Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects: (a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request. (b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment. (c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property. (d) The Survey applicable to the Mortgaged Property. (e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide. (f) An Appraisal of the Mortgaged Property. (g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents. (h) A Completion/Repair and Security Agreement, on the standard form required by the DUS Guide. (i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide. (j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (United Dominion Realty Trust Inc), Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or an Additional Mortgaged Property or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.;
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Property Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management AgreementAgreement or an amendment thereto, on the standard form required by the DUS Guide.Lender, if applicable;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance of a Collateral Addition Request or a Collateral Addition Substitution Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance of a Collateral Addition Request or a Collateral Addition Request, as the case may be, Substitution Request in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s Borrower Parties’ obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc), Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requesta Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.title commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to (i) if tie-in endorsements are available for all or a portion of the Mortgaged Properties, in an aggregate amount equal to the combined Allocable Loan Amounts for all of the Mortgaged Properties covered by the tie-in endorsements, not to exceed the amount of the amount of the Term Loan, or (ii) if tie-in endorsements are not available for any of the Mortgaged Properties, then with respect to such Mortgaged Properties not subject to the tie-in endorsement an amount equal to 150% of the Valuation of such Mortgaged properties not subject to the tie-in endorsement (or such lesser amount that is the maximum allowed by law or regulation);
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement is in effect A Subordination Assignment and Security Agreement for a each Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide.;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Term Loan;
(j) A Certificate of Borrower;
(k) Indemnification Agreement Regarding Taxes
(l) Any and all Operating Leases, Sub-Leases or leases relating to a Mortgaged Property; and
(m) Such other documents, instruments, approvals (and, if requested by Xxxxxx Mae and Lender, certified duplicates of executed copies thereof) and opinions as Xxxxxx Xxx or Lender may reasonably request.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Senior Housing Properties Trust)
Delivery of Property-Related Documents. With respect to each of the any Additional Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestProperty, including any Substitute Mortgaged Property, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition RequestAdditional Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS GuideLender’s Underwriting Requirements.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS GuideLender.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS GuideLender.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Sun Communities Inc)
Delivery of Property-Related Documents. With respect to each of -------------------------------------- the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s 's obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance of a Collateral Addition Request or a Collateral Addition Substitution Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance of a Collateral Addition Request or a Collateral Addition Substitution Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS GuideApplicable Laws.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS GuideLender.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS GuideLender.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request Properties, an Additional Mortgaged Property or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property, an Additional Mortgaged Property or Collateral Addition Requesta Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.Loan amount, in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to (i) if tie-in endorsements are available for all or a portion of the Mortgaged Properties, in an aggregate amount equal to the combined Allocable Loan Amounts for all of the Mortgaged Properties covered by the tie-in endorsements, not to exceed the amount of the Initial Loan, or (ii) if tie-in endorsements are not available for any of the Mortgaged Properties, then with respect to such Mortgaged Properties not subject to the tie-in endorsement an amount equal to either 100% - 175% of the Valuation of such Mortgaged Properties not subject to the tie-in endorsement (or such lesser amount that is the maximum allowed by law or regulation), such percentage to be determined by Lender at the applicable time based on the Underwriting Requirements;
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement A Subordination Assignment and Security Agreement for each Mortgaged Property which is in effect for a Mortgaged Property, managed or operated by an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide.Operator;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note for each Loan. The amount secured by each Security Instrument shall be equal to the aggregate amount of the Loans;
(j) A Certificate of Borrower;
(k) A Confirmation of Guaranty by any party providing a guaranty to Lender;
(l) A Contribution Agreement or an amendment thereto;
(m) Any and all Operating Leases, Management Agreements or other leases relating to the Mortgaged Property (it being acknowledged that such Operating Leases, Management Agreements or other leases may be dated other than as of the Closing Date); and
(n) Such other documents, instruments, approvals (and, if requested by Fxxxxx Mae and Lender, certified duplicates of executed copies thereof) and opinions as Fxxxxx Mxx or Lender may reasonably request.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Brookdale Senior Living Inc.)
Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
(k) With respect to a Collateral Addition Request, adding the Borrower as a party and adding a Property Account for the Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and each of the following, each dated as of the Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requesta Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmenttitle commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to (i) if tie-in endorsements are available for all or a portion of the Mortgaged Properties, in an aggregate amount equal to the combined Allocable Facility Amounts for all of the Mortgaged Properties covered by the tie-in endorsements, not to exceed the Fixed Facility Commitment in the maximum amount then available hereunder, or (ii) if tie-in endorsements are not available for any of the Mortgaged Properties, then with respect to such Mortgaged Properties not subject to the tie-in endorsement an amount equal to one hundred fifteen percent (115%) of the Valuation of such Mortgaged Properties not subject to the tie-in endorsement (or such lesser amount that is the maximum allowed by law or regulation).
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Unless waived by Lender, the Survey applicable to the Mortgaged Property.Property and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date); provided that Lender acknowledges that it has waived Surveys with respect to each of the Initial Mortgaged Properties;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(fe) An Appraisal of the Mortgaged Property.;
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hg) A Completion/Repair and Security Agreement, if required by Lender, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS Guide.Lender;
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(j) A Certificate of Borrower Parties; and
(k) Any other document that Lender may reasonably determine is required in connection with a Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Bre Properties Inc /Md/)
Delivery of Property-Related Documents. With respect to each of -------------------------------------- the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s 's obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
(k) With respect to a Collateral Addition Request, adding the Borrower as a party and adding a Property Account for the Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Requestan Additional Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and each of the following, each dated as of the Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.title commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) Commitment and approved by Lender;
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Unless waived by Lender, the Survey applicable to the Mortgaged Property.Property and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date);
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws; Colonial/ Grandbridge — Master Credit Facility Agreement
(fe) An Appraisal of the Mortgaged Property.;
(gf) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hg) A Completion/Repair and Security AgreementAgreement or an amendment thereto, if required by Lender, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management AgreementAgreement or an amendment thereto, on the standard form required by the DUS Guide.Lender;
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(j) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, and in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment;
(k) A Certificate of Borrower Parties; and
(l) Any other document that Lender may reasonably determine is required in connection with a Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Colonial Realty Limited Partnership)
Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s Borrower Parties' obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
(k) With respect to a Collateral Addition Request, an amendment to the Cash Management Agreement executed by the Borrower on the Initial Closing Date, adding the Borrower as a party and adding a Property Account for the Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Walden Residential Properties Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Requestan Additional Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.;
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Property Laws;
(fe) An Appraisal of the Mortgaged Property.;
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Borrower Documents.;
(hg) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ih) If no management agreement is a property manager has been appointed by Borrower in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Propertyaccordance with Section 8.19, an Assignment of and Subordinate Management Agreement, on the standard form required by the DUS Guide.Lender;
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(j) A Certificate of Borrower; and
(k) If applicable, documentation relating to the termination of the mortgage and security documents relating to the Prior Bonds and the discharge of the resolution or indenture relating to the Prior Bonds on the redemption date of such Prior Bonds.
Appears in 1 contract
Samples: Master Credit Facility and Reimbursement Agreement (America First Apartment Investors Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or an Additional Mortgaged Property or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, if applicable, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.;
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A If required by Lender, a Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management AgreementAgreement or an amendment thereto, on the standard form required by the DUS Guide.Lender;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
Appears in 1 contract
Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requesta Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.Term Loan amount;
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.; \
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management AgreementAgreement or an amendment thereto, on the standard form required by the DUS Guide.Lender, if applicable;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool, and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Term Loan;
Appears in 1 contract
Samples: Master Credit Facility Agreement (Camden Property Trust)
Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or Request, a Collateral Addition Request, a Collateral Substitution Request, an Oaks in Fairlakes Commitment Increase or an Additional Commitment Increase, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request, a Collateral Addition Request or Collateral Addition Substitution Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request, which Security Instrument and other Loan Documents shall be governed by the laws of the State where the Mortgaged Property is located.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Maximum Credit Facility Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s Borrower Parties' obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, on the standard form required by the DUS Guide, if the Lender determines such Agreement to be necessary.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
(k) With respect to a Collateral Addition Request or a Collateral Substitution Request, an amendment to the Cash Management Agreement executed by the Borrower on the Initial Closing Date, adding a Property Account for the Mortgaged Property.
(l) If Borrower has entered into any Reimbursement Documents (as defined in Section 15.4) which are still in effect, the Borrower shall have delivered to Xxxxxx Xxx a Second Security Instrument and a title insurance policy for such Second Security Instrument, in an amount and otherwise in form and substance satisfactory to Xxxxxx Mae, and the Borrower shall have satisfied any other requirements required by Xxxxxx Xxx with respect to such Reimbursement Documents.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Archstone Communities Trust/)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Requestan Additional Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and, each of the following, each dated as of the Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmenttitle commitment.
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(dc) The Survey applicable to the Mortgaged Property.
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS GuideProperty Laws.
(fe) An Appraisal of the Mortgaged Property.
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.
(hg) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS GuideLender, if applicable.
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS GuideLender, if applicable.
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Emeritus Corp\wa\)
Delivery of Property-Related Documents. With respect to each of the a Substitute Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestProperty, it shall be a condition precedent that the Lender receive from the applicable Collateral Pool Borrower or IDOT Guarantor each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and, each of the following, each dated (where possible) as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may bea Substitute Mortgaged Property, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmentsuch commitment.
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(dc) The Survey applicable to the Mortgaged PropertyProperty (which shall be last revised no less than ninety (90) days prior to the Closing Date).
(ed) Evidence reasonably satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS GuideProperty Laws.
(fe) An Appraisal of the Mortgaged Property.
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s or IDOT Guarantor’s, if applicable, obligations under the Loan Documents.
(hg) A Completion/Repair and Security Agreement, if required by Lender, together with required escrows, on the standard form required by the DUS GuideLender.
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS GuideLender.
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Requestan Additional Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and each of the following, each dated as of the Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.title commitment in the amount of title insurance afforded by the Title Insurance Policy for each Mortgaged Property in the Collateral Pool equal to one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) Commitment and approved by Lender;
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Unless waived by Lender, the Survey applicable to the Mortgaged Property.Property and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date); Colonial/PNC ARCS — Master Credit Facility Agreement
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Property Laws;
(fe) An Appraisal of the Mortgaged Property.;
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hg) A Completion/Repair and Security Agreement, if required by Lender, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreement, on the standard form required by the DUS Guide.Lender;
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(j) A Certificate of Borrower Parties; and
(k) Any other document that Lender may reasonably determine is required in connection with a Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Colonial Properties Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from the applicable Collateral Pool Borrower or IDOT Guarantor each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and, each of the following, each dated (where possible) as of the Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requesta Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmentsuch commitment.
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(dc) The Survey applicable to the Mortgaged PropertyProperty (which shall be last revised no less than ninety (90) days prior to the Closing Date).
(ed) Evidence reasonably satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS GuideProperty Laws.
(fe) An Appraisal of the Mortgaged Property.
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s or IDOT Guarantor’s, if applicable, obligations under the Loan Documents.
(hg) A Completion/Repair and Security Agreement, if required by Lender, together with required escrows, on the standard form required by the DUS GuideLender.
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS GuideLender.
(ji) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Archstone Smith Operating Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Requestan Additional Mortgaged Property, it shall be a condition precedent to the inclusion of such Mortgaged Properties in the Collateral Pool that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral an Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Initial Advance or Addition Request.
(b) A commitment for the Title Insurance Policy (the coverage amount of which shall take into account any tie-in endorsements applicable to the policy being issued) applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s 's obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Bre Properties Inc /Md/)
Delivery of Property-Related Documents. With respect to each of the a Substitute Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestProperty, it shall be a condition precedent that Xxxxxx Mae receive from the Lender receive applicable Collateral Pool Borrower each of the documents and reports required by Xxxxxx Xxx pursuant to the Underwriting Requirements in connection with the pledge of such Mortgaged Property and, each of the following, each dated (where possible) as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may bea Substitute Mortgaged Property, in form and substance satisfactory to the Lender Xxxxxx Mae in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitmentsuch commitment.
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(dc) The Survey applicable to the Mortgaged PropertyProperty (which shall be last revised no less than ninety (90) days prior to the Closing Date).
(ed) Evidence reasonably satisfactory to the Lender Xxxxxx Xxx of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS GuideProperty Laws.
(fe) An Appraisal of the Mortgaged Property.
(gf) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the LenderXxxxxx Mae, in which the owner shall (unless waived by the LenderXxxxxx Xxx) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the applicable Collateral Pool Borrower’s obligations under the Loan Documents.
(hg) A Completion/Repair and Security Agreement, if required by Xxxxxx Mae, together with required escrows, on the standard form required by the DUS GuideXxxxxx Xxx.
(ih) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS GuideXxxxxx Mae.
(ji) An Assignment of Leases and Rents, if the Lender Xxxxxx Xxx determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Avalonbay Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of on the Collateral Pool Initial Closing Date and each Additional Mortgaged Property on the Closing Date for the Initial Advance Request or applicable thereto (including a Collateral Addition RequestSubstitute Mortgaged Property), it shall be a condition precedent that Lender receives from Borrower each of the documents and reports required by Lender receive pursuant to the Underwriting and Servicing Requirements in connection with the Addition of such Mortgaged Property and each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A a commitment for the Title Insurance Policy applicable to the such Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.title commitment equal to one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property (which amount shall take into account the title insurance coverage provided by “tie-in” endorsements), each as approved by Lender;
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The unless waived by Lender, the Survey applicable to the Mortgaged Property.Property and approved by Lender (which shall be last revised no less than forty-five (45) days prior to the Closing Date);
(ed) Evidence satisfactory a certificate from Borrower certifying to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(fe) An an Appraisal of the Mortgaged Property.;
(gf) A a Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hg) A a Completion/Repair and Security AgreementAgreement or an amendment thereto, if required by Lender, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ih) If no management agreement is in effect for a Mortgaged Property, SASA or an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an Assignment of Management Agreementamendment thereto, on the standard form required by the DUS Guide.Lender, if applicable;
(ji) An an Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(j) a Security Instrument to effectuate the addition of each Mortgaged Property to the Collateral Pool. The amount secured by each Security Instrument shall be equal to the Commitment;
(k) a Certificate of Borrower Parties;
(l) any subordination, non-disturbance and attornment agreements and/or estoppel certificates required by Lender with respect to any commercial leases and/or ground leases (if any) affecting the Mortgaged Property;
(m) any Facility Operating Agreement; and
(n) any other document that Lender may reasonably determine is required in connection with a Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Newcastle Investment Corp)
Delivery of Property-Related Documents. With respect to each of the Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition Request, it shall be a condition precedent that the Lender receive each of the following, each dated as of the Closing Date for the Initial Advance Request or Collateral Addition Request, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower Parties or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.
(c) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.
(d) The Survey applicable to the Mortgaged Property.
(e) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.
(f) An Appraisal of the Mortgaged Property.
(g) A Replacement Reserve Agreement, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s Borrower Parties' obligations under the Loan Documents.
(h) A Completion/Repair and Security Agreement, together with required escrows, on the standard form required by the DUS Guide.
(i) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management Agreement, on the standard form required by the DUS Guide.
(j) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law.
(k) With respect to a Collateral Addition Request, an amendment to the Cash Management Agreement executed by the Borrower Parties on the Initial Closing Date, adding the Borrower Parties as a party and adding a Property Account for the Mortgaged Property.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requesta Substitute Mortgaged Property, as the case may be, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.Term Loan amount;
(cb) The Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management AgreementAgreement or an amendment thereto, on the standard form required by the DUS Guide.Lender, if applicable;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool, and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Term Loan;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Camden Property Trust)
Delivery of Property-Related Documents. With respect to each of the Initial Mortgaged Properties to be made part of the Collateral Pool on the Closing Date for the Initial Advance Request or an Additional Mortgaged Property or a Collateral Addition RequestSubstitute Mortgaged Property, it shall be a condition precedent that the Lender receive from Borrower each of the documents and reports required by Lender pursuant to the Underwriting Requirements in connection with the addition of such Mortgaged Property to the Collateral Pool and, each of the following, each dated as of the applicable Closing Date for the Initial Advance Request Mortgaged Property or Collateral Addition Requestan Additional Mortgaged Property or a Substitute Mortgaged Property, as the case may be, if applicable, in form and substance satisfactory to the Lender in all respects:
(a) A favorable opinion of local counsel to the Borrower or the Lender as to the enforceability of the Security Instrument, and any other Loan Documents, executed in connection with the Request.
(b) A commitment for the Title Insurance Policy applicable to the Mortgaged Property and a pro forma Title Insurance Policy based on the Commitment.;
(cb) The the Insurance Policy (or a certified copy of the Insurance Policy) applicable to the Mortgaged Property.;
(dc) The Survey applicable to the Mortgaged Property.;
(ed) Evidence satisfactory to the Lender of compliance of the Mortgaged Property with property laws as required by Sections 205 and 206 of Part III of the DUS Guide.Applicable Laws;
(f) An Appraisal of the Mortgaged Property.
(ge) A Replacement Reserve AgreementAgreement or an amendment thereto, providing for the establishment of a replacement reserve account, to be pledged to the Lender, in which the owner shall (unless waived by the Lender) periodically deposit amounts for replacements for improvements at the Mortgaged Property and as additional security for the Borrower’s obligations under the Loan Documents.;
(hf) A If required by Lender, a Completion/Repair and Security AgreementAgreement or an amendment thereto, together with required escrows, on the standard form required by the DUS Guide.Lender;
(ig) If no management agreement is in effect for a Mortgaged Property, an Agreement Regarding Management Agreement or, if a management agreement is in effect for a Mortgaged Property, an An Assignment of Management AgreementAgreement or an amendment thereto, on the standard form required by the DUS Guide.Lender;
(jh) An Assignment of Leases and Rents, if the Lender determines one to be necessary or desirable, provided that the provisions of any such assignment shall be substantively identical to those in the Security Instrument covering the Collateral, with such modifications as may be necessitated by applicable state or local law;
(i) In relation to each Initial Mortgaged Property, a Security Instrument to effectuate the addition of such Initial Mortgaged Property to the Collateral Pool, in relation to each Additional Mortgaged Property, a Security Instrument to effectuate the addition of such Additional Mortgaged Property to the Collateral Pool, and in relation to each Substitute Mortgaged Property, a Security Instrument to effectuate the addition of such Substitute Mortgaged Property to the Collateral Pool and a Note relating to the Mortgaged Properties. The amount secured by each Security Instrument shall be equal to the Commitment in effect from time to time;
(j) A Certificate of Borrower Parties;
(k) A Confirmation of Guaranty by each party providing a guaranty to Lender; and
(l) A Contribution Agreement or an amendment thereto.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.)
