Common use of Procedure for Making a Permanent Loan Clause in Contracts

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Property(ies) that will constitute the Permanent Loan Collateral, (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million and NO/100 Dollars ($5,000,000.00), (c) the related reduction in the Maximum Facility Available, (d) whether Borrower has selected Lender’s then current early rate lock delivery option, and (e) any payment or prepayment of a Borrowing Tranche, and (ii) shall be accompanied by (a) any fees then due and owing under Lender’s Streamlined Refinancing Program for each Collateral Pool Property proposed by Borrower to be subject to the Permanent Loan, and (b) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s request within sixty (60) days of such notice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program, (3) after giving effect to such release no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.1, further provided that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the Sublimits, Borrower shall have the opportunity to cure the same, prior to or simultaneously with the release and the consummation of the Permanent Loan (which shall occur pursuant to the Streamlined Refinancing Program), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements), or (B) prepaying so much of the Loan as is necessary to cause compliance with the Sublimits, each in accordance with the provisions of Section 4.3, (4) Borrower shall provide evidence to Lender of title insurance in form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender any fees then due and owing under Lender’s Streamlined Refinancing Program. Thereafter, Lender shall use best efforts to consummate the Permanent Loan within thirty (30) days of the granting of Lender’s consent hereunder. Notwithstanding the foregoing, in the event that Borrower selects Lender’s then current early rate lock delivery option, Lender shall use best efforts, subject to Borrower’s timely compliance with Lender’s requests, to lock the interest rate for the requested Permanent Loan within seven (7) Business Days of Borrower’s notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunder. Simultaneous with the closing of the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral.

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Mortgaged Property(ies) that will constitute the Permanent Loan Collateral, (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million and NO/100 Dollars ($5,000,000.00), (c) the related reduction in the Maximum Facility Available, (d) whether Borrower has selected Lender’s then current early rate lock delivery option, and (e) any payment or prepayment of a Borrowing Tranche, and (ii) shall be accompanied by (a) any fees then due and owing under Lender’s Streamlined Refinancing Program the Securitized Product for each Collateral Pool Mortgaged Property proposed by Borrower to be subject to the Permanent Loan, and (b) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to use its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s request within sixty forty-five (6045) days of such noticeNotice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with with, and subject to, the terms and conditions of the Streamlined Refinancing ProgramSecuritized Product, (3) after giving effect to such release release, no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.12.5.3, further provided that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the Sublimits, Borrower shall have the opportunity to cure the same, prior to or simultaneously with the release and the consummation of the Permanent Loan (which shall occur 48127372_10 pursuant to the Streamlined Refinancing ProgramSecuritized Product), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements)discretion, or (B) prepaying so much of the Loan as is necessary to cause compliance with the Sublimits, each in accordance with the provisions of Section 4.3, (4) Borrower shall provide evidence to Lender of title insurance in form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender any fees then due and owing under Lender’s Streamlined Refinancing Programthe Securitized Product. Thereafter, Lender Servicer shall use best commercially reasonable efforts to consummate the Permanent Loan within thirty (30) days of the granting of Lenderafter its consent to Borrower’s consent hereunderrequest thereof. Notwithstanding the foregoing, in the event that Borrower selects Lender’s then current early rate lock delivery option, Lender shall use its best efforts, subject to Borrower’s timely compliance with Lender’s requests, to lock the interest rate for the requested Permanent Loan within seven (7) Business Days of Borrower’s notice Notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunderhereunder unless Borrower elects pursuant to Section 2.4.8. Simultaneous with the closing of the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral. Notwithstanding the foregoing, at any time prior to the release and consummation of the Permanent Loan, Borrower may by written Notice revoke its request for a release and a Permanent Loan pursuant to this Section 2.15; provided, however, that Borrower shall reimburse Lender and Servicer respectively, for Lender’s and Servicer’s costs and expenses, including breakage costs and Attorneys’ Fees and Costs and any other fees due under this Agreement, that Lender or Servicer incur in connection with such proposed release and Permanent Loan financing prior to Borrower’s revocation.

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Property(ies) that will constitute the Permanent Loan Collateral, (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million TEN MILLION and NO/100 Dollars ($5,000,000.0010,000,000.00), (c) the related reduction in the Maximum Facility Available, (d) whether Borrower has selected Lender’s then current early rate lock delivery option, and (e) any payment or prepayment of a Borrowing Tranche, and (ii) shall be accompanied by (a) any fees then due and owing under Lender’s Streamlined Refinancing Program for each Collateral Pool Property proposed by Borrower to be subject to the Permanent Loan, and (b) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to use its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s request within sixty (60) days of such noticeNotice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program, (3) after giving effect to such release no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.12.5.3, further provided that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the Sublimits, Borrower shall have the opportunity to cure the same, prior to or simultaneously with the release and the consummation of the Permanent Loan (which shall occur pursuant to the Streamlined Refinancing Program), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements)discretion, or (B) prepaying so much of the Loan as is necessary to cause compliance with the Sublimits, each in accordance with the provisions of Section 4.3, (4) Borrower shall provide evidence to Lender of title insurance in form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender any fees then due and owing under Lender’s Streamlined Refinancing Program. Thereafter, Lender shall use best commercially reasonable efforts to consummate the Permanent Loan within thirty ninety (3090) days after its consent to Borrower’s request thereof. Notwithstanding the foregoing, if Borrower is unable to cause compliance with the Sublimits within fifteen (15) days following Notice thereof from Servicer (or Lender) of Borrower’s non-compliance with the Sublimits, then, for so long as Borrower fails to comply with the Sublimits, the Net Spread applicable to all Base Rate Borrowing Tranches then outstanding (and thereafter renewed) shall automatically increase to one hundred basis points (0.01) over the highest Net Spread shown on Schedule 3.2, further adjusted, if at all, in accordance with Schedule 3.2, as a result of the granting duration of Lender’s consent hereundersuch Base Rate Borrowing Tranche(s). Notwithstanding the foregoing, in the event that Borrower selects Lender’s then current early rate lock delivery option, Lender shall use its best efforts, subject to Borrower’s timely compliance with Lender’s requests, to lock the interest rate for the requested Permanent Loan within seven fifteen (715) Business Days of Borrower’s notice Notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunder. Simultaneous with the closing of the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral. Notwithstanding the foregoing, at any time prior to the release and consummation of the Permanent Loan, Borrower may by written Notice revoke its request for a release and a Permanent Loan pursuant to this Section 2.15; provided, however, that Borrower shall reimburse Lender and Servicer respectively, for Lender’s and Servicer’s costs and expenses, including breakage costs and reasonable attorneys’ fees and any other fees due under this Agreement, that Lender or Servicer incur in connection with such proposed release and Permanent Loan financing prior to Borrower’s revocation.

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Property(ies) that will constitute the Permanent Loan Collateral, (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million and NO/100 Dollars ($5,000,000.00), (c) the related reduction in the Maximum Facility Available, (d) whether Borrower has selected Lender’s 's then current early rate lock delivery option, and (e) any payment or prepayment of a Borrowing Tranche, and (ii) shall be accompanied by (a) any fees then due and owing under Lender’s 's Streamlined Refinancing Program for each Collateral Pool Property proposed by Borrower to be subject to the Permanent Loan, and (b) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s 's request within sixty (60) days of such notice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program, (3) after giving effect to such release no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.1, further provided that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the Sublimits, Borrower shall have the opportunity to cure the same, prior to or simultaneously with the release and the consummation of the Permanent Loan (which shall occur pursuant to the Streamlined Refinancing Program), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements), or (B) prepaying so much of the Loan as is necessary to cause compliance with the Sublimits, each in accordance with the provisions of Section 4.3, (4) Borrower shall provide evidence to Lender of title insurance in form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender any fees then due and owing under Lender’s 's Streamlined Refinancing Program. Thereafter, Lender shall use best efforts to consummate the Permanent Loan within thirty (30) days of the granting of Lender’s 's consent hereunder. Notwithstanding the foregoing, in the event that Borrower selects Lender’s 's then current early rate lock delivery option, Lender shall use best efforts, subject to Borrower’s 's timely compliance with Lender’s 's requests, to lock the interest rate for the requested Permanent Loan within seven (7) Business Days of Borrower’s 's notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunder. Simultaneous with the closing of the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral.

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Property(ies) that will constitute the Permanent Loan Collateral, (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million TEN MILLION and NO/100 No/100 Dollars ($5,000,000.0010,000,000.00), (c) the related reduction in the Maximum Facility Available, (d) whether Borrower has selected Lender’s 's then current early rate lock delivery option, and (e) any payment or prepayment of a Borrowing Tranche, and (ii) shall be accompanied by (a) any fees then due and owing under Lender’s 's Streamlined Refinancing Program for each Collateral Pool Property proposed by Borrower to be subject to the Permanent Loan, and (b) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to use its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s 's request within sixty (60) days of such noticeNotice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program, (3) after giving effect to such release no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.12.5.3, further provided that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the Sublimits, Borrower shall have the opportunity to cure the same, prior to or simultaneously with the release and the consummation of the Permanent Loan (which shall occur pursuant to the Streamlined Refinancing Program), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements)discretion, or (B) prepaying so much of the Loan as is necessary to cause compliance with the Sublimits, each in accordance with the provisions of Section 4.3, (4) Borrower shall provide evidence to Lender of title insurance in form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender any fees then due and owing under Lender’s 's Streamlined Refinancing Program. Thereafter, Lender shall use best commercially reasonable efforts to consummate the Permanent Loan within thirty ninety (3090) days after its consent to Borrower's request thereof. Notwithstanding the foregoing, if Borrower is unable to cause compliance with the Sublimits within fifteen (15) Business Days following Lender's determination of Borrower's non-compliance with the Sublimits, then, for so long as Borrower fails to comply with the Sublimits, (i) the Net Spread applicable to all Base Rate Borrowing Tranches then outstanding (and thereafter renewed) shall automatically increase to one-hundred basis points (0.01) over the highest Net Spread shown on Schedule 3.2 (as such Net Spreads are adjusted by Lender pursuant to Sections 2.2(d). 2.2(e) and 2.4.6.2), further increased, if at all, in accordance with Schedule 3.2, as a result of the granting duration of Lender’s consent hereundersuch Base Rate Borrowing Tranche(s) and (ii) the interest rate applicable to all Fixed Rate Borrowing Tranches shall automatically increase by one-hundred basis points (0.01). Notwithstanding the foregoing, in the event that Borrower selects Lender’s 's then current early rate lock delivery option, Lender shall use its best efforts, subject to Borrower’s 's timely compliance with Lender’s 's requests, to lock the interest rate for the requested Permanent Loan within seven fifteen (715) Business Days of Borrower’s notice 's Notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunder. Simultaneous with the closing of the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral. Notwithstanding the foregoing, at any time prior to the release and consummation of the Permanent Loan, Borrower may by written Notice revoke its request for a release and a Permanent Loan pursuant to this Section 2.15; provided, however, that Borrower shall reimburse Lender and Servicer respectively, for Lender's and Servicer's reasonable costs and expenses, including breakage costs and reasonable attorneys' fees and any other fees due under this Agreement, that Lender or Servicer incur in connection with such proposed release and Permanent Loan financing prior to Borrower's revocation.

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Property(ies) that will constitute the Permanent Loan Collateral, which amount shall be equal to or greater than Five Million and NO/100 Dollars ($5,000,000.00), (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million and NO/100 Dollars ($5,000,000.00), (c) the related reduction in the Maximum Facility Available, if applicable, (d) whether Borrower has selected Lender’s 's then current early rate lock delivery option, and (e) any payment or corresponding prepayment of a Borrowing Tranchethe Loan in accordance with the provisions of SECTION 4.3, and (ii) shall be ----------- accompanied by (a) any fees then due and owing under Lender’s Xxxxxxx Mac's Streamlined Refinancing Program for each Collateral Pool Property proposed by Borrower to be subject to the Permanent Loan, (b) any Prepayment Fee and other fees due hereunder and (bc) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to use its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s 's request within sixty (60) days of such notice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program, (3) after giving effect to such release no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.1provided, further provided however, that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the SublimitsSublimits set forth in SECTION ------- 2.5.1, Borrower shall have the opportunity to cure the same, prior to or ----- simultaneously with the release and the consummation of the Permanent Loan (which shall occur pursuant to the Streamlined Refinancing Program), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements)discretion, or (B) prepaying so much of the Loan Revolving Credit Note and/or any Fixed Rate Notes then outstanding as is necessary to cause compliance with the Sublimits, each all in accordance with the provisions of Section SECTION 4.3, (4) Borrower shall provide evidence to Lender of title insurance in ----------- form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender and Servicer any fees then due and owing under Lender’s Xxxxxxx Mac's Streamlined Refinancing Program. Thereafter, Lender shall use its best efforts to consummate the Permanent Loan within thirty (30) days of the granting of Lender’s 's consent hereunder. Notwithstanding the foregoing, in the event that Borrower selects Lender’s 's then current early rate lock delivery option, Lender shall use its best efforts, subject to Borrower’s 's timely compliance with Lender’s 's requests, to lock the interest rate for the requested Permanent Loan within seven (7) Business Days of Borrower’s 's notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunderamount which may be borrowed on account of the Revolving Credit Note or converted to a Fixed Rate Borrowing Tranche pursuant to the provisions of SECTION 2.1.1 ------------- (subject, in all cases, to the Sublimits). Notwithstanding anything to the contrary contained herein, (x) no Permanent Loan may be consummated after the Revolving Credit Note Expiration Date, and (y) Borrower may only elect to apply the proceeds of a Permanent Loan to prepayment of any Fixed Rate Note in accordance with the provisions of SECTION 4.3. Simultaneous with the closing of ----------- the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral.

Procedure for Making a Permanent Loan. Borrower may request that Lender cause Servicer to make a Permanent Loan to Borrower, which request (i) shall be in writing, which writing shall specify (a) the Collateral Pool Property(ies) that will constitute the Permanent Loan Collateral, (b) the original principal amount of the requested Permanent Loan, which amount shall be greater than or equal to Five Million and NO/100 Dollars ($5,000,000.00), (c) the related reduction in the Maximum Facility Available, (d) whether Borrower has selected Lender’s 's then current early rate lock delivery option, and (e) any payment or prepayment of a Borrowing Tranche, and (ii) shall be accompanied by (a) any fees then due and owing under Lender’s 's Streamlined Refinancing Program for each Collateral Pool Property proposed by Borrower to be subject to the Permanent Loan, and (b) the Underwriting Materials. Following receipt of all of the items specified in (i) and (ii) of the previous sentence, Lender shall employ a procedure similar to use its early rate lock underwriting procedure, to provide for preliminary review and nonbinding indication of the preliminary loan amount and interest rate. Thereafter, Lender shall use best efforts to consent to Borrower’s 's request within sixty (60) days of such notice, provided that (1) at the time of such request no Event of Default or Potential Default exists, (2) the Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program, (3) after giving effect to such release no Event of Default or Potential Default shall exist and Borrower will be in compliance with all provisions hereof, including the Sublimits set forth in Section 2.6.1SECTION 2.5.1, further provided that if any release occasioned by a Permanent Loan would otherwise cause Borrower to be in non-compliance with the Sublimits, Borrower shall have the opportunity to cure the same, prior to or simultaneously with the release and the consummation of the Permanent Loan (which shall occur pursuant to the Streamlined Refinancing Program), by either (A) pledging collateral in form, substance, value and in a manner all acceptable to Lender, in its sole discretion (including, without limitation, Qualifying Rate Cap Agreements or Qualifying Rate Swap Agreements)discretion, or (B) prepaying so much of the Loan as is necessary to cause compliance with the Sublimits, each in accordance with the provisions of Section SECTION 4.3, (4) Borrower shall provide evidence to Lender of title insurance in form and substance acceptable to Lender and in the face amount of the Permanent Loan, (5) the proposed Borrower under the Permanent Loan shall execute and deliver such documents as Lender, in its discretion, may request in order to evidence the making of the Permanent Loan and in order to grant Lender a first priority Lien on the real and personal property constituting the Permanent Loan Collateral subject, in each case, to any Permitted Exceptions, and (6) Borrower shall pay Lender any fees then due and owing under Lender’s 's Streamlined Refinancing Program. Thereafter, Lender shall use its best efforts to consummate the Permanent Loan within thirty (30) days of the granting of Lender’s 's consent hereunder. Notwithstanding the foregoing, in the event that Borrower selects Lender’s 's then current early rate lock delivery option, Lender shall use its best efforts, subject to Borrower’s 's timely compliance with Lender’s 's requests, to lock the interest rate for the requested Permanent Loan within seven (7) Business Days of Borrower’s 's notice hereunder. Any Permanent Loan granted pursuant to the foregoing provisions shall not reduce the Commitment hereunder. Simultaneous with the closing of the Permanent Loan, Lender shall release the Lien granted hereunder on the Permanent Loan Collateral.