Common use of Lender Estoppel Letter Clause in Contracts

Lender Estoppel Letter. An estoppel letter dated within thirty (30) days of the Closing Date (the "Lender Estoppel Letter"); the form of the Lender Estoppel Letter shall be mutually agreed upon by the parties during the Financing Assumption Period (as defined in Section 17.03). However, the BRI Partnership will require, at a minimum, that the Lender Estoppel Letter set forth (i) Lender consent to the contribution of the Transferor Partnership Interests, as contemplated herein, the transfer of the ownership of the Transferor Partnership to the BRI Partnership, the assignment by the Borrower Corporate General Partner to the Borrower LLC General Partner of the Borrower General Partnership Interest in the Borrower Partnership, and the withdrawal of the Borrower Corporate General Partner and the admission of the Borrower LLC General Partner as a fifty percent (50%) general partner of the Borrower Partnership, and (ii) the following matters: (A) the Note and other Loan Documents are in full force and effect; (B) to the Lender's knowledge, no default exists under the Note, the Guaranty or any other Loan Document; (C) the amount of the outstanding unpaid principal balance of the Note, and the date to which interest and principal have been paid on the Note; and (D) the amount of any real estate tax escrow, insurance escrow and other escrows or reserves held by Lender.