Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. The related Mortgage Loan documents require the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including any applicable Rating Agency fees, or would permit the related mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. Except with respect to another Mortgage Loan (which will also be an asset of the Trust Fund) cross-collateralized with a Mortgage Loan, none of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any other mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except as indicated in the preceding sentence and except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. The related Mortgage Loan documents require the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including any applicable Rating Agency fees, or would permit the related mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage.
Other Mortgage Liens. Except as otherwise set forth on Schedule B-23, none of the Mortgage Loans permits the related Mortgaged Property or any direct controlling interest in the related Mortgagor to be encumbered by any mortgage lien or, in the case of a direct controlling interest in the related Mortgagor, a lien to secure any other debt, without the prior written consent of the holder of the subject Mortgage Loan or the satisfaction of debt service coverage or similar criteria specified therein. To the Mortgage Loan Seller's knowledge, as of origination of the subject Mortgage Loan, and to the Mortgage Loan Seller's actual knowledge, as of the Closing Date, except as otherwise set forth on Schedule B-23, and except for cases involving other Mortgage Loans, no Mortgaged Property securing the subject Mortgage Loan is encumbered by any other mortgage liens (other than Permitted Encumbrances) and no direct controlling equity interest in the related Mortgagor is encumbered by a lien to secure any other debt. The related Mortgage Loan documents do not specifically prohibit the mortgagee from requiring the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including reasonable legal fees and expenses and any applicable Rating Agency fees, or would permit the subject mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the PMCF/BSCMI/NLIC/PCF/PCFII Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.
Other Mortgage Liens. Except as otherwise set forth on Schedule C-23, none of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except as otherwise set forth on Schedule C-23, and except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof. Except as set forth in Schedule V hereto, as of the date of origination, the related Mortgaged Property was not encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage. As of the date hereof, the related Mortgaged Property is not encumbered by any mortgage liens of equal priority with the lien of the related Mortgage, and to Seller's actual knowledge, except as set forth in Schedule V hereto, the related Mortgaged Property is not encumbered by any mortgage liens junior to the lien of the related Mortgage.
Other Mortgage Liens. Southdale Mall (58745) The related Borrower shall have a one time only right, upon thirty (30) days prior written notice to the mortgagee (the "Additional Debt Election"), to incur additional debt secured by the related Mortgaged Property on a pari passu basis with, or subordinate to, the Loan (the "Additional Debt") provided that the conditions precedent set forth in the related Loan Agreement which include among other things, confirmation from the rating agencies that the Additional Debt will not result in a qualification, withdrawal or downgrade of the securities, that the lender for the Additional Debt be an institutional lender, the lender for the Additional Debt enter into an intercreditor agreement, such Borrower provide an opinion acceptable to the rating agencies that the Additional Debt does not constitute a significant modification under Section 1001 of the Revenue Code or cause the REMIC Trust that has acquired the related Mortgage Loan to fail to qualify as a REMIC Trust; and the amount of the Additional Debt shall not exceed an amount equal to the product derived by multiplying (i) the base loan-to-value ratio and (ii) the amount by which the appraised value of the related Mortgaged Property (which shall be based only on signed leases with tenants in occupancy and paying unabated base rent) has increased over the appraised value obtained by the appraiser in connection with the closing of the related Mortgage Loan, as determined by the appraiser that provided the appraised value in connection with the closing of the related Mortgage Loan (or if such appraiser (or its successor or assign) is no longer in business, such other appraiser selected by mortgagee) pursuant to an appraisal in substantially the same form as that used to determined the appraised value of the related Mortgaged Property in connection with the closing of the related Mortgage Loan.
Other Mortgage Liens. With respect to Loan 4, Louisiana Boardwalk, the loan agreement does not expressly require Borrower to pay rating agency fees in connection with consent to an encumbrance. Section 12.21 of the Loan Agreement requires Borrower to pay Lender's costs and expenses, including fees, costs and expenses of attorneys, local counsel, accountants, and other contractors in connection with any consent. With respect to Loan 22, Oak Brook International Office Center, the related mortgage property is encumbered by a second lien in the amount of $9,600,000 that is an inter company debt. With respect to Loan 36, 000 Xxxxxxx Xxxxxx, there is an unsecured inter company subordinate debt in the amount of $10,000,000. With respect to Loan 161, Mondo Building, the related mortgage property is encumbered by a second lien in the amount of $1,200,000. With respect to Loan 131, Osco Plaza, the related borrower has the option to encumber the mortgaged property with a second lien to secure additional subordinated debt or a special purpose entity to be formed, which will be the 100% owner of the borrower, may pledge its interest to secure additional subordinated debt, provided, in each case, that certain conditions specified in the loan agreement are satisfied, including: (i) the aggregate amount of the mortgage loan and the subordinate debt (either the secured subordinate debt or the mezzanine debt) will not exceed 85% of the fair market value of the mortgaged property, (ii) the aggregate debt service coverage ratio at all times (assuming that either the secured subordinate debt or the mezzanine debt is fully advanced) is at least 1.15:1 and (iii) the assumed debt service coverage ratio at all times (assuming that either the secured subordinate debt or the mezzanine debt is fully advanced) is at least 0.90:1.
