Common use of Required Principal Payments Clause in Contracts

Required Principal Payments. Borrower shall pay the principal of the Note as therein provided and as may be provided in the Specific Loan Terms attached hereto. Further, if, at any time, the outstanding balance of the Loan exceeds (a) the Loan Amount, (b) the Loans-to-One-Borrower Limitation, (c) the Borrowing Base approved by Lender, or (d) as to any individual Property, the Loan Allocation for that Property, then Borrower shall immediately pay in cash to Lender, following receipt of a written demand therefor, the amount of such excess. Further, at any time after the recording of a Mortgage in the Official Records, Lender shall have the right, but not at the expense of Borrower, unless such appraisal is required by federal regulations applicable to Lender, to obtain an appraisal of any Property covered by such Mortgage, from an appraiser satisfactory to Lender, and in the event such appraisal determines that the portion of the Loan disbursed by Lender for such Property exceeds the Loan Allocation for such Property, then Borrower shall also immediately pay in cash to Lender, following demand therefor, the amount of such excess. Notwithstanding the foregoing provisions of this Paragraph 8, but subject to all other provisions of this Loan Agreement, the aggregate Loan Allocations for Properties included in the Borrowing Base may exceed the Loan Amount; provided, however, (i) in no event shall such aggregate Loan Allocations exceed the amounts specified in Paragraph 19 of the Specific Loan Terms, and (ii) in no event shall the outstanding principal balance of the Loan exceed the Loan Amount.

Required Principal Payments. Borrower The unpaid Principal Balance of and all accrued and unpaid interest on the Loan shall pay be due and payable on the principal Maturity Date. In addition, (i) as and when Residential Units are sold, as permitted by the Loan Documents, all Net Sales Proceeds from the sale of the Note Residential Unit sold, and (ii) all Net Operating Income, must be offered to Lender as therein provided and as a principal prepayment on the Loan. Lender, in its sole discretion, may be provided in the Specific Loan Terms attached hereto. Further, if, at any timetime elect to accept or reject some or all of each such offered prepayment(s). Within thirty (30) days following the end of each month during which there is Net Operating Income, Borrower will provide to Lender a written report (the outstanding balance "NOI Report") which will include the amount of Net Operating Income for the Loan exceeds month in question and the calculation of same. Within seven (7) Business Days following Lender's receipt of, as applicable (a) the Loan Amount, a Sales Notice or (b) a NOI Report, Lender fails to notify Borrower in writing of the Loans-to-One-acceptance or rejection of some or all of the Net Sales Proceeds or Net Operating Income in question, Lender will be deemed to have elected to accept all of the Net Sales Proceeds and/or Net Operating Income in question, as a prepayment on the Loan. Provided the Loan is then In Balance, no Default or Event of Default then exists under any Loan Document and Borrower Limitation, has deposited with Lender in cash such amounts (c) the Borrowing Base approved by Lender, or (dx) as are necessary to any individual Propertysatisfy the Interest Reserve Funding Requirement and (y) as are to be retained as otherwise provided in this Agreement, Borrower may retain such Net Sales Proceeds and/or Net Operating Income, as applicable, that Lender does not require as a prepayment on the Loan Allocation for that Property, then Borrower shall immediately pay in cash to Lender, following receipt of a written demand therefor, the amount of such excess. Further, use at any time after the recording of a Mortgage in the Official Records, Lender shall have the right, but not at the expense of Borrower, unless such appraisal is required by federal regulations applicable to Lender, to obtain an appraisal of any Property covered by such Mortgage, from an appraiser satisfactory to Lender, and in the event such appraisal determines that the portion of the Loan disbursed by Lender for such Property exceeds the Loan Allocation for such Property, then Borrower shall also immediately pay in cash to Lender, following demand therefor, the amount of such excess. Notwithstanding the foregoing provisions of this Paragraph 8, but subject to all other provisions of this Loan Agreement, the aggregate Loan Allocations for Properties included in the Borrowing Base may exceed the Loan Amount's discretion; provided, however, (i) in no event shall if a Default exists but such aggregate Loan Allocations exceed Default is cured before such Default becomes an Event of Default, then upon the amounts specified in Paragraph 19 curing of such Default and so long as all other conditions set forth above are satisfied, Borrower may retain the Specific Loan Terms, related Net Sales Proceeds and (ii) in no event shall the outstanding principal balance of related Net Operating Income Lender does not require as a prepayment on the Loan exceed for use at Borrower's discretion. Subject to the Loan Amountterms of this Section 4.5, Borrower may transfer Net Sales Proceeds and Net Operating Income that is released to Borrower hereunder to a Borrower account that is not pledged to Lender to secure the Loan.