Common use of Special Security Documents Clause in Contracts

Special Security Documents. The Special Security Documents have been delivered and are effective or shall be effective upon the future delivery thereof, but shall not be recorded until the occurrence of an Event of Default. Upon the occurrence of an Event of Default, the Agent may, and upon the direction of the Majority Banks, shall, record the Special Security Documents in the public records without any further action of or notice to the Borrower or any other party and without waiving such Event of Default; provided, however, that if such Event of Default exists solely as a result of default described in Section 12.1(b), the Agent shall give the Borrower two (2) Business Days notice prior to the recordation of the Security Documents. In addition, the Borrower shall promptly deliver or cause to be delivered to the Agent such further documents as may be reasonably requested by the Agent relating to such Real Estate, including without limitation, owner's affidavits, updated legal opinions and copies of leases and such changes to the Special Security Documents as may be necessary or desirable to comply with changes in applicable law. In connection with the recording of the Special Security Documents, the Agent may obtain, at the Borrower's sole cost and expense, a mortgagee's title insurance policy with respect to each parcel of Special Real Estate encumbered by such Special Security Documents in such amount as is determined by the Agent. The Borrower shall upon demand pay the cost of any such mortgagee's title insurance policy, the cost of any updated UCC searches, all recording costs and fees, and any and all intangible taxes or other documentary or mortgage taxes, assessments or charges which are demanded in connection with the recording of any of the Special Security Documents. In addition, the Borrower shall pay within five (5) days after demand any and all costs, fees, intangible tax, documentary or mortgage tax, assessments or charges as are demanded by any governmental authority by reason of the Special Security Documents prior to the recording of the same. In the event that the Borrower fails to pay such amounts as provided in this section, then the Banks may advance such amounts as are required to be paid as Loans hereunder, which Loans shall bear interest at the rate for overdue payments set forth in this Agreement. The Agent and the Banks agree that, provided no Default or Event of Default shall have theretofore occurred hereunder or under any of the other Loan Documents, Agent shall, within five (5) days of the receipt of written request from the Borrower, release the Special Real Estate from the lien of the Special Security Documents and return the Special Security Documents to the Borrower; provided, however, the Agent shall not be obligated to release the Special Real Estate or return the Special Security Documents if, as a result of the release of the Special Real Estate, a Default or Event of Default shall exist hereunder or under any of the other Loan Documents.

Special Security Documents. The Special Security Documents have been delivered and are effective or shall be effective upon the future delivery thereof, but shall not be recorded until the occurrence of an Event of Default. Upon the occurrence of an Event of Default, the Agent may, and upon the direction of the Majority Banks, shall, record the Special Security Documents in the public records without any further action of or notice to the Borrower or any other party and without waiving such Event of Default; provided, however, that if such Event of Default exists solely as a result of default described in Section 12.1(b), the Agent shall give the Borrower two (2) Business Days notice prior to the recordation of the Security Documents. In addition, the Borrower shall promptly deliver or cause to be delivered to the Agent such further documents as may be reasonably requested by the Agent relating to such Real Estate, including without limitation, owner's affidavits, updated legal opinions and copies of leases and such changes to the Special Security Documents as may be necessary or desirable to comply with changes in applicable law. In connection with the recording of the Special Security Documents, the Agent may obtain, at the Borrower's sole cost and expense, a mortgagee's title insurance policy with respect to each parcel of Special Real Estate encumbered by such Special Security Documents in such amount as is determined by the Agent. The Borrower shall upon demand pay the cost of any such mortgagee's title insurance policy, the cost of any updated UCC searches, all recording costs and fees, and any and all intangible taxes or other documentary or mortgage taxes, assessments or charges which are demanded in connection with the recording of any of the Special Security Documents. In addition, the Borrower shall pay within five (5) days after demand any and all costs, fees, intangible tax, documentary or mortgage tax, assessments or charges as are demanded by any governmental authority by reason of the Special Security Documents prior to the recording of the same. In the event that the Borrower fails to pay such amounts as provided in this section, then the Banks may advance such amounts as are required to be paid as Loans hereunder, which Loans shall bear interest at the rate for overdue payments set forth in this Agreement. The Agent and the Banks agree that, provided no Default or Event of Default shall have theretofore occurred hereunder or under any of the other Loan Documents, Agent shall, within five (5) days of the receipt of written request from the Borrower, release the Special Real Estate from the lien of the Special Security Documents and return the Special Security Documents to the Borrower; provided, however, the Agent shall not be obligated to release the Special Real Estate or return the Special Security Documents if, as a result of the release of the Special Real Estate, a Default or Event of Default shall exist hereunder or under any of the other Loan Documents.of

Special Security Documents. The Special Security Documents have been delivered and are effective or shall be effective upon the future delivery thereofeffective, but shall not be recorded until the occurrence of an a Monetary Event of Default. Upon the occurrence of an a Monetary Event of Default, the Agent may, and upon the direction of the Majority Banks, shall, record the Special Security Documents in the public records without any further action of or notice to the Borrower or any other party and without waiving such Event of Default; provided, however, that if such Event of Default exists solely as a result of default described in Section 12.1(b), the Administrative Agent shall give the Borrower two (2) Business Days notice prior to the recordation upon receipt of the Security Documents. In addition, the Borrower shall promptly deliver or cause to be delivered to the Agent such further documents as may be reasonably requested by the Agent relating to such Real Estate, including without limitation, owner's affidavits, updated legal opinions and copies of leases and such changes to the Special Security Documents as may be necessary or desirable to comply with changes in applicable law. In connection with the recording of the Special Security Documents, the Agent may obtain, at the Borrower's sole cost and expense, a mortgagee's title insurance policy with respect to each parcel of Special Real Estate encumbered by such Special Security Documents in such amount as is determined by the Agent. The Borrower shall upon demand pay the cost of any such mortgagee's title insurance policy, the cost of any updated UCC searches, all recording costs and fees, and any and all intangible taxes or other documentary or mortgage taxes, assessments or charges which are demanded in connection with the recording of any of the Special Security Documents. In addition, the Borrower shall pay within five (5) days after demand any and all costs, fees, intangible tax, documentary or mortgage tax, assessments or charges as are demanded by any governmental authority by reason of the Special Security Documents prior to the recording of the same. In same (“Special Security Recording Costs”) record the event that Special Security Documents in the public records without any further action of or notice to the Borrower fails or any other Loan Party and without waiving such Monetary Event of Default. Following a Monetary Event of Default, Administrative Agent shall elect to pay request either (a) that Borrower fund the Special Security Recording Costs, or (b) that each Lender fund such amounts as provided Lender’s Pro Rata Share of the Special Security Recording Costs in this sectionaccordance with Section 2.02(a), then and which Advances by the Banks may advance such amounts as are required to be paid as Loans hereunder, which Loans Lenders shall bear interest at the rate for overdue payments set forth in this Agreement. In the event that Administrative Agent requests that Borrower fund the Special Security Recording Costs following a Monetary Event of Default, the Borrower shall pay all Special Security Recording Costs within five (5) days of 125 written notice from Administrative Agent of the amount the Special Security Recording Costs. In the event that the Borrower fails to pay the Special Security Recording Costs within such five (5) day period, then Administrative Agent shall request that each Lender shall fund such Lender’s Pro Rata Share of the Special Security Recording Costs in accordance with Section 2.02(a), and which Advances by the Lenders shall bear interest at the rate for overdue payments set forth in this Agreement. In addition, the Borrower shall, or cause any other Loan Party, to promptly deliver to the Administrative Agent such further documents as may be reasonably requested by the Administrative Agent relating to the Sweet Home Property, including without limitation, owner’s affidavits, updated legal opinions and copies of leases and such changes to the Special Security Documents as may be necessary or desirable to comply with changes in applicable law. In connection therewith, Borrower and each Loan Party appoint Administrative Agent as its attorney in fact to make such changes to the Special Security Documents on behalf of Borrower or the applicable Loan Party as may be necessary or desirable to comply with changes in applicable law, such power of attorney being coupled with an interest and being irrevocable. In connection with the recording of the Special Security Documents, the Administrative Agent may obtain, at the Borrower’s sole cost and expense, a mortgagee’s title insurance policy with respect to the Sweet Home Property in such amount as is determined by the Administrative Agent. The Borrower shall upon demand pay the cost of any such mortgagee’s title insurance policy and the cost of any updated UCC searches. The Administrative Agent and the Banks Lenders agree that, provided no Default or Event of Default shall have theretofore occurred hereunder or under any of the other Loan DocumentsDocuments and shall continue to exist, Administrative Agent shall, within five (5) days of the receipt of written request from the Borrower, shall release the Special Real Estate Sweet Home Property from the lien of the Special Security Documents and return the Special Security Documents to the BorrowerBorrower upon the satisfaction of the conditions set forth in §9.11; provided, however, the Administrative Agent shall not be obligated to release the Special Real Estate Sweet Home Property or return the Special Security Documents if, as a result of the release of the Special Real EstateSweet Home Property, a Default or Event of Default shall exist or would arise hereunder or under any of the other Loan Documents.