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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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201400400 <br />factor equal to the Reinvestment Yield plus fifty (50) basis points, less (y) <br />the principal amount of the Note, but in no event less than 0; <br />(B) Borrower shall issue to Lender the New Note in an aggregate principal <br />amount equal to the Principal Collateral. The New Note shall be secured <br />solely by the Cash Collateral. Interest shall accrue on the New Note and on <br />the reduced amount of the Note; <br />(C) Borrower shall have delivered to Lender an opinion letter with respect to the <br />Substitute Collateral Borrower addressing such matters and in the form as <br />set forth on Schedule 6 to the Declaration or in such other form as is <br />reasonably acceptable to Lender; <br />(D) <br />(E) <br />(H) <br />Borrower and a bankruptcy remote, special purpose Delaware limited <br />liability company, Delaware limited partnership, Delaware statutory trust, <br />California limited partnership or Texas limited partnership, as the case may <br />be, having organizational documents substantively identical (in all material <br />respects) to Borrower's or to the organizational documents of the owner of <br />any Related Property (the "Substitute Collateral Borrower "), which may be <br />formed and controlled by Guarantor or by one of the Control Parties or one <br />of their respective affiliates, shall have entered into an assignment and <br />assumption agreement, pursuant to which Borrower shall have assigned <br />ownership of the Cash Collateral to the Substitute Collateral Borrower and <br />the Substitute Collateral Borrower shall have assumed the outstanding <br />obligations under the New Note; <br />either the Grantee or Borrower shall have paid or deposited (or shall have <br />caused to be paid or deposited) with Escrow Agent all transfer and mortgage <br />taxes incurred or to be incurred in connection with such Sale and the <br />exercise of the Substitute Collateral Right. Borrower hereby indemnifies <br />Lender in respect of any such taxes; <br />(F) Borrower or the Grantee shall have delivered to Lender a Substitute <br />Collateral Non - Consolidation Opinion addressing such matters and in the <br />form as set forth on Schedule 8 to the Declaration or in such other form as is <br />reasonably acceptable to Lender; <br />(G) Borrower shall have delivered to Lender an opinion of counsel that exercise <br />of the Substitute Collateral Right should not result in a realization event <br />under Section 1001 of the Internal Revenue Code of 1986, as amended, in <br />the form specified in the Declaration or in such other form as is reasonably <br />acceptable to Lender; and <br />the Grantee shall have delivered an opinion letter addressing such matters <br />and in the form as set forth on Schedule 10(i) to the Declaration or in such <br />other form as is reasonably acceptable to Lender. <br />
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