Borrowing Base Property Documents Sample Clauses

Borrowing Base Property Documents. Agent shall have received the following documents with respect to each Borrowing Base Property in form and substance acceptable to Agent and each other Lender: (i) an Appraisal; (ii) American Land Title Association extended coverage Lender's policies of title insurance or a commitments to issue such policies, from a title company acceptable to Agent, each in the amount of the Facility (or other amount approved by Agent), insuring the respective Mortgage or Assigned Mortgage as a first mortgage subject only to Permitted Liens, with endorsements and otherwise in form and substance acceptable to Agent and Agent's counsel; (iii) if required to obtain acceptable title insurance, a survey in the form described in Section 3.01(d), certified to Agent; (iv) such opinions of Borrower's local counsel pertaining to such Borrowing Base Property as Agent shall require, in form and substance satisfactory to Agent and Agent's counsel; (v) Non-Disturbance Agreements pursuant to Section 3.04(c); (vi) a rent roll, in form satisfactory to Agent, certified by Borrower to be true, correct and complete in all material respects; (vii) an environmental audit for each Borrowing Base Property, conducted by an environmental engineering firm acceptable to Lenders, and satisfactory evidence that Borrower, each Guarantor Subpartnership and all Borrowing Base Properties are in compliance in all material respects with all Environmental Laws, the violation of which could have a Material Adverse Effect on Borrower, any Guarantor Subpartnership, any Borrowing Base Property or the REIT; and (viii) such other documents with respect to each Borrowing Base Property as are listed on the Closing Checklist or as Agent shall otherwise reasonably require.
Sample 1
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Borrowing Base Property Documents. Agent shall have received the following documents in form and substance acceptable to Agent: (1) with respect to each Borrowing Base Property: (A) a Mortgage; (B) an Assignment of Leases and Rents; (C) Uniform Commercial Code Financing Statements; (D) an Appraisal; (E) an American Land Title Association extended coverage Lender's policy of title insurance or a commitment to issue such policy (or equivalent), from a title company acceptable to Agent in the amount of the Borrowing Base Value of such Borrowing Base Property, insuring the Mortgage against such Borrowing Base Property as a first mortgage subject only to Permitted Liens, with all endorsements specified by Agent; (F) a "Phase I" environmental assessment not more than 12 months old; (G) evidence satisfactory to Agent that the Borrowing Base Property is not located within the 100 year flood plain or identified as a special flood hazard area as defined by the Federal Insurance Administration; (H) a survey in the form described in Section 3.1(a)(1)(C), certified to Agent; (I) such opinions of local counsel pertaining to such Borrowing Base Property as Agent shall require; (J) upon request by Agent, an ad valorem delinquency tax service contract acceptable to Agent; (K) a copy of the form of tenant lease to be used in connection with the Leases; (L) letters from local Governmental Authorities evidencing compliance with applicable zoning, land use, and other laws; (M) the policies of insurance required by the Mortgage Documents; and (N) such other documents with respect to such Borrowing Base Property as Agent shall reasonably require. (2) With respect to each Borrowing Base Stabilized Property: (A) a certified rent roll; (B) an operating budget for the current Fiscal Year; (C) upon request by Agent, a schedule of all personal property, including intangible personal property owned by Borrower, and used in connection with the maintenance or operation of such Borrowing Base Property; and (D) an engineering report for the Borrowing Base Property not more than 12 months old; (3) With respect to each Borrowing Base Development Property: (A) evidence satisfactory to Agent that Borrower has funded project costs reflected on the Project Budget of not less than the difference between the aggregate Project Budget and the Maximum Loan Amount; and (B) a third party analysis of the Development Plans.
Sample 1
Borrowing Base Property Documents. Agent shall have received all required information with respect to each Borrowing Base Property in form acceptable to Agent.
Sample 1

Related to Borrowing Base Property Documents

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to: (b) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted). (c) Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any Borrowing Base Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.01. (d) Operate the Borrowing Base Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance with such Loan Party’s prudent business judgment. (e) Cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to each Borrowing Base Property.

  • Property Documents The Lender shall have received and approved in its sole discretion, the following:

  • Real Property Matters The Credit Parties shall have delivered to the Administrative Agent with respect to each parcel of Real Property to the extent that such parcel of Real Property becomes or should be subject to a Mortgage pursuant to ‎Section 6.10(a) above, all of the following: (i) an American Land Title Association (ALTA) mortgagee title insurance policy or policies, or unconditional commitments therefor (a “Title Policy”) issued by a title insurance company reasonably satisfactory to the Administrative Agent (a “Title Company”), in an amount not less than the amount reasonably required therefor by the Administrative Agent (taking into account the estimated value of the property involved), insuring fee simple title to, or a valid leasehold interest in, such Real Property vested in the applicable Credit Party and assuring the Administrative Agent that the applicable Mortgage creates a valid and enforceable first priority mortgage lien on the respective Real Property encumbered thereby, subject only to Permitted Liens, which Title Policy (1) shall include an endorsement for mechanics’ liens, for revolving, “variable rate” and future advances under this Agreement and for any other matters reasonably requested by the Administrative Agent, and (2) shall provide for affirmative insurance and such reinsurance as the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Administrative Agent; (ii) a title report issued by the Title Company with respect thereto, dated not more than 30 days prior to the date of execution of the applicable Mortgage and satisfactory in form and substance to the Administrative Agent; (iii) copies of all recorded documents listed as exceptions to title or otherwise referred to in the Title Policy or in such title report relating to such Real Property; (iv) evidence, which may be in the form of a letter or other certification from the Title Company or from an insurance broker, surveyor, engineer or other provider, as to whether (1) such Real Property is a Flood Hazard Property, and (2) the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program, and if such Real Property is a Flood Hazard Property, evidence that the applicable Credit Party has obtained flood insurance in respect of such Flood Hazard Property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; (v) a survey, in form and substance reasonably satisfactory to the Administrative Agent, of such Real Property, certified in a manner satisfactory to the Administrative Agent by a licensed professional surveyor reasonably satisfactory to the Administrative Agent; (vi) a certificate of the Borrower identifying any Phase I, Phase II or other environmental report received in draft or final form by any Credit Party during the five year period prior to the date of execution of the Mortgage relating to such Real Property and/or the operations conducted therefrom, or stating that no such draft or final form reports have been requested or received by any Credit Party (or its counsel), together with true and correct copies of all such environmental reports so listed (in draft form, if not finalized); and all such environmental reports shall be satisfactory in form and substance to the Administrative Agent; (vii) an opinion of local counsel admitted to practice in the jurisdiction in which such Real Property is located, reasonably satisfactory in form and substance to the Administrative Agent, as to the validity and effectiveness of such Mortgage as a lien on such Real Property encumbered thereby, and covering such other matters of law in connection with the execution, delivery, recording and enforcement of such Mortgage as the Administrative Agent may reasonably request; and (viii) upon request of the Administrative Agent and/or the Lenders, the Administrative Agent shall have received appraisals, reasonably satisfactory in form and substance to the Administrative Agent and each Lender, dated not more than 60 days prior to the date of execution of each Mortgage and addressed to the Administrative Agent and the Lenders or accompanied by a separate letter indicating that the Administrative Agent and the Lenders may rely thereon, from one or more nationally recognized appraisal firms, reasonably satisfactory to the Administrative Agent, covering (i) the Real Properties, and (ii) all other tangible property, plant and equipment owned by Holdings, the Borrower or any of its Subsidiaries, that is to be subjected to the Lien of the Security Agreement and is located at any plant or facility owned or leased by Holdings, the Borrower or any of its Subsidiaries in the United States of America, which appraisals shall set forth (A) the “fair market value” of such property (i.e., the amount at which such property would equitably exchange between a willing buyer and a willing seller, neither being under a compulsion and both having reasonable knowledge of all relevant facts on the premise that such property will continue in its present use as part of an ongoing business enterprise), (B) the “orderly disposal value” of such property (i.e., the amount that may be realized through a forced sale disposal of such property when a reasonable time to find a buyer is allowed), and (C) the “forced liquidation value” of such property (i.e., the amount that may be realized through an immediate forced sale disposal of such property), in each case as determined in accordance with sound appraisal standards.

  • Collateral Requirements All amounts deposited or invested with financial institutions in excess of any insurance limit shall be collateralized in accordance with the Public Funds Investment Act, 30 ILCS 235/. The Superintendent or designee shall keep the Board informed of collateral agreements.

  • Ground Leases For purposes of this Exhibit C, a “Ground Lease” shall mean a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Real Properties The Company does not have an interest in any real property, except for the Leases (as defined below).

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • Operating Leases Incur any obligation to pay rent under an operating lease in any Fiscal Year if to do so would result in the aggregate obligation of Borrower and its Subsidiaries to pay rent under all operating leases in that Fiscal Year to exceed $4,000,000.

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

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