Common use of Death of a Guarantor Not in Control of Borrower Clause in Contracts

Death of a Guarantor Not in Control of Borrower. If there is a death of a Guarantor Not in Control of Borrower, the following requirements must be satisfied: (a) Borrower must provide Notice to Lender within 60 days after the death of any Guarantor Not in Control of Borrower along with the Special Transfer Processing Fee. (b) Each surviving Guarantor must execute such documents and agreements as Lender requires in Lender’s Discretion to ratify its Guaranty within 30 days after the Notice required under Section 8.03(a). (c) Unless Lender determines that any or all the surviving Guarantors meet the requirements for a Replacement Guarantor, including the Replacement Guarantor Net Worth and Liquidity Requirements, one of the following must occur: (i) Within 30 days after the Notice required under Section 8.03(a), Borrower causes a Replacement Guarantor to execute and deliver to Lender a Replacement Guaranty. (ii) The estate of the deceased Guarantor ratifies the Guaranty in writing within 30 days after the Notice required under Section 8.03(a), and within 6 months after the death of the applicable Guarantor, Borrower causes a Replacement Guarantor to execute and deliver to Lender a Replacement Guaranty.

Death of a Guarantor Not in Control of Borrower. If there is a death of a Guarantor Not in Control of Borrower, the following requirements must be satisfied: (a) Borrower must provide Notice to Funding Lender within 60 days after the death of any Guarantor Not in Control of Borrower along with the Special Transfer Processing Fee. (b) Each surviving Guarantor must execute such documents and agreements as Funding Lender requires in Funding Lender’s Discretion to ratify its Guaranty within 30 days after the Notice required under Section 8.03(a). (c) Unless Funding Lender determines that any or all the surviving Guarantors meet the requirements for a Replacement Guarantor, including the Replacement Guarantor Net Worth and Liquidity Requirements, one of the following must occur: (i) Within 30 days after the Notice required under Section 8.03(a), Borrower causes a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty. (ii) The estate of the deceased Guarantor ratifies the Guaranty in writing within 30 days after the Notice required under Section 8.03(a), and within 6 months after the death of the applicable Guarantor, Borrower causes a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty. (d) Borrower must pay or reimburse Funding Lender, upon demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Funding Lender in connection with the replacement of the Guarantor.

Death of a Guarantor Not in Control of Borrower. If there is a death of a Guarantor Not in Control of Borrower, the following requirements must be satisfied: (a) Borrower must provide Notice to Funding Lender within 60 days after the death of any Guarantor Not in Control of Borrower along with the Special Transfer Processing Fee. (b) Each surviving Guarantor must execute such documents and agreements as Funding Lender requires in Funding Lender’s Discretion to ratify its Guaranty within 30 days after the Notice required under Section 8.03(a). (c) Unless Funding Lender determines that any or all the surviving Guarantors meet the requirements for a Replacement Guarantor, including the Replacement Guarantor Net Worth and Liquidity Requirements, one of the following must occur: (i) Within 30 days after the Notice required under Section 8.03(a), Borrower causes a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty. (ii) The estate of the deceased Guarantor ratifies the Guaranty in writing within 30 days after the Notice required under Section 8.03(a), and within 6 months after the death of the applicable Guarantor, Borrower causes a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty. (d) Xxxxxxxx must pay or reimburse Funding Lender, upon demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Funding Lender in connection with the replacement of Guarantor.

Death of a Guarantor Not in Control of Borrower. If there is a death of a Guarantor Not in Control of Borrower, the following requirements must be satisfied: (a) Borrower must provide Notice to Lender within 60 days after the death of any Guarantor Not in Control of Borrower along with the Special Transfer Processing Fee. (b) Each surviving Guarantor must execute such documents and agreements as Lender requires in Lender’s Discretion to ratify its Guaranty within 30 days after the Notice required under Section 8.03(a). (c) Unless Lender determines that any or all the surviving Guarantors meet the requirements for a Replacement Guarantor, including the Replacement Guarantor Net Worth and Liquidity Requirements, one of the following must occur: (i) Within 30 days after the Notice required under Section 8.03(a), Borrower causes a Replacement Guarantor to execute and deliver to Lender a Replacement Guaranty. (ii) The estate of the deceased Guarantor ratifies the Guaranty in writing within 30 days after the Notice required under Section 8.03(a), and within 6 months after the death of the applicable Guarantor, Borrower causes a Replacement Guarantor to execute and deliver to Lender a Replacement Guaranty. (d) Borrower must pay or reimburse Lender, upon demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Xxxxxx in connection with the replacement of Guarantor.

Death of a Guarantor Not in Control of Borrower. If there is a death of a Guarantor Not in Control of Borrower, the following requirements must be satisfied: (a) Borrower must provide Notice to Funding Lender within 60 days after the death of any Guarantor Not in Control of Borrower along with the Special Transfer Processing Fee. (b) Each surviving Guarantor must execute such documents and agreements as Funding Lender requires in Funding Lender’s Discretion to ratify its Guaranty within 30 days after the Notice required under Section 8.03(a). (c) Unless Funding Lender determines that any or all the surviving Guarantors meet the requirements for a Replacement Guarantor, including the Replacement Guarantor Net Worth and Liquidity Requirements, one of the following must occur: (i) Within 30 days after the Notice required under Section 8.03(a), Borrower causes a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty. (ii) The estate of the deceased Guarantor ratifies the Guaranty in writing within 30 days after the Notice required under Section 8.03(a), and within 6 months after the death of the applicable Guarantor, Borrower causes a Replacement Guarantor to execute and deliver to Funding Lender a Replacement Guaranty. (d) Xxxxxxxx must pay or reimburse Funding Lender, upon demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Funding Lender in connection with the replacement of the Guarantor.