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201400400
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Last modified
8/19/2014 2:25:24 PM
Creation date
1/23/2014 3:16:30 PM
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DEEDS
Inst Number
201400400
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140 <br />agreement shall be in form and substance reasonably satisfactory to Lender and <br />shall be binding upon the Grantor. <br />(9) Grantee executes and delivers to Lender (i) a certificate that, as of the date of <br />closing of the Sale, Grantee is in compliance with the provisions of paragraph 20 <br />hereof, and (ii) an Internal Revenue Service ( "IRS ") W -9 form. <br />(10) Lender shall have received such legal opinions (including an authority opinion of <br />Grantee and the holder or holders of the primary Beneficial Ownership Interest in <br />Grantee, an enforceability opinion as to the aforementioned Loan Assumption <br />Agreement, the Lease Assumption Agreement, the Replacement Guaranty and the <br />Replacement Indemnity, and a non - consolidation opinion, each of which shall be <br />substantively similar to the form of such opinion delivered in connection with the <br />execution of this Security Instrument, or may be in such other form as is <br />reasonably acceptable to Lender) as may be reasonably requested by Lender in <br />connection with such Sale. <br />(11) Lender shall have received an acceptable net worth statement of the holder of the <br />primary Beneficial Ownership Interest in Grantee (which shall be deemed <br />acceptable if such holder's net worth equals or exceeds $50,000). <br />(12) Lender shall have received written confirmation that the documents described <br />above have been delivered in a form that complies with the terms hereof from <br />special counsel to the owners of the Pass - Through Certificates (hereinafter <br />defined), it being agreed that Dechert LLP is such counsel until Lender is <br />otherwise notified in writing by the holders of a majority in percentage interest of <br />the Pass - Through Certificates. <br />(d) Transfer Conditions. Notwithstanding anything herein to the contrary, a Transfer (other <br />than a transfer by a Special Purpose General Partner (as defined in paragraph 20(t) <br />hereof) of its general partnership interest in the Borrower if the Borrower is a limited <br />partnership, unless such transfer is a transfer of forty -nine percent (49 %) or more of the <br />Beneficial Ownership Interest in Borrower or changes the actual control of Borrower) <br />shall be permitted by Lender, and the prior written consent of Lender to such Transfer <br />shall not be required, provided that each of the following terms and conditions are <br />satisfied: <br />(1) No Event of Default is then continuing hereunder or under any of the other Loan <br />Documents, and no Lease Default exists (and Lender shall have received a <br />certificate from Transferor certifying such facts to the best of its knowledge, and a <br />certificate from Transferee representing that, to its knowledge, no event which, <br />with the passage of time, could become an Event of Default or Lease Default shall <br />be continuing immediately following such Transfer). <br />(2) Lender has received evidence reasonably satisfactory to it that all required <br />approvals, if any, under the governing documents of Borrower to effectuate such <br />Transfer shall have been obtained or are not needed. <br />-21 - <br />
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