Tri-Party Agreement. At the Construction Loan Closing, the Company, the Construction Lender and WRPT shall enter into a Tri-Party Agreement containing the following principal terms: (a) if the Construction Loan has not been paid in full by its maturity date, the Construction Lender shall have the right to require that WRPT purchase the Construction Loan from the Lender, or at WRPT's option, cause the Construction Loan to be repaid; (b) the obligation of WRPT under the Tri-Party Agreement shall be conditioned on timely satisfaction of all of the Final Closing Funding Conditions; and (c) the purchase price for the Construction Loan shall equal the lesser of the outstanding balance of the Construction Loan, including accrued interest, principal and other amounts due thereunder or the amount of the Final Closing Capital Contribution.
Appears in 4 contracts
Samples: Operating Agreement (Wellsford Real Properties Inc), Operating Agreement (Wellsford Real Properties Inc), Pledge and Security Agreement (Equity Residential Properties Trust)
