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Document Preview Post Closing Agreement |
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Title: |
Post Closing Agreement |
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Entities: |
Cedar Shopping Centers Inc.; Glimcher Loyal Plaza Tenant, LP; LaSalle Bank, NA; Lehman Brothers Bank; Loyal Plaza Associates, LP; Loyal Plaza Venture, LP |
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Date: |
2002 |
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Size: |
6KB total |
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Price: |
$40 |
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ID: |
#254821 |
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POST CLOSING AGREEMENT
July 2, 2002
LASALLE BANK NATIONAL ASSOCIATION
as Trustee for the Registered Holders
of LB-UBS Commercial Mortgage Trust 2001-C3
Commercial Mortgage Pass-Through Certificates
Series 2001-C3
c/o Wachovia Securities
Structured Products Servicing
8739 Research Drive-URP4
Charlotte, NC 28288-1075
Re: Assumption by Loyal Plaza Associates, L.P. a Delaware limited
partnership ("Assuming Borrower") of that certain loan in the
original principal amount of $14,000,000.00 (the "Loan") as
evidenced by that certain Note (the "Note"), dated May 31,
2001 payable by Loyal Plaza Venture, L.P. a Delaware limited
partnership ("Original Borrower"), to Lehman Brothers Bank,
FSB ("Original Lender"), as secured by that certain Open-End
Mortgage and Security Agreement, of even date with the Note
made by Original Borrower and Glimcher Loyal Plaza Tenant,
L.P. (the "Mortgage") and the other Security Documents (as
defined in the Mortgage), said Loan being currently held and
owned by LASALLE BANK NATIONAL ASSOCIATION, as Trustee for the
Registered Holders of LB-UBS Commercial Mortgage Trust
2001-C3, Commercial Mortgage Pass-Through Certificates, Series
2001-C3 ("Lender").
Ladies and Gentlemen:
As a material inducement for the Lender to consent to the referenced
assumption of the Loan (the "Assumption") on the date hereof pursuant to a Loan
Assumption and Modification Agreement (the "Assumption Agreement") and certain
other documents referenced therein (together with the Assumption Agreement, the
"Assumption Documents"), the Lender has required that this Agreement be executed
and delivered to the Lender. In regard to the Loan, the undersigned does hereby
certify to and agree with the Lender as follows:
1. Additional Documents. To the extent the Lender, in its reasonable
opinion, should at any time during the term of the Loan, require any additional
documents to be executed by the Assuming Borrower to further document and
evidence the Assumption or the Loan, as set forth in any of the Assumption
Documents or Loan Documents (as defined in the Assumption Agreement), the
Assuming Borrower shall immediately comply with said request and execute such
documents. In regard to said matters, the Assuming Borrower shall pay any
reasonable additional attorneys' fees incurred by the Lender in said matters.
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