Secondary Financing. If the provisions of any Mortgage Loan (other than a Specially Serviced Mortgage Loan) permits the further encumbrance of the related Mortgaged Property upon the satisfaction of specified conditions, prohibits such a further encumbrance except upon the satisfaction of specified conditions or fully prohibits such a further encumbrance, or provides that such Mortgage Loan will (or, at the mortgagee's option, may) become due upon a further encumbrance of the Mortgaged Property, and the related Borrower requests approval for such a further encumbrance or enters into a further encumbrance in violation of the related Mortgage Loan Documents, the Primary Servicer shall obtain the relevant information and review and make a determination the Primary Servicer shall promptly obtain relevant information for purposes of evaluating any related waiver or consent. The Primary Servicer shall provide to the Master Servicer and the Special Servicer a copy of its recommendation with respect to such matter and the materials upon which such recommendation is based (which information shall consist of the information to be included in the Additional Lien, Monetary Encumbrance and Mezzanine Financing Submission Package to the Master Servicer, in the form attached hereto as Exhibit M). The Primary Servicer shall not consent to such further encumbrance unless it obtains the consent or deemed consent of the Master Servicer (if the Special Servicer's consent is not required under the PSA) or the consent or deemed consent of the Special Servicer (if the Special Servicer's consent is required under the PSA). In no event shall the Primary Servicer approve any request for approval of further encumbrance unless such approval is consistent with the Servicing Standard and the additional conditions set forth in subsection (f) are satisfied. Following the consummation of any such approval, the Primary Servicer shall comply with the processing and notice provisions of subsection (i).
Secondary Financing o The Master Servicer has 5 Business Days to respond to the recommendation of the Primary Servicer from the date of receipt of Primary Servicer's recommendation. o If approval of the Special Servicer is required, to the extent such request is not made directly to the Special Servicer by the Primary Servicer, the Master Servicer shall forward its recommendation to the Special Servicer within such 5 Business Day period and shall immediately upon receipt of the Special Servicer's decision (not to exceed 1 Business Day) advise the Primary Servicer of such decision or, if applicable, immediately (not to exceed 1 Business Day) advise the Primary Servicer that the Special Servicer's time to respond lapsed without a response. o Failure of the Master Servicer to respond within the timeframes specified above will be deemed a waiver of its right to consent and as such the recommendation of the Primary Servicer shall be deemed approved.
Secondary Financing. Borrower will not, without the prior written consent of Standard Federal, mortgage or pledge the Project or any part thereof as security for any other loan or obligation of Borrower. If any such mortgage or pledge is entered into without the prior written consent of Standard Federal, the entire indebtedness secured hereby, may, at the option of Standard Federal, be declared immediately due and payable without notice. Further, Borrower also shall pay any and all other obligations, liabilities or debts which may become liens, security interests, or encumbrances upon or charges against the Project for any repairs or improvements that are now or may hereafter be made thereon, and shall not, without Standard Federal's prior written consent, permit any lien, security interest, encumbrance or charge of any kind to accrue and remain outstanding against the Project or any part thereof, or any improvements thereon, irrespective of whether such lien, security interest, encumbrance or charge is junior to the lien of this Mortgage. Notwithstanding the foregoing, if any personal property by way of additions, replacements or substitutions is hereafter purchased and installed, affixed or placed by Borrower on the Project under a security agreement, the lien or title of which is superior to the lien created by this Mortgage, all the right, title and interest of Borrower in and to any and all such personal property, together with the benefit of any deposits or payments made thereon by Borrower, shall nevertheless be and are hereby assigned to Standard Federal and are covered by the lien of this Mortgage.
Secondary Financing. The Borrower shall not, without the prior written consent of the Significant Bondholder, incur any secondary financing secured by the Project or other financings except for (i) the transactions contemplated in the Subordinate Loan Documents, (ii) the Permitted Encumbrances and as otherwise contemplated in the Mortgage, and (iii) unsecured loans or advances by the Borrower’s partners as contemplated or permitted by the Limited Partnership Agreement.
Secondary Financing. Except as may be otherwise specifically provided in the Loan Agreement, Mortgagor shall not (a) create or cause or permit to exist any lien on or security interest in the Mortgaged Property (including any furniture, fixtures, appliances, equipment, or other items of personal property owned by Mortgagor which are intended to be or become part of the Mortgaged Property) other than as security for the Obligations Secured, (b) incur any secured indebtedness for money borrowed other than indebtedness of Mortgagor to Mortgagee, or (c) lease (as lessee) any furniture, fixtures, appliances, equipment or other items of personal property which are intended to be or become part of the Mortgaged Property.
Secondary Financing. Except for the loans, liens and obligations that are subordinated to Bank by written instrument acceptable to Bank in its sole and absolute discretion and except for liens which are being diligently contested in good faith Grantor will not, without the prior written consent of the Bank, mortgage or pledge the Property or any part thereof as security for any other loan or obligation of Grantor or suffer or permit any encumbrance or charge on the Property not allowed by this Mortgage or the Loan Agreement. If any such mortgage or pledge is entered into or encumbrance or charge exists without the prior written consent of the Bank, the same shall be an Event of Default. Further, Grantor also shall pay any and all other obligations, liabilities or debts which may become liens, security interests, or encumbrances upon or charges against the Property for any repairs or improvements that are now or may hereafter be made thereon, and shall not, without the Bank’s prior written consent, permit any lien, security interest, encumbrance or charge of any kind to accrue and remain outstanding against the Property or any part thereof, or any improvements thereon, irrespective of whether such lien, security interest, encumbrance or charge is junior to the lien of this Mortgage, except as otherwise allowed by this Mortgage or the Loan Agreement. Notwithstanding the foregoing, if any personal property by way of additions, replacements or substitutions is hereafter purchased and installed, affixed or placed by Grantor on the Property under a security agreement, the lien or title of which is superior to the lien created by this Mortgage, all the right, title and interest of Grantor in and to any and all such personal property, together with the benefit of any deposits or payments made thereon by Grantor, shall nevertheless be and are hereby assigned to the Bank and are covered by the lien of this Mortgage.
Secondary Financing. Enter into any junior financing arrangement with any Person with any Property as collateral therefor, without the prior written consent of Administrative Agent, which consent may be withheld at Administrative Agent's sole option.
Secondary Financing. Borrower obtains financing secured by any of the Collateral or any income, profits or revenues derived or obtained from the Collateral, in either case without having first obtained the Lender’s written consent, to be given or withheld in Lender’s sole discretion.
Secondary Financing. Borrower agrees not to place or permit any lien in the Mortgaged Property in order to incur secondary financing on the Mortgaged Property without Lender’s written consent, except for such liens which already exist at the time of the execution of this Agreement and are listed as Permitted Exceptions under the Deed of Trust.
Secondary Financing. Lender reserves the right to consent to secondary financing. Said secondary financing shall be fully subordinate to Lender’s first lien position and in no event shall the combined indebtedness exceed 80% of value for the subject property; or create an overall debt service coverage of less than 1.20 times, as determined solely by Lender.
