Liens, Valid Assignment. Woodbridge Center (Loan No. 1) The $250,000,000 loan to the borrower is secured on a pari passu basis by various notes (A-1 Note in the amount of $130,000,000; A-2 Note in the amount of $60,000,000; and A-3 Note in the amount of $60,000,000.) The Royal Bank of Scotland is contributing the combined A-2 and A-3 Notes to the WFCM 2014-LC16 Trust and contributed the A-1 Note to the WFRBS 2014-C20 Trust. The Mortgage Loan will be serviced pursuant to the WFRBS 2014-C20 Pooling and Servicing Agreement.
Liens, Valid Assignment. Stamford Plaza Portfolio (Loan No. 3) $270,000,000 loan to the borrower is secured on a pari passu basis by various notes (A-1 Note in amount of $120,000,000, A-2 Note in amount of $50,000,000, each in favor of Citigroup Global Markets Realty Corp. (“Citigroup”), and A-3 Note in amount of $100,000,000 in favor of The Royal Bank of Scotland (“RBS”)). RBS is contributing the A-3 Note to the WFRBS 2014-C22 Trust, and Citigroup will contribute the A-1 and A-2 Notes to one or more future securitizations. The Mortgage Loan will be serviced pursuant to the WFRBS 2014-C22 Pooling and Servicing Agreement; however, after the A-1 Note is securitized, the Mortgage Loan will be serviced pursuant to that other securitization’s pooling and servicing agreement.
Liens, Valid Assignment. The Xxxxxx The related Asset Documents prohibit the related lender from selling the future funding portion of the related Mortgage Loan without the consent of the related borrower unless (i) an event of default is continuing, (ii) all proceeds to be disbursed under the future funding note have been advanced, (iii) it is after October 9, 2020 or (iv) such sale is to a qualified institutional lender.
Liens, Valid Assignment. Seagate Campus (Loan No. 2) The lease for the sole tenant, Seagate Technology LLC, expires May 31, 2028. The tenant has two options to extend the term of such tenant’s lease, one of which, known as “Extension Option B” under such tenant’s lease, would extend the term for a period of five years from the initial expiration date, during which extended period such tenant will have an ongoing right of first offer to purchase the Mortgaged Property upon the borrower’s election to sell the Mortgaged Property. Pursuant to a subordination, non-disturbance and attornment agreement, Seagate Technology LLC has agreed that such right of first offer will be expressly inapplicable to the exercise of any remedies under the related mortgage, including: (i) a purchase of the Mortgaged Property ( or any portion thereof) at a foreclosure sale, (ii) a transfer of the Mortgaged Property (or any portion thereof) to the lender or its designee pursuant to a deed-in-lieu of foreclosure, or (iii) any subsequent sale of the Mortgaged Property (or any portion thereof) by the lender or its designee after such foreclosure or deed-in-lieu of foreclosure. The tenant must exercise either of its options to extend the term by delivering notice to the borrower at least 15 months prior to the initial expiration date.
Liens, Valid Assignment. Colton Corporate Center The full right to assign the related Mortgage Loan is limited by the Asset Documents, which provide that, except during continuance of an event on default on the related Mortgage Loan, such Mortgage Loan cannot be transferred to certain lenders, which prohibited lenders are defined in the related Asset Documents. The sales of the related Closing Date Collateral Interest to the Depositor and the Issuer, or by the Trustee or Special Servicer pursuant to the Indenture or Servicing Agreement, are permitted under the related Mortgage Loan.
