Encumbered Property Debt definition
Examples of Encumbered Property Debt in a sentence
Owners of Other Properties own good, marketable and insurable title to the Other Properties and good and marketable title to the related personal property free and clear of all Liens whatsoever except the Encumbered Property Debt and the encumbrances permitted under, or created by, the Encumbered Property Loan Documents.
Subject to the terms of the Encumbered Property Debt Documents, all new Leases must provide that they are subject and subordinate to any current or future mortgage financing on the applicable Property and that the Tenant agrees to attorn to any foreclosing mortgagee at such mortgagee’s request, provided such mortgagee agrees to not disturb such Tenant’s tenancy except in accordance with its Lease.
Subject to Section 6.13, the rights and obligations of Tenants under Leases and with respect to any Encumbered Property, the provisions of any Encumbered Property Debt Documents, Borrower shall from time to time make, or cause to be made, all reasonably necessary and desirable repairs, renewals, replacements, betterments and improvements thereto.
To Borrower’s knowledge, Borrower has made available to Lender true and complete copies of all Material Agreements and all Encumbered Property Debt Documents.
If Loss Proceeds are not made available to restore any Property and are applied to the prepayment of any Encumbered Property Debt or the Loan, Borrower shall be entitled to obtain the release of the applicable Property pursuant to Section 2.2, provided that (i) Borrower shall not be obligated to satisfy the requirements of clauses (2) or (3) of Section 2.2(a) in connection with such release, and (ii) the appropriate Release Price shall be the Unaffiliated Release Price with respect thereto.
Borrower has no obligations under the Encumbered Property Debt Documents except, in the case of AFRT and the Operating Partnership, certain customary non-recourse carveouts.
As of June 30, 2008, (x) the aggregate principal amount of outstanding Encumbered Property Debt equals approximately $1,912,796,638 and (y) the aggregate principal amount of outstanding Encumbered Property Debt excluding amounts attributable to Disposition Assets equals approximately $1,841,044,035.
Within 30 days of the Closing Date, Borrower shall take all steps necessary to cause Lender to be a notice party under the Encumbered Property Debt Documents.
Schedule X hereto is true and correct in all material respects and accurately reflects the outstanding principal balances attributable to the Encumbered Property Debt as of June 30, 2008.
Borrower shall cause each Encumbered Property Owner to comply in all material respects with all of their respective obligations and liabilities under the Encumbered Property Debt Documents to which each is a party, in each case except to the extent that any failure to so comply would not have a Material Adverse Effect on the value of any of the Encumbered Properties or the Collateral.