Mortgage Debt. The Lender shall have consented to the transfer of the Property subject to the Transferred Debt as contemplated by Section 2.3, or Heritage LP shall have agreed to refinance or pay off such Mortgage Debt.
Mortgage Debt. The REIT, Heritage LP and Transferor acknowledge and agree that the Property is subject to the Mortgage Debt from the lender (the "Lender") as described on Schedule II attached hereto. The Property shall be acquired by Heritage LP subject to the Mortgage Debt, provided that the Lender of such Mortgage Debt shall execute a consent, estoppel letter, transfer agreement, and modification with respect to such Mortgage Debt as shall be acceptable to Heritage LP, acting reasonably; provided, however, the Lender will not be required to amend any of the material legal or business terms of the Mortgage Debt.
Mortgage Debt. Prior to the Closing, the Partnership will keep all debt service payments and other payments owed in connection with its Mortgage Debt current on the Property and will not permit or suffer to exist any default under any Mortgage Instrument. On or before the Closing, if required, the Partnership shall obtain the written consent from the holder of the Mortgage Debt to any deemed assumption of such Mortgage Debt by the Partnership due to a change in its general partner upon the Closing. All costs, fees and charges required to be paid to the holder of the Mortgage Debt or on behalf of such holder in connection with such deemed assumption of the Mortgage Debt shall be paid by the Existing Partners. Any and all debts secured by the Property or other liens or judgments filed against the Property (except for the respective Permitted Encumbrances and the Mortgage Debt) shall be satisfied and released of record by the Existing Partners. Except as provided in this Section 4.8, the Partnership will not amend or in any way modify without the prior written consent of Essex any term of its Mortgage Debt or any documents or instruments executed in connection therewith.
Mortgage Debt. In August 1999, the Company made a prepayment of $19 million to pay down in full the mezzanine mortgage on the Marriott Desert Springs Resort and Spa. In September 1999, the Company made a prepayment of $45 million to pay down in full the mortgage note on the Philadelphia Four Seasons Hotel. In July 1999, the Company entered into a financing agreement pursuant to which it borrowed $665 million due 2009 at a fixed rate of 7.47% with eight hotels serving as collateral. In connection with this refinancing, an extraordinary loss of $3 million was recognized, representing the write-off of deferred financing fees. The proceeds from this financing were used to refinance existing mortgage indebtedness maturing at various times through 2000, including approximately $590 million of outstanding variable rate mortgage debt. In June 1999, the Company refinanced the debt on the San Diego Marriott Hotel and Marina. The mortgage is $195 million with a term of 10 years at a rate of 8.45%. In addition, the Company entered into a mortgage for the Philadelphia Marriott expansion in July 1999 for $23 million at an interest rate of approximately 8.6%, maturing in 2009. In April 1999, a subsidiary of the Company completed the refinancing of the $245 million mortgage on the New York Marriott Marquis, maturing June 2000. In connection with the refinancing, the Company renegotiated the management agreement and recognized an extraordinary gain of $14 million on the forgiveness of accrued incentive management fees by the manager. This mortgage was subsequently refinanced as part of the $665 million financing agreement discussed above. In connection with the refinancing of certain mortgage debt for approximately $152 million in December 1997, the Company recognized an extraordinary loss of $2 million which represents payment of a prepayment penalty and the write-off of unamortized deferred financing fees, net of taxes. In 1997, the Company purchased 100% of the outstanding bonds secured by a first mortgage on the San Francisco Marriott for $219 million, an $11 million discount to the face value of $230 million. An extraordinary HOST MARRIOTT, L.P. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(Continued) gain of $5 million was recognized, which represents the $11 million discount less the write-off of unamortized deferred financing fees, net of taxes. Interest Rate Swap Agreements. During 1999, the Company terminated its outstanding interest rate swap agreements recogni...
Mortgage Debt. The parties agree and acknowledge that the Iroquois/Lilac Investment Group hold a mortgage on real property and the improvements thereon located at 00 Xxxxxxxxxx Xxxx, Xxxxxxxxxxx, Xxx Xxxx owned by Able NY (the "ILIG Debt") in the amount of $1,000,000 and that Able and S&S shall each be equally liable for payment of the ILIG Debt.
Mortgage Debt. 7 4.8. MATERIAL ADVERSE CHANGE....................................................7 5. FAILURE OF CONDITIONS........................................................7 6. NEW LEASES AND LEASE MODIFICATIONS...........................................7
Mortgage Debt. Seller shall not be in default under the terms of the Mortgage Debt, provided Seller shall have twenty (20) days to cure any default, notice of which Seller first receives within ten (10) days of the date of the Closing, and the Closing Date shall be extended to permit Seller to so cure such a default.
Mortgage Debt. 13.1 (a) Subject to Section 23, the Company and Xxxxxxx agree to use all commercially reasonable efforts to refinance the Existing Mortgage Debt on terms and conditions acceptable to both the Company and Xxxxxxx in their sole discretion (the "Replacement Loan"). Contributor and Xxxxxxx, jointly and severally, shall be responsible and pay for any and all accrued and unpaid interest, prepayment penalties, expenses, late charges, legal fees, protective advances and all other costs and fees which are attributable to the Existing Mortgage Debt, due to the holder of the Existing Mortgage Debt other than the outstanding principal amount thereof (the "Existing Principal Amount"). The Replacement Loan shall be subject to the provisions of Section 23.
Mortgage Debt. The party of the second part within five days upon request in person or within ten days upon request by mail will furnish a written statement duly acknowledged of the amount due on said mortgage and whether any offsets or defenses exist against the mortgage debt.
Mortgage Debt. Concurrently with the funding of the Loan, Property Owners shall have received the Senior Mortgage Debt and the Subordinated Mortgage Debt.
