Common use of Matters Relating to Real Property Collateral Clause in Contracts

Matters Relating to Real Property Collateral. In the event that (i) any Group Member (other than an Excluded Subsidiary) acquires any Material Owned Real Property or (ii) at the time any Person becomes a Subsidiary Guarantor, such Person owns any Material Owned Real Property (any such Material Owned Real Property being an “Additional Mortgaged Property” and together with any Material Owned Real Property described in clause (i), collectively the “Mortgaged Properties” and each a “Mortgaged Property”), such Loan Party shall deliver to Administrative Agent within 90 days (or such longer time period as may be agreed by Administrative Agent) after such Person acquires any such Mortgaged Property or becomes a Subsidiary Guarantor, as the case may be, (A) a fully executed and notarized Mortgage (together with an applicable Mortgage Policy) in favor of Administrative Agent, for the benefit of Secured Parties, in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering the interest of such Loan Party in such Mortgaged Property; (B) such opinions of counsel regarding the enforceability, due authorization, execution and delivery of the Mortgage and such other matters customarily covered in real estate counsel opinions as Administrative Agent may reasonably request (in form and substance and from counsel reasonably acceptable to Administrative Agent); (C) a Standard Flood Hazard Determination Form, along with a letter from an insurance broker or a municipal engineer, or such other evidence as to whether the Mortgaged Property is a Flood Hazard Property and, if such Mortgaged Property is a Flood Hazard Property, (1) evidence as to whether the community in which any such Flood Hazard Property is located is participating in the National Flood Insurance Program, (2) the applicable Loan Party’s written acknowledgement of receipt of written notification from Administrative Agent (x) as to the existence of each such Flood Hazard Property and (y) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program and (3) in the event any such Flood Hazard Property is located in a community that participates in the National Flood Insurance Program, evidence that Borrower has obtained flood insurance in respect of such Flood Hazard Property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; (D) to the extent reasonably requested by the Administrative Agent, a phase I environmental assessment (in form and substance, and issued to Administrative Agent by, or with a reliance letter from, an environmental consultant, reasonably acceptable to Administrative Agent); and (E) such other documents, in each case, that may otherwise be reasonably required by Administrative Agent.

Matters Relating to Real Property Collateral. In (a) From and after the Closing Date, in the event that (i) any Group Member (other than an Excluded Subsidiary) Loan Party acquires any Real Property Asset that is a Material Owned Property, promptly notify the Administrative Agent of such acquisition, and in the event that the Administrative Agent determines that such (or any other) Real Property or (ii) at the time any Person becomes Asset should become a Subsidiary Guarantor, such Person owns any Material Owned Real Property (any such Material Owned Real Property being an “Additional Mortgaged Property” and together with any Material Owned Real Property described in clause , the Borrower shall deliver, to the Administrative Agent, within ninety (i), collectively the “Mortgaged Properties” and each a “Mortgaged Property”), such Loan Party shall deliver to Administrative Agent within 90 90) days (or such longer extended period of time period as may be agreed to by the Administrative Agent in its commercially reasonable discretion) after its receipt of such determination from the Administrative Agent) after such Person acquires any such Mortgaged Property or becomes a Subsidiary Guarantor, as the case may be, (A) a fully executed and notarized Mortgage Mortgages (together with an applicable Mortgage Policy) in favor of Administrative Agent, for the benefit of Secured Parties“Additional Mortgages”), in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering the interest of such the applicable Loan Party in such Mortgaged Property; (B) such , together with mortgagee title insurance policies or commitments therefor, and copies of all deeds, title exception documents, flood hazard certificates, legal opinions of counsel regarding and other documents as the enforceability, due authorization, execution and delivery of the Mortgage and such other matters customarily covered in real estate counsel opinions as Administrative Agent may reasonably request (require in form and substance and from counsel reasonably acceptable to the Administrative Agent and the Borrower with respect to such Mortgaged Property, including an update to Schedule 1.01(d). (b) If requested by the Administrative Agent, permit an independent real estate appraiser satisfactory to the Administrative Agent, upon reasonable prior notice and during regular business hours of the applicable Loan Party, to visit and inspect any Mortgaged Property for the purpose of preparing an appraisal of such Mortgaged Property satisfying the requirements of all Applicable Laws (in each case to the extent required under such Applicable Laws as determined by the Administrative Agent in its commercially reasonable discretion); . (Cc) Notwithstanding anything contained in this Agreement to the contrary, no Mortgage shall be executed and delivered with respect to any real property unless and until each Lender has received, (i) at least twenty (20) Business Days prior to such execution and delivery, a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination FormDetermination, along with a letter from an insurance broker or a municipal engineer, or such other evidence as to whether the Mortgaged Property is a Flood Hazard Property and, if such Mortgaged Property is located in a Flood Hazard Propertyspecial flood hazard area, (1ii) evidence as a notice to whether the community in which any such Flood Hazard Property is located is participating in the National Flood Insurance Program, (2and confirmations of receipt by) the applicable Loan Party’s written acknowledgement of receipt of written notification from Administrative Agent (x) Borrower as to the existence of each such Flood Hazard Property and (y) as to whether a special flood hazard and, if applicable, the community in which each such Flood Hazard Property is located is participating in availability of flood hazard insurance under the National Flood Insurance Program and (3iii) evidence of applicable flood insurance, if available, in each case in such form, on such terms and in such amounts as required by the event any such Flood Hazard Property is located in a community that participates in the National Flood Insurance Program, evidence that Borrower has obtained flood insurance in respect of Laws or as otherwise required by the Lenders. All such Flood Hazard Property documentation shall be reasonably satisfactory to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; (D) to the extent reasonably requested by the Administrative Agent. (d) From and after the date on which any Additional Mortgages have been executed and delivered, a phase I environmental assessment (in form any increase, extension or renewal of the Facilities shall be subject to flood insurance due diligence and substance, and issued flood insurance compliance reasonably satisfactory to Administrative Agent by, or with a reliance letter from, an environmental consultant, reasonably acceptable to Administrative Agent); and (E) such other documents, in each case, that may otherwise be reasonably required by Administrative Agentall Lenders.