Common use of Floating Rate Mortgage - Third Party Cap Agreement Clause in Contracts

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable), and (b) a third party Cap Agreement is not required, then this Section 2.06 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Lender or Loan Servicer will remit to Borrower each Cap Payment received by Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Note and otherwise due on account of the Indebtedness.

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable), and (b) a third party Cap Agreement is not required, then this Section 2.06 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Lender or Loan Servicer will remit to Borrower each Cap Payment received by Lender or Loan Servicer with respect to any month for which Borrower Xxxxxxxx has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Note and otherwise due on account of the Indebtedness.

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable), and (b) a third third-party Cap Agreement is not required, then this Section 2.06 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Lender or Loan Servicer will remit to Borrower each Cap Payment received by Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Note and otherwise due on account of the Indebtedness.

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable), and (b) a third third-party Cap Agreement is not required, then this Section 2.06 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Lender or Loan Servicer will remit to Borrower each Cap Payment received by Lender or Loan Servicer with respect to any month for which Borrower Xxxxxxxx has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Note and otherwise due on account of the Indebtedness.

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Project Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable)rate, and (b) a third third-party Cap Agreement is not required, then this Section 2.06 2.04 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Funding Lender or Loan Servicer will remit to Borrower each Cap Payment received by Funding Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Project Note. Alternatively, at Funding Lender’s option, so long as there is no Event of Default, Funding Lender may apply a Cap Payment received by Funding Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Project Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Continuing Covenant Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Project Note and otherwise due on account of the Indebtedness.

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Project Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable)rate, and (b) a third third-party Cap Agreement is not required, then this Section 2.06 2.04 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Funding Lender or Loan Servicer will remit to Borrower each Cap Payment received by Funding Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Project Note. Alternatively, at LenderFunding Xxxxxx’s option, so long as there is no Event of Default, Funding Lender may apply a Cap Payment received by Funding Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Project Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Continuing Covenant Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Project Note and otherwise due on account of the Indebtedness.

Floating Rate Mortgage - Third Party Cap Agreement. If (a) the Note does not provide for interest to accrue at a floating or variable interest rate (other than during any Extension Period, if applicable), and (b) a third party Cap Agreement is not required, then this Section 2.06 and Section 3.04 will be of no force or effect. (a) So long as there is no Event of Default, Lender or Loan Servicer will remit to Borrower each Cap Payment received by Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long as there is no Event of Default, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. (b) Neither the existence of a Cap Agreement nor anything in this Loan Agreement will relieve Borrower of its primary obligation to timely pay in full all amounts due under the Note and otherwise due on account of the Indebtedness. Multifamily Loan and Security Agreement – Seniors Housing Page 2 article iii LOAN SECURITY AND GUARANTY.