Modifications to the Loan Agreement. Upon the effectiveness of this Agreement in accordance with the provisions hereof and notwithstanding anything to the contrary contained in the Existing Loan Agreement or the Loan Documents:
Modifications to the Loan Agreement. The Loan Agreement is hereby Modified as follows:
(a) The RECITALS shall be supplemented as follows: "The Co-Borrower known as San Xxxxxxx Plaza, a California limited partnership ("San Xxxxxxx"), is the owner of a fee simple interest in and to that certain office building listed in Schedule 1A-1 attached to the Supplement attached to the New Co-Borrower's Joinder and Supplement known as the San Xxxxxxx Plaza Project, in the City of Los Angeles, County of Los Angeles, State of California, on certain land more fully described in Schedule 1B-1 attached to the Supplement attached to the New Co-Borrower's Joinder and Supplement (the "San Xxxxxxx Project") and the Co-Borrower known as Owensmouth/Warner, LLC, a California limited liability company ("Owensmouth"), is the owner of a fee simple interest, subject to the Ground Lease described below, in and to that certain real property listed in Schedule 1A-2 attached to the Supplement attached to the New Co-Borrower's Joinder and Supplement known as the Owensmouth Project, in the City of Los Angeles, County of Los Angeles, State of California, more fully described in Schedule 1B-2 attached to the Supplement attached to the New Co-Borrower's Joinder and Supplement (the "Owensmouth Project") (the rights of each such Co-Borrower with respect to each such building and to the land on which each such building is located, together with the rights of such Co-Borrower with respect to any air rights and other rights, privileges, easements, hereditaments and appurtenances thereunto relating or appertaining thereto, all Improvements thereon, together with all fixtures and equipment required for the operation thereof, all personal property related to the foregoing and all other items described in the granting clause of the Deed of Trust relating to such building and interest in land are included within the term "Project" as defined in the Loan Agreement).
(b) The following new definitions shall be added to the Loan Agreement:
(i) San Xxxxxxx Plaza Project" and "Owensmouth Project" have the respective meanings assigned to such terms in the Recitals as supplemented by the Supplement to Joinder Agreement attached to the New Co-Borrower's Joinder and Supplement.";
Modifications to the Loan Agreement. 1. Lender hereby waives Borrower's existing default under the Loan Agreement by virtue of Borrower's failure to comply with the profitability covenant as of quarter ended December 31,1995 and year ended December 31, 1995. Lender's waiver of Borrower's compliance of this covenant shall apply only to the foregoing period. Accordingly for the quarter ending March 31, 1996, Borrower shall be in compliance with the covenant as set forth in the Amended Documents. Lender's agreement to waive the above-described default (1) in no way shall be deemed an agreement by the Lender to waive Borrower's compliance with the above-described covenants as of all other dates and (2) shall not limit or impair the Lender's right to demand strict performance of these covenants as of all other dates and (3) shall not limit or impair the Lender's right to demand strict performance of all other covenants as of any date.
Modifications to the Loan Agreement. The “Note”, as such term is defined in Section 2.1(a) of the Loan Agreement shall mean the Amended and Restated Note, together with any and all extensions, modifications, substitutions, replacements or renewals thereof and judgments in enforcement thereof.
Modifications to the Loan Agreement. The Loan Agreement is hereby modified as set forth below.
Modifications to the Loan Agreement. The Loan Agreement is hereby Modified as follows:
(a) The RECITALS shall be supplemented as follows: "The Co-Borrower is the owner of a fee simple interest in and to that certain office building listed in Schedule 1A-1 attached to the Supplement attached to the New Co-Borrower's Joinder and Supplement known as the Brentwood Plaza Project, in the City of Los Angeles, County of Los Angeles, State of California, on certain land more fully described in Schedule 1B-1 attached to the Supplement attached to the New Co-Borrower's Joinder and Supplement (the "Brentwood Plaza Project") (the rights of the Co-Borrower with respect to such building and to the land on which each such building is located, together with the rights of the Co-Borrower with respect to any air rights and other rights, privileges, easements, hereditaments and appurtenances thereunto relating or appertaining thereto, all Improvements thereon, together with all fixtures and equipment required for the operation thereof, all personal property related to the foregoing and all other items described in the granting clause of the Deed of Trust relating to such building and interest in land are included within the term "Project" as defined in the Loan Agreement).
(b) The following new definitions shall be added to the Loan Agreement:
Modifications to the Loan Agreement. The Loan Documents are hereby amended as follows:
(a) Section 4.16 of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor:
Modifications to the Loan Agreement. The Loan Agreement is hereby modified and amended as follows:
(a) The term “Loan” is amended to mean, collectively, the Original Loan and the New Loan. Borrower acknowledges and agrees that the term “Mortgages” includes the mortgages and deeds of trust executed on even date herewith by Borrower in favor of Lender securing the Original Loan and the New Loan (collectively, the “New Mortgages”). Borrower also acknowledges and agrees that the term “Land” includes the “Land” as defined in the New Mortgages.
Modifications to the Loan Agreement. On the Effective Date (as defined inss.3 below) the following sections of the Loan Agreement shall be modified as follows:
Modifications to the Loan Agreement. From and after the Effective Date, the Loan Agreement is hereby modified as follows:
(a) Notwithstanding anything to the contrary contained in Section 4.19 of the Loan Agreement, Lender shall have the right to update the Appraisals for the Primary Collateral or any other property included in the borrowing base on an annual basis (i.e., once per year), but in any event, Lender shall obtain updated Appraisals at least one (1) time every two (2) years for the Primary Collateral.
