Examples of Underlying Lender in a sentence
With respect to the Mortgage if it is a deed of trust, as of the date of origination and, to the Knowledge of Borrower, as of the Closing Date, a trustee, duly qualified under applicable law to serve as such, currently so serves and is named in the deed of trust or has been substituted in accordance with the Mortgage and applicable law or may be substituted in accordance with the Mortgage and applicable law by Underlying Lender.
All premiums on all insurance policies referred to in this section required to be paid as of the Closing Date have been paid, and such insurance policies name Underlying Lender and its successors and assigns as a loss payee under a mortgagee endorsement clause or, in the case of the general liability insurance policy, as named or additional insured.
The Underlying Loan does not have a shared appreciation feature, any other contingent interest feature, a negative amortization feature or an equity participation by Borrower or Underlying Lender, as applicable.
The Underlying Loan obligates Underlying Borrower to maintain all such insurance and, at Underlying Borrower’s failure to do so, authorizes Underlying Lender to maintain such insurance at Underlying Borrower’s cost and expense and to charge Underlying Borrower for related premiums.
Borrower or Underlying Lender, as applicable, inspected or caused to be inspected the Mortgaged Property within six (6) months of origination of the Underlying Loan and within twelve (12) months of the Closing Date.
Such Title Policy (or, if it has yet to be issued, the coverage to be provided thereby) is in full force and effect, all premiums thereon have been paid and no claims have been made by Underlying Lender or Borrower, as applicable, thereunder and no claims have been paid thereunder.
After origination, no advance of funds has been made by Borrower or, to Borrower’s Knowledge, Underlying Lender to Underlying Borrower other than in accordance with the Underlying Loan Documents, and, to the Knowledge of Borrower, no funds have been received from any person other than Underlying Borrower or an affiliate for, or on account of, payments due on the Underlying Loan (other than as contemplated by the Underlying Loan Documents).
As of the Closing Date, all escrow deposits and payments required to be escrowed with Underlying Lender pursuant to the Underlying Loan are in the possession, or under the control, of Underlying Lender or Borrower, or servicer of Underlying Lender or Borrower, as applicable, and there are no deficiencies (subject to any applicable grace or cure periods) in connection therewith.
To the Knowledge of Borrower as of the Closing Date the servicing and collection practices used by the Borrower and/or Underlying Lender, as applicable, with respect to the Underlying Loan have been, in all respects, legal and have met customary industry standards for servicing of commercial loans.
Except as contained in a written document included in the Asset File, there have been no modifications, amendments or waivers consented to by Borrower or Underlying Lender, as applicable, with respect to the Underlying Loan that could be reasonably expected to have a material adverse effect on the Underlying Loan on or after the Closing Date.