Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. The related Mortgage Loan documents require the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including any applicable Rating Agency fees, or would permit the related mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. Except with respect to another Mortgage Loan (which will also be an asset of the Trust Fund) cross-collateralized with a Mortgage Loan, none of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any other mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except as indicated in the preceding sentence and except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. The related Mortgage Loan documents require the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including any applicable Rating Agency fees, or would permit the related mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage.
Other Mortgage Liens. Except as otherwise set forth on Schedule B-23, none of the Mortgage Loans permits the related Mortgaged Property or any direct controlling interest in the related Mortgagor to be encumbered by any mortgage lien or, in the case of a direct controlling interest in the related Mortgagor, a lien to secure any other debt, without the prior written consent of the holder of the subject Mortgage Loan or the satisfaction of debt service coverage or similar criteria specified therein. To the Mortgage Loan Seller's knowledge, as of origination of the subject Mortgage Loan, and to the Mortgage Loan Seller's actual knowledge, as of the Closing Date, except as otherwise set forth on Schedule B-23, and except for cases involving other Mortgage Loans, no Mortgaged Property securing the subject Mortgage Loan is encumbered by any other mortgage liens (other than Permitted Encumbrances) and no direct controlling equity interest in the related Mortgagor is encumbered by a lien to secure any other debt. The related Mortgage Loan documents do not specifically prohibit the mortgagee from requiring the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including reasonable legal fees and expenses and any applicable Rating Agency fees, or would permit the subject mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the PMCF/BSCMI/NLIC/PCF/PCFII Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.
Other Mortgage Liens. Except as otherwise set forth on Schedule C-23, none of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except as otherwise set forth on Schedule C-23, and except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof. Except as set forth in Schedule V hereto, as of the date of origination, the related Mortgaged Property was not encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage. As of the date hereof, the related Mortgaged Property is not encumbered by any mortgage liens of equal priority with the lien of the related Mortgage, and to Seller's actual knowledge, except as set forth in Schedule V hereto, the related Mortgaged Property is not encumbered by any mortgage liens junior to the lien of the related Mortgage.
Other Mortgage Liens. As of the closing date of the Equity Lifestyle Portfolio Mortgage Loan, Loan 8, certain park model units at the Mortgaged Property were encumbered by liens for the benefit of third party lenders. Mortgagor has represented and warranted that the aggregate amount required to pay in full all existing liens on and security interests in any park model units at the Mortgaged Property, and to obtain full release of such liens and security interests, is $331,255, and has covenanted that no park model unit at the Mortgaged Property shall be subject to a lien or be otherwise encumbered by a security interest in favor of any person other than the lender. Further, at closing of the Mortgage Loan, Mortgagor deposited $331,225 into a lender-controlled account. Provided no event of default has occurred and is continuing with respect to the Mortgage Loan, Mortgagor may request that lender disburse funds from such account to Mortgagor, to the extent such funds are available, to reimburse Mortgagor for the payoff of obligations relating to liens on and security interests in park model units. Together with each such request, Mortgagor shall furnish lender with evidence reasonably required by lender of the release in full of such liens and security interests. With respect to Loan 8, Equity Lifestyle Portfolio, since the origination date of the Mortgage Loan, a third party transferee has purchased the original Mortgagor's interest in and to all of the Mortgaged Property and assumed the original Mortgagor's rights and obligations in connection with the Mortgage Loan. Such purchase has been structured as a "reverse Section 1031 exchange" whereby the original Mortgagor transferred title to the Mortgaged Property to a new Mortgagor (comprised of three special-purpose entities) of which 100% is owned by a third party 1031 exchange accommodator. The new Mortgagor has leased the Mortgaged Property to MHC Operating Limited Partnership (an affiliate of Equity Lifestyle Properties, Inc.) ("MHC") to operate and manage the Mortgaged Property. MHC has provided a recourse guaranty and environmental indemnity for the Mortgage Loan. At or prior to the expiration of a time period to accommodate the tax-deferred exchange, 100% of the membership interest in the new Mortgagor will be transferred to MHC and the lease will terminate. In connection with the foregoing transaction, MHC has made an unsecured loan to the new Mortgagor (owned by the third party accommodator). Such loan is evidenced by a ...
Other Mortgage Liens. With respect to Loan 4, Louisiana Boardwalk, the loan agreement does not expressly require Borrower to pay rating agency fees in connection with consent to an encumbrance. Section 12.21 of the Loan Agreement requires Borrower to pay Lender's costs and expenses, including fees, costs and expenses of attorneys, local counsel, accountants, and other contractors in connection with any consent. With respect to Loan 22, Oak Brook International Office Center, the related mortgage property is encumbered by a second lien in the amount of $9,600,000 that is an inter company debt. With respect to Loan 36, 000 Xxxxxxx Xxxxxx, there is an unsecured inter company subordinate debt in the amount of $10,000,000. With respect to Loan 161, Mondo Building, the related mortgage property is encumbered by a second lien in the amount of $1,200,000. With respect to Loan 131, Osco Plaza, the related borrower has the option to encumber the mortgaged property with a second lien to secure additional subordinated debt or a special purpose entity to be formed, which will be the 100% owner of the borrower, may pledge its interest to secure additional subordinated debt, provided, in each case, that certain conditions specified in the loan agreement are satisfied, including: (i) the aggregate amount of the mortgage loan and the subordinate debt (either the secured subordinate debt or the mezzanine debt) will not exceed 85% of the fair market value of the mortgaged property, (ii) the aggregate debt service coverage ratio at all times (assuming that either the secured subordinate debt or the mezzanine debt is fully advanced) is at least 1.15:1 and (iii) the assumed debt service coverage ratio at all times (assuming that either the secured subordinate debt or the mezzanine debt is fully advanced) is at least 0.90:1.
(i) the related borrower maintains a minimum aggregate debt service coverage ratio (including the related subordinate debt) of at least 1:25:1 based on actual loan constant, (ii) the related borrower maintains a minimum aggregate debt service coverage ratio (including the related subordinate debt) of at least 1:00:1 based on a 9.25% loan constant, (iii) the aggregate loan to value ratio (including the related subordinate debt) does not exceed 75% of the appraised value of the applicable mortgaged property and (iv) the applicable subordinate lender executes an intercreditor agreement on the lenders form.
