Common use of Property Inspections; Collection of Financial Statements; Delivery of Certain Reports Clause in Contracts

Property Inspections; Collection of Financial Statements; Delivery of Certain Reports. (a) If a Lease or Mortgage Loan becomes a Specially Serviced Asset, the Special Servicer shall perform a physical inspection of the related Mortgaged Property as soon as practicable thereafter and, if such Lease or Mortgage Loan remains a Specially Serviced Asset for more than two years, at least annually thereafter so long as such Lease or Mortgage Loan remains a Specially Serviced Asset. The Special Servicer shall prepare a written report of each such inspection performed by it that sets forth in detail the condition of the related Mortgaged Property and that specifies the existence of (i) any sale, abandonment or transfer of such Mortgaged Property, or (ii) any change in the condition or value of such Mortgaged Property that it, in its good faith and reasonable judgment, considers material. The Special Servicer shall deliver to the Issuers, the Indenture Trustee, the Property Manager and the Rating Agencies a copy of each such written report prepared by it within 15 days of the completion of each such inspection. The Special Servicer (i) shall receive reimbursement for reasonable out-of-pocket expenses related to any such inspection and (ii) shall be entitled to a reasonable inspection fee for any such inspection, in each case from the applicable Issuers pursuant to Section 2.11(b) of the Indenture.

Property Inspections; Collection of Financial Statements; Delivery of Certain Reports. (a) If The Special Servicer shall at its expense perform a Lease or physical inspection of a Mortgaged Property as soon as practicable after a related Mortgage Loan becomes a Specially Serviced AssetMortgage Loan. The Master Servicer shall at its expense perform an inspection of each Mortgaged Property at least once per calendar year, if the Special Servicer shall perform a physical inspection of has not already done so in that calendar year pursuant to the related Mortgaged Property as soon as practicable thereafter and, if such Lease or Mortgage Loan remains a Specially Serviced Asset for more than two years, at least annually thereafter so long as such Lease or Mortgage Loan remains a Specially Serviced Assetpreceding sentence. The Master Servicer or Special Servicer Servicer, as the case may be, shall prepare a written report of each such inspection performed by it that sets forth in detail the condition of the related Mortgaged Property and that specifies the existence of of: (i) any sale, transfer or abandonment of the Mortgaged Property of which the Master Servicer or transfer of such Mortgaged Propertythe Special Servicer, or as applicable, is aware, (ii) any change in the condition or value of such the Mortgaged Property that it, in its good faith and reasonable judgment, considers material, or (iii) any waste committed on the Mortgaged Property. The Master Servicer and the Special Servicer shall each deliver to the IssuersTrustee, and in the case of the Special Servicer, to the Master Servicer, the Indenture TrusteeMajority Subordinate Certificateholder (if such person is not then the Special Servicer), the Property Manager and the Rating Agencies any Sub-Servicers of such Specially Serviced Mortgage Loan, or REO Property, a copy of each such written report prepared by it within 15 30 days of the completion of each such inspection. The Special Servicer (i) shall receive reimbursement for reasonable out-of-pocket expenses related to any such inspection and (ii) shall be entitled to a reasonable inspection fee for any such inspection, in each case from and the applicable Issuers pursuant Master Servicer shall cause the same to Section 2.11(b) of be delivered, within 10 days after its receipt thereof, to the IndentureDepositor.