Continuing Liability of Borrower. If Borrower requests a release of its liability under the Loan Documents in connection with a Transfer of all of Borrower’s interest in the Mortgaged Property, and Lender approves the Transfer pursuant to Section 7.05(a), then one of the following will apply: (i) If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Borrower from all of Borrower’s obligations under the Loan Documents except for any liability under Section 6.12 or Section 10.02(b) with respect to any loss, liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any Prohibited Activities or Conditions existing prior to the date of the Transfer. (ii) If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i), then Lender will release Borrower from all of Borrower’s obligations under the Loan Documents except for liability under Section 6.12 or Section 10.02(b).
Appears in 7 contracts
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.), Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Continuing Liability of Borrower. If Borrower requests a release of its liability under the Loan Financing Documents in connection with a Transfer of all of Borrower’s interest in the Mortgaged Property, and Funding Lender approves the Transfer pursuant to Section 7.05(a), then one of the following will apply:
(i) If Borrower delivers to Funding Lender a Clean Site Assessment, then Funding Lender will release Borrower from all of Borrower’s obligations under the Loan Financing Documents except for any liability under Section 6.12 or Section 10.02(b) with respect to any loss, liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any Prohibited Activities or Conditions existing prior to the date of the Transfer.
(ii) If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i), then Funding Lender will release Borrower from all of Borrower’s obligations under the Loan Financing Documents except for liability under Section 6.12 or Section 10.02(b).
Appears in 5 contracts
Samples: Continuing Covenant Agreement, Continuing Covenant Agreement, Continuing Covenant Agreement
