|
200507874
<br />broker or dealer registered under the Securities Exchange Act of 1934, as amended, or any investment adviser
<br />registered under the Investment Adviser Act of 1940, as amended, (i) any government, any public employees'
<br />pension or retirement system, or any other government agency supervising the investment of public funds, or 0) any
<br />other entity all of the equity owners of which are Institutional Lenders; provided that each of said Persons shall have
<br />net assets in excess of $1,000,000,000 and a net worth in excess of $500,000,000, be in the business of making
<br />commercial mortgage loans, secured by properties of like type, size and value as the Property and have a long term
<br />credit rating which is not less than "BBB-" (or its equivalent) from each Rating Agency.
<br />"Insurance Proceeds" shall mean all of the proceeds received under the insurance policies required to be
<br />maintained by Borrower pursuant to Article III hereof.
<br />"Insurance Requirements" shall mean all terms of any insurance policy required by this Security
<br />Instrument, all requirements of the issuer of any such policy, and all regulations and then current standards
<br />applicable to or affecting the Property or any use or condition thereof, which may, at any time, be recommended by
<br />the Board of Fire Underwriters, if any, having jurisdiction over the Property, or such other Person exercising similar
<br />functions.
<br />"Interest Accrual Period" shall mean the First Interest Accrual Period and, thereafter, each one (1) month
<br />period, which shall be a calendar month.
<br />"Interest Rate" shall have the meaning set forth in the Note.
<br />"Interest Shortfall" shall mean any shortfall in the amount of interest required to be paid with respect to the
<br />Loan Amount on any Payment Date.
<br />"Late Charge" shall have the meaning set forth in Section 13.09 hereof.
<br />"Leases" shall have the meaning set forth in granting clause (f) of this Security Instrument.
<br />"Legal Re uirernent" shall mean as to any Person, the certificate of incorporation, by -laws, certificate of
<br />limited partnership, agreement of limited partnership or other organization or governing documents of such Person,
<br />and any law, statute, order, ordinance, judgement, decree, injunction, treaty, rule or regulation (including, without
<br />limitation, Environmental Statutes, Development Laws and Use Requirements) or determination of an arbitrator or a
<br />court or other Governmental Authority and all covenants, agreements, restrictions and encumbrances contained in
<br />any instruments, in each case applicable to or binding upon such Person or any of its property or to which such
<br />Person or any of its property is subject.
<br />"Lender" shall mean the Lender named herein and its successors or assigns.
<br />"Loan" shall have the meaning set forth in the Recitals hereto.
<br />"Loan Amount" shall have the meaning set forth in the Recitals hereto.
<br />"Loan Documents" shall mean this Security Instrument, the Note; the Assignment, and any and all other
<br />agreements, instruments, certificates or documents executed and delivered by Borrower, any of the Cross -
<br />collateralized Borrowers or any Affiliate of Borrower in connection with the Loan.
<br />"Loan Year" shall mean each 365 day period (or 366 day period if the month of February in a leap year is
<br />included) commencing on the first day of the month following the Closing Date (provided, however, that the first
<br />Loan Year shall also include the period from the Closing Date to the end of the month in which the Closing Date
<br />occurs).
<br />"Loss Proceeds" shall mean, collectively, all Insurance Proceeds and all Condemnation Proceeds.
<br />12
<br />
|