the following conditions precedent has been met:
(A)
RECEIPT BY LENDER OF THE FULLY EXECUTED SUBSTITUTION REQUEST;
(B)
RECEIPT BY LENDER OF THE SUBSTITUTION DEPOSIT TO THE EXTENT
NECESSARY UNDER SECTION 3.07;
(C)
RECEIPT BY LENDER OF THE ADDITIONAL COLLATERAL DUE DILIGENCE FEES
AND SUBSTITUTION FEE;
(D)
SUCH SUBSTITUTE MORTGAGED PROPERTY SHALL COMPLY WITH THE
PROVISIONS OF SECTION 3.06(B) OF THIS AGREEMENT;
(E)
DELIVERY TO THE TITLE COMPANY, WITH FULLY EXECUTED INSTRUCTIONS
DIRECTING THE TITLE COMPANY TO FILE AND/OR RECORD IN ALL APPLICABLE
JURISDICTIONS, ALL APPLICABLE LOAN DOCUMENTS REQUIRED BY LENDER TO BE FILED OR
RECORDED, INCLUDING DULY EXECUTED AND DELIVERED ORIGINAL COPIES OF THE SECURITY
INSTRUMENTS COVERING THE SUBSTITUTE MORTGAGED PROPERTIES AND UCC-1 FINANCING
STATEMENTS COVERING THE PORTION OF THE SUBSTITUTE MORTGAGED PROPERTY COMPRISED
OF PERSONAL PROPERTY, AND OTHER APPROPRIATE INSTRUMENTS, IN FORM AND SUBSTANCE
SATISFACTORY TO LENDER AND IN FORM PROPER FOR RECORDATION, AS MAY BE NECESSARY
IN THE OPINION OF LENDER TO PERFECT THE LIEN CREATED BY THE APPLICABLE
ADDITIONAL SECURITY INSTRUMENT, AND ANY OTHER RELEVANT LOAN DOCUMENT CREATING A
LIEN IN FAVOR OF LENDER, AND THE PAYMENT OF ALL TAXES, FEES AND OTHER CHARGES
PAYABLE IN CONNECTION WITH SUCH EXECUTION, DELIVERY, RECORDING AND FILING;
(F)
RECEIPT BY LENDER OF ENDORSEMENTS TO THE TIE-IN ENDORSEMENTS OF
THE TITLE INSURANCE POLICIES, IF DEEMED NECESSARY BY LENDER, TO REFLECT THE
SUBSTITUTION;
(G)
RECEIPT OF ALL DOCUMENTS REQUIRED FOR THE ADDITION OF THE
SUBSTITUTE MORTGAGED PROPERTY PURSUANT TO THE UNDERWRITING REQUIREMENTS;
(H)
THE BORROWER IS THE OWNER OF THE PROPOSED SUBSTITUTE MORTGAGE
PROPERTY;
13
(I)
RECEIPT BY LENDER ON THE CLOSING DATE OF A CONFIRMATION OF
OBLIGATIONS; AND
(J)
IF REQUIRED BY LENDER, AMENDMENTS TO THIS AGREEMENT, THE NOTES
AND THE SECURITY INSTRUMENTS, REFLECTING THE SUBSTITUTION AND, AS TO ANY
SECURITY INSTRUMENT OR NOTE SO AMENDED OR IF LENDER DETERMINES THAT SUCH
ENDORSEMENT IS NECESSARY TO MAINTAIN THE PRIORITY OF THE LIEN CREATED IN FAVOR
OF LENDER WITH RESPECT TO THE OUTSTANDING INDEBTEDNESS OR TO MAINTAIN THE
VALIDITY OF ANY TITLE
INSURANCE POLICY, THE RECEIPT BY LENDER OF AN ENDORSEMENT
TO EACH TITLE INSURANCE POLICY INSURING THE SECURITY INSTRUMENTS, AMENDING THE
EFFECTIVE DATE OF EACH TITLE INSURANCE POLICY TO THE CLOSING DATE AND SHOWING NO
ADDITIONAL EXCEPTIONS TO COVERAGE OTHER THAN THE EXCEPTIONS SHOWN ON THE INITIAL
CLOSING DATE, PERMITTED LIENS AND OTHER EXCEPTIONS APPROVED BY LENDER, TOGETHER
WITH ANY REINSURANCE AGREEMENTS REQUIRED BY LENDER.
(K)
RECEIPT BY LENDER PRIOR TO THE CLOSING DATE OF THE AMENDMENT TO
THE OPERATING LEASE EVIDENCING ONLY THE FOLLOWING: (I) THE RELEASE OF THE
RELEASE MORTGAGED PROPERTY FROM THE TERMS OF THE OPERATING LEASE, (II) THE
ADDITION OF THE SUBSTITUTE MORTGAGED PROPERTY TO THE TERMS OF THE OPERATING
LEASE, AND (III) ADJUSTING THE RENT PAYMENTS UNDER THE OPERATING LEASE PURSUANT
TO THE TERMS OF THE OPERATING LEASE.
Section 6.07.
Reserved.
Section 6.08.
Reserved.
Section 6.09.
Reserved.
Section 6.10.
Delivery of Opinion Relating
to Substitution Request.
With respect to the closing of a Substitution Request, it shall be a condition
precedent that Lender receives