Required Guaranties. If in connection with any financing of the Property, including any mezzanine financing pertaining to the Property and the assumption of the Loan, a lender requires a guaranty of (i) standard non-recourse carve outs, (ii) certain environmental conditions and (iii) other funding obligations related to certain tenant improvement or leasing costs or exculpated expense costs (each a “Required Guaranty” and collectively, the “Required Guaranties”), such Required Guaranties shall be from the Company and/or the JV Member (individually and collectively, the “Guarantor”). Except as provided in Section 3.07(f), KBS and its Affiliates shall have no obligation to enter into any Required Guaranties. The Guarantor shall not receive any fees or other compensation for making a Required Guaranty.
Appears in 2 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (KBS Strategic Opportunity REIT, Inc.)