Sponsor Specific Modifications Clause Samples

Sponsor Specific Modifications. 1. Section 9 (a) is amended to read in its entirety as follows: (a) Except as otherwise provided in this Section 9, Borrower will have no personal liability under this Note, the Loan Agreement or any other Loan Document for the repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under the Loan Documents and ▇▇▇▇▇▇’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by ▇▇▇▇▇▇ as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower pursuant to the terms of the Guaranty. 2. Section 9(c)(i) is amended to read in its entirety as follows: (i) Borrower fails to pay to Lender upon promptly following demand after during the continuance of an Event of Default all Rents and security deposits collected by Borrower to which Lender is entitled under Section 3 of the Security Instrument and the amount of all security deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 3. The lead-in paragraph to Section 9(c)(iv) is amended to read in its entirety as follows:

Sponsor Specific Modifications. 1. Section 2.06(a) is revised to read in its entirety as follows: (a) So long as there is no Event of Default exists, Lender or Loan Servicer will remit to Borrower each Cap Payment received by Lender or Loan Servicer with respect to any month for which Borrower has paid in full the monthly installment of principal and interest or interest only, as applicable, due under the Note. Alternatively, at Lender’s option, so long as there is no Event of Default exists, Lender may apply a Cap Payment received by Lender or Loan Servicer with respect to any month to the applicable monthly payment of accrued interest due under the Note if Borrower has paid in full the remaining portion of such monthly payment of principal and interest or interest only, as applicable. 2. Section 3.06(c) is revised to read in its entirety as follows: