Common use of Record Plat Clause in Contracts

Record Plat. The Borrower shall use commercially reasonable efforts with the highest due diligence to cause the Record Plat to be approved by applicable governmental authorities and recorded. The terms and conditions with respect to the Record Plat are as follows: (a) If the Record Plat, in form as shall have been approved by the Lender, has not been recorded within ninety (90) days from the closing of the Loan, an Event of Default shall have occurred on the ninety-first (91st) day following the closing. (b) The Deed of Trust (hereinafter defined) shall initially encumber the Property and the Townhouse Parcel as security for the Loan and the Townhouse Loan. Upon recordation of the Record Plat, the Deed of Trust shall be amended to reflect the new legal description and the Lender’s loan policy of title insurance shall be appropriately endorsed in form satisfactory to the Lender in all respects. (c) Provided there has then occurred no Event of Default hereunder, following recordation of the Record Plat, if (i) the Borrower sells the Property and upon closing of such sale pays the Loan and the EagleBank Apartment Loan in full, the Lender shall release the Property from the lien of the Deed of Trust, or (ii) the Borrower determines to develop the Property and transfer the Property to an affiliate, provided that EagleBank releases the Property from the Senior Deed of Trust, the Lender shall release the Property from the lien of the Deed of Trust and simultaneously therewith the Property shall be encumbered by a new deed of trust (the “Apartment Parcel Deed of Trust”) as security for the Townhouse Loan as well as cross-collateral security for the Loan. (d) If applicable under Subparagraph 1.4(c) above, the Apartment Parcel Deed of Trust shall be in the form as attached to this Agreement as Exhibit B and shall constitute a second lien on the Property subject only to a new senior lien deed of trust securing EagleBank for the EagleBank Apartment Loan in an amount not to exceed Two Million Four Hundred Thousand and No/100 Dollars ($2,400,000.00), to be recorded immediately prior to recordation of the Apartment Parcel Deed of Trust securing the Lender. (e) The Leases Assignment (hereinafter defined) shall encumber all leases, rents and profits with respect to the Property and the Townhouse Parcel. The Property may be released from the Leases Assignment in the event of (i) sale and payment in full of the Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c) above or (ii) transfer of the Property to an affiliate, in which event a new assignment of leases and rents in form substantively identical to the Leases Assignment shall be recorded against the Property simultaneously with such release. (f) UCC-1 Financing Statements that constitute a fixture filing shall be recorded against the Property and the Townhouse Parcel. Such UCC-1 Financing Statements may be terminated as to the Property in the event of (i) sale and payment in full of the Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c) above or (ii) transfer of the Property to an affiliate, in which event a new UCC-1 Financing Statement in form substantively identical to the initial instrument shall be filed against the Property simultaneously with such termination.

Record Plat. The Borrower shall use commercially reasonable efforts with the highest due diligence to cause the Record Plat to be approved by applicable governmental authorities and recorded. The terms and conditions with respect to the Record Plat are as follows: (a) If the Record Plat, in form as shall have been approved by the Lender, has not been recorded within ninety (90) days from the closing of the Loan, an Event of Default shall have occurred on the ninety-first (91st) day following the closing. (b) The Deed of Trust (hereinafter defined) shall initially encumber the Property and the Townhouse Housing Parcel as security for the Loan and the Townhouse Loan. Upon recordation of the Record Plat, the Deed of Trust shall be amended to reflect the new legal description and the Lender’s loan policy of title insurance shall be appropriately endorsed in form satisfactory to the Lender in all respects. (c) Provided there has then occurred no Event of Default hereunderhereunder or under the AD&C Loans, following recordation of the Record Plat, if (i) the Borrower sells the Property and upon closing of such sale pays the Loan and the EagleBank Apartment Loan in full, the Lender shall release the Property from the lien of the Deed of Trust, or (ii) the Borrower determines to develop the Property and transfer the Property to an affiliate, provided that EagleBank releases the Property from the Senior Deed of Trust, the Lender shall release the Property from the lien of the Deed of Trust and simultaneously therewith the Property shall be encumbered by a new deed of trust (the “Apartment Parcel Deed of Trust”) as security for the Townhouse Loan as well as cross-collateral as security for the LoanLoan and the AD&C Loans. (d) If applicable under Subparagraph 1.4(c1.3(c) above, the Apartment Parcel Deed of Trust shall be in the form as attached to this Agreement as Exhibit B and shall constitute a second first lien on the Property subject only to a new senior lien deed of trust securing EagleBank for the EagleBank Apartment Loan in an amount not to exceed Two Million Four Hundred Thousand and No/100 Dollars ($2,400,000.00), to be recorded immediately prior to recordation of the Apartment Parcel Deed of Trust securing the LenderProperty. (e) The Leases Assignment (hereinafter defined) shall encumber all leases, rents and profits with respect to the Property and the Townhouse Housing Parcel. The Property may be released from the Leases Assignment in the event of (i) sale and payment in full of the Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c1.3(c) above or (ii) transfer of the Property to an affiliate, in which event a new assignment of leases and rents in form substantively identical to the Leases Assignment shall be recorded against the Property simultaneously with such release. (f) UCC-1 Financing Statements that constitute a fixture filing shall be recorded against the Property and the Townhouse Housing Parcel. Such UCC-1 Financing Statements may be terminated as to the Property in the event of (i) sale and payment in full of the Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c1.3(c) above or (ii) transfer of the Property to an affiliate, in which event a new UCC-1 Financing Statement in form substantively identical to the initial instrument shall be filed against the Property simultaneously with such termination.

Record Plat. The Borrower shall use commercially reasonable efforts with the highest due diligence to cause the Record Plat to be approved by applicable governmental authorities and recorded. The terms and conditions with respect to the Record Plat are as follows: (a) If the Record Plat, in form as shall have been approved by the Lender, has not been recorded within ninety (90) days from the closing of the Loan, an Event of Default shall have occurred on the ninety-first (91st) day following the closing. (b) The Deed of Trust (hereinafter defined) shall initially encumber the Property and the Townhouse Apartment Parcel as security for the Loan and the Townhouse Apartment Loan. Upon recordation of the Record Plat, the Deed of Trust shall be amended to reflect the new legal description and the Lender’s loan policy of title insurance shall be appropriately endorsed in form satisfactory to the Lender in all respects. (c) Provided there has then occurred no Event of Default hereunder, following recordation of the Record Plat, if (i) the Borrower sells the Property Apartment Parcel and upon closing of such sale pays the Apartment Loan and the EagleBank Apartment Loan in full, the Lender shall release the Property Apartment Parcel from the lien of the Deed of Trust, or (ii) the Borrower determines to develop the Property Apartment Parcel and transfer the Property Apartment Parcel to an affiliate, provided that EagleBank releases the Property Apartment Parcel from the Senior Deed of Trust, the Lender shall release the Property Apartment Parcel from the lien of the Deed of Trust and simultaneously therewith the Property Apartment Parcel shall be encumbered by a new deed of trust (the “Apartment Parcel Deed of Trust”) as security for the Townhouse Apartment Loan as well as cross-collateral security for the Loan. (d) If applicable under Subparagraph 1.4(c) above, the Apartment Parcel Deed of Trust shall be in the form as attached to this Agreement as Exhibit B and shall constitute a second lien on the Property Apartment Parcel subject only to a new senior lien deed of trust securing EagleBank for the EagleBank Apartment Loan in an amount not to exceed Two Million Four Hundred Thousand and No/100 Dollars ($2,400,000.00), to be recorded immediately prior to recordation of the Apartment Parcel Deed of Trust securing the Lender. (e) The Leases Assignment (hereinafter defined) shall encumber all leases, rents and profits with respect to the Property and the Townhouse Apartment Parcel. The Property Apartment Parcel may be released from the Leases Assignment in the event of (i) sale and payment in full of the Apartment Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c) above or (ii) transfer of the Property Apartment Parcel to an affiliate, in which event a new assignment of leases and rents in form substantively identical to the Leases Assignment shall be recorded against the Property Apartment Parcel simultaneously with such release. (f) UCC-1 Financing Statements that constitute a fixture filing shall be recorded against the Property and the Townhouse Apartment Parcel. Such UCC-1 Financing Statements may be terminated as to the Property Apartment Parcel in the event of (i) sale and payment in full of the Apartment Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c) above or (ii) transfer of the Property Apartment Parcel to an affiliate, in which event a new UCC-1 Financing Statement in form substantively identical to the initial instrument shall be filed against the Property Apartment Parcel simultaneously with such termination.

Record Plat. The Borrower shall use commercially reasonable efforts with the highest due diligence to cause the Record Plat to be approved by applicable governmental authorities and recorded. The terms and conditions with respect to the Record Plat are as follows: (a) If the Record Plat, in form as shall have been approved by the Lender, has not been recorded within ninety (90) days from the closing of the LoanLoans and the LC Facility, an Event of Default shall have occurred on the ninety-first (91st) day following the closing. (b) The Deed of Trust (hereinafter defined) shall initially encumber the Property and the Townhouse Apartment Parcel as security for the Loan Loans, the LC Facility and the Townhouse Apartment Loan. Upon recordation of the Record Plat, the Deed of Trust shall be amended to reflect the new legal description and the Lender’s loan policy of title insurance shall be appropriately endorsed in form satisfactory to the Lender in all respects. (c) Provided there has then occurred no Event of Default hereunderhereunder or under the Apartment Loan, following recordation of the Record Plat, if (i) the Borrower sells the Property Apartment Parcel and upon closing of such sale pays the Loan and the EagleBank Apartment Loan in full, the Lender shall release the Property Apartment Parcel from the lien of the Deed of Trust, Trust or (ii) the Borrower determines to develop the Property Apartment Parcel and transfer the Property Apartment Parcel to an affiliate, provided that EagleBank releases the Property from the Senior Deed of Trust, the Lender shall release the Property Apartment Parcel from the lien of the Deed of Trust and simultaneously therewith the Property Apartment Parcel shall be encumbered by a new deed of trust (the “Apartment Parcel Deed of Trust”) as security for the Townhouse Apartment Loan as well as cross-collateral as security for the LoanLoans and the LC Facility. (d) If applicable under Subparagraph 1.4(c) above, the Apartment Parcel Deed of Trust shall be in the form as attached to this Agreement as Exhibit B E and shall constitute a second first lien on the Property subject only to a new senior lien deed of trust securing EagleBank for the EagleBank Apartment Loan in an amount not to exceed Two Million Four Hundred Thousand and No/100 Dollars ($2,400,000.00), to be recorded immediately prior to recordation of the Apartment Parcel Deed of Trust securing the LenderParcel. (e) The Leases Assignment (hereinafter defined) shall encumber all leases, rents and profits with respect to the Property and the Townhouse Apartment Parcel. The Property Apartment Parcel may be released from the Leases Assignment in the event of (i) sale and payment in full of the Loan and the EagleBank Apartment Loan as contemplated in Subparagraph 1.4(c) above or (ii) transfer of the Property Apartment Parcel to an affiliate, in which event a new assignment of leases and rents in form substantively identical to the Leases Assignment shall be recorded against the Property Apartment Parcel simultaneously with such release. (f) UCC-1 Financing Statements that constitute a fixture filing shall be recorded against the Property and the Townhouse Apartment Parcel. Such UCC-1 Financing Statements may be terminated as to the Property Apartment Parcel in the event of (i) sale and payment in full of the Loan and the EagleBank Apartment Apartmetn Loan as contemplated in Subparagraph 1.4(c) above or (ii) transfer of the Property Apartment Parcel to an affiliate, in which event a new UCC-1 Financing Statement in form substantively identical to the initial instrument shall be filed against the Property Apartment Parcel simultaneously with such termination.