Control No. Control No. Entity: Scope of Work (Including Routes and Termini): I, the undersigned, in my capacity as of state that:
Control No. Representation Property Issue ----------- ------------------------ ---------------------------- ---------------------------------------------------------------
Control No. Representation Property Issue ----------- -------------------- ---------------------------- ---------------------------------------------------------------- 36,000 square feet, to third party tenant(s) for a term of at least 5 years at the rent no less than the fixed rent set forth in the master lease and otherwise upon the terms set forth in the loan documents.
Control No. Representation Property Issue ----------- -------------------- ---------------------------- ---------------------------------------------------------------- Status rents or business interruption insurance.
Control No. Representation Property Issue -------- -------------------- --------------------------- ---------------------------------------------- With respect to the nonrecourse carveout covering misapplication or misappropriation, some guarantors have agreed to cover "misapplication or conversion" or "misappropriation or conversion" and some such non-recourse carve-outs apply only during the continuance of an event of default or with respect to material misapplication or misappropriation. Certain of the loans are recourse in limited circumstances.
Control No. Representation Property Issue -------- -------------------- --------------------------- ---------------------------------------------- Best Company) and United States Fire Insurance Company (as of closing of the Mortgage Loan, rated BBB by S&P and A- XIII by A.M. Best Company). Following the expiration of these policies on March 3, 2008, the Mortgagor is obligated to obtain insurance from an insurance carrier with a rating of "A-" or better. The Mortgagor shall have the ability to have the insurance provided by an insurance syndicate", provided that the insurance is provided by five (5) or more insurance companies, the primary insurer and at least 60% of the overall insurance coverage is provided by companies with a rating of "A-" or better and the balance is provided by insurance companies with a rating of BBB+ or better.
Control No. Representation Property Issue -------- -------------------- --------------------------- ---------------------------------------------- or A.M. Best Company. Such insurer is required to be accepted until the renewal of such policy or policies, at which time the Mortgagor will be required to obtain an insurance policy from an insurer satisfying the financial strength or claims-paying-ability rating of at least "A:VIII" from A.M. Best Company or "A" or better from S&P. 98 (xii) Crossroads Shopping Center Although the loan documents require a $3,000,000 umbrella policy, the lender accepted Property Insurance a $2,000,000 umbrella policy.
Control No. Representation Property Issue -------- -------------------- --------------------------- ---------------------------------------------- out guarantor. Lender's consent is not required, however, Xxxxxx has to maintain control of the Mortgagor, no Event of Default shall have occurred, the SPE structure of Mortgagor must be maintained, and Lender has the right to require updated due diligence with respect to Xxxxxx.
Control No. 46: Exhibit A - Pro Forma Closing Date Balance Sheet,
Control No. Representation Property Issue ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia Commissioner of Insurance ("the Commissioner") and such laws and regulations are designed to assure the solvency of such captive insurance company. In particular, such captive insurance company is subject to restrictions upon its licensors, delinquency proceedings instituted by the Commissioner and resulting delays or failures to pay under its policy covering the related mortgaged property and the related Mortgagor will not have access to state guaranty funds in such an event. To the extent that such captive insurance company buys third party reinsurance coverage and the third party reinsurers fail to pay, the captive insurance company may not have sufficient funds to pay claims under the policy issued to the related borrower. Pursuant to the loan documents, such captive insurance company is required to secure reinsurance for all required coverage except terrorism acts covered by TRIA and the deductible permitted under the loan documents. Because such captive insurance company is a wholly owned subsidiary of an affiliate of the related borrower, to the extent that such affiliate becomes subject to a bankruptcy proceeding and the independent corporate existence of such captive insurance company is not respected, the assets of such captive insurance company could be applied to satisfy the claims of the creditors of such affiliate rather than the related borrower. In addition, in the case of a non-certified terrorism event, 12 months of business interruption is not required.
