GS MORTGAGE SECURITIES CORPORATION II, PURCHASER and CITIGROUP GLOBAL MARKETS REALTY CORP., SELLER MORTGAGE LOAN PURCHASE AGREEMENT Dated as of September 1, 2014 Series 2014-GC24Mortgage Loan Purchase Agreement • September 29th, 2014 • GS Mortgage Securities Trust 2014-Gc24 • Asset-backed securities • New York
of not less than “BBB+” by S&P and “A-:VIII” by A.M. Best. Additionally, the required flood hazard insurance may be with any insurance company authorized by the United States government to issue such insurance provided such flood hazard insurance is reinsured by the United States government. The related Mortgagor may maintain property all-risk insurance with a deductible that does not exceed (i) five percent (5%) of the insured value for windstorm and earthquake coverage, and (ii) $100,000 for all other such coverage. The amounts of these deductibles may be considered higher than customary. The related Mortgagor may maintain earthquake insurance with a deductible that does not exceed the greater of (i) $100,000 or (ii) five percent (5%) of the insured value for so long as that threshold is available at commercially reasonable rates (if not available at commercially reasonable rates, then the threshold is capped at ten percent (10%) of the insured value provided that the Mortgagor estab
GS MORTGAGE SECURITIES CORPORATION II, PURCHASER and CANTOR COMMERCIAL REAL ESTATE LENDING, L.P., SELLER MORTGAGE LOAN PURCHASE AGREEMENT Dated as of September 1, 2014 Series 2014-GC24Mortgage Loan Purchase Agreement • September 29th, 2014 • GS Mortgage Securities Trust 2014-Gc24 • Asset-backed securities • New York
Capitalized terms used herein without definition have the meanings given them in the Agreement or, if not defined therein, in the Indemnification Agreement.
GS MORTGAGE SECURITIES CORPORATION II, PURCHASER and GOLDMAN SACHS MORTGAGE COMPANY, SELLER MORTGAGE LOAN PURCHASE AGREEMENT Dated as of September 1, 2014 Series 2014-GC24Mortgage Loan Purchase Agreement • September 29th, 2014 • GS Mortgage Securities Trust 2014-Gc24 • Asset-backed securities • New York
Compliance not in compliance with the applicable zoning ordinance as it contains one more unit than is permitted by the existing zoning ordinance. To the extent required by the appropriate governmental authority and within the earlier to occur of (i) the time period required in the notice from the governmental authority or (ii) 30 days from receipt of the notice, the borrower is required to either (a) begin the conversion of 1 of the existing units on the south parcel of the Mortgaged Property to be part of the fitness facility at the Mortgaged Property or (b) apply for a modification to the related existing zoning permit so that the Mortgaged Property is then in compliance with all applicable zoning ordinances and resolutions. (26) Recourse Obligations Coastal Grand Mall (Loan No. 2) Recourse for prohibited transfers of the Mortgaged Property or equity interests in the borrower is limited to actual damages (not full recourse). (31) Single-Purpose Entity Bridgestone Apartments (Loan No
GS MORTGAGE SECURITIES CORPORATION II, PURCHASER and STARWOOD MORTGAGE FUNDING I LLC, SELLER MORTGAGE LOAN PURCHASE AGREEMENT Dated as of September 1, 2014 Series 2014-GC24Mortgage Loan Purchase Agreement • September 29th, 2014 • GS Mortgage Securities Trust 2014-Gc24 • Asset-backed securities • New York
to use commercially reasonable efforts to, or to cause the tenants to, (i) provide evidence that all tenants leasing space at the Mortgaged Property have obtained a certificate of occupancy for such space and (ii) remove and remedy any and all open permits and pending violations described in the Seller’s zoning report. Additionally, a non-recourse loss carveout has been added to the Mortgage Loan documents covering the failure of the Mortgagor or any tenant at the Mortgaged Property to (a) obtain a valid certificate of occupancy or (b) remedy and remove any and all open permits and violations described in the Seller’s zoning report. (24) Local Law Compliance Pangea 8 Portfolio (Loan No. 30) Several of the Mortgaged Properties are legal non-conforming as to use. The legal use of any of the applicable Mortgaged Properties may lapse if there is a protracted discontinuance of such use. The Mortgage Loan documents contain a loss recourse carveout in the event of a protracted discontinuance
