Common use of Existing Loans Clause in Contracts

Existing Loans. (a) The Contributors have obtained certain financing encumbering the Property referred to as the Excel Centre from CIBC with a principal balance, as of September 30, 2009, of approximately $13,054,774 (the “Existing Loan”). Such Existing Loan, including any related notes, deed of trusts, financing statements, amendments, modifications, assignments, and all other documents or instruments evidencing or securing such Existing Loan, shall be referred to, collectively, as the “Existing Loan Documents.” The Existing Loan shall be considered a “Permitted Lien” for purposes of this Agreement and Exhibit F hereto. The Operating Partnership at its election shall either (i) assume the Existing Loan at the Closing (subject to obtaining any necessary consents from the holder of each mortgage or deed of trust related to the Existing Loan (each a “Lender”) prior to Closing), or (ii) take title to the Property Interest subject to the lien of the Existing Loan Documents; provided, however, that if the Operating Partnership elects to proceed under clauses (i) or (ii) of this sentence, the Operating Partnership may nonetheless, at its sole discretion, cause the Existing Loan to be refinanced or repaid after the Closing.

Existing Loans. (a) The Contributors have obtained certain financing encumbering the Property referred to as the Excel Centre Five Forks Place from CIBC General Electric Capital Corporation with a principal balance, as of September 30, 2009, of approximately $13,054,774 5,447,203. (the “Existing Loan”). Such Existing Loan, including any related notes, deed of trusts, financing statements, amendments, modifications, assignments, and all other documents or instruments evidencing or securing such Existing LoanLoans, shall be referred to, collectively, as the “Existing Loan Documents.” The Each Existing Loan shall be considered a “Permitted Lien” for purposes of this Agreement and Exhibit F E hereto. The Operating Partnership Company at its election shall either (i) assume the applicable Existing Loan at the Closing (subject to obtaining any necessary consents from the holder of each mortgage or deed of trust related to the Existing Loan Loans (each a “Lender” and collectively the “Lenders”) prior to Closing), or (ii) take title to the Property Interest subject to the lien of the Existing Loan Documents; provided, however, that if the Operating Partnership Company elects to proceed under clauses (i) or (ii) of this sentence, the Operating Partnership Company may nonetheless, at its sole discretion, cause the Existing Loan Loans to be refinanced or repaid after the Closing.