Loan Modification. Borrowers and Lender acknowledge and agree that the Loan and the security therefore are subject to modification pursuant to and in accordance with the terms of the Cooperation Agreement.
Loan Modification. By its execution of this Amendment, the Borrowers hereby authorize the Administrative Agent to consider this Amendment its application for loan modification on the terms and conditions set forth herein.
Loan Modification. The Note and other Loan Documents are hereby amended as follows:
Loan Modification. Upon and subject to the terms and conditions of this Agreement, the Loan Amount is hereby increased by up to $22,000,000 such that the Loan Amount shall be Twenty-six Million Dollars ($26,000,000) or such lesser amount actually disbursed pursuant to Section 3 hereof. In furtherance thereof:
Loan Modification. Lender and Borrower agree to modify the Loan Agreement by deleting Section 7.2 (Capital Expenditures) of the Loan Agreement in its entirety and replacing it with the following:
Loan Modification. All loan modifications must meet the following general criteria to be approved.
Loan Modification. The execution by Buyer as borrower and American Recovery Property OP, LP as guarantor of documents modifying that certain loan (the “Loan”) held by U.S. Bank National Association, as Successor Trustee to Bank of America, National Association, as Trustee, as Successor by Merger to LaSalle Bank National Association, as Trustee, for the Registered Holders of Bear Xxxxxxx Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP16 secured by the Project, in form and content acceptable to Buyer.
Loan Modification. Any material change or modification of the terms of the Loan including but not limited to, the borrowed amount, interest rate, term or amortization schedule. For the purposes of this definition, a Loan Modification shall not include any modifications specifically provided for in the Loan documents, and that are permitted without further approval or consent of the Insured.
Loan Modification. If you can’t pay your past-due loan payments, but you can meet your monthly obligations, we may be able to modify your loan by adding the delinquent interest and delinquent escrow payments to your loan balance to bring your loan current. Your current mortgage interest rate must be within market guidelines. If you have any additional liens against your property, the lien holders must be willing to subordinate their interest to the new loan amount. You’ll need to complete a Financial Analysis Form and send us copies of your last two pay stubs to verify your income. Partial claim If you can’t pay your past due loan payments, but you can meet your monthly obligations and do not qualify for the previously mentioned programs, you may qualify for a partial claim. HUD will loan you the past due payments provided you sign an additional note and mortgage for the advance. You’re not obligated to pay on this additional loan until your first mortgage is paid in full, or you no longer occupy the property. You must complete a Financial Analysis Form and send us copies of your last two pay stubs to verify your income. Short sale If you wish to sell your property, but the net proceeds from the sale are not enough to pay off your loan and you can’t afford to pay the shortage, HUD may allow you to sell your home without paying the entire amount due. You’ll need to complete a Financial Analysis Form and send us a letter requesting a short sale.
Loan Modification. Following execution of this Agreement, all of the parties covenant and agree to cooperate in good faith and use diligent commercially reasonable efforts to seek a Loan Modification Agreement in form and substance acceptable to the FCRE Parties (the “Loan Modification Agreement”), the goals of the FCRE Parties is to obtain a Loan Modification Agreement which, at minimum, shall provide for: (i) extension of the Loan for a term (24 months) sufficient to allow T-9 Owner to obtain replacement financing on commercially reasonable terms; (ii) provide for a moratorium on the payment of interest sufficient to enable T-9 Owner and T-9 Developer to gxxxxx and direct cash resources to fund important entitlement and development aspects of the Project; (iii) provide for a reduction in the interest rate for the Loan to a market rate and upon market terms for acquisition and development loans; (iv) provide the right to have any of the 23 parcels comprising the Contributed Properties released from the security of the Loan upon the payment of the market-based release price as to each such parcel as set forth on Schedule A (the “Per Parcel Release Price”) whereupon receipt by Lender of the payment of the Per Parcel Release Price the Lender shall file a release and satisfaction of mortgage or deed of trust as to such parcel(s); (iv) provide the right of the borrower to prepay the loan in whole or in part at any time without penalty or premium, and if the Loan is paid in whole (but not in part) graduated discounts in the pay-off amount for the Loan (expected to range between 10% and 20% of the then outstanding principal balance), or on such other terms as shall be acceptable to the FCRE Parties. Contributing Parties shall obtain the consent of the Lender to this Agreement and the transactions contemplated hereby prior to the Contributing Parties entering into this Agreement as may be required pursuant to the terms of any “due-on-sale” clause contained in the documentation that evidences and/or secures the Loan.
