Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the original principal amount of $[AMOUNT]; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note. (b) Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is [SELLER/SERVICER] who shall service the Loans pursuant to the terms of the Freddie Mac Commitment and the Guide. Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to Governmental Lender, Fiscal Agent and Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to Funding Lender Representative, a copy of which shall be provided to the parties hereto. (c) During any period that Loan Servicer services the Loans, Borrower shall make all payments in connection with the Project Loan to Loan Servicer, and Loan Servicer will: (i) Retain the allocable portion of the monthly Servicing Fee for its own account; (ii) Remit to Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together with any other amounts due to Funding Lender; (iii) Remit to Fiscal Agent the Fiscal Agent’s Ordinary Fees and Expenses, together with any other amounts due to Fiscal Agent; and (iv) Remit to Governmental Lender the Governmental Lender Fee, together with any other amounts due to Governmental Lender. During any period in which there is no Loan Servicer, all notices to be sent to Loan Servicer shall be sent to Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan Servicer by Borrower shall be paid directly to Fiscal Agent (unless otherwise directed by Funding Lender Representative).
Appears in 1 contract
Samples: Project Loan Agreement
Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the original maximum aggregate principal amount of $[AMOUNT]; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note. The outstanding principal balance of the Project Loan at any time shall be an amount equal to the proceeds of the Funding Loan advanced by Funding Lender and deposited by Fiscal Agent into the Project Loan Fund under the Funding Loan Agreement minus any amounts prepaid with respect to principal in accordance with the terms hereof and the Project Note.
(b) Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is [SELLER/CONSTRUCTION PHASE SERVICER] who shall service the Loans as required by Initial Funding Lender. On the Xxxxxxx Mac Purchase Date, Seller/Servicer shall become the Loan Servicer and shall service the Loans pursuant to the terms of the Freddie Mac Commitment and the Guide. Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to Governmental Lender, Fiscal Agent and Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to Funding Lender Representative, a copy of which shall be provided to the parties hereto.
(c) During any period that Loan Servicer services the Loans, Borrower shall make all payments in connection with the Project Loan to Loan Servicer, and Loan Servicer will:
(i) Retain the allocable portion of the monthly Servicing Fee (if any) for its own account;
(ii) Remit to Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together with any other amounts due to Funding Lender;
(iii) Remit to Fiscal Agent the Fiscal Agent’s Ordinary Fees and Expenses, together with any other amounts due to Fiscal Agent; and
(iv) Remit to Governmental Lender the Governmental Lender Fee, together with any other amounts due to Governmental Lender. During any period in which there is no Loan Servicer, all notices to be sent to Loan Servicer shall be sent to Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan Servicer by Borrower shall be paid directly to Fiscal Agent (unless otherwise directed by Funding Lender Representative).
Appears in 1 contract
Samples: Project Loan Agreement
Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the original maximum aggregate principal amount of $[AMOUNT15,100,000]; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note. The outstanding principal balance of Project Loan at any time shall be an amount equal to the proceeds of the Funding Loan advanced by the Funding Lender and deposited by the Fiscal Agent into the Project Loan Fund under the Funding Loan Agreement minus any amounts prepaid with respect to principal in accordance with the terms hereof and the Project Note.
(b) The Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is [SELLER/SERVICER] who Merchants Capital Corp., which shall service the Loans pursuant to as required by the terms of Initial Funding Lender. On the Freddie Xxxxxxx Mac Purchase Date, the Xxxxxxx Mac Seller/Servicer shall become the Servicer and shall service the Loans as required by the Xxxxxxx Mac Commitment and the Guide. The Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to the Governmental Lender, the Fiscal Agent and the Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to the Funding Lender Representative, a copy of which shall be provided to the parties hereto.
(c) During any period that Loan the Servicer services the Loans, the Borrower shall make all payments in connection with the Project Loan to Loan the Servicer, and Loan the Servicer will:
will (i) Retain retain the allocable portion of the monthly Servicing Fee (if any) for its own account;
, (ii) Remit remit to the Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together together, with any other amounts due to the Funding Lender;
, (iii) Remit remit to the Fiscal Agent the Ordinary Fiscal Agent’s Ordinary 's Fees and Expenses, together with any other amounts due to the Fiscal Agent; , and
(iv) Remit to Governmental Lender the Governmental Lender Fee, together with any other amounts due to Governmental Lender. During any period in which there is no Loan Servicer, all notices to be sent to Loan Servicer shall be sent to Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan Servicer by Borrower shall be paid directly to Fiscal Agent (unless otherwise directed by Funding Lender Representative).
Appears in 1 contract
Samples: Project Loan Agreement
Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the original principal amount of $[AMOUNT]60,815,000; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note.
(b) Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is [SELLER/SERVICER] the Initial Funding Lender who shall service the Loans pursuant to the terms of the Freddie Mac Xxxxxxx Xxx Commitment and the Guide. Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to Governmental Lender, Fiscal Agent and Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to Funding Lender Representative, a copy of which shall be provided to the parties hereto.
(c) During any period that Loan Servicer services the Loans, Borrower shall make all payments in connection with the Project Loan to Loan Servicer, and Loan Servicer will:
(i) Retain the allocable portion of the monthly Servicing Fee for its own account;
(ii) Remit to Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together with any other amounts due to Funding Lender;
(iii) Remit to Fiscal Agent the Fiscal Agent’s Ordinary Fees and Expenses, together with any other amounts due to Fiscal Agent; and
(iv) Remit to Governmental Lender the Governmental Lender Fee, together with any other amounts due to Governmental Lender. During any period in which there is no Loan Servicer, all notices to be sent to Loan Servicer shall be sent to Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan Servicer by Borrower shall be paid directly to Fiscal Agent (unless otherwise directed by Funding Lender Representative).
Appears in 1 contract
Samples: Project Loan Agreement
Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the original maximum aggregate principal amount of $[AMOUNT39,362,559]; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note. The outstanding principal balance of the Project Loan at any time shall be an amount equal to the aggregate proceeds of the Funding Loan advanced by the Funding Lender and deposited by the Fiscal Agent into the Project Loan Fund under the Funding Loan Agreement minus any principal amounts prepaid in accordance with the terms hereof and the Project Note. In the event that principal of or interest payable on the Project Loan is not paid when due, there shall be payable on the amount not timely paid, on each Interest Payment Date, interest at the Default Rate, to the extent permitted by law. Interest on the Project Loan shall accrue at the Default Rate until the unpaid amount, together with interest thereon, shall have been paid in full and all other defaults and Events of Default (if any) have been cured.
(b) The Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is [SELLER/SERVICER] who shall service the Loans pursuant Xxxxx Fargo Bank, National Association. On and subject to the terms occurrence of the Freddie Mac Commitment and Conversion Date, CCRC shall become the GuideServicer. The Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to the Governmental Lender, the Fiscal Agent and the Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon 4814-8693-5008.3 it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to the Funding Lender Representative, a copy of which shall be provided to the parties hereto.
(c) During any period that Loan the Servicer services the Loans, the Borrower shall make all payments in connection with the Project Loan to Loan the Servicer, and Loan the Servicer will:
(i) Retain will remit to the allocable portion of the monthly Servicing Fee for its own account;
(ii) Remit to Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together together, with any other amounts due to the Funding Lender;
(iii) Remit to Fiscal Agent the Fiscal Agent’s Ordinary Fees and Expenses, together with any other amounts due to Fiscal Agent; and
(iv) Remit to Governmental Lender the Governmental Lender Fee, together with any other amounts due to Governmental Lender. During any a period in which there is no Loan Servicer, all notices to be sent to Loan the Servicer shall be sent to the Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan the Servicer by the Borrower shall be paid directly to the Fiscal Agent (unless otherwise directed by the Funding Lender Representative).
(d) The Governmental Lender, the Fiscal Agent and the Borrower hereby acknowledge and agree that (i) the Funding Lender Representative has appointed the Servicer to service and administer the Project Loan, (ii) the selection or removal of any Servicer is in the sole and absolute discretion of the Funding Lender Representative, and
Appears in 1 contract
Samples: Project Loan Agreement
Terms of the Project Loan; Servicing. (a) The Project Loan shall (i) be evidenced by the Project Note; (ii) be secured by the Security Instrument; (iii) be in the original principal amount of $[AMOUNT]; (iv) bear interest as provided in the Project Note; (v) provide for principal and interest payments in accordance with the Project Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note.
(b) The Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is [SELLER/SERVICER] Capital One, National Association, who shall service the Loans pursuant to the terms of the Freddie Mac Commitment and the Guide. The Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to the Governmental Lender, the Fiscal Agent and the Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to the Funding Lender Representative, a copy of which shall be provided to the parties hereto.
(c) During any period that Loan the Servicer services the Loans, the Borrower shall make all payments in connection with the Project Loan to Loan the Servicer, and Loan the Servicer will:
will (i) Retain retain the allocable portion of the monthly Servicing Fee for its own account;
, (ii) Remit remit to the Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together together, with any other amounts due to the Funding Lender;
, (iii) Remit remit to the Fiscal Agent the Ordinary Fiscal Agent’s Ordinary Fees and Expenses, together with any other amounts due to the Fiscal Agent; and
, and (iv) Remit remit to the Governmental Lender the Governmental Lender Fee, together with any other amounts due to the Governmental Lender. During any a period in which there is no Loan Servicer, all notices to be sent to Loan the Servicer shall be sent to the Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan the Servicer by the Borrower shall be paid directly to the Fiscal Agent (unless otherwise directed by the Funding Lender Representative).
(d) The Governmental Lender, the Fiscal Agent and the Borrower hereby acknowledge and agree that (i) the Funding Lender Representative has appointed the Servicer to service and administer the Project Loan, (ii) the selection or removal of any Servicer is in the sole and absolute discretion of the Funding Lender Representative; (iii) none of the Governmental Lender, the Fiscal Agent or the Borrower shall terminate or attempt to terminate any Servicer as the servicer for the Project Loan or appoint or attempt to appoint a substitute servicer for the Project Loan, (iv) the Guide is subject to amendment without the consent of the Fiscal Agent, the Governmental Lender or the Borrower; and (v) none of the Fiscal Agent, the Governmental Lender or the Borrower shall have any rights under, or be a third party beneficiary of, the Guide.
Appears in 1 contract
Samples: Project Loan Agreement
