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Document Preview Credit Facility Agreement |
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Title: |
Credit Facility Agreement |
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Entities: |
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 11KB of 40KB total |
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Price: |
$45 |
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ID: |
#1042954 |
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AMENDMENT NO. 1 TO MASTER CREDIT FACILITY AGREEMENT
This AMENDMENT NO. 1 TO MASTER CREDIT FACILITY AGREEMENT dated as of November 17, 2005 (this Amendment), amends that certain Master Credit Facility Agreement dated as of March 2, 2004, entered into and delivered by Mid-America Apartments, L.P., a Tennessee limited partnership, Mid-America Apartment Communities, Inc., a Tennessee corporation and Mid-America Apartments of Texas, L.P., a Texas limited partnership (individually and collectively the Borrower). Capitalized terms used in this Amendment and not otherwise defined shall have the same meanings given to such terms in the Master Credit Agreement (as defined herein below).
RECITALS
A. The Borrower and Prudential Multifamily Mortgage, Inc., a Delaware corporation (Lender) executed that certain Master Credit Facility Agreement dated as of March 2, 2004 (as amended, supplemented or modified from time to time, the Master Credit Agreement).
B. Immediately after the execution of the Master Credit Agreement by the Borrower and the Lender, the Lender assigned its rights under the Master Credit Agreement to Fannie Mae pursuant to that certain Assignment of Master Credit Facility Agreement dated as of March 2, 2004.
C. Pursuant to the Master Credit Agreement, Lender made an initial Loan to Borrower in the amount of $11,720,000, which Initial Loan was assigned to Fannie Mae.
D. Borrower has requested that Lender commit to make one or more additional Loans under the Master Credit Agreement and permit the addition of additional Mortgaged Properties to the Collateral Pool established under the Master Credit Agreement, including without limitation a loan in the amount of $2,525,000 with respect to an Additional Mortgaged Property known as Runaway Bay Apartments in Charleston County, South Carolina.
E. Fannie Mae and the Borrower desire to amend the Master Credit Agreement to establish a $14,245,000 DMBS Loan Facility in favor of Borrower (subject to increase as provided herein), to provide for additions to the Collateral Pool and to change certain provisions of the Master Credit Agreement.
F. Fannie Mae and the Borrower intend these Recitals to be a material part of this Amendment.
AGREEMENTS
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
Amendment No. 1 to Master
Credit Facility Agreement
Mid-America
which each party agrees constitutes sufficient consideration received at and before the execution hereof, the parties agree as follows:
1. Section 1.01 of the Master Credit Agreement is hereby amended and restated to read in its entirety as follows:
SECTION 1.01. DMBS Loan Commitment and Loans. (a) Subject to the terms, conditions and limitations of this Agreement, Lender agrees to make an initial Loan (Initial Loan) to the Borrower in an amount not exceeding $11,720,000 on the Initial Closing Date and one or more additional Loans from time to time during the Loan Availability Period. The aggregate unpaid principal balance of the Loans Outstanding at any time shall not exceed the DMBS Loan Commitment. Subject to the terms, conditions and limitations of this Agreement, the Borrower may re-borrow any amounts under the DMBS Loan Facility which it has previously borrowed and repaid under the DMBS Loan Facility.
(b) The Borrower shall request a Loan by giving the Lender a Future Loan Request in accordance with Section 1.01(c). The Initial Loan and any such additional Loan (a Future Loan) shall be evidenced by the Note.
(c) In order to obtain a Future Loan, the Borrower may from time to time deliver a written request for a Future Loan (Future Loan Request) to the Lender, in the form attached as Exhibit J to this Agreement. Each Future Loan Request shall be accompanied by (a) a designation of the amount of the Future Loan requested, and (b) a designation of the maturity date of the Loan. If all conditions contained in Section 4.08 are satisfied, the Lender shall make the requested Future Loan, at a closing to be held at offices designated by the Lender on a Closing Date selected by the Lender, and occurring on a date selected by the Borrower, which date shall be not more than three (3) Business Days, after the Borrowers receipt of the Rate Confirmation Form (or on such other date to which the Borrower and the Lender may agree). The Lender reserves the right to require that the Borrower post a deposit at the time the DMBS Commitment is obtained as an additional condition to the Lenders obligation to make the Future Loan. The deposit referred to in the preceding sentence shall be refundable to the Borrower upon the delivery of the related DMBS.
2. Section 1.03 of the Master Credit Agreement is hereby amended by adding the following sentence at the end thereof:
Unless waived by the Lender, any DMBS issued to fund a Future Loan must have a maturity date which coincides with the regularly scheduled rollover date for any outstanding DMBS, so that all outstanding DMBS shall be renewed by the issuance of a new DMBS on regularly scheduled issuance dates.
3. Section 1.04 of the Master Credit Agreement is hereby amended by deleting the last sentence thereof and substituting therefor the following:
2
Amendment No. 1 to Master
Credit Facility Agreement
Mid-America
Each installment of the Loan Fee shall be in an amount equal to the product of (1) the Loan Fee, (2) the principal amount of the Loan during such Discount Period, and (3) 1/12
4. Article III of the Master Credit Agreement is hereby amended by adding thereto new Sections 3.03 and 3.04 to read in their entirety as follows:
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