Mortgage Loans Representations Exceptions. All policies may be issued by a syndicate of insurers through which at least 75% of the coverage (if there are 4 or fewer members of the syndicate) or at least 60% of the coverage (if there are 5 or more members of the syndicate) is with insurers having such ratings (provided that the first layers of coverage are from insurers rated at least “A” by S&P and “A2” by Moody’s (or, if Moody’s does not rate such insurer, at least “A: VIII” by A.M. Best), and all such insurers are required to have ratings of not less than “BBB” by S&P and “Baa2” by Moody’s (or, if Moody’s does not rate such insurer, at least “A: VIII” by A.M. Best)).
Mortgage Loans Representations Exceptions ability to perform its obligations under this Lease, and (d) any prior or existing materially adverse dealings with the City; and (iii) compliance in all material respects with all requirements related to Federal Trade Embargos).
Mortgage Loans Representations Exceptions. Property (other than a lease of substantially all of the Mortgaged Property) entered into in violation of the Mortgage Loan documents, or (iii) a transfer made pursuant to the exercise of the Developer’s repurchase right under the REOA in accordance with the Mortgage Loan documents. The carve-out for misapplication, misappropriation or conversion of rents after an event of default is limited to rents during the continuance of an event of default.
Mortgage Loans Representations Exceptions its affiliates obtain fee title to all or any portion of the ballroom space, the Borrower will grant or cause such affiliate to grant the lender a security interest in the fee estate.
Mortgage Loans Representations Exceptions. Mortgage Loan agreement, at any time after the second anniversary of the effective date of such prepayment, provided that the lender is provided with an updated environmental report of the Mortgaged Properties (or, in the case of a release, the related individual Mortgaged Property) indicating to lender’s reasonable satisfaction that there are no hazardous substances located on, in, above or under such Mortgaged Property(ies) in violation of any applicable environmental laws. The Mortgage Loan documents provide for recourse for losses and damages sustained in the case of material breaches of the environmental covenants in the Mortgage Loan documents.
Mortgage Loans Representations Exceptions the lender copies of each updated TCO as and when issued and deliver to the lender a copy of the New PCO upon its issuance.
Mortgage Loans Representations Exceptions enforcement of the Full Recourse Event thereunder and the collection of amounts due thereunder.
Mortgage Loans Representations Exceptions environmental report confirming that each Individual Property is clear of any hazardous substances and each Individual Property is not subject to any significant risk of contamination from any off-site hazardous substances in violation of the representations, warranties, and covenants set forth in the environmental indemnity and the other Mortgage Loan documents, as determined by the indemnitee in its reasonable discretion and provided further, that, the indemnification obligations of the Indemnitor under the environmental indemnity will continue to survive as to any claims, actions, litigation or other proceedings that are then pending or subject to further appeal as of the two-year anniversary of the repayment of the Whole Loan in full.
Mortgage Loans Representations Exceptions. In the event (i) (a) the Mortgage Loan is paid in full in the ordinary course or (b) defeased in full in accordance with the Mortgage Loan documents, (ii) the Indemnitor delivers to the indemnitee a current Phase I environmental site assessment with respect to the Mortgaged Property (and a follow up Phase II environmental assessment report if required by the Phase I) and such other information or investigations as the indemnitee may reasonably require (collectively, “Acceptable Information”), which concludes that there is no evidence that the Mortgaged Property contains any hazardous substances in violation of applicable environmental laws that has not been remediated to the extent required by and in accordance with applicable environmental laws, and the Mortgaged Property is not subject to any significant risk of contamination from any off site hazardous substances in violation of the representations, warranties, and covenants set forth in the Mortgage Loan documents, as determined by the indemnitee in its reasonable discretion, and (iii) the indemnitee has not exercised any of its remedies under the mortgage to obtain an entry of a judgment of foreclosure, exercise any power of sale, or delivery of a deed in lieu of foreclosure of the mortgage, the Indemnitor will be released from its obligations set forth herein with respect to the Mortgaged Property on the second anniversary of the date on which items (i) through (iii) above are satisfied.
Mortgage Loans Representations Exceptions. In the event that (i) the Mortgage Loan is indefeasibly paid in full in accordance with the terms of the Mortgage Loan documents (exclusive of any indemnification or other obligations which are expressly stated in any of the Mortgage Loan documents to survive satisfaction of the Mortgage Loan that are not then due), (ii) the Mortgagor or the guarantor (individually and collectively, the “Indemnitor”) delivers to the lender, at Indemnitor’s sole cost and expense, a Phase I environmental report reasonably satisfactory to the lender in accordance with the Mortgage Loan documents (the “Acceptable Report”) with respect to the Mortgaged Property, and (iii) as of the date that the lender receives such Acceptable Report, there is no pending lawsuit or other legal proceeding related to the Mortgaged Property in connection with any matter addressed under the environmental indemnity, Indemnitor will be released from its obligations set forth herein on the second (2nd) anniversary of the date on which items (i)–(iii) above are each satisfied. If a release of Indemnitor from its obligations hereunder is not permitted solely as a result of the condition set forth in clause (iii) above failing to be satisfied, the environmental indemnity will remain in full force and effect until such time as the such lawsuit or other legal proceeding has been resolved by a final, non-appealable determination of a court of competent jurisdiction and Indemnitor has fully paid any and all amounts required to be paid to any indemnified party as a result of and/or in connection with such lawsuit or other legal proceeding and/or the resolution thereof. Such termination of Indemnitor’s liability hereunder will become effective as of such second (2nd) anniversary unless within thirty (30) days after the delivery of the Acceptable Report to the lender, the lender delivers a notice to Indemnitor stating that Indemnitor has not satisfied the foregoing conditions in the indemnitee’s good faith reasonable determination. 20 Valley Park Estates Cooperative (28) Recourse Obligations There is no separate non-recourse carveout guarantor in connection with the Mortgage Loan. The borrower is a housing cooperative with a net worth as of year-end 2019 of approximately $99.7 million, and is owned by 426 shareholders with a board that governs the cooperative.
