Actions Concerning Mortgage Loans. To the knowledge of the Seller, there are no actions, suits or proceedings before any court, administrative agency or arbitrator concerning any Mortgage Loan, Mortgagor or related Mortgaged Property that might adversely affect title to the Mortgaged Property or the validity or enforceability of the related Mortgage or that might materially and adversely affect the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended.
Actions Concerning Mortgage Loans. To the knowledge of the Seller, there are no actions, suits or proceedings before any court, administrative agency or arbitrator concerning any Mortgage Loan, Mortgagor or related Mortgaged Property that could reasonably be expected to adversely affect title to the Mortgaged Property or the validity or enforceability of the related Mortgage or that could reasonably be expected to materially and adversely affect the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended. To the Seller's knowledge, as of the origination of the Mortgage Loan, none of the nonrecourse carveout guarantors or nonrecourse carveout indemnitors under the Mortgage Loan was a debtor in any state or federal bankruptcy, insolvency or similar proceeding.
Actions Concerning Mortgage Loans. To the knowledge of the Seller, there are no actions, suits, or proceedings before any court, administrative agency or arbitrator concerning any Mortgage Loan, Mortgagor or related Mortgaged Property that might adversely affect title to the Mortgaged Property or the validity or enforceability of the related Mortgage or that might materially and adversely affect the value of the Mortgaged Property as security for the Mortgage Loan, the use for which the premises were intended or materially and adversely affects the Mortgagor’s ability to pay principal, interest or any other amounts due under the Mortgage Loan.
Actions Concerning Mortgage Loans o Siete Shopping Center (111037) ($5,023,000): Property owner has been notified of zoning violation for deficient parking (arising out of conversion of retail use to nightclub use); Owner and City of Phoenix are currently litigating matter; 207 spaces provided vs. indeterminate amount required; $64,000 litigation escrow required at closing and carve-out obtained regarding related losses 32. Servicing.
Actions Concerning Mortgage Loans. Loan No. 1, Beacon DC & Seattle Portfolio: Litigation is pending with respect to the Market Square property, as set forth below: Western Associates Limited Partnership v. Market Square Associates, et al., Civil Action No. 02ca00993 (D.C. Superior); Market Square Associates, et al. v. Western Associates Limited Partnership, No. 03-CV-000732 (D.C. Ct. of Appeals). This action was filed in February 2001 (after a substantially similar action was dismissed from federal court following dismissal of a RICO count, upheld on appeal). The allegations of the complaint involve the development of Market Square in Washington, D.C. Market Square is owned by Avenue Associates Limited Partnership ("AALP"). The defendants are Market Square Associates (the general partner of AALP) ("MSA") and current and former partners in and affiliates of MSA. The plaintiff is the limited partner of AALP. The complaint alleges fraud, conspiracy, breach of contract, breach of fiduciary duty, inducement of fiduciary breach, and failure to provide access to the books and records of AALP. The complaint seeks monetary and injunctive relief. The defendants filed an answer in November 2001 denying liability. Document discovery was substantially completed in 2003. Depositions have not commenced. The case currently is stayed pending the interlocutory appeal noted above. The defendants appealed an order granting in part a motion by the plaintiff to compel the production of certain privileged documents. In connection with the above action, Western Associates Limited Partnership delivered a Notice of Lis Pendens January 30, 2007. Representation No. 33: Licenses and Permits
Actions Concerning Mortgage Loans. LOAN NUMBER PROPERTY NAME ISSUE -------------------------- -------------------------------- ----------------------------------------------------------
Actions Concerning Mortgage Loans. With respect to Loan Xx. 00, Xxxxxx Xxxxxx Apartments, there is a civil law suit in approximate amount of $300,000 against the sponsor of the borrower and affiliates of the borrower. The suit was filed on June 30, 2003. With respect to Loan Xx. 00, Xxxxxxxxx Xxxx Apartments, there is a civil law suit in approximate amount of $300,000 against the sponsor of the borrower and affiliates of the borrower. The suit was filed on June 30, 2003. With respect to Loan Xx. 00, Xxxxxxxx Xxxxx, there is litigation against X-X Corporation, a member of the borrower, seeking $900,000 in damages. X-X Corporation's financial status indicates it that should have sufficient funds to satisfy its obligation if found to be at fault. The borrower is liable for losses the lender incurs due to the pending litigation. With respect to Loan Xx. 00, Xxxxxxxxxx Xxxx House, there are five cases pending, ranging from $1 million to $6.5 million, due to personal injury and small claims from food suppliers. However, the borrower has stated that some of the cases are without merit and the cases are being handled by its insurance company. REP. 36. DUE-ON-SALE. With respect to Loan No. 1, Houston Center, the Loan Documents permit the direct or indirect parents of the borrower to incur mezzanine debt, subject to a rating agency confirmation and satisfaction of certain underwriting standards. With respect to Loan No. 2, Union Station, the Loan Documents permit the direct or indirect parents of the borrower to incur mezzanine debt, subject to satisfaction of certain underwriting standards. With respect to Loan No. 89, Sun Valley Resort, the standard "due on sale" clause has been modified to allow for (1) 49% ownership interest transfers and (2) any sale, conveyance or transfer of the property, or any membership interest in any borrower, to give entity owned or controlled by Diversified Investments--Cactus Gardens, LLC, an Arizona limited liability company ("DI") or any entity owned or controlled by MHC Operating Limited Partnership, an Illinois limited partnership and sole member of MHC Sun Valley, L.L.C., a Delaware limited liability company ("MHC") provided that (A) no interest of MHC in the property, or direct or indirect membership interest in MHC may be sold, conveyed or transferred to Sun Valley, LLC, a Florida limited liability company, DI, or any entity owned or controlled by DI and (B) if such sale, conveyance or transfer relates to the property rather than a membership interest in borrowe...
Actions Concerning Mortgage Loans. 87 Holiday Inn Express - An outstanding dispute in the amount of Tucson Mall $24,238.38 led to a mechanics' lien filed by CPS Security Services Inc. The dispute is scheduled for mediation on or about March 27, 2006. The title company established an escrow of 150% of the contested amount from the loan proceeds and issued a clean policy of title insurance. Exceptions to Representation 32: Permits and Licenses.
Actions Concerning Mortgage Loans. With respect to Loan No. 42, 000 Xxxxx Xxxxxx, final payment in the approximate amount of $1,400,000 is still due and owing to the general contractor for construction costs. In lieu of filing a mechanic's lien the borrower and the general contractor have entered into an escrow agreement.
Actions Concerning Mortgage Loans. To the knowledge of Seller, there are no actions, suits or proceedings pending or threatened before any court, administrative agency or arbitrator concerning any Mezzanine Loan or related Mortgagor/Mezzanine loan borrower or Mortgaged Property that might adversely affect title to the Mortgaged Property or the validity or enforceability of the related Purchased Loan Documents or that might materially and adversely affect the value of the collateral securing the Mezzanine Loan.
