Legal Compliance - Origination, Funding and Servicing. As of the date of its origination, and to the actual knowledge of the Seller as of the Closing Date, such Mortgage Loan complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan.
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE BEAR STEARNS MORTGAGE LOANS --------------------------------------------------------------------------------------- REP NO. LOAN NO. LOAN NAME EXPLANATION ------- -------- --------- ----------- --------------------------------------------------------------------------------------- 7 Condition of Property; 42062 Irmo Station Borrower is currently Condemnation negotiating with the South Carolina DOT with respect to a contemplated condemnation of approximately 0.161 acres of the Property. --------------------------------------------------------------------------------------- 14 Insurance 42235 Zurich American The lessee, Zurich insurance American Insurance Company, has elected to self-insure against the risks required by the lease. The lease is silent with respect to requiring coverage for business interruption or rent loss insurance and acts of terrorism, however, the definition of loss includes "damage by fire or otherwise." In no circumstance is rent abatement or offset permitted in the face of casualty. In an event of loss, Zurich is obligated to rebuild and restore the premises to its pre-loss condition. --------------------------------------------------------------------------------------- 23 Other Mortgage Liens 41699 1901 Research Blvd. The Mortgaged Property secures a $2,500,000 B Note. 42429 Terminal Tower Borrower has a tax increment financing mortgage or "TIF" mortgage, payments for which are included in the tax escrow. --------------------------------------------------------------------------------------- 28 Releases/Substitution of 41146 Parkway Portfolio The Loan provides for Mortgaged Property prepayment upon payment of 125% of the allocated loan amount together with the applicable prepayment premiums. The amount in excess of par that is received as a payment will be applied to prepay the remaining indebtedness. Among other things, the release shall not be permitted if the DSCR or the LTV tests are not satisfied. --------------------------------------------------------------------------------------- 34 Due on Sale 41699 1901 Research Blvd The Mortgaged Property secures a $...
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. Schedule IIA REPRESENTATION 4
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE BANK OF AMERICA MORTGAGE LOANS REPRESENTATION 5 Assignment of Leases and Rents. To the extent that the related Mortgage Loan borrower leases all or part of the related Mortgaged Property to a master lessee, which master lessee enters into leases with tenants of such related Mortgaged Property, such master lessee owns an interest in any payments due under such related leases. REPRESENTATION 9 No Holdback.
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA ------------ EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH ------------------------------------------------- RESPECT TO THE BANK OF AMERICA MORTGAGE LOANS --------------------------------------------- REPRESENTATION 6 Mortgage Status; Waivers and Modifications. ------------------------------------------- The Promenade at Mission Viejo (58329) The related Loan Agreement has been modified to amend the definition of "Operating Income".
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES Schedule IIA to 2005 BACM-04 MLPA Exceptions to Representations and Warranties REP NO. LOAN NO. LOAN NAME EXPLANATION 14 Insurance 42556 BJ's Wholesale There is no business Club interruption coverage; while the lease does not provide for self insurance for business interruption, Bear's credit committee waived Borrower's requirement to provide BI if the Tenant maintains total assets of $500mm and an aggregate net worth of $250,000,000. BJ's cannot abate rent per the lease in the event of casualty/condemnation. 28 Releases of Mortgaged 43116 105-113 Wooster The Loan provides for Property St. the release of up to 3 residential condominium units upon payment of 100% of the allocated loan amount with yield maintenance or 1% and achieving a 1.05x DSCR and 80%LTV. 42556 BJ's Wholesale The Loan provides for the release of an outparcel. 43352 ACV VI Portfolio The Loan provides for release of an individual property by defeasance at 120% and 125% of allocated loan amount. Among other things, the release shall not be permitted if the DSCR and LTV tests are not satisfied. 43556 Gibraltar The related Mortgagor Portfolio may obtain substitution of property upon the satisfaction of certain legal and underwriting requirements. 43403 Cooper's Plaza The Loan provides xxx xxx release of an outparcel. 43593 Coach The Loan provides for the release of an outparcel. 34 Due on Sale 43641 The Crossings Borrower has incurred a $9.9 million Loan to an affiliate secured by a mezzanine pledge. The loan is secured by 100% of the ownership interests in the indirect parent of the Crossings Borrower.
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA Barclays Capxxxx - XXXX 0000-0 Xxxxxxxx XX XXXXXXXXXX XX XXXXXXXXXXXXXXX XXX XXXXXXXXXX
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE BANK OF AMERICA MORTGAGE LOANS REPRESENTATION 7 Casualty; Condemnation; Encroachments. Indian River Mall Certain of the improvements suffered hurricane damage & Commons (58455) totaling approximately $259,000 in damage. As of Xxxruary 28, 2005 approximately 65% of the repairs for such damage had been completed.
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. Barclays - BACM 2005-1 Schedule IIA EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES Annex A-1 ID # Mortgage Loan Exception --------------------------------------------------------------------------------
Legal Compliance - Origination, Funding and Servicing. As of the date of its origination and to the Seller's knowledge as of the Cut-off Date, each Mortgage Loan complied in all material respects with, or was exempt from, all requirements of applicable federal, state or local law relating to the origination, funding and servicing of such Mortgage Loan. SCHEDULE IIA EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE BANK OF AMERICA MORTGAGE LOANS REPRESENTATION 4 Lien; Valid Assignment. Sotheby's Building (59039) Pursuant to the related estoppel certificate dated as of June 22, 2005, the sole tenant, Sotheby's, has a right of first offer with respect to the related Mortgaged Property subject to certain conditions set forth in Section 23 of the related lease including, but not limited to, no material non-monetary event of default or monetary event of default in excess of $25,000 having occurred and continuing and exclusions from Section 23 for a transfer of the fee interest in the related Mortgage Property or the related landlord's interest in the related lease to the mortgagee (or its wholly owned affiliate) or any other purchaser at a foreclosure sale. The title policy excepts such right from its coverage.
