Senior Loan. The Senior Loan has been fully funded in the amount of $22,000,000. The outstanding principal balance of the Senior Loan, as of the Closing Date, is $22,000,000. No default, breach, violation or event of default has occurred under any Senior Loan Document which remains uncured or unwaived and no circumstance, event or condition has occurred or exists which, with the giving of notice and/or the expiration of the applicable period would constitute an Event of Default under the Senior Loan Documents. Each and every representation and warranty of Owner, made to Senior Lender contained in any one or more of the Senior Loan Documents is true, correct, complete and accurate in all material respects as of the date hereof and are hereby incorporated into this Agreement and deemed made hereunder as and when made thereunder and shall remain incorporated without regard to any waiver, amendment or other modification thereof by the Senior Lender or to whether the related Senior Loan Document has been repaid, defeased or otherwise terminated, unless otherwise consented to in writing by Lender.
Senior Loan. Unless otherwise delivered to Lender pursuant to the provisions of this Section 6.3, Borrower will deliver (or cause Owner to deliver) to Lender all of the financial statements, reports, certificates and related items delivered or required to be delivered by Owner to Senior Lender under the Senior Loan Documents as and when due under the Senior Loan Documents.
Senior Loan. Borrower shall, or shall cause Mortgagor, to fully and timely pay all amounts owing under the Senior Loan Documents and timely and fully perform all of Mortgagor’s covenants and agreements contained therein. Borrower shall provide Lender with copies of all notices (except routine notices which would not include any notice related to any failure to comply with any terms of the Senior Loan Documents or regarding any event of default under the Senior Loan Documents) given or received by Mortgagor under or pursuant to the Senior Loan Documents, promptly upon delivery or receipt as the case may be. Without limiting the Lender’s right to declare an Event of Default on account of a failure to comply with the terms and provisions of the Senior Loan Documents, if Borrower or Mortgagor fail to so pay or perform such obligations, and if such failure either (i) becomes an Event of Default hereunder or (ii) prior to becoming an Event of Default continues for twenty (20) days after Lender gives written notice to Borrower to cure, the Lender may pay or perform the same pursuant to Section 18(b) hereof. Notwithstanding the foregoing, (i) Lender shall have no obligation whatsoever to pay any of the amounts evidenced or secured by, or to perform any of the covenants or obligations imposed by, any Senior Loan Documents, and (ii) any such payment by Lender shall not cure Mortgagor’s default hereunder or under the Senior Loan Documents but shall only protect Lender’s interest in the Project. Borrower shall not, nor shall it permit Mortgagor to, amend or modify any of the Senior Loan Documents without the prior written consent of Lender.
Senior Loan. Each Junior Lender, with respect only to its Junior Loan, hereby acknowledges that (i) Senior Borrower will not ever have any liability or obligation whatsoever with respect to the Junior Notes or otherwise in connection with the payment of the Junior Loans, (ii) the Junior Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Premises or any other collateral securing the Senior Loan or otherwise grant to any Junior Lender the status as a creditor of Senior Borrower, (iii) they shall not assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of Senior Borrower in any action or proceeding, including any insolvency or bankruptcy proceeding commenced by or against Senior Borrower and (iv) they shall not assert, pursue, confirm or acquiesce in any way to any recharacterization of the Junior Loans as having conferred upon any Junior Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon Junior Lenders the status of a creditor of Senior Borrower.
Senior Loan. Xxxxxxxx has a senior loan from a senior lender (the “Senior Lender”) secured by a senior mortgage or mortgages on the Property as disclosed to the Lender (collectively, the "Senior Instruments"). Xxxxxx acknowledges that this Mortgage is junior and subordinate to the lien of the Senior Instruments. Borrower covenants and agrees to comply with all of the terms and provisions of the Senior Instruments. Borrower shall give Lender a copy of all notices given Mortgagor with respect to any of the Senior Instruments within fifteen (15) business days after receiving such notice. Borrower shall not, without the prior written consent of Lender, enter into any modification, extension, amendment, agreement or arrangement in connection with any of the Senior Instruments. In the event Borrower is declared by the holder of any of the Senior Instruments to be in default with respect to any requirement of any of the Senior Instruments, Xxxxxxxx agrees that said default shall constitute a default hereunder and under this Mortgage and the Loan Documents. Upon the occurrence of such default, in addition to any other rights or remedies available to Lender, Lender may, but need not, make any payment or perform any act required to cure or attempt to cure any said default under any of the Senior Instruments in any manner and form deemed expedient by Xxxxxx. Lender shall not be responsible for determining the validity or accuracy of any claim of default made by the Senior Lender under the Senior Instruments and the payment of any sum by Xxxxxx in curing or attempting to cure any alleged default or omission shall be presumed conclusively to have been reasonable, justified and authorized. Any inaction on the part of the Lender shall not be construed as a waiver of any right accruing to Lender on account of any default hereunder. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Xxxxxxxx and recorded with it. Witness (Seal) --Borrower (Seal) Witness --Borrower Witness (Seal) ~ A C K N O W L E D G E M E N T ~ STATE OF ILLINOIS } COUNTY OF } I , a Notary Public in and for the said county and State, do hereby certify that (Borrower) (Co-Borrower(s)) personally Known to me as the same person(s) whose name(s) is/are subscribed to the foregoing instrument, appeared before me this day in person, and acknowledged that they signed and delivered the said instrument as their free and voluntary act, for...
Senior Loan. Borrower shall cause Owner to perform its obligations under the Senior Loan. Borrower shall not permit Owner to enter into any amendments, modifications, extensions or supplements to the Senior Loan without Lender’s prior written consent. Borrower shall deliver to Lender copies of all notices delivered to or sent by Owner under the Senior Loan and all reports, statements and other information required under the Senior Loan.
Senior Loan. LHC acknowledges and agrees that Borrower has entered or will enter into the Senior Loan affecting the Project, in the original principal sum of $[ ], accruing interest at [ ]% per annum, amortized over [ ] months commencing [ ] and maturing [ ]. The Senior Loan is secured by the Senior Mortgage in favor of Senior Lender, having or which will have a first priority mortgage lien on the Project. The lien of LHC’s Mortgage and the Loan Documents (other than the Regulatory Agreements) are and will be subordinate to the Senior Loan documents in all respects.
Senior Loan as applicable, during the construction period, the construction loan provided to Borrower from Senior Lender, and after conversion to permanent financing, the permanent loan provided to Borrower from Senior Lender, in an amount not to exceed $[ ], each evidenced by the applicable Senior Note and secured by the Senior Mortgage.
Senior Loan. The occurrence of a Senior Loan Event of Default.
Senior Loan. Each Mezzanine Lender hereby acknowledges that (i) Borrower shall not have any liability or obligation whatsoever with respect to the Mezzanine Notes or otherwise in connection with the payment of the Mezzanine Loans, (ii) the Mezzanine Loans do not constitute or impose, and shall not be deemed or construed as constituting or imposing now or hereafter, a lien or encumbrance upon, or security interest in any portion of the Premises or any other collateral securing the Senior Loan or otherwise grant to either Mezzanine Lender the status as a creditor of Borrower, (iii) it shall not, as holder of a Mezzanine Loan, assert, claim or raise as a defense, any such lien, encumbrance or security interest in the Premises or any status as a creditor of Borrower in any action or proceeding, including any insolvency or bankruptcy proceeding commenced by or against Borrower; (iv) it shall not, as holder of a Mezzanine Loan, assert, pursue, confirm or acquiesce in any way to any recharacterization of the Mezzanine Loans as having conferred upon either Mezzanine Lender any lien or encumbrance upon, or security interest in, the Premises or any portion thereof or as having conferred upon Mezzanine Lenders the status of a creditor of Borrower; and (v) nothing in this Agreement is intended to create and this Agreement does not create any security interest given by the Senior Lender in favor of Mezzanine Lenders.
