Representation Property Issue Sample Clauses
The 'Representation Property Issue' clause serves to establish the representations made by a party regarding the status, ownership, or condition of a property involved in a transaction. In practice, this clause requires the party to affirm that they have the legal right to transfer the property, that there are no undisclosed encumbrances, or that the property meets certain specified standards. By including these representations, the clause helps ensure transparency and allocates risk by holding the representing party accountable for any inaccuracies, thereby protecting the other party from unforeseen property-related issues.
Representation Property Issue. Lembi Portfolio The loan is full recourse until the satisfaction of certain tests. Loan Document Status
Representation Property Issue. Chevy Chase Center One unrecorded lease agreement exists with respect to the related Mortgaged Property, which does not limit Title Insurance clause (D) of the definition of "Permitted Encumbrances" to "rights of tenants as tenants only." However, the tenant does not have any purchase options with respect to any portion of the related Mortgaged Property.
Representation Property Issue the amount being prepaid. N/A (xxvi) All Properties Most of the loan documents provide that transfers of direct and/or indirect interest in Due-on-Sale the related mortgagor and/or the related mortgaged property upon the death of any natural person which holds such interest(s) will not constitute a transfer of direct and/or indirect interest in mortgagor and/or mortgaged property so long as, among other things as set forth in loan documents: (i) all of the direct and/or indirect interests of such decedent in the mortgagor and/or the mortgaged property are held and remain the property of the legal representative of such decedent's estate; (ii) the mortgaged property continues to be managed in a manner acceptable to the mortgagee and (iii) within thirty (30) days of such death, mortgagor delivers notice thereof to the mortgagee and thereafter provides the mortgagee with such information as may be reasonably requested by the mortgagee as to the continued management of the mortgaged property.
Representation Property Issue which owns the related Mortgaged Property, is not a Single Purpose Entity and contains no separateness covenants in its organizational documents. No bankruptcy or non-consolidation opinion was obtained at origination for the IDOT Grantor.
Representation Property Issue fee owner is not entitled to terminate the ground lease pursuant to the notice of termination, which is void and of no effect. In addition to the right in the preceding paragraph, the leasehold mortgagee has a right to postpone and extend the date of termination specified in the fee owner's termination notice for a period of not more than 6 months, if the leasehold mortgagee shall cure or cause to be cured then existing monetary defaults, keeps payment of rent current and complies with the other terms of the ground lease, other than past non-monetary defaults over which the leasehold mortgagee has no reasonable control, and provided the leasehold mortgagee promptly takes steps to acquire and sell the ground leasehold interest pursuant to the terms of a mortgage foreclosure or otherwise. If at the end of the 6-month extension the leasehold mortgagee is diligently proceeding with its foreclosure, then the termination date is further extended to such period as is reasonable to complete the foreclosure assuming the leasehold mortgage is proceeding diligently and continually. In such event all monetary defaults have to be cured and monetary payments continued. The leasehold mortgagee is entitled to request a new lease on termination of the existing ground lease by reason of a default by tenant, except where the default is a default in the payment of rent, additional rent or other monetary sums.
Representation Property Issue lesser number of units than currently exists at the property. There is evidence that the Rent Stabilization Division of the Los Angeles Housing Department has on its records and charges annual registration fees on the correct number of units for all properties, except for the property on Elden Avenue where the registration is one unit short. A principal of the borrower has provided a guaranty with respect to losses, costs or damages resulting from the absence of these certificates of occupancy and the differential in the Rent Stabilization Registration for the Elden Avenue property.
Representation Property Issue. Miami Center No guaranty of the recourse obligations of the borrower has been provided by any entity or Loan Document Status natural person.
Representation Property Issue right to participate in), all day-to-day management of the Mortgaged Property. Additionally, nothing in the loan documents restricts the right of UBSREI to engage in repurchase transactions or any pledge, hypothecation, or re-hypothecation transaction with respect to its indirect ownership of the partnership interests in borrower.
Representation Property Issue. Walgreens - North Andover The loan documents permit the equity owners of the Mortgagor to obtain future mezzanine financing subject to ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ - ▇▇▇▇▇▇▇▇ satisfaction of conditions contained in the loan documents.
Representation Property Issue. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ In addition to the Mortgage Loan, the related Mortgaged Property secures one additional pari passu A note in Ownership of Mortgage Loan the aggregate principal balance of $180,000,000.