Access; Utilities; Separate Tax Parcels Clause Samples
Access; Utilities; Separate Tax Parcels. Based solely on evaluation of the Title Policy (as defined in paragraph 8) and survey, if any, an engineering report or property condition assessment as described in paragraph 12, applicable local law compliance materials as described in paragraph 26, and the ESA (as defined in paragraph 43), each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made to the applicable governing authority for creation of separate tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax parcels are created.
Access; Utilities; Separate Tax Parcels. Based solely on evaluation of the Title Policy (as defined in representation and warranty 8) and survey, if any, an engineering report or property condition assessment as described in representation and warranty 12, applicable local law compliance materials as described in representation and warranty 26, and the ESA (as defined in representation and warranty 43), each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made to the applicable governing authority for creation of separate tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part 19a Review the zoning report, Title Policy and survey, engineering report or property condition assessment, the Sponsor Diligence and the ESA to determine if each Mortgaged Property is located on or adjacent to a public road and has direct legal access to such road, or has permanent access easement or right of way permitting ingress and egress to/from a public road. If so determined, it will be a Test pass. Zoning report; Title Policy; Survey; Engineering report or property condition assessment; Sponsor Diligence; ESA 19b Review the zoning report, Title Policy and survey, engineering report or property condition assessment, the Sponsor Diligence and the ESA to determine if each Mortgaged Property is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property. If so determined, it will be a Test pass. Zoning report; Title Policy; Survey; Enginee...
Access; Utilities; Separate Tax Parcels. Henniges Automotive HQ (Loan No. 32) The Mortgaged Property constitutes one or more tax parcels that includes property that is not part of the Mortgaged Property. An application has been made to the applicable governing authority for creation of separate tax parcels but no tax escrow was established on the closing date of the Mortgage Loan. There is no tax payable prior to the creation of the separate tax lots.
Access; Utilities; Separate Tax Parcels. The Wharf (Loan No.
Access; Utilities; Separate Tax Parcels. ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ (Loan No.
Access; Utilities; Separate Tax Parcels. Bronx Terminal Market (Loan No. 5) The related Mortgage Loan is secured by the Mortgagee’s leasehold interest in a ground lease with the City of New York, as ground lessor. An undeveloped portion of the related Mortgaged Property is included in a tax lot that is shared with non-collateral property, also currently owned by the City of New York. Due to the City’s ownership, the shared tax parcel is not currently subject to taxation.
Access; Utilities; Separate Tax Parcels. Cedar Creek MHC (Loan No. 24) The related Mortgaged Property, was part of a larger approximately 44.45 acre tax parcel, an approximately 7.51 acre portion of which is not owned by the related borrower. Therefore so long as related Mortgaged Property is in the same tax parcel as the additional approximately 7.51 non-collateral acreage, the related Mortgage Loan documents provide that the required tax escrow with the will be based on the larger tax parcel until such time as the Mortgagee receives evidence satisfactory to such Mortgagee that the related Mortgaged Property constitutes a single tax parcel.
Access; Utilities; Separate Tax Parcels. Kings Plaza (Loan No.
Access; Utilities; Separate Tax Parcels. Kings Plaza (Loan No. 1) Portions of the mortgaged property are included within tax lots owned by non-borrower parties, including (i) an area included within the adjacent Macy’s parcel; and (ii) a portion of the marina/ parking garage leased from the City of New York. With respect to the shared tax lot with the Macy’s parcel, pursuant to the Construction, Operation and Reciprocal Easement Agreement with Macy’s, the borrower is required to pay taxes with respect to the entire tax lot and receive reimbursement from Macy’s for its share of tax payments. The loan documents include the borrower’s affirmative covenant to cooperate with lender (including the irrevocable appointment of lender as limited attorney-in-fact for such purpose) in effecting a tax lot split of the parcel shared with Macy’s in connection with lender’s enforcement of remedies thereunder. With respect to the shared tax parcel on the marina/ parking garage leasehold, the affected area is an insubstantial portion of such leasehold and, being shared with the municipality (which is exempt from taxes), was not deemed material.
Access; Utilities; Separate Tax Parcels. Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made to the applicable governing authority for creation of separate tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires the Obligor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax parcels are created.