
(or the SPE Equity Owner or guarantor, as applicablec) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections Section 14(b) through 14(e) shall be certified to be complete and 14(h) accurate by an individual having authority to bind Borrower, and shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the annual statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s 's expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(gd) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections Section 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s 's books and records audited, at Borrower’s 's expense, by independent certified public accountants selected by Xxxxxx in Lendxx xx order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.
(ie) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand copies of all books and records relating to the Mortgaged Property or its operation.
(xf) Xxxxxxxx Borrower authorizes Xxxxxx to Lendxx xx obtain a credit report on Borrower at any time.
(g) If an Event of Default has occurred and Lender has not previously required Borrower to furnish a quarterly statement of income and expense for the Mortgaged Property, Lender may require Borrower to furnish such a statement within 45 days after the end of each fiscal quarter of Borrower following such Event of Default.
Appears in 3 contracts
Samples: Multifamily Note (American Retirement Villas Properties Iii LTD Partnership), Multifamily Note (Arv Assisted Living Inc), Multifamily Note (American Retirement Villas Properties Ii)
BOOKS AND RECORDS; FINANCIAL REPORTING. Borrower shall keep adequate books and records of account in accordance with GAAP, or in accordance with other methods acceptable to Lender in its sole discretion, consistently applied and furnish to Lender:
(a) Borrower shall keep quarterly certified rent rolls signed and maintain at dated by Borrower, detailing the names of all times at Tenants of the Mortgaged Property or Improvements, the management agent’s officeportion of Improvements occupied by each Tenant, the base rent and any other charges payable under each Lease and the term of each Lease, including the expiration date, and upon Xxxxxx’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such any other method which information as is reasonably acceptable to required by Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the following:
(i) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twentyforty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (9045) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that fiscal yearquarter;
(iib) a quarterly operating statement of changes in financial position of Borrower relating the Property and year to date operating statements detailing the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting total revenues received, total expenses incurred, total cost of all security deposits held pursuant capital improvements, total debt service and total cash flow, to all Leases, including be prepared and certified by Borrower in the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held form required by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required)Lender, and if Borrower or a Controlling Entity is a corporationavailable, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed any quarterly operating statement prepared by Xxxxxxxx, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon Xxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lenderaccountant, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
within forty-five (g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (9045) days after the close of such party’s each fiscal year, such party’s quarter of Borrower;
(c) an annual balance sheet and profit and loss statement (of Borrower in the form required by Lender, prepared and certified by Borrower, as the case may be, or if such party is a natural personrequired by Lender upon and during an Event of Default, audited financial statements for Borrower and Liable Party, prepared by an independent certified public accountant acceptable to Lender, within ninety (90) days after the close of each fiscal year of Borrower and Liable Party, if any, as the case may be;
(d) an annual operating budget presented on a monthly basis consistent with the annual operating statement described above for the Property including cash flow projections for the upcoming one (1) year period and all proposed capital replacements and improvements at least fifteen (15) days prior to the start of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.;
(ie) If an Event a then current rent roll and financial statements prepared by and/or for the benefit of Default has occurred Borrower detailing all income of the Property and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating Property expenses; within ninety (90) days after the close of each fiscal year of Borrower; and
(f) any financial statements required pursuant to the Mortgaged Property or its operationGuaranty, if any.
(x) Xxxxxxxx authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (City Office REIT, Inc.)
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon Xxxxxx’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the following:
(i) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter prior to Securitization and within thirty-five (35) days after the end of Borrower,each calendar quarter after Securitization:
(Ai) a Rent ScheduleSchedule dated no earlier than the date that is five (5) days prior to the end of such quarter; and
(Bii) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property either
(A) for that calendar the twelve (12) month period ending upon the last day of such quarter;, or
(B) if at the end of such quarter Borrower and any Affiliate of Borrower have owner the Mortgaged Property for less than twelve (12) months, for the period commencing with the acquisition of the Mortgaged Property by Borrower or its Affiliates, and ending upon the last day of such quarter.
(c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) in addition to the requirements of Section 14(b), upon Xxxxxx’s request prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, in each case within twenty-five (25) days after the end of each month, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) upon Xxxxxx’s request prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender in each case within ten (10) days after such request, a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by Xxxxxxxx, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon Xxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through ), 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(x) Xxxxxxxx authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (Steadfast Income REIT, Inc.)
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon XxxxxxLxxxxx’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the following:
(i) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for XxxxxxxxBxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for XxxxxxxxBxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for XxxxxxxxBxxxxxxx’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon XxxxxxLxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon XxxxxxLxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by XxxxxxxxBxxxxxxx, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon XxxxxxLxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by XxxxxxLxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx Lxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in XxxxxxLxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at XxxxxxLxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by XxxxxxLxxxxx.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xj) Xxxxxxxx authorizes Xxxxxx Lxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
Samples: Multifamily Deed of Trust, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office's offices, and upon Xxxxxx’s 's request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office)Property, complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable timetime by Xxxxxx.
(b) Borrower shall furnish to Lender each all of the following:
(i1) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) 120 days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual a statement of income and expenses for Xxxxxxxx’s 's operation of the Mortgaged Property for that fiscal year;
(ii) , a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) year and, when requested by Xxxxxx, a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; andyear;
(iv2) within 120 days after the end of each fiscal year of Borrower, and at any other time upon Xxxxxx's request, a rent schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Xxxxxx;
(3) within 120 days after the end of each fiscal year of Borrower, and at any other time upon Xxxxxx's request, an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.; (01-23-02) PN 340 RD Instruction 2000-OOO Exhibit A
(d4) Borrower shall furnish to Lender within 120 days after the end of each fiscal year of the following:
(i) prior to a SecuritizationBorrower, and thereafter at any other time upon Xxxxxx’s reasonable 's request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required)each, and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers managers who are not members;
(iii5) copies of all tax returns filed by Xxxxxxxxupon Xxxxxx's request, within thirty (30) days after quarterly income and expense statements for the date of filing; andMortgaged Property;
(iv6) such other financial information or property management information (includingupon Xxxxxx's request at any time when an Event of Default has occurred and is continuing, without limitation, information on tenants under Leases to monthly income and expense statements for the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.Mortgaged Property;
(e7) At any time upon Xxxxxx’s 's request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However; and
(8) upon Xxxxxx's request, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event a balance sheet, a statement of Default income and such Event expenses for Xxxxxxxx and a statement of Default is continuing, changes in which case Lender may require financial position of Borrower to furnish the foregoing more frequentlyfor Xxxxxxxx's most recent fiscal year.
(fc) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections Section 14(b) through 14(e) shall be certified to be complete and 14(h) accurate by an individual having authority to bind Borrower, and shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s 's expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(gd) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections Section 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s 's books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.
(ie) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xf) Xxxxxxxx Borrower authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
Samples: Memorandum of Understanding
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon Xxxxxx’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the following:
(i) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by Xxxxxxxx, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon Xxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by XxxxxxLender.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(x) Xxxxxxxx authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (NTS Realty Holdings Lp)
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office's offices, and upon Xxxxxx’s 's request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office)Property, complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable timetime by Xxxxxx.
(b) Borrower shall furnish to Lender each all of the following:
(i1) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) 120 days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual a statement of income and expenses for Xxxxxxxx’s 's operation of the Mortgaged Property for that fiscal year;
(ii) , a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) year and, when requested by Xxxxxx, a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; andyear;
(iv2) within 120 days after the end of each fiscal year of Borrower, and at any other time upon Xxxxxx's request, a rent schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Xxxxxx;
(3) within 120 days after the end of each fiscal year of Borrower, and at any other time upon Xxxxxx's request, an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii4) prior to a Securitizationwithin 120 days after the end of each fiscal year of Borrower, and thereafter at any other time upon Xxxxxx’s reasonable 's request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required)each, and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers managers who are not members;
(iii5) copies of all tax returns filed by Xxxxxxxxupon Xxxxxx's request, within thirty (30) days after quarterly income and expense statements for the date of filing; andMortgaged Property;
(iv6) such other financial information or property management information (includingupon Xxxxxx's request at any time when an Event of Default has occurred and is continuing, without limitation, information on tenants under Leases to monthly income and expense statements for the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.Mortgaged Property;
(e7) At any time upon Xxxxxx’s 's request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However; and
(8) upon Xxxxxx's request, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event a balance sheet, a statement of Default income and such Event expenses for Xxxxxxxx and a statement of Default is continuing, changes in which case Lender may require financial position of Borrower to furnish the foregoing more frequentlyfor Xxxxxxxx's most recent fiscal year.
(fc) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections Section 14(b) through 14(e) shall be certified to be complete and 14(h) accurate by an individual having authority to bind Borrower, and shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s 's expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(gd) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections Section 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s 's books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.
(ie) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xf) Xxxxxxxx Borrower authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
Samples: Memorandum of Understanding
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower Grantor shall keep and maintain at all times at the Mortgaged Property or the management agent’s office's offices, and upon Xxxxxx’s 's request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office)Property, complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable timetime by Xxxxxx.
(b) Borrower Grantor shall furnish to Lender each all of the following:
(i1) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) 120 days after the end of each fiscal year of BorrowerGrantor, Borrower shall furnish to Lender each of the following:
(i) an annual a statement of income and expenses for Xxxxxxxx’s Grantor's operation of the Mortgaged Property for that fiscal year;
(ii) , a statement of changes in financial position of Borrower Grantor relating to the Mortgaged Property for that fiscal year;
(iii) year and, when requested by Xxxxxx, a balance sheet showing all assets and liabilities of Borrower Grantor relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; andyear;
(iv2) within 120 days after the end of each fiscal year of Grantor, and at any other time upon Xxxxxx's request, a rent schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Xxxxxx; (3) within 120 days after the end of each fiscal year of Grantor, and at any other time upon Xxxxxx's request, an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by Xxxxxxxx, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon Xxxxxx’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(x) Xxxxxxxx authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon XxxxxxLender’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the followingfollowing within twenty-five (25) days after the end of each calendar quarter prior to Securitization and within thirty-five (35) days after the end of each calendar quarter after Securitization:
(i) if, in connection with this Loan, a Rent Schedule dated no earlier than the Borrower purchased date which is five (5) days prior to the Mortgaged Property, end of such quarter; and
(ii) a statement of income and expenses for Borrower’s operation of the Mortgaged Property from either
(A) for the origination date to twelve (12) month period ending upon the end last day of the first full calendar quarter following such origination datequarter, such statement to be provided within twenty-five or
(25B) days after if at the end of such quarter; or
(ii) for all other cases (for example, a refinance quarter Borrower and any Affiliate of a loan, a purchase of partnership or other interests, or new debt being placed on Borrower have owned the Mortgaged Property)Property for less than twelve (12) months, a statement of income and expenses for Xxxxxxxx’s operation the period commencing with the acquisition of the Mortgaged Property for by Borrower or its Affiliates, and ending upon the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end last day of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for XxxxxxxxBorrower’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) in addition to the requirements of Section 14(b), upon Lender’s request prior to a Securitization, and thereafter upon XxxxxxLender’s reasonable request, in each case within twenty-five (25) days after the end of each month, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) upon Lender’s request prior to a Securitization, and thereafter upon XxxxxxLender’s reasonable request, Borrower shall furnish to Lender in each case within ten (10) days after such request, a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by XxxxxxxxBorrower, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon XxxxxxLender’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by XxxxxxLender. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through ), 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx Lender in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in XxxxxxLender’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at XxxxxxLender’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by XxxxxxLender.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xj) Xxxxxxxx Borrower authorizes Xxxxxx Lender to obtain a credit report on Borrower at any time.
Appears in 1 contract
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office's offices, and upon Xxxxxx’s 's request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office)Property, complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable timetime by Xxxxxx.
(b) Borrower shall furnish to Lender each all of the following:
(i1) if, in connection with this Loan, the Borrower purchased the Mortgaged Property, a statement of income and expenses for Borrower’s operation of the Mortgaged Property from the origination date to the end of the first full calendar quarter following such origination date, such statement to be provided within twenty-five (25) days after the end of such quarter; or
(ii) for all other cases (for example, a refinance of a loan, a purchase of partnership or other interests, or new debt being placed on the Mortgaged Property), a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) 120 days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual a statement of income and expenses for Xxxxxxxx’s 's operation of the Mortgaged Property for that fiscal year;
(ii) , a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) year and, when requested by Xxxxxx, a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; andyear;
(iv2) within 120 days after the end of each fiscal year of Borrower, and at any other time upon Xxxxxx's request, a rent schedule for the Mortgaged Property showing the name of each tenant, and for each tenant, the space occupied, the lease expiration date, the rent payable for the current month, the date through which rent has been paid, and any related information requested by Xxxxxx;
(3) within 120 days after the end of each fiscal year of Borrower, and at any other time upon Xxxxxx's request, an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) prior to a Securitization, and thereafter upon Xxxxxx’s reasonable request, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii4) prior to a Securitizationwithin 120 days after the end of each fiscal year of Borrower, and thereafter at any other time upon Xxxxxx’s reasonable 's request, Borrower shall furnish to Lender a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required)each, and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers managers who are not members;
(iii5) copies of all tax returns filed by Xxxxxxxxupon Xxxxxx's request, within thirty (30) days after quarterly income and expense statements for the date of filing; andMortgaged Property;
(iv6) such other financial information or property management information (includingupon Xxxxxx's request at any time when an Event of Default has occurred and is continuing, without limitation, information on tenants under Leases to monthly income and expense statements for the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.Mortgaged Property;
(e7) At any time upon Xxxxxx’s 's request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by Xxxxxx. However; and
(8) upon Xxxxxx's request, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event a balance sheet, a statement of Default income and such Event expenses for Xxxxxxxx and a statement of Default is continuing, changes in which case Lender may require financial position of Borrower to furnish the foregoing more frequentlyfor Xxxxxxxx's most recent fiscal year.
(fc) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections Section 14(b) through 14(e) shall be certified to be complete and 14(h) accurate by an individual having authority to bind Borrower, and shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s 's expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(gd) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections Section 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s 's books and records audited, at Borrower’s 's expense, by independent certified public accountants selected by Xxxxxx in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in Xxxxxx’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at Xxxxxx’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by Xxxxxx.
(ie) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xf) Xxxxxxxx Borrower authorizes Xxxxxx to obtain a credit report on Borrower at any time.
Appears in 1 contract
BOOKS AND RECORDS; FINANCIAL REPORTING. (a) Borrower shall keep and maintain at all times at the Mortgaged Property or the management agent’s office, and upon XxxxxxLender’s request shall make available at the Mortgaged Property (or, at Borrower’s option, at the management agent’s office), complete and accurate books of account and records (including copies of supporting bills and invoices) adequate to reflect correctly the operation of the Mortgaged Property, in accordance with GAAP consistently applied (or such other method which is reasonably acceptable to Lender), and copies of all written contracts, Leases, and other instruments which affect the Mortgaged Property. The books, records, contracts, Leases and other instruments shall be subject to examination and inspection by Lender at any reasonable time.
(b) Borrower shall furnish to Lender each of the followingfollowing within twenty-five (25) days after the end of each calendar quarter prior to Securitization and within thirty-five (35) days after the end of each calendar quarter after Securitization:
(i) if, in connection with this Loan, a Rent Schedule dated no earlier than the Borrower purchased date which is five (5) days prior to the Mortgaged Property, end of such quarter; and
(ii) a statement of income and expenses for Borrower’s operation of the Mortgaged Property from either
(A) for the origination date to twelve (12) month period ending upon the end last day of the first full calendar quarter following such origination datequarter, such statement to be provided within twenty-five or
(25B) days after if at the end of such quarter; or
(ii) for all other cases (for example, a refinance quarter Borrower and any Affiliate of a loan, a purchase of partnership or other interests, or new debt being placed on Borrower have owner the Mortgaged Property)Property for less than twelve (12) months, a statement of income and expenses for Xxxxxxxx’s operation the period commencing with the acquisition of the Mortgaged Property for by Borrower or its Affiliates, and ending upon the trailing six (6) months, such statement to be provided within twenty-five (25) days after the end last day of such quarter.
(iii) after Borrower has furnished such statements required by Section 14(b)(i) or (ii) above, within twenty-five (25) days after the end of each subsequent calendar quarter of Borrower,
(A) a Rent Schedule; and
(B) a statement of income and expenses for Xxxxxxxx’s operation of the Mortgaged Property for that calendar quarter;
(c) Within ninety (90) days after the end of each fiscal year of Borrower, Borrower shall furnish to Lender each of the following:
(i) an annual statement of income and expenses for XxxxxxxxBorrower’s operation of the Mortgaged Property for that fiscal year;
(ii) a statement of changes in financial position of Borrower relating to the Mortgaged Property for that fiscal year;
(iii) a balance sheet showing all assets and liabilities of Borrower relating to the Mortgaged Property as of the end of that fiscal year and a profit and loss statement for Borrower; and
(iv) an accounting of all security deposits held pursuant to all Leases, including the name of the institution (if any) and the names and identification numbers of the accounts (if any) in which such security deposits are held and the name of the person to contact at such financial institution, along with any authority or release necessary for Lender to access information regarding such accounts.
(d) Borrower shall furnish to Lender each of the following:
(i) in addition to the requirements of Section 14(b), upon Lender’s request prior to a Securitization, and thereafter upon XxxxxxLender’s reasonable request, in each case within twenty-five (25) days after the end of each month, a monthly Rent Schedule and a monthly statement of income and expenses for Borrower’s operation of the Mortgaged Property;
(ii) upon Lender’s request prior to a Securitization, and thereafter upon XxxxxxLender’s reasonable request, Borrower shall furnish to Lender in each case within ten (10) days after such request, a statement that identifies all owners of any interest in Borrower and any Controlling Entity and the interest held by each (unless Borrower or any Controlling Entity is a publicly-traded entity in which case such statement of ownership shall not be required), and if Borrower or a Controlling Entity is a corporation, all officers and directors of Borrower and the Controlling Entity, and if Borrower or a Controlling Entity is a limited liability company, all Managers who are not members;
(iii) copies of all tax returns filed by XxxxxxxxBorrower, within thirty (30) days after the date of filing; and
(iv) such other financial information or property management information (including, without limitation, information on tenants under Leases to the extent such information is available to Borrower, copies of bank account statements from financial institutions where funds owned or controlled by Borrower are maintained, and an accounting of security deposits) as may be required by Lender from time to time.
(e) At any time upon XxxxxxLender’s request, Borrower shall furnish to Lender a monthly property management report for the Mortgaged Property, showing the number of inquiries made and rental applications received from tenants or prospective tenants and deposits received from tenants and any other information requested by XxxxxxLender. However, Lender shall not require the foregoing more frequently than quarterly except when there has been an Event of Default and such Event of Default is continuing, in which case Lender may require Borrower to furnish the foregoing more frequently.
(f) A natural person having authority to bind Borrower (or the SPE Equity Owner or guarantor, as applicable) shall certify each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) to be complete and accurate. Each of the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h) shall be in such form and contain such detail as Lender may reasonably require. Lender also may require that any of the statements, schedules or reports listed in Section 14(b) through ), 14(c) and Section 14(d)(i) and (iv) be audited at Borrower’s expense by independent certified public accountants acceptable to Lender, at any time when an Event of Default has occurred and is continuing or at any time that Lender, in its reasonable judgment, determines that audited financial statements are required for an accurate assessment of the financial condition of Borrower or of the Mortgaged Property.
(g) If Borrower fails to provide in a timely manner the statements, schedules and reports required by Sections 14(b) through 14(e) and 14(h), Lender shall give Borrower Notice specifying the statements, schedules and reports required by Section 14(b) through 14(e) and 14(h) that Borrower has failed to provide. If Borrower has not provided the required statements, schedules and reports within 10 Business Days following such Notice, then Lender shall have the right to have Borrower’s books and records audited, at Borrower’s expense, by independent certified public accountants selected by Xxxxxx Lender in order to obtain such statements, schedules and reports, and all related costs and expenses of Lender shall become immediately due and payable and shall become an additional part of the Indebtedness as provided in Section 12. Notice to Borrower shall not be required in the case of an emergency, as determined in XxxxxxLender’s discretion, or when an Event of Default has occurred and is continuing.
(h) Borrower shall cause each guarantor and, at XxxxxxLender’s request, any SPE Equity Owner, to provide to Lender (i) within ninety (90) days after the close of such party’s fiscal year, such party’s balance sheet and profit and loss statement (or if such party is a natural person, within ninety (90) days after the close of each calendar year, such party’s personal financial statements) in form reasonably satisfactory to Lender and certified by such party to be accurate and complete; and (ii) such additional financial information (including, without limitation, copies of state and federal tax returns with respect to any SPE Equity Owner but Lender shall only require copies of such tax returns with respect to each guarantor if an Event of Default has occurred and is continuing) as Lender may reasonably require from time to time and in such detail as reasonably required by XxxxxxLender.
(i) If an Event of Default has occurred and is continuing, Borrower shall deliver to Lender upon written demand all books and records relating to the Mortgaged Property or its operation.
(xj) Xxxxxxxx Borrower authorizes Xxxxxx Lender to obtain a credit report on Borrower at any time.
Appears in 1 contract
