Common use of times Clause in Contracts

times. Notwithstanding anything to the contrary in the Loan Documents, Borrower shall have the right to make a partial paydown of the Loan to the extent necessary to satisfy the above requirements, subject to payment of the Prepayment Fee. Lender shall have the right to review, underwrite, accept or reject any proposed Substitute Collateral, in Lender’s sole and absolute discretion in accordance with its then current underwriting standards (subject to the loan-to-value and debt coverage tests as aforesaid), including Lender’s right to review such proposed Substitute Collateral in accordance with Lender’s customary application and approval process. Without limiting the generality of the foregoing, Lender shall have the right to review and approve: (i) an ALTA survey and Title Commitment, (ii) as-built plans and specifications of all improvements, if available, (iii) certificates of occupancy, if available, (iv) all Leases, (v) tenant estoppel certificates from tenants occupying not less than seventy-five percent (75%) of the leasable area of the Substitute Collateral, (vi) insurance coverage, (vii) rent rolls, (viii) tenant lease subordination agreements from tenants occupying not less than seventy-five percent (75%) of the leasable area of the Substitute Collateral on forms reasonably acceptable to Lender, (ix) financial statements, operating statements, budgets and other financial information concerning the operation of the proposed Substitute Collateral, (x) engineering reports, (xi) environmental reports, and (xii) appraisals. In the event of any approved Substitution of Collateral, Lender shall be paid a fee in the amount equal to Twenty Thousand Dollars ($20,000) for each proposed substitution. Borrower shall reimburse Lender for all actual costs and expenses incurred in connection with any proposed substitution or actual Substitution of Collateral, including, without limitation, reasonable legal fees of outside counsel. Lender shall apply diligence standards with respect to Substitute Collateral that are generally consistent with the standards applied in connection with the Initial Loan. If approved by Lender as provided above, the Substitute Collateral shall be substituted so long as (a) there is as of the date of substitution no Event of Default or an event or condition that, with notice or the passage of time, or both, would constitute an Event of Default by Borrower under the Loan Documents, (b) all the conditions set forth in this Section above have been satisfied, and (c) Lender has received (i) a title insurance policy (or an endorsement to the title policy) for the proposed Substitute Collateral, (ii) executed and recorded, as applicable, amendments to the Loan Documents necessary to evidence and secure the Substitute Collateral, and (iii) legal opinions and such other items as Lender may reasonably require.

times. Notwithstanding anything to the contrary in the Loan Documents, Borrower shall have the right to make a partial paydown of the Loan to the extent necessary to satisfy the above requirements, subject to payment of the Prepayment Fee. Lender Anything herein to the contrary notwithstanding, (a) Borrower’s right to partial releases may not be exercised more than two (2) times in any 12 month period, and (b) at all times Sites shall have the right cumulative aggregate Allocated Loan Amounts equal to review, underwrite, accept or reject any proposed Substitute Collateral, in Lender’s sole at least Forty-Five Million Dollars ($45,000,000) and absolute discretion in accordance with its then current underwriting standards (shall remain subject to the loan-to-value and debt coverage tests as aforesaid), including Lender’s right to review such proposed Substitute Collateral in accordance with Lender’s customary application and approval process. Without limiting the generality lien of the foregoingPortfolio Mortgages. Following any Release Payment, monthly payments under the applicable Portfolio Note shall be revised to reflect the reduction of that Portfolio Note by the applicable Release Prepayment. The amount by which the Release Prepayment exceeds the Allocated Loan Amount for such Site will be applied against the Allocated Loan Amounts in the manner determined by Lender in its reasonable discretion. If a Portfolio Property to be released is located in a state where there are mortgage recording taxes or fees, Lender shall have shall, at the right to review and approve: (i) request of Borrower deliver an ALTA survey and Title Commitment, (ii) as-built plans and specifications of all improvements, if available, (iii) certificates of occupancy, if available, (iv) all Leases, (v) tenant estoppel certificates from tenants occupying not less than seventy-five percent (75%) assignment of the leasable area applicable Portfolio Mortgage rather than a release, provided that the assignment shall be without representation or warranty by Lender (other than that Lender is the Holder of the Substitute CollateralLoan, (vifree of pledges or encumbrances) insurance coverage, (vii) rent rolls, (viii) tenant lease subordination agreements from tenants occupying not less than seventy-five percent (75%) of and the leasable area of the Substitute Collateral on forms assignment documentation otherwise shall be reasonably acceptable to Lender, (ix) financial statements, operating statements, budgets and other financial information concerning . Upon the operation of the proposed Substitute Collateral, (x) engineering reports, (xi) environmental reports, and (xii) appraisals. In the event release of any approved Substitution Site from the lien of Collateral, Lender shall be paid a fee in the amount equal to Twenty Thousand Dollars ($20,000) for each proposed substitution. Borrower shall reimburse Lender for all actual costs and expenses incurred in connection with any proposed substitution or actual Substitution of Collateral, including, without limitation, reasonable legal fees of outside counsel. Lender shall apply diligence standards with respect to Substitute Collateral that are generally consistent with the standards applied in connection with the Initial Loan. If approved by Lender as provided above, the Substitute Collateral shall be substituted so long as (a) there is as of the date of substitution no Event of Default or an event or condition that, with notice or the passage of time, or both, would constitute an Event of Default by Borrower under the Loan Documents, (b) all the conditions set forth in this Section above have been satisfied, and (c) Lender has received (i) a title insurance policy (or an endorsement to the title policy) for the proposed Substitute Collateral, (ii) executed and recorded, as applicable, amendments to the Loan Documents necessary in accordance with the terms of this Agreement, Lender promptly shall cause the applicable Portfolio Mortgage, Assignment of Leases and Rents, Uniform Commercial Code Financing Statements and other security documents to evidence and secure the Substitute Collateral, and (iii) legal opinions and such other items as Lender may reasonably requirebe released of record.

times. Notwithstanding anything to the contrary in the Loan Documents, Borrower shall have the right to make a partial paydown of the Loan to the extent necessary to satisfy the above requirements, subject to payment of the Prepayment Fee. Lender Anything herein to the contrary notwithstanding, (a) Borrower’s right to partial releases may not be exercised more than two (2) times in any 12 month period, and (b) at all times Sites shall have the right cumulative aggregate Allocated Loan Amounts equal to review, underwrite, accept or reject any proposed Substitute Collateral, in Lender’s sole at least Forty-Five Million Dollars ($45,000,000) and absolute discretion in accordance with its then current underwriting standards (shall remain subject to the loan-to-value and debt coverage tests as aforesaid), including Lender’s right to review such proposed Substitute Collateral in accordance with Lender’s customary application and approval process. Without limiting the generality lien of the foregoingPortfolio Mortgages. Additionally, the Loan is closed to prepayment and partial releases until the date one (1) year after the Initial Advance. Following any Release Payment, monthly payments under the applicable Portfolio Note shall be revised to reflect the reduction of that Portfolio Note by the applicable Release Prepayment. The amount by which the Release Prepayment exceeds the Allocated Loan Amount for such Site will be applied against the Allocated Loan Amounts in the manner determined by Lender in its reasonable discretion. If a Portfolio Property to be released is located in a state where there are mortgage recording taxes or fees, Lender shall have shall, at the right to review and approve: (i) request of Borrower deliver an ALTA survey and Title Commitment, (ii) as-built plans and specifications of all improvements, if available, (iii) certificates of occupancy, if available, (iv) all Leases, (v) tenant estoppel certificates from tenants occupying not less than seventy-five percent (75%) assignment of the leasable area applicable Portfolio Mortgage rather than a release, provided that the assignment shall be without representation or warranty by Lender (other than that Lender is the Holder of the Substitute CollateralLoan, (vifree of pledges or encumbrances) insurance coverage, (vii) rent rolls, (viii) tenant lease subordination agreements from tenants occupying not less than seventy-five percent (75%) of and the leasable area of the Substitute Collateral on forms assignment documentation otherwise shall be reasonably acceptable to Lender, (ix) financial statements, operating statements, budgets and other financial information concerning . Upon the operation of the proposed Substitute Collateral, (x) engineering reports, (xi) environmental reports, and (xii) appraisals. In the event release of any approved Substitution Site from the lien of Collateral, Lender shall be paid a fee in the amount equal to Twenty Thousand Dollars ($20,000) for each proposed substitution. Borrower shall reimburse Lender for all actual costs and expenses incurred in connection with any proposed substitution or actual Substitution of Collateral, including, without limitation, reasonable legal fees of outside counsel. Lender shall apply diligence standards with respect to Substitute Collateral that are generally consistent with the standards applied in connection with the Initial Loan. If approved by Lender as provided above, the Substitute Collateral shall be substituted so long as (a) there is as of the date of substitution no Event of Default or an event or condition that, with notice or the passage of time, or both, would constitute an Event of Default by Borrower under the Loan Documents, (b) all the conditions set forth in this Section above have been satisfied, and (c) Lender has received (i) a title insurance policy (or an endorsement to the title policy) for the proposed Substitute Collateral, (ii) executed and recorded, as applicable, amendments to the Loan Documents necessary in accordance with the terms of this Agreement, Lender promptly shall cause the applicable Portfolio Mortgage, Assignment of Leases and Rents, Uniform Commercial Code Financing Statements and other security documents to evidence and secure the Substitute Collateral, and (iii) legal opinions and such other items as Lender may reasonably requirebe released of record.