Common use of Cooperative Loans Clause in Contracts

Cooperative Loans. With respect to each Cooperative Loan: (i) The Cooperative Shares are held by a person as a tenant-stockholder in a Cooperative. Each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first lien and security interest in the Cooperative Loan and Proprietary Lease has been timely and properly made. Any security agreement, chattel mortgage or equivalent document related to the Cooperative Loan and delivered to Purchaser or its designee establishes in Purchaser a valid and subsisting perfected first lien on and security interest in the Mortgaged Property described therein, and Purchaser has full right to sell and assign the same; (ii) (a) The term of the related Proprietary Lease is not less than the term of the Cooperative Loan; (b) there is no prohibition in any Proprietary Lease against pledging the Cooperative Shares or assigning the Proprietary Lease; (c) the Cooperative has been created and exists in full compliance with the requirements for residential cooperatives in the jurisdiction in which the Project is located and qualifies as a cooperative housing corporation under Section 210 of the Code; and (d) the Cooperative has good and marketable title to the Project, and owns the Project in fee simple or under a leasehold; such title is free and clear of any adverse liens or encumbrances, except the lien of any blanket mortgage; and (iii) The Seller has the right under the terms of the Mortgage Note, Pledge Agreement and Recognition Agreement to pay any maintenance charges or assessments owed by the Mortgagor.

Cooperative Loans. With respect to each Cooperative Loan: (i) The Cooperative Shares are held by a person as a tenant-stockholder in a Cooperative. Each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first lien and security interest in the Cooperative Loan and Proprietary Lease has been timely and properly made. Any security agreement, chattel mortgage or equivalent document related to the Cooperative Loan and delivered to Purchaser or its designee establishes in Purchaser a valid and subsisting perfected first lien on and security interest in the Mortgaged Property described therein, and Purchaser has full right to sell and assign the same; (ii) (a) The term of the related Proprietary Lease is not less than the term of the Cooperative Loan; (b) there is no prohibition in any Proprietary Lease against pledging the Cooperative Shares or assigning the Proprietary Lease; (c) the Cooperative has been created and exists in full compliance with the requirements for residential cooperatives in the jurisdiction in which the Project is located and qualifies as a cooperative housing corporation under Section 210 of the Code; and (d) the Cooperative has good and marketable title to the Project, and owns the Project in fee simple or under a leasehold; such title is free and clear of any adverse liens or encumbrances, except the lien of any blanket mortgage; and (iii) The the Seller has the right under the terms of the Mortgage Note, Pledge Agreement and Recognition Agreement to pay any maintenance charges or assessments owed by the Mortgagor.

Cooperative Loans. With respect to each Cooperative Loan: (i) The Cooperative Shares are held by a person as a tenant-stockholder in a Cooperative. Each original UCC financing statement, continuation statement or other governmental filing or recordation necessary to create or preserve the perfection and priority of the first lien and security interest in the Cooperative Loan Shares and Proprietary Lease has been timely and properly made. Any security agreement, chattel mortgage or equivalent document related to the Cooperative Loan and delivered to Purchaser or its designee establishes in Purchaser a valid and subsisting perfected first lien on and security interest in the Mortgaged Property described therein, and Purchaser has full right to sell and assign the same; (ii) (a) The term of the related Proprietary Lease is not less than the term of the Cooperative Loan; (b) there is no prohibition in any Proprietary Lease against pledging the Cooperative Shares or assigning the Proprietary Lease; (c) the Cooperative has been created and exists in full compliance with the requirements for residential cooperatives in the jurisdiction in which the Project is located and qualifies as a cooperative housing corporation under Section 210 of the Code; and (d) the Cooperative has good and marketable title to the Project, and owns the Project in fee simple or under a leasehold; such title is free and clear of any adverse liens or encumbrances, except the lien of any blanket mortgage; and (iii) The Seller Company has the right under the terms of the Mortgage Note, Pledge Security Agreement and Recognition Agreement to pay any maintenance charges or assessments owed by the Mortgagor.;