Common use of Mezzanine Loan Option Clause in Contracts

Mezzanine Loan Option. Lender shall have the right at any time to divide the Loan into two parts (the "Mezzanine Option"): a mortgage loan (the "Mortgage Loan") and a mezzanine loan (the "Mezzanine Loan"). The principal amount of the Mortgage Loan plus the principal amount of the Mezzanine Loan shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan. In effectuating the foregoing, Mezzanine Lender will make a loan to Mezzanine Borrower (as hereinafter defined); Mezzanine Borrower will contribute the amount of the Mezzanine Loan to Borrower (in its capacity as Borrower under the Mortgage Loan, "Mortgage Borrower") and Mortgage Borrower will apply the contribution to pay down the Loan to its Mortgage Loan amount. The Mortgage Loan and the Mezzanine Loan will be on the same terms and subject to the same conditions set forth in this Agreement, the Note, the Mortgage and the other Loan Documents except as follows:

Mezzanine Loan Option. Lender shall have the right at any time to divide the Loan into two parts (the "Mezzanine Option"): a mortgage loan (the "Mortgage Loan") and a mezzanine loan (the "Mezzanine Loan"). The principal amount of the Mortgage Loan plus the principal amount of the Mezzanine Loan shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan. In effectuating the foregoing, Mezzanine Lender will make a loan to Mezzanine Borrower (as hereinafter defined); Mezzanine Borrower will contribute the amount of the Mezzanine Loan to Borrower (in its capacity as Borrower under the Mortgage Loan, "Mortgage Borrower") and Mortgage Borrower will apply the contribution to pay down the Loan to its Mortgage Loan amount; provided that such payment will be without premium or penalty (notwithstanding Section 2.3.1(a)) and will be made on a Payment Date unless Lender waives any Breakage Costs or other costs. The Mortgage Loan and the Mezzanine Loan will be on the same terms and subject to the same conditions set forth in this Agreement, the Note, the Mortgage and the other Loan Documents except as follows:

Mezzanine Loan Option. Lender shall have the right right, at Lender’s sole cost and expense, at any time to divide the Loan into two parts (the "“Mezzanine Option"”): a mortgage loan (the "“Mortgage Loan"”) and a mezzanine loan (the "“Mezzanine Loan"”). The principal amount of the Mortgage Loan plus the principal amount of the Mezzanine Loan shall equal the outstanding principal balance of the Loan immediately prior to the creation of the Mortgage Loan and the Mezzanine Loan. In effectuating the foregoing, Mezzanine Lender will make a loan to Mezzanine Borrower (as hereinafter defined); Mezzanine Borrower will contribute the amount of the Mezzanine Loan to Borrower (in its capacity as Borrower under the Mortgage Loan, "“Mortgage Borrower"”) and Mortgage Borrower will apply the contribution to pay down the Loan to its Mortgage Loan amount. The Mortgage Loan and the Mezzanine Loan will be on the same terms and subject to the same conditions set forth in this Agreement, the Note, the Mortgage and the other Loan Documents except as follows: