Common use of Rate Lock Process Clause in Contracts

Rate Lock Process. Upon receipt of sufficient and satisfactory information from Borrower, including, but not limited to, (i) a rent roll for the Mortgaged Property encumbered by a first mortgage securing the applicable Loan (the “Additional Loan Security”) certified by the Borrower which is no more than thirty (30) days old, (ii) current operating statements for the Additional Loan Security in form and for periods as Lender may reasonably request; (iii) financial statements from the Borrower, its Principals, Guarantors and Indemnitors, as set forth in Condition 14 of Exhibit A of the Commitment, and (iv) current color photographs of the Additional Loan Security which are not more than thirty (30) days old showing the Additional Loan Security in a manner reasonably satisfactory to Lender (collectively, the “Quote Package”). Lender may, in Lender’s sole discretion, issue a Rate Lock Confirmation to Borrower in a form substantially shown on Exhibit E to the Commitment and the process described in Condition 3(b) of the Commitment shall be followed. The Rate Lock Confirmation shall also set forth any Good Faith Deposit or Commitment Fee that must be paid in connection with the Additional Funding. Lender shall be under no obligation to issue a Rate Lock Confirmation for the Additional Funding, and any Additional Funding shall be subject to approval by Lender.

Rate Lock Process. Upon receipt of sufficient and satisfactory information from BorrowerMortgagor, including, but not limited to, (i) a rent roll for the Mortgaged Property encumbered by a first mortgage securing the applicable Loan (the “Additional Loan Security”) certified by the Borrower Mortgagor which is no more than thirty (30) days old, (ii) current operating statements for the Additional Loan Security Mortgaged Property in form and for periods as Lender Mortgagee may reasonably request; , and (iii) financial statements from the BorrowerMortgagor, its Principalsprincipals, Guarantors and Indemnitors, as set forth in Condition 14 of Exhibit A A15 of the Commitment, and Loan Application (iv) current color photographs of the Additional Loan Security which are not more than thirty (30) days old showing the Additional Loan Security in a manner reasonably satisfactory to Lender (collectively, the “Quote Package”). Lender , Mortgagee may, in LenderMortgagee’s sole discretion, issue a Rate Lock Confirmation to Borrower Mortgagor in a form substantially shown on Exhibit E to the Commitment Loan Application and the process described in Condition Section 3(b) of the Commitment Loan Application shall be followed. The Rate Lock Confirmation shall also set forth any Good Faith Deposit or Commitment Fee that must be paid in connection with the Additional Funding. Lender Mortgagor understands and agrees that Mortgagee shall be under no obligation to issue a Rate Lock Confirmation for the Additional Funding, and any Additional Funding shall be subject to approval by LenderMortgagee.