Existing Loans and Creditors. 2.7.1 The Contributor has obtained certain financing encumbering the Property through (1) Access Point Financial, Inc. issued with a maturity of August 1, 2020 at an original loan amount of $19,500,000, and (2) Xxxxx Community Partners II LLC at a loan amount of $3,913,475.00 (individually, an “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) assume the applicable Existing Loans at the Closing (subject to obtaining any necessary consents from the holder of the mortgage or deed of trust related to the Existing Loans (the “Lender(s)”) prior to the Closing), (ii) take title to the Property subject to the lien of the Existing Loan Documents or (iii) cause the Existing Loans to be refinanced or repaid from and after the Closing. The Operating Partnership shall have the right to discuss with Access Point Financial, Inc. and Xxxxx Community Partners II LLC any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities. The Operating Partnership shall indemnify the guarantors of the Existing Loans, executed and delivered to Lenders on behalf of the Contributor, for from and against all Losses arising with respect to the Existing Loans from and after the Closing.
Existing Loans and Creditors. 7 Consideration and Exchange of Series T Limited Units ................................................................. 7
Existing Loans and Creditors. 6 Consideration and Exchange of Common Limited Units................................................................ 7
Existing Loans and Creditors. 2.7.1 The Contributor has obtained certain financing encumbering the Property through Bancorp Commercial Mortgage at a fixed interest rate of 6.5%, with a term of 3 years, with two 12 month extensions, at an original loan balance of $9,900,000, (the “Original Loan Balance) and collectively, the “Original Loan Balance”) (the “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership 6 4819-7270-2207.1
Existing Loans and Creditors. 2.7.1The Contributor has certain financing encumbering the Property through Guaranty Bank and Trust Company at a fixed interest rate of 4.15%, with an original term of 10 years, at an original loan balance of $12,575,000, (the “Original Loan Balance” and (the “Existing Loan”). The notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loan, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” The Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) take title to the Property subject to the lien of the Existing Loan Documents or (ii) cause the Existing Loan to be refinanced or repaid in connection with the Closing. The Operating Partnership shall have the right to discuss with Guaranty Bank and Trust Company any of the options described in this Section 2.7.1 immediately upon the Contributor and the Contributor’s lender the terms of the Agreement, but, only after Contributor notifies the Operating Partnership in writing that is has commenced discussing the transaction contemplated by this Agreement with Lender. Notwithstanding the foregoing, the Operating Partnership acknowledges that the Existing Loan is in default.
Existing Loans and Creditors. 2.7.1 The Contributor has obtained certain financing encumbering the Property through CW Capital as the servicer and Xxxxx Fargo as the master servicer at a fixed interest rate of 4.9%, with an original term of 10 years, at an original loan balance of $14,400,000 (the “Original Loan Balance) and collectively, the “Original Loan Balance”) (the “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall either (i) assume the applicable Existing Loans at the Closing (subject to obtaining any necessary consents from the holder of the mortgage or deed of trust related to the Existing Loans (the “Lender”) prior to the Closing), (ii) take title to the Property subject to the lien of the Existing Loan Documents or (iii) cause the Existing Loans to be refinanced or repaid in connection with the Closing. Notwithstanding options (i)-(iii) herein if Existing Loans are assumed or replaced Operating Partnership will endeavor to seek a waiver of penalties, late charges, or forbearances related to the Existing Loans and shall indemnify and hold harmless Contributor and any Guarantors therefrom, therefore, the Operating Partnership shall have the right to discuss with CW Capital, Xxxxx Fargo and any other lender that becomes known any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities. 2.7.2 Nothing contained in this Agreement shall preclude the Operating Partnership from reducing or increasing the indebtedness secured by the Property above the amount outstanding on the Existing Loans in connection with any refinancing which may occur concurrently with or after the Closing. The Contributor shall use commercially reasonable efforts along with the Operating Partnership in seeking to process approval of the assumption of the Existing Loan or in beginning the process for any refinancing or a payoff. 2.7.3 Before the Closing, the Contributor shall furnish to the Operating Partnership a true and complete list of all existing creditors. This list shall set forth the ...
Existing Loans and Creditors. 2.7.1The Contributor has obtained certain financing encumbering the Property (the “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership shall cause the Existing Loans to be refinanced or repaid in connection with the Closing.
Existing Loans and Creditors. 2.7.1The Contributor has obtained certain financing encumbering the Property through BOKF, N.A. as successor by merger to CoBiz Bank dba Colorado Business Bank (“Lender”) at a fixed interest rate of 4.85%, with an original term of 7 years, at an original loan balance of $8,900,000, (the “Original Loan Balance” the “Existing Loan”). Contributor is in default under the terms of the Existing BOKF Loan and the lender has begun the foreclosure process. Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing Loans, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” Each Existing Loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership at its election shall cause the Existing Loans to be refinanced or repaid in connection with the Closing. The Operating Partnership shall have the right to discuss with the Lender(s) any of the options described in this Section 2.7.1 immediately upon the Contributor discussing the transaction contemplated by this Agreement with such entities.
Existing Loans and Creditors. 2.7.1The Contributor has obtained certain financing encumbering the Property through A-1 Bonds, LLC (the “Current Lender”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such existing loan, including any financing statements, and any amendments, modifications and assignments of the foregoing, shall be referred to, collectively, as the “Existing Loan Documents.” The existing loan shall be considered a Permitted Lien for purposes of this Agreement. The Operating Partnership shall endeavor to assume the existing loan in manner, including documentation, acceptable to A-1 Bones, LLC and the Operating Partnership.
Existing Loans and Creditors. 2.7.1 The Contributor has obtained certain financing encumbering the Property through Citi Group at an interest rate of 4.39%, with a term of 10 years, at an original loan balance of $10,500,000 (the “Original Loan Balance) and collectively, the “Original Loan Balance”) (the “Existing Loan” and collectively, the “Existing Loans”). Such notes, deed of trusts and all other documents or instruments evidencing or securing such Existing 6
