Common use of Lender Estoppel Letter Clause in Contracts

Lender Estoppel Letter. An estoppel letter dated within thirty (30) days of the Closing Date (the "Lender Estoppel Letter"); the form of the Lender Estoppel Letter shall be mutually agreed upon by the parties during the Financing Assumption Period (as defined in Section 17.03). However, the BRI Partnership will require, at a minimum, that the Lender Estoppel Letter set forth (i) Lender consent to the contribution of the Transferor Partnership Interests, as contemplated herein, and to the transfer of the ownership of the Transferor Partnership to the BRI Partnership and (ii) the following matters: (A) the Note and other Loan Documents are in full force and effect; (B) to the Lender's knowledge, no default exists; (C) the amount of the outstanding unpaid principal balance of the Note, and the date to which interest and principal have been paid on the Note; and (D) the amount of any real estate tax escrow, insurance escrow and other escrows or reserves held by Lender.