Common use of Permanent Financing Clause in Contracts

Permanent Financing. Borrower shall at all times until the Debt is paid in full use commercially reasonable efforts to obtain permanent financing on a non-recourse basis (other than customary carve-outs to non-recourse provisions then generally being required by institutional permanent mortgage lenders) in the amount required to repay the First Mortgage and the Debt secured by this Mortgage (“Permanent Financing”). Upon request by Lender from time to time, Borrower will report the status of its efforts and the measures taken to obtain the Permanent Financing, recognizing that if the financing markets are in turmoil so that it is futile to attempt to obtain a commitment for the Permanent Financing, it shall be commercially reasonable for Borrower during such period that the financing markets are in turmoil to curtail its efforts including the tenacity and frequency with which it contacts lenders or solicits proposals for commitments from such lenders for the Permanent Financing.