Common use of Modifications of Loan Documents Clause in Contracts

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred and is continuing) or the Special Servicer (during a Special Servicing Loan Event), in each case, subject to the rights of the Mezzanine Lenders under the Intercreditor Agreement, may modify, waive or amend any term of the Whole Loan if such modification, waiver or amendment (a) is consistent with Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated Final Distribution Date and (b) twenty years prior to the end of the current term of any ground lease plus any options to extend the ground lease exercisable unilaterally by the Loan Borrowers. In connection with (i) the release of a Property or a portion of a Property from the lien of the Mortgage or (ii) the taking of a Property or portion of a Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred and or is continuing) or the Special Servicer (during if a Special Servicing Loan EventEvent occurs and is continuing), in each case, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Mezzanine Lenders under Controlling Class Representative after the Intercreditor Agreementoccurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Consultation Event with respect to Major Decisions, may modify, waive or amend any term of the Whole Mortgage Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier result in an Adverse REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions Event (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein ) or cause any REMIC related to any Other Securitization Trust securities to fail to qualify as a REMIC under the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated Final Distribution Date and (b) twenty years prior to the end of the current term of any ground lease plus any options to extend the ground lease exercisable unilaterally by the Loan BorrowersCode. In connection with (i) the release of a the Property or a portion of a the Property from the lien of the Mortgage or (ii) the taking of a the Property or portion of a the Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred and or is continuing) or the Special Servicer (during if a Special Servicing Loan EventEvent occurs and is continuing), in each case, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Mezzanine Lenders under Controlling Class Representative after the Intercreditor Agreementoccurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Consultation Event with 121 respect to Major Decisions, may modify, waive or amend any term of the Whole Mortgage Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier result in an Adverse REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions Event (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination)) or cause any REMIC related to any Other Securitization Trust securities to fail to qualify as a REMIC under the Code. Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated Final Distribution Date and (b) twenty years prior to the end of the current term of any ground lease plus any options to extend the ground lease exercisable unilaterally by the Loan BorrowersDate. In connection with (i) the release of a the Property or a portion of a the Property from the lien of the Mortgage or (ii) the taking of a the Property or portion of a the Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred and or is continuing) or the Special Servicer (during if a Special Servicing Loan EventEvent occurs and is continuing), in each case, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Mezzanine Lenders under Controlling Class Representative after the Intercreditor Agreementoccurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Consultation Event with respect to Major Decisions, may modify, waive or amend any term of the Whole Mortgage Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not either (i) cause either the Lower-Tier result in an Adverse REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions Event (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination)) or cause any REMIC related to any Other Securitization Trust securities to fail to qualify as a REMIC under the Code. Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (a) seven (7) years prior to the latest Rated Final Distribution Date and (b) twenty years prior to the end of the current term of any ground lease plus any options to extend the ground lease exercisable unilaterally by the Loan BorrowersDate. In connection with (i) the release of a Property or a portion of a Property from the lien of the Mortgage or (ii) the taking of a Property or portion of a Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.