Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction Event"), Lender will make the Proceeds (less any costs incurred by Xxxxxx in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration", provided that the following conditions are met: (i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed; (ii) no default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event; (iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event; (iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event; (v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit; (vi) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional Funds") that when added to the Proceeds will be sufficient to complete Restoration; (vii) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy; (viii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete; (ix) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and (x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
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Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction Event"), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration", provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceEach of the entities described above as an original Grantor hereunder, LLC, a Delaware limited liability company or the transferee under a Permitted Transfer, if any, continues to be Borrower Grantor at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Financing Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect effect, subject to any rental abatements provided in the leases, notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(vi) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional Funds") that when added to the Proceeds will be sufficient to complete Restoration;
(vii) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ix) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event Event, plus any rental insurance proceeds paid or to be paid to Grantor, plus any additional collateral satisfactory to Lender in its sole but reasonable discretion, are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 1.40 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents combined Rents, rental insurance and other approved collateral, if any, do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower Grantor expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achievedachieved (in which event neither the Prepayment Premium nor the Evasion Premium, if any, shall apply). The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower Grantor will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
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Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction EventDESTRUCTION EVENT"), ) Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration", provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company The entity specified in the Preamble paragraph of this document as the "Borrower" or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents to which Borrower or an Affiliate of Borrower is a party exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases (but not subleases) in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect without abatement of Rent, in the case of Leases, notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional FundsADDITIONAL FUNDS") that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each the affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged from other sources satisfactorily demonstrated to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;; and
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion DateRESTORATION COMPLETION DATE") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (Cc) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
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Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction EventDESTRUCTION EVENT"), ) Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "RestorationRESTORATION", provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company The entity specified in the Preamble paragraph of this document as the "Borrower" or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents to which Borrower or an Affiliate of Borrower is a party exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases (but not subleases) in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect without abatement of Rent, in the case of Leases, notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional FundsADDITIONAL FUNDS") that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each the affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged from other sources satisfactorily demonstrated to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;; and
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion DateRESTORATION COMPLETION DATE") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
Appears in 1 contract
Samples: Open End Leasehold Mortgage (Life Time Fitness Inc)
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction Event"), Lender will make the Proceeds (less any costs incurred by Xxxxxx ------------------ Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration", provided that the following conditions are met:: ----------- --------
(i) Xxxxxxx Properties-Park PlaceXxxxxx Realty, LLCL.P., a Delaware limited liability company partnership, or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Documents Event of Default exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or or, if the Proceeds are insufficient to complete Restoration, Borrower first (A) deposits with Lender funds ("Additional Funds") that when added to the Proceeds will be ---------------- sufficient to complete Restoration;
Restoration (viiand Lender shall maintain the Additional Funds in an interest-bearing account under a disbursement and security agreement satisfactory to Lender), or (B) delivers an unconditional irrevocable clean sight draft letter of credit in commercially reasonable form in such amount; (vi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ix) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
Appears in 1 contract
Samples: Deed of Trust (Kilroy Realty Corp)
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any costs incurred by Xxxxxx in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceEscarpment Village, LLC, a Delaware limited liability company L.P. or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;; and
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;.
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or and any additional funds sums (separate and apart from the Additional Funds) deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction Event"), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration", provided that the following conditions are met:
(ia) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company Parkway Properties LP or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(iib) no default at the time that payment of the of the Proceeds is sought, there shall not then exist any failure to have paid any amount due under the Loan Documents exists at the time specified in the Loan Documents, regardless of the Destruction Event and no Event of Default has occurred during the 12 months prior any grace or cure period permitted with respect to the Destruction Eventsuch payment;
(iiic) all Leases of 6,000 square feet or greater in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(vd) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(vie) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first provides a standby letter of credit in form and substance acceptable to Lender or deposits with Lender funds to be held in an interest bearing escrow account pursuant to a pledge agreement satisfactory to Lender ("Additional Funds") that when added to the Proceeds will be sufficient to complete Restoration;
(viif) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiig) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixh) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) 6,000 square feet or greater or any Property DocumentDocument that is essential to the use and operation of the Property; or (D) any date required by Law; and
(xi) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments for the Subject Property of at least 1.15 (and no less than 1.0 for any individual property within the Subject Property as determined by Lender with respect to the loan amount allocated to such individual property) after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs instructs Lender to apply an amount from the Proceeds to reduction of Principal without Prepayment Premium in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any reasonable out of pocket costs incurred by Xxxxxx in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC35 X. Xxxxxx Venture L.L.C., a Delaware limited liability company or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default No Event of Default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: of (A) 12 months prior to the Maturity Date; (B) 12 18 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 1.35 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary coverage to evidence the reduced Principal and Debt Service Payments.be
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction Event"“DESTRUCTION EVENT”), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration"“RESTORATION”, provided PROVIDED that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceEach of the entities described above as an original Grantor hereunder, LLC, a Delaware limited liability company or the transferee under a Permitted Transfer, if any, continues to be Borrower Grantor at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Financing Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect effect, subject to any rental abatements provided in the leases, notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(vi) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional Funds") that when added to the Proceeds will be sufficient to complete Restoration;
(vii) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ix) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event Event, plus any rental insurance proceeds paid or to be paid to Grantor, plus any additional collateral satisfactory to Lender in its sole but reasonable discretion, are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 1.40 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided PROVIDED that, if the Rents combined Rents, rental insurance and other approved collateral, if any, do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower Grantor expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achievedachieved (in which event neither the Prepayment Premium nor the Evasion Premium, if any, shall apply). The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower Grantor will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlacePFP Columbus II, LLC, a Delaware limited liability company LLC or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;; TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7
(ii) no default under the Loan Documents exists at the time of the Destruction Event and no more than three (3) Events of Default (which may include only one monetary Event of Default has Default) have occurred during the 12 twelve (12) months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event representing ninety percent (other than those Leases pertaining to less than 5% 90%) of the rentable gross leasable area of the Improvements in the aggregate) Property and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;, except as otherwise approved by Lender; and
(iv) all Property Documents in effect for the 12 month period immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding preceding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(vi) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional Funds") that when added to the Proceeds will be sufficient to complete Restoration;
(vii) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ix) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of Coverage was at least 1.15 after payment of annual Insurance Premiums, Impositions 1.15x and operating expenses at the time of the Property (including ground rentDestruction Event, if any)is at least 1.15x, provided that, if the Rents do Net Operating Income does not provide such Debt Service Coverage RatioCoverage, then Borrower expressly authorizes and directs instructs Lender (at Lender’s sole discretion) to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments for the subsequent twelve (12) month period sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments Debt Service Payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any costs incurred by Xxxxxx in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceXxxxxxxx Green Apartments, LLC, a Delaware limited liability company LLC or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event, except as otherwise approved by Xxxxxx;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption rent loss insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses Operating Expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) for the 12 month period immediately preceding the Destruction Event, the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio was at least 1.25 and Lender determines, based on projections satisfactory to Lender, that the Property will be relet within 12 months after Restoration at a projected Net Operating Income that will provide Debt Service Coverage for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any)not less than 1.15, provided that, if the Rents do projected rents will not provide such Debt Service Coverage RatioCoverage, then Borrower expressly authorizes and directs Lender (at Xxxxxx’s sole discretion) to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using interest at the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if had the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation instruments that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
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Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction EventDESTRUCTION EVENT"), ) Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "RestorationRESTORATION", provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company The entity specified in the Preamble paragraph of this document as the "Borrower" or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents to which Borrower or an Affiliate of Borrower is a party exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases (but not subleases) in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect without abatement of Rent, in the case of Leases, notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional FundsADDITIONAL FUNDS") that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each the affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged from other sources satisfactorily demonstrated to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;; and
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion DateRESTORATION COMPLETION DATE") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (Cc) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceAlgonquin Phase I Associates LLC and Algonquin Commons, LLC, a Delaware limited liability company LLC or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after Borrower obtains all permits, approvals and licenses required by law in order to commence the Destruction EventRestoration subject to force majeure; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any reasonable out-of-pocket costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company Borrower or the transferee under a Permitted Transfer, if any, continues to be Borrower “borrower” at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Material Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event, except as otherwise approved by Lender;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence reasonably satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence reasonably satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence reasonably satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption rent loss insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures Operating Expenses until Restoration is completecomplete or the Borrower agrees to pay any shortfall to Lender as Additional Funds;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 twelve (12) months prior to the Maturity Date; (B) 12 twelve (12) months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) for the annual Rents twelve (excluding security deposits12) under Leases in effect on the date of month period immediately preceding the Destruction Event are providing Debt Service Coverage Ratio for Event, the annual Debt Service Payments of Coverage was at least 1.15 1.10x, and at the time of the Destruction Event, is at least 1.10x, after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, rent if any), provided that, if the Rents do Net Operating Income does not provide such Debt Service Coverage RatioCoverage, then Borrower expressly authorizes and directs Lender (at Lender’s sole discretion) to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction EventDESTRUCTION EVENT"), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "RestorationRESTORATION", provided PROVIDED that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceEach of the entities described above as an original Grantor hereunder, LLC, a Delaware limited liability company or the transferee under a Permitted Transfer, if any, continues to be Borrower Grantor at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Financing Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect effect, subject to any rental abatements provided in the leases, notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(vi) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional Funds") that when added to the Proceeds will be sufficient to complete Restoration;
(vii) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ix) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event Event, plus any rental insurance proceeds paid or to be paid to Grantor, plus any additional collateral satisfactory to Lender in its sole but reasonable discretion, are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 1.40 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided PROVIDED that, if the Rents combined Rents, rental insurance and other approved collateral, if any, do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower Grantor expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achievedachieved (in which event neither the Prepayment Premium nor the Evasion Premium, if any, shall apply). The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower Grantor will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), . Lender will make the Proceeds (less any third party costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company Borrower or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no No default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all a “material number” of the Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event. A “material number” shall mean leases which, in the aggregate, include more than 10% of the Property, based on rentable area;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and other operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction EventDESTRUCTION EVENT"), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "RestorationRESTORATION", provided that the following conditions are met:
(i) Xxxxxxx Properties-Science Park Place, Center LLC, a Delaware California limited liability company company, or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases for at least 80% of the rentable square feet for which Leases are in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence reasonably satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence reasonably satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("Additional FundsADDITIONAL FUNDS") that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is reasonably satisfied that the proceeds of any business interruption insurance or lost rental insurance in effect together with other available gross revenues from the Property or additional funds deposited by and Additional Funds, to the extent Borrower elects in its sole discretion to deposit such Additional Funds with Lender and pledged such Additional Funds are in excess of amounts necessary to Lender satisfy clause (v) above, are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion DateRESTORATION COMPLETION DATE") that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 18 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases other than a Lease which is not, pursuant to Section 7.4(iii), required to remain in the aggregate are for less than 5% of the rentable area of the Improvements) effect), or any Property Document; or (D) any date required by Law; and
(xix) following the Restoration Completion Date the annual Rents (excluding security deposits) under Leases which are in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for and which will remain in effect after the annual Debt Service Payments of at least 1.15 Restoration Completion Date will, after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provide debt service coverage equal to at least 1.15 times the amount of annual Debt Service Payments, all as reasonably projected by Lender, provided that, if the such Rents do will not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
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Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any costs incurred by Xxxxxx in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceXxxxxx Realty, LLCL.P., a Delaware limited liability company partnership, or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Documents Event of Default exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or or, if the Proceeds are insufficient to complete Restoration, Borrower first (A) deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete RestorationRestoration (and Lender shall maintain the Additional Funds in an interest-bearing account under a disbursement and security agreement satisfactory to Lender), or (B) delivers an unconditional irrevocable clean sight draft letter of credit in commercially reasonable form in such amount;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments on the Note after paying the Impositions, Allocable Insurance PremiumsPremium Amount, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio a debt service coverage ratio for the annual Debt Service Payments on the Note of at least 1.15 1.15:1.0 after payment of the annual Allocable Insurance PremiumsPremium Amount, and annual Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal the principal amount of the Note in order to reduce the annual Debt Service Payments on the Note sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments reduction of the Debt Service Payments will be calculated using the Fixed Interest Rate Rate, and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal principal amount of the Note over the then remaining Term as would have been achieved if the Principal principal amount of the Note and the originally scheduled Debt Service Payments on the Note had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal principal amount and Debt Service Paymentsdebt service payments of the Note.
Appears in 1 contract
Samples: Promissory Note (Kilroy Realty Corp)
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "Destruction Event"), ) Lender will make the Proceeds (less any costs incurred by Xxxxxx ------------------ Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "Restoration", provided that the following conditions are met:: ----------- --------
(i) Xxxxxxx Cabot Industrial Properties-Park Place, LLC, a Delaware limited liability company L.P. or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default under the Loan Documents Event of Default hereunder exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender Lender, to the extent that the Proceeds are required to be deposited with Lender, funds ("Additional Funds") or otherwise demonstrates evidence of financial ---------------- capacity that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each the affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property Portfolio or additional funds deposited by Borrower with and pledged from other sources satisfactorily demonstrated to Lender are sufficient to pay Debt Service Payments for the Portfolio after paying the Impositions, Insurance Premiums, Other Property Charges, reasonable and customary operating expenses and capital expenditures until Restoration is complete;, provided, however, that if the foregoing requirement is not met -------- ------- and a Lease of the Property requires that the Property be rebuilt, then Lender will make not refuse to make the Proceeds available for Restoration based upon a failure to meet the requirements of this subsection (vii) so long as no Event of Default occurs thereafter; and
(ixviii) subject to force majeure, Lender is satisfied that Restoration will be completed on or before the date (the "Restoration Completion Date") that --------------------------- is the earliest of: (A) 12 months prior to after the Maturity Date; (B) 12 months after first release of Proceeds on account of the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (DB) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
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Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park PlaceALGONQUIN COMMONS, LLC, a Delaware limited liability company ALGONQUIN PHASE II ASSOCIATES LLC, JRA XXXXXXXX OFFICE PARK, LLC, JRA BEECHMONT TWINS, LLC, JRA FAMILY LIMITED LIABILITY COMPANY, MFF ASSOCIATES, LLC and TGH ASSOCIATES, LLC or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) all Leases in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence satisfactory to Lender that the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first deposits with Lender funds ("“Additional Funds"”) that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that the Insurer under each affected Policy has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption insurance in effect together with other available gross revenues from the Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay Debt Service Payments after paying the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 months prior to the Maturity Date; (B) 12 months after Borrower obtains all permits, approvals and licenses required by law in order to commence the Destruction EventRestoration subject to force majeure; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(xix) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio debt service coverage for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratiodebt service coverage, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio debt service coverage to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx Lender deems reasonably necessary to evidence the reduced Principal and Debt Service Paymentsdebt service payments.
Appears in 1 contract
Conditions to Availability of Proceeds for Restoration. Notwithstanding the preceding Section, but subject to Section 6.5, after a Casualty or a Condemnation (a "“Destruction Event"”), Lender will make the Proceeds (less any reasonable out-of-pocket third party costs incurred by Xxxxxx Lender in collecting the Proceeds) available for Restoration in accordance with the conditions for disbursements set forth in the Section entitled "“Restoration"”, provided that the following conditions are met:
(i) Xxxxxxx Properties-Park Place, LLC, a Delaware limited liability company Borrower as of the date hereof or the transferee under a Permitted Transfer, if any, continues to be Borrower at the time of the Destruction Event and at all times thereafter until the Proceeds have been fully disbursed;
(ii) no default Event of Default under the Loan Documents exists at the time of the Destruction Event and no Event of Default has occurred during the 12 months prior to the Destruction Event;
(iii) with respect to the applicable Individual Property, all Leases with Major Tenants and with tenants under Leases aggregating sixty percent (60%) of the remaining square footage of such Individual Property in effect immediately prior to the Destruction Event (other than those Leases pertaining to less than 5% of the rentable area of the Improvements in the aggregate) and all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event, except as otherwise approved by Lender;
(iv) all Property Documents in effect immediately prior to the Destruction Event that are essential to the use and operation of the Property continue in full force and effect notwithstanding the Destruction Event;
(v) if the Destruction Event is a Condemnation, Xxxxxxxx Borrower delivers to Lender evidence reasonably satisfactory to Lender that that, with respect to the applicable Individual Property, the Improvements can be restored to an economically and architecturally viable unit;
(viv) Borrower delivers to Lender evidence satisfactory to Lender that the Proceeds are sufficient to complete Restoration or if the Proceeds are insufficient to complete Restoration, Borrower first either deposits with Lender funds ("“Additional Funds"”) or provides a letter of credit or guaranty from Guarantor in the amount of the Additional Funds that when added to the Proceeds will be sufficient to complete Restoration;
(viivi) if the Destruction Event is a Casualty, Borrower delivers to Lender evidence satisfactory to Lender that a coverage position letter from the Insurer under each affected Policy that such Insurer has not denied liability under the Policy as to Borrower or the insured under the Policy;
(viiivii) Lender is satisfied that the proceeds of any business interruption rent loss insurance in effect together with other available gross revenues from the applicable Individual Property or additional funds deposited by Borrower with and pledged to Lender are sufficient to pay achieve a Debt Service Payments after paying Coverage with respect to the Impositions, Insurance Premiums, reasonable and customary operating expenses and capital expenditures until Restoration is complete;applicable Individual Property of not less than 1.15x for the 12-month period from the date of the Destruction Event; and
(ixviii) Lender is satisfied that Restoration will be completed on or before the date (the "“Restoration Completion Date"”) that is the earliest of: (A) 12 6 months prior to the Maturity Date; (B) 12 18 months after the Destruction Event; (C) the earliest date required for completion of Restoration under any Lease (excluding Leases which in the aggregate are for less than 5% of the rentable area of the Improvements) or any Property Document; or (D) any date required by Law; and
(x) the annual Rents (excluding security deposits) under Leases in effect on the date of the Destruction Event are providing Debt Service Coverage Ratio for the annual Debt Service Payments of at least 1.15 after payment of annual Insurance Premiums, Impositions and operating expenses of the Property (including ground rent, if any), provided that, if the Rents do not provide such Debt Service Coverage Ratio, then Borrower expressly authorizes and directs Lender to apply an amount from the Proceeds to reduction of Principal in order to reduce the annual Debt Service Payments sufficiently for such Debt Service Coverage Ratio to be achieved. The reduced debt service payments will be calculated using the Fixed Interest Rate and an amortization schedule that will achieve the same proportionate amortization of the reduced Principal over the then remaining Term as would have been achieved if the Principal and the originally scheduled Debt Service Payments had not been reduced. Borrower will execute any documentation that Xxxxxx deems reasonably necessary to evidence the reduced Principal and Debt Service Payments.
Appears in 1 contract
Samples: Loan Agreement (Phillips Edison Grocery Center Reit I, Inc.)
