Mezz Loan Documents definition
Examples of Mezz Loan Documents in a sentence
Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Senior Mezz Borrower under the Senior Mezz Loan Documents.
Participant’s ownership of its Participation Interest shall not, and shall not be deemed to, give Participant privity of contract with Junior Mezz Borrower or with any party to any of the Junior Mezz Loan Documents other than Lender.
Lender shall hold the executed originals of all of the Junior Mezz Loan Documents for the benefit of the Lender and Participant and shall, upon request, furnish to Participant a copy of such Junior Mezz Loan Documents.
Subject to the Intercreditor Agreements, all of the Escrows shall be retained by Lender or any Servicer in accordance with and pursuant to the Junior Mezz Loan Agreement and Lender may, in its sole and absolute discretion (but pursuant to the Junior Mezz Loan Documents), apply the Escrows on account of the charges for which same were collected as and when such charges become due and payable.
Borrower shall provide Lender with copies of all notices (except routine notices which would not include any notice related to any failure to comply with any terms of the Senior Mezz Loan Documents or regarding any event of default under the Senior Mezz Loan Documents) given or received by Senior Mezz Borrower under or pursuant to the Senior Mezz Loan Documents, promptly upon delivery or receipt as the case may be.
If Junior Mezz Borrower has not remitted the amount of such Costs as set forth in the Junior Mezz Loan Documents to Lender within the time that Junior Mezz Borrower is required to do so, Participant shall, promptly upon request by Lender (which shall include a statement of such Costs in reasonable detail), pay to Lender its respective pro rata share of such Costs (based on Participant’s Percentage Interest).
Participant acknowledges that it has received and reviewed the Mortgage Loan Documents, the Senior Mezz Loan Documents and the Junior Mezz Loan Documents.
Borrower shall, or shall cause Senior Mezz Borrower, to fully and timely pay all amounts owing under the Senior Mezz Loan Documents and timely and fully perform all of Senior Mezz Borrower’s covenants and agreements contained therein.
There are no defaults under any of the Senior Loan Documents, Senior Mezz Loan Documents or the Loan Documents on the part of Borrower, Senior Mezz Borrower, Mortgagor or the other parties signatory thereto, and no event has occurred and is continuing which, with the giving of notice or the passage of time, or both, would constitute a default under any thereof.
Without limiting the foregoing, Participant hereby waives any provisions of any applicable law that would purport to give Participant any right to enforce the Junior Mezz Loan Documents; any right to partition the Property, the Junior Mezz Loan or any collateral therefor; or any right to convey its Participation Interest; in each case except as expressly set forth in this Agreement.