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Document Preview Master Reimbursement Agreement |
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Title: |
Master Reimbursement Agreement |
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Entities: |
Fairways-Columbia, LP; Mid-America Apartment Communities Inc.; Mid-America Apartments, LP; Prudential Multifamily Mortgage, Inc.; Federal National Mortgage Association |
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Date: |
2006 |
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Size: |
Preview shows 12KB of 51KB total |
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Price: |
$40 |
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ID: |
#1042949 |
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AMENDMENT NO. 4 TO MASTER REIMBURSEMENT AGREEMENT
THIS AMENDMENT NO. 4 TO MASTER REIMBURSEMENT AGREEMENT (this Amendment No. 4) amends that certain Master Reimbursement Agreement made and entered into as of June 1, 2001, by and among Fannie Mae, Mid-America Apartments, L.P. and Fairways-Columbia, L.P. (as amended, the Master Reimbursement Agreement) and is made and entered into as of November 17, 2005 by and among Fannie Mae, Mid-America Apartments, L.P., Mid-America Apartment Communities, Inc. and Mid-America Apartments of Texas, L.P. (individually and collectively, Borrower). All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Master Reimbursement Agreement.
RECITALS
WHEREAS, the Borrower has requested and Fannie Mae has agreed to add an Additional Mortgaged Property to the Collateral Pool;
WHEREAS, Fannie Mae and Borrower desire to amend the Master Reimbursement Agreement to add certain provisions and to add the following Additional Mortgaged Property to the Collateral Pool: Runaway Bay Apartments located in Mount Pleasant, Charleston County, South Carolina (the 2005 Additional Mortgaged Property);
WHEREAS, Prudential Multifamily Mortgage, Inc., a Delaware corporation (the Lender) has agreed to make one or more additional loans to Borrower pursuant to and subject to the terms and conditions of that certain Master Credit Facility Agreement dated as of March 2, 2004 between Borrower and Lender, as assigned by the Lender to Fannie Mae pursuant to the Assignment of Master Credit Facility Agreement and Other Loan Documents dated as of March 2, 2004, and as amended by Amendment No. 1 to Master Credit Facility Agreement dated as of the date hereof (as so amended, the Credit Agreement) among Borrower, Lender and Fannie Mae.
WHEREAS, the obligations of Borrower to Fannie Mae under the Credit Agreement and the related Loan Documents, the Master Reimbursement Agreement and the Reimbursement Security Documents are cross-defaulted and cross-collateralized;
WHEREAS, Fannie Mae and Borrower intend these Recitals to be a material part of this Amendment No. 4.
NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00), the mutual covenants and agreements set forth herein, and other good and valuable consideration, all of which each party agrees constitutes sufficient consideration received at and before the execution hereof, the parties agree as follows:
Amendment No. 4 to
Master Reimbursement Agreement
Mid-America Apartments
AGREEMENTS
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1. |
Section 1.2 is hereby amended by adding the following defined terms: |
2005 Additional Mortgaged Property means Runaway Bay Apartments located in Mount Pleasant, Charleston County, South Carolina.
2. Section 1.2 is hereby amended by deleting the definition of Commitment in its entirety and replacing such definition with the following definition:
Commitment means the aggregate original principal amount of the Bonds. The sum of the Commitment under this Agreement and the DMBS Loan Commitment under the Credit Agreement shall not exceed $100,000,000.
3. Section 1.2 is hereby amended by deleting the definition of Facility Note (as added to the Master Reimbursement Agreement by Amendment No. 3 to the Master Reimbursement Agreement dated as of March 2, 2004) in its entirety and replacing such definition with the following definition:
Facility Note means the DMBS Discount Multifamily Note in the initial principal amount of $11,720,000 delivered by Borrower to Lender pursuant to the Credit Agreement, as such note may be amended, supplemented or amended and restated from time to time, including without limitation in connection with the making of an additional loan under the Credit Agreement, and any other promissory note issued by the Borrower to Lender to evidence a loan made pursuant to the Credit Agreement.
4. Section 1.2 is hereby amended by deleting the definition of Reimbursement Mortgages in its entirety and replacing such definition with the following definition:
Reimbursement Mortgages means (i) each second priority Security Instrument (including all riders thereto) executed by a Borrower in favor of Fannie Mae on each of the Mortgaged Properties securing the obligations of the Borrower under this Agreement, including, without limitation, the obligations under Article IV of this Agreement or (ii) in the case of the 2004 Additional Mortgaged Properties known as Stassney Woods and Travis Station, each second priority Security Instrument (including all riders thereto) executed by a Borrower in favor of Fannie Mae and Lender on each of such Mortgaged Property securing the obligations of the Borrower under this Agreement, the Credit Agreement and the Facility Note.
5. Section 1.2 is hereby amended by deleting the definition of Underwriting Rate in its entirety and replacing such definition with the following definition:
Underwriting Rate means 6.9861% for the Mortgaged Property known as Fairways Apartments, 6.9861% for the Mortgaged Property known as Post House North Apartments, 6.9861% for the Mortgaged Property known as
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Amendment No. 4 to
Master Reimbursement Agreement
Mid-America Apartments
Reflection Pointe Apartments, 6.258% for each of the Four Additional Mortgaged Properties, 6.22% for the Mortgaged Property known as Westbury Creek Apartment, 6.1746% for the Mortgaged Property known as Windridge Apartments, 6.13772% for the Mortgaged Property known as The Park at Hermitage, 6.29552% for the Mortgaged Property known as Travis Station Apartments, 6.26444% for the Mortgaged Property known as Stassney Woods Apartments and 6.185% for the Mortgaged Property known as Runaway Bay Apartments.
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