Common use of Severance Documentation Clause in Contracts

Severance Documentation. Within 10 days after request by Lender, Borrowers shall execute and deliver such documentation as Lender may reasonably request (including substitute or replacement notes and mortgages) to effectuate a severance of the Loan into two loans (the "SEVERED LOANS"), one of which may be subordinate to the other. The Severed Loans shall have an aggregate principal amount equal to the then principal amount of the Loan, and shall, when taken together, provide for a rate of interest, debt service payments and other economic terms which are the same as the rate of interest, debt service payments and other economic terms of the Loan, and shall, to greatest extent practicable, have terms that are otherwise the same as those contained in the Loan Documents. Borrowers shall (subject to the cap referred to in the last sentence of Section 9.1.1) cooperate with Lender in all respects to enable Lender to effect such severance of the Loan, including, if requested by Lender, delivering to Lender updated opinions and other documentation similar to that delivered by Borrowers in connection with the closing of the Loan and assisting Lender in obtaining any modifications or updates to

Severance Documentation. Within 10 days after request by Lender, Borrowers ----------------------- Borrower shall execute and deliver such documentation as Lender may reasonably request (including substitute or replacement notes and mortgages) to effectuate a severance of the Loan into two loans (the "SEVERED LOANSSevered Loans"), one of which may be subordinate to the other. The Severed Loans shall have an aggregate principal amount equal to the then principal amount of the Loan, and shall, when taken together, provide for a rate of interest, debt service payments and other economic terms which are the same as the rate of interest, debt service payments and other economic terms of the Loan, and shall, to greatest extent practicable, have terms that are otherwise the same as those contained in the Loan Documents. Borrowers Borrower shall (subject at no material expense to the cap referred to in the last sentence of Section 9.1.1) Borrower cooperate with Lender in all reasonable respects to enable Lender to effect such severance of the Loan, including, if requested by Lender, delivering to Lender updated opinions and other documentation similar to that delivered by Borrowers Borrower in connection with the closing of the Loan and assisting Lender in obtaining any modifications or updates toto its title insurance (provided that Borrower shall have no obligation to incur any additional title insurance premiums or other title charges in connection therewith).