Modifications of Loan Documents. (a)
(i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing)(subject to the consent or deemed consent of the Special Servicer in the case of a Major Decision) or the Special Servicer (if a Special Servicing Loan Event occurs and is continuing) may, subject to (x) the Special Servicer obtaining the consent of the Directing Certificateholder (subject to limitations on such consent pursuant to Section 9.3(a) herein) prior to the occurrence and continuance of a Control Event, and (y) the consultation and review rights of the Directing Certificateholder (subject to limitations on such rights pursuant to Section 9.3(a) herein) after the occurrence and during the continuance of a Control Event but prior to the occurrence of a Consultation Termination Event, modify, waive or amend any term of the Whole Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing Practices and (b) does not either (i) cause the Trust REMIC to fail to qualify as a REMIC under the Code or (ii) subject the Trust REMIC to any tax under the REMIC Provisions (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated Final Distribution Date and (b) 20 years or, to the extent consistent with Accepted Servicing Practices giving due consideration to the remaining term of the ground lease, 10 years, prior to the end of the current term of the ground lease, plus any options to extend the ground lease exercisable unilaterally by the Borrower. In connection with (i) the release of the Mortgaged Property or portion thereof from the lien of the related Mortgage or (ii) the taking of the Mortgaged Property or portion thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of the Mortgaged Property, for purposes of REMIC qualification of the Mortgage Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any. The Servicer shall provide to the Special Servicer notice of all Bor...
Modifications of Loan Documents. (a)
(i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (during a Special Servicing Loan Event), in each case, subject to the rights of the Mezzanine Lenders under the Intercreditor Agreement, may modify, waive or amend any term of the Whole Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated Final Distribution Date and (b) twenty years prior to the end of the current term of any ground lease plus any options to extend the ground lease exercisable unilaterally by the Loan Borrowers. In connection with (i) the release of a Property or a portion of a Property from the lien of the Mortgage or (ii) the taking of a Property or portion of a Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.
Modifications of Loan Documents. Borrower shall not, without the Guarantors’ prior written consent, which consent the Guarantors may withhold in their sole and absolute discretion, modify, amend, supplement, terminate or otherwise change any Loan Document, whether orally, in writing, by conduct, by acquiescence or otherwise.
Modifications of Loan Documents. The Borrower shall have entered into such amendments, supplements and modifications of the Loan Documents as the Majority Lenders shall deem necessary or desirable in connection with the issuance of such Bonds; provided that no such amendment, supplement or modification of any Loan Document may be entered into unless it complies with the provisions of Section 8.7 of the Security Deposit Agreement.
Modifications of Loan Documents. (a)
(i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (during a Special Servicing Loan Event), may modify, waive or amend any term of the Trust Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing Practices and (b) does not result in an Adverse REMIC Event (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the five years prior to the Rated Final Distribution Date. In connection with (i) the release of the Property or portion thereof from the lien of the Mortgage or (ii) the taking of the Property or portion thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of the Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.
Modifications of Loan Documents. The Loan Documents are modified as set forth on Schedule I and Schedule II attached hereto. Schedule I and Schedule II are incorporated by reference as if the same were included in all respects. When recorded, this Agreement will not contain Schedule I or Schedule II but all unrecorded copies of this Agreement will contain Schedule I and Schedule II.
Modifications of Loan Documents a. The amount of the Loan as set forth in Paragraph 2.01(a) of the Loan Agreement is increased to $8,141,500.42.
b. Upon the closing of this Modification, Lender will advance the sum of $800,000 into the Property Improvement Reserve Account. Advances from the Property Improvement Reserve Account will be made pursuant to the Loan Agreement and the other Loan Documents. The Maturity Date and the Amortization Period will remain as set forth in the Loan Agreement and Promissory Note. Thus, Borrower acknowledges that the amount of its monthly payments will increase as a result of the Advances made in accordance with this Modification Agreement.
Modifications of Loan Documents. (a) All references in the Loan Documents to “32,870,000” are hereby replaced with “35,370,000”.
(b) The Budget attached to the Loan Agreement as Exhibit B is hereby deleted in its entirety and the Budget attached hereto as Exhibit B is substituted therefor. To the extent of any discrepancy in figures contained in the Loan Documents prior to the amendment by this Agreement and the figures contained in the Budget attached hereto, the Budget attached hereto shall control.
(c) The definition of “Contractor” in the Loan Agreement is hereby amended to also include “Brazos Contractors & Development, Inc., a Texas corporation”.
(d) All references to the defined term “Land” in the Loan Documents or similar reference to a legal description contained in the Loan Documents, including, without limitation, to the defined term “Land” in the Security Instrument, the Loan Agreement and the Environmental Indemnity Agreement shall hereafter mean the land more particularly described on Exhibit A attached hereto. Borrower hereby represents that the legal description attached as Exhibit A hereto contains the same land as the defined term “Land” as it was previously defined in the Loan Documents prior to the date hereof.
Modifications of Loan Documents. The Loan Documents are modified as follows:
Modifications of Loan Documents. (a)
(i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (during a Special Servicing Loan Event), may modify, waive or amend any term of the Trust Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the five years prior to the Rated Final Distribution Date. In connection with (i) the release of the Property or portion thereof from the lien of the Mortgage or (ii) the taking of the Property or portion thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of the Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.
