Guarantor Status Event. If there is a Status Event with respect to a Guarantor, the following requirements must be satisfied: (a) Borrower or Guarantor must provide Notice of such Status Event and pay the Special Transfer Processing Fee to Lender within 30 days after a Status Event. (b) Within 30 days after a Status Event, Borrower must cause a Replacement Guarantor to execute and deliver to Lender a Replacement Guaranty, together with such customary legal opinions as Lender deems necessary. (c) Borrower must pay or reimburse Lender, upon demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Xxxxxx in connection with the Status Event.
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement
Guarantor Status Event. If there is a Status Event with respect to a Guarantor, the following requirements must be satisfied:
(a) Borrower or Guarantor must provide Notice of such Status Event and pay the Special Transfer Processing Fee to Lender within 30 days after a Status Event.
(b) Within 30 days after a Status Event, Borrower must cause a Replacement Guarantor to execute and deliver to Lender a Replacement Guaranty, together with such customary legal opinions as Lender deems necessary.
(c) Borrower must pay or reimburse Lender, upon demand, for all costs and expenses including all Attorneys’ Fees and Costs, incurred by Xxxxxx Lender in connection with the Status Event.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.), Multifamily Loan and Security Agreement
