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Title: |
Loan Agreement |
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Entities: |
Bear Stearns Commercial Mortgage, Inc.; Inland Western Retail Real Estate Trust Inc.; Katten Muchin Zavis Rosenman |
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Date: |
2004 |
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Size: |
Preview shows 14KB of 312KB total |
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Price: |
$90 |
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ID: |
#197082 |
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LOAN AGREEMENT
Dated as of January __, 2004
Between
THE ENTITIES SET FORTH ON SCHEDULE I OF THIS AGREEMENT
together, as Borrower
and
BEAR STEARNS COMMERCIAL MORTGAGE, INC.,
as Lender
<Page>
TABLE OF CONTENTS
<Table>
<Caption>
Page
----
<S> <C>
ARTICLE I DEFINITIONS; PRINCIPLES OF CONSTRUCTION 1
Section 1.1 Definitions.......................................................... 1
Section 1.2 Principles of Construction...........................................20
ARTICLE II GENERAL TERMS 20
Section 2.1 Loan Commitment; Disbursement to Borrower............................20
Section 2.2 Interest; Loan Payments; Late Payment Charge.........................21
Section 2.3 Prepayments..........................................................23
Section 2.4 Intentionally Omitted................................................25
Section 2.5 Release of Property..................................................25
Section 2.6 Manner of Making Payments............................................26
ARTICLE III CONDITIONS PRECEDENT 27
Section 3.1 Conditions Precedent to Closing......................................27
ARTICLE IV REPRESENTATIONS AND WARRANTIES 31
Section 4.1 Borrower Representations.............................................31
Section 4.2 Survival of Representations..........................................38
ARTICLE V BORROWER COVENANTS 38
Section 5.1 Affirmative Covenants................................................38
Section 5.2 Negative Covenants...................................................47
ARTICLE VI INSURANCE; CASUALTY; CONDEMNATION 52
Section 6.1 Insurance............................................................52
Section 6.2 Casualty.............................................................56
Section 6.3 Condemnation.........................................................56
Section 6.4 Restoration..........................................................57
ARTICLE VII RESERVE FUNDS 62
Section 7.1 Required Repair Funds................................................62
Section 7.2 Tax and Insurance Escrow Fund........................................63
Section 7.3 Replacements and Replacement Reserve.................................64
Section 7.4 Intentionally Deleted................................................69
Section 7.5 Intentionally Deleted................................................69
Section 7.6 Intentionally Deleted................................................69
Section 7.7 Reserve Funds, Generally.............................................69
ARTICLE VIII DEFAULTS 69
Section 8.1 Event of Default.....................................................70
Section 8.2 Remedies.............................................................71
Section 8.3 Remedies Cumulative; Waivers.........................................73
ARTICLE IX SPECIAL PROVISIONS 73
Section 9.1 Sale of Notes and Securitization.....................................73
Section 9.2 Securitization.......................................................74
Section 9.3 Rating Surveillance..................................................74
Section 9.4 Exculpation..........................................................74
</Table>
-i-
<Page>
<Table>
<S> <C>
Section 9.5 Termination of Manager...............................................76
Section 9.6 Servicer.............................................................77
Section 9.7 Splitting the Loan...................................................77
ARTICLE X MISCELLANEOUS 77
Section 10.1 Survival............................................................77
Section 10.2 Lender's Discretion.................................................77
Section 10.3 Governing Law.......................................................78
Section 10.4 Modification, Waiver in Writing.....................................78
Section 10.5 Delay Not a Waiver..................................................78
Section 10.6 Notices.............................................................78
Section 10.7 Trial by Jury.................................................... 79
Section 10.8 Headings............................................................79
Section 10.9 Severability........................................................80
Section 10.10 Preferences........................................................80
Section 10.11 Waiver of Notice...................................................80
Section 10.12 Remedies of Borrower...............................................80
Section 10.13 Expenses; Indemnity................................................80
Section 10.14 Schedules Incorporated.............................................81
Section 10.15 Offsets, Counterclaims and Defenses................................81
Section 10.16 No Joint Venture or Partnership; No Third Party Beneficiaries......82
Section 10.17 Publicity..........................................................82
Section 10.18 Waiver of Marshalling of Assets....................................82
Section 10.19 Waiver of Counterclaim.............................................83
Section 10.20 Conflict; Construction of Documents; Reliance......................83
Section 10.21 Brokers and Financial Advisors.....................................83
Section 10.22 Prior Agreements...................................................83
Section 10.23 Transfer of Loan...................................................83
Section 10.24 Lender's Right to Unwind Cross-Collateralization/Cross-Default.....83
</Table>
SCHEDULES
Schedule I - List of Borrowers
Schedule II - Partial Prepayment Conditions
Schedule III - Required Repairs
Schedule IV - Rent Roll
Schedule V - Out Parcel Release Conditions
Schedule VI - Affiliate Agreements
Schedule VII - Intentionally Omitted
Schedule VIII - Intentionally Omitted
Schedule IX - Intentionally Omitted
Schedule X - Other Contract Funds Agreements
-ii-
<Page>
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of this _______ day of January, 2004 (as
amended, restated, replaced, supplemented or otherwise modified from time to
time, this "AGREEMENT"), between BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New
York corporation, having an address at 383 Madison Avenue, New York, New York
10179 ("Lender"), and the entities set forth on Schedule I of this Agreement,
each a Delaware limited liability company and having an address at 2901
Butterfield Road, Oak Brook, Illinois 60523 (together, "BORROWER").
W I T N E S S E T H:
WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined)
from Lender; and
WHEREAS, Inland Park Place Limited Partnership and Lender are party to
that certain Loan Agreement dated October 31, 2003 (the "PARK PLACE LOAN
AGREEMENT") pursuant to which such Borrower executed the Note, Mortgage and
other Loan Documents defined therein; and
WHEREAS, this Agreement shall supercede the Park Place Loan Agreement
in all respects with respect to Inland Park Place Limited Partnership.
WHEREAS, Lender is willing to make the Loan to Borrower, subject to
and in accordance with the terms of this Agreement and the other Loan Documents
(as hereinafter defined).
NOW, THEREFORE, in consideration of the making of the Loan by Lender
and the covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as
follows:
ARTICLE I
DEFINITIONS; PRINCIPLES OF CONSTRUCTION
Section 1.1 DEFINITIONS. For all purposes of this Agreement, except
as otherwise expressly required or unless the context clearly indicates a
contrary intent:
"AFFILIATE" shall mean, as to any Person, any other Person that,
directly or indirectly, is in control of, is controlled by or is under common
control with such Person or is a director or officer of such Person or of an
Affiliate of such Person.
"AGGREGATE DEBT SERVICE COVERAGE RATIO" shall mean the Debt Service
Coverage Ratio for all Properties, calculated on an aggregate basis.
"ALTA" shall mean American Land Title Association, or any successor
thereto.
<Page>
"ANCHOR TENANT" shall mean, with respect to the Inland Western New
Britain Property, Shaw's Supermarkets, Inc., pursuant to the Anchor Tenant
Lease.
"ANCHOR TENANT LEASE" shall mean that certain Lease for Supermarket
Premises, dated February 23, 1995 by and between Desco Associates, as original
landlord and predecessor-in-interest to Borrower, as landlord, and Anchor Tenant
(or its predecessor-in-interest) as tenant as the same has previously been
amended and may be further amended, restated, renewed, substituted or replaced
(but only to the extent permitted under this Agreement).
"ANNUAL BUDGET" shall mean the operating budget, including all planned
capital expenditures, for the Property prepared by Borrower for the applicable
Fiscal Year or other period.
"ANTICIPATED REPAYMENT DATE" shall mean November 1, 2008.
"ASSIGNMENT OF LEASES" shall mean, with respect to each Property, that
certain first priority assignment of leases and rents, dated as of the date
hereof, from the applicable Borrower, as assignor, to Lender, as assignee,
assigning to Lender all of such Borrower's interest in and to the Leases and
Rents of the Property as security for the Loan, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time.
"ASSIGNMENT OF MANAGEMENT AGREEMENT" shall mean, with respect to each
Property, that certain Assignment of Management Agreement and Subordination of
Management Fees dated as of the date hereof among Lender, the applicable
Borrower and applicable Manager, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.
"AWARD" shall mean any compensation paid by any Governmental Authority
in connection with a Condemnation in respect of all or any part of a Property.
"BASIC CARRYING COSTS" shall mean, with respect to a Property, the sum
of the following costs associated with such Property for the relevant Fiscal
Year or payment period: (i) Taxes and (ii) Insurance Premiums.
"BUSINESS DAY" shall mean any day other than a Saturday, Sunday or any
other day on which national banks in New York, New York are not open for
business.
"CAPITAL EXPENDITURES" shall mean, for any period, the amount expended
for items capitalized under accounting principles reasonably acceptable to
Lender, consistently applied (including expenditures for building improvements
or major repairs, leasing commissions and tenant improvements).
"CASH EXPENSES" shall mean, for any period, the operating expenses for
the operation of a Property as set forth in an Approved Annual Budget to the
extent that such expenses are actually incurred by Borrower minus any payments
into the Tax and Insurance Escrow Fund.
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