HomeMy WebLinkAbout49(b) M ified Definitions. The following definitions set forth
in Section 1.1 of the Loan Agreement are amended in their entirety:
"Cash or Cash Return" means the ratio, expresfed as a
percentage, of(a) annualized Net Operating Income of the Project and the
Blackriver Property. to (b) the outstanding principal balance of the Loan and the
Blackriver Loan.
,.Deht ervice" means the aggregate interest, Fred
principal, and other payments due under the Loan and the Blackriver Loan, and
on any other outstanding permitted Debt relating to the Project approved by
Lender fur the period of time for which calculated
"Debt Service Coverriv " means, for the period of time for
which calculation is being made, the ratio of Net Operating Income of the
Project and the. Blackriver Property to Debt Service
"Net Cash Flow" means, for any period, the amount by
which Operating Revenues exceed the sum of (a) Operating Expenses, (b) Debt
Service for the Project. (c) any actual payment into impounds, escrows, or
reserves required by Lender. except to the extent included within the definition
of Operating Expenses. and (d) masonahle third -party out of pocket expenses
related to Borrower's operations and accounting (except Borrower overhead)
not to exceed S20,000 00 per calendar year
"Sinele Purpose Entitv" shall mean a Person (other than
an individual, a govemment. or any agency or political subdivision thereof).
which exists solely for the purpose of owning the Project and the Blackriver
Property. conducts business only in its own name, doss not engage in any
business or have arry assets unrelated to the Project and the Blackriver Property.
1 does not haw any indebtedne.<.s other than as permitted by this Agreement, has
its own separate books. records. and accounts (with no commingling of assets).
j holds itself out as being a Person separate and apart from any other Person, and
observes corporate and partnership formalities independent of any other entity,
and which otherwise constitutes a single purpose, bankruptcy remote entity as
determined by Lender as of the date of this Agreement.
(c) Extension Conti ions. The conditions to extensrcn of the
It Loan set forth in Section 2.3(3) (a) and (b) of the Loan Agreement shall he
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