7A Request from Presbyterian Homes for Conduit Financing

Home Browse Search

_ ___ _ .. Section 3.5 Section 6.S Section 4.1 5ection 7.6 Section 4.3 Section 7.7 Section 4.12 Section 7.8 Section 4.13 Upon any such assignment, the provisions irn�ediately above rul�ning to the Ciiy fram the Borrower for the Czty's benefit shall run jointly and severaily to the City and the Lender (if appropriate), provided that the City shall have the righ� to enforce any retained rights without the approval of the Lender but only if the Lender is not enforcing such rights in a manner ta protect the City ar is otherwise taking action with respect thezeto thai br�ngs adverse consequences to the City. The obligations of the Borrower running to the City for the purpose of preserving tl�e tax e�empt status of the Note ox otherwise for the City's benefit under the foregoing Sections shall survive repayment of the Note and inter�st thereon. Section 7.10 Required Approvals. Consents and approvals required by this Agreement to be obtained from the Bozxower, the City or the Lender shall be in writing and shall not be �nreasonably withheld or delayed. Section 7.11 Tez-�xiination U on Retirement of Noie. At any time when no principal balance on the No�e re�nains out�tanding, azid arrangements satisfactory ta the Lender and the City have b�en made for the discharge of all other accrued Iiabilities, if any, under this Loan Agreernent, this Loan Agreement shall terminate, except as otherwise expressly provided in Section 7.9 or otherwise herein. Seciion 7.12 Ex enses of Lender. The Borrower shall reimburse ihe Lender for any and all costs and e�penses, including, without limitation, attorneys' fees, paid or incurred by the Lender in connection wiih {i) review, negotiation, preparation, and approval of this Agr�ement and any other document or agreemeni related hereto or there�o or the traxisactions conternplaied hereby; (ii) the review, negotiation, preparation, az�.d approval of any amendmen�s, rnodifications or extensions �o any oi the foregoing doc�unents, instruments or agreer�ents, and the preparation and consununation of a�y and all docurnents necessary or desi�able to effect such amendrr�ents, modifications or extensions; (iii) any appraisals, environmental assessments or other reports relating to the Land which the Lender is authorized to seek, order or prepare pursuant to this Agreemeni ar any other instrument evidencing or securing the Loan or is required to seek, order or prepare pursuant either to applicable laws or regulatians or the Lender's policies or procedures generally applicable to comrnercial mortgage loans by the Lender; (iv) any reasonable fees or costs chaxged to the Lender by an architect or vther �esign �rofessional engaged by the Lender to, ar�ong other things, inspect the construction of any approved i�nprovements to the Land, or verify co�npliance thereof with app�icable building and zaning laws; (v) all title insurance premiums, filing and recarding fees and mortgage registratian #ax paid or payable in coru�cctian with the consumrnatzon of the transaction contemplated hereby; and {vi) the enf'orcement by the Lender during the term hereof or thereafter of any of the rights or remedies of the Lender under any of the foregoing documenis, instr�ments or agreEments or under applicable law, whether or not suit is filed with respect thereto (attorneys fees and costs are Iimited to areasonable fees and costs). 2208845v4 �5