Collective Properties definition
Examples of Collective Properties in a sentence
Each Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Collective Properties owned by such Borrower and good title to the balance of the Collective Properties owned by it, in each case, free and clear of all Liens whatsoever except the Permitted Encumbrances.
Each Borrower will continue to engage in the business currently conducted by it as and to the extent reasonably required for the ownership and leasing of the Collective Properties owned by such Borrower.
Except as set forth in Section 2.4, this Section 2.5 or any other specific provisions in any of the Loan Documents to the contrary, no repayment, prepayment or defeasance of all or any portion of the Note shall cause, give rise to a right to require, or otherwise result in, the release of the lien of the Mortgage on the Collective Properties.
Since the date of the financial statements described above and through the date hereof, there has been no material adverse change in the financial condition, operations or business of the Borrowers or the Collective Properties from that set forth in said financial statements.
Such annual financial statements shall be accompanied by a certificate executed by a duly authorized officer of Borrower (or its general partner or managing member, as applicable) certifying that such annual financial statement presents fairly the combined financial condition and the results of operations of the Borrowers and the Collective Properties.
Except as set forth on any Survey, none of the Improvements on the Collective Properties are located in an area identified by the Federal Emergency Management Agency as a special flood hazard area, or, if so located the flood insurance required pursuant to Section 5.1.1(a) hereof is in full force and effect with respect to such Property.
To Borrower’s Knowledge, there are no mechanics’, materialman’s or other similar liens or claims which have been filed for work, labor or materials affecting any of the Collective Properties which are or may be liens prior to, or equal or coordinate with, the lien of the related Mortgage.
Such Successor Borrower shall assume the obligations under the Note and the Security Agreement and Borrower shall be relieved of its obligations under the Loan Documents (other than those obligations which by their express terms survive a repayment, defeasance or other satisfaction of the Loan and/or a transfer of the Collective Properties in connection with Lender’s exercise of its remedies under the Loan Documents).
No Borrower has any material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Borrower is a party or by which such Borrower or its Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of the Collective Properties (including, without limitation, obligations under Leases and with respect to title matters) and (b) obligations under the Loan Documents.
Together with Borrower’s annual financial statements, Borrower shall furnish to Lender an annual summary of any and all Capital Expenditures made at the Collective Properties during the prior twelve (12) month period and the Net Operating Income as of the end of such calendar year.