|
<br />200600862
<br />
<br />Business Day (defined below) after having been deposited for overnight delivery with any reputable overnight courier
<br />service, or (c) three (3) Business Days after having been deposited in any post office or mail depository regularly
<br />maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested,
<br />addressed to Borrower or Lender, as the case may be, at the addresses set forth on the first page of this Security
<br />Instrument or addressed as such party may from time to time designate by written notice to the other parties; provided,
<br />however, notice regarding any proposed foreclosure shall be given in accordance with the requirements hereof.
<br />
<br />Either party by notice to the other may designate additional or different addresses for subsequent notices or
<br />communications. For purposes of this Subsection, "Business Day" shall mean a day on which commercial hanks are not
<br />authorized or required by law to close in New York, New York.
<br />
<br />ARTICLE 16. " CHOICE OF LA W
<br />
<br />Section 16.1. CHOICE OF LAW. This Security Instrument and any determination of deficiency judgments shall
<br />be governed, construed, applied and enforced in accordance with the laws of the state in which the Property is located and
<br />applicable federal law.
<br />
<br />Section 16.2. PROVISIONS SUI3JECT TO LAW. All rights, powers and remedies provided in this Security
<br />Instrument may be exercised only to the extent that the exercise thereof does not violate any applicable state or federal
<br />law and are intended to be limited to the extent necessary so that they will not render this Security Instrument invalid,
<br />unenforceable or not entitled to be recorded, registered or filed under any applicable state or federal law.
<br />
<br />ARTICLE 17. - SECONDARY MARKET
<br />
<br />Section 17.1. TRANSFER OF LOA.N. Lender may, at any time, sell, transfer or assign the Note, this Security
<br />Instrument and the Other Security Documents, and any or all servicing rights with respect thereto, or grant participations
<br />therein (the "Participations") or issue mortgage passthrough certificates or other securities evidencing a beneficial interest
<br />in a rated or unrated public offering or private placement (the "Securities"). Lender may forward to each purchaser,
<br />transferee, assignee, servicer, participant, or investor in such Participations or Securities (collectively, the "Investor") or
<br />any Rating Agency rating such Securities (a "Rating Agency"), each prospective Investor, and any organization
<br />maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and
<br />information which Lender now has or may hereafter acquire relating to the Debt and to Borrower, any Guarantor, any
<br />Indemnitor(s) and the Property, whether furnished by Borrower, any Guarantor, any Indemnitor(s) or otherwise, as
<br />Lender determines necessary or desirable. Borrower irrevocably waives any and all rights it may have under applicable
<br />state or federal law to prohibit such disclosure, including but not limited to any right of privacy.
<br />Section 17.2. COOYERA TION. Borrower, any Guarantor and any Indemnitor agree to cooperate with Lender in
<br />connection with any transfer made pursuant to this Section, including, without limitation, the delivery of an estoppel
<br />certificate required in accordance with Subsection 7.4(c) and such other documents as may be reasonably requested by
<br />Lender. Borrower shall also furnish and Borrower, any Guarantor and any Indemnitor consent to Lender furnishing to
<br />such Investors or such prospective Investors or a Rating Agency any and all information concerning the Property, the
<br />Leases, the financial condition of Borrower, any Guarantor and any Indemnitor as may be requested hy Lender, any
<br />Investor or any prospective Investor or any Rating Agency in connection with any sale, transfer or Participations or
<br />Securities.
<br />
<br />Section 17.3. RESERVES/ESCROWS. In the event that Securities are issued in connection with the Loan, all
<br />funds held by Lender in escrow or pursuant to reserves in accordance with this Security Instrument or the Other Security
<br />Documents shall be deposited in eligible accounts at eligible institutions as then defined and required by the Rating
<br />Agencies.
<br />
<br />ARTICLE 18. - COSTS
<br />
<br />Section 18.1. PERFORMANCE AT BORROWER'S EXPENSE. Borrower acknowledges and confirms that
<br />Lender shall impose certain administrative processing and/or commitment fees in connection with (a) the extension,
<br />renewal, modification, amendment and termination of the Loan, (b) the release or substitution of collateral therefor, (c)
<br />obtaining certain consents, waivers and approvals with respect to the Property, or (d) the review of any Lease or proposed
<br />
|