Access; Utilities; Separate Tax Parcels Sample Clauses

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, the Sponsor Diligence (as defined in paragraph 42), 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. 1182-1214 Farmington Avenue (Loan No. 79) Mortgaged property consists of 2 parcels, one of which is a multi-tenant, leasehold parcel that is part of the same tax parcel with a shadow-anchored shopping center owned by a sponsor affiliate. Real estate taxes for the combined parcel are paid for by the ground lessor and escrowed by the fee mortgagee. The loan documents do not require the borrower to pursue a separate tax parcel application with respect to the leasehold parcel. Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception
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. 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. Kings Plaza (Loan No. 15) The Mortgaged Property is part of a tax parcel that includes certain non-collateral property owned by Macy’s (the “Macy’s Parcel”). Pursuant to a reciprocal easement agreement between the Mortgagor and Macy’s, the Mortgagor is required to make any payments due on the shared tax parcel directly to the related taxing authority and Macy’s is required to reimburse the Mortgagor for its pro rata share of any such payment. Provided that it would be commercially reasonable to do so under the circumstances, the Mortgage Loan documents require the Mortgagor to apply for, and make commercially reasonable efforts to obtain, approval from the applicable governmental authorities for the division of the Mortgaged Property and the Macy’s Parcel into separate tax lots. In addition, the Mortgage Loan documents (i) provide recourse for losses to the Mortgagee incurred as a result of the Mortgaged Property not constituting a separate tax lot, (ii) require the Mortgagor to cooperate with the Mortgagee to effectuate a tax lot split in connection with any enforcement of remedies by the Mortgagee under the Mortgage Loan documents, and (iii) grant a power of attorney to the Mortgagee during the continuance of an event of default to effectuate a tax lot split on behalf of the Mortgagor.
Access; Utilities; Separate Tax Parcels. Holiday Inn San Francisco Airport (Loan No. 11) The Mortgaged Property currently has three vehicular access points. However, notwithstanding these physical access points to the Mortgaged Property, the Mortgaged Property does not currently have permanent access to a publicly dedicated road directly or through a recorded easement or right of way. One of the access points is pursuant to a recorded easement and could potentially connect to a public road, however no curb cut currently exists to provide access from the recorded easement to the public road. The other two access points are over adjacent properties owned by the City of San Francisco and the Pacific Gas & Electric Company, respectively, pursuant to unrecorded documents (i) one of which terminates on such date, if any, as the City of South San Francisco terminates the operation of the South San Francisco Conference Center and (ii) another of which terminates on November 30, 2015 (but can be extended by the borrower to November 30, 2020 pursuant to an extension option in the relevant unrecorded document). The title company provided an indirect access endorsement ensuring access under the unrecorded document with Pacific Gas & Electric Company, but the parcel demised for access under such unrecorded document does not actually connect to a public roadway. The related guarantor has provided a guaranty for losses incurred as a result of the loss of all access points to the Mortgaged Property.