FIELD DOCUMENTS - Laserfiche WebLink

Home Browse Search

09/04/2009 12:10 209-955.&2 CBSJ • PAGE 05 DAD By executing this Forbearance Agreement, OBLIGORS shall expressly agree that the term of forbearance provided herein represents a reasonable length of time for OBLIGORS to attempt to complete the sale of the Wizard Property. K. LENDER and OBLIGORS agree that the fair market value of the Wizard Property in light of current market conditions is not greater than the comhined total of the Wizard Property Indebtedness, and the LOC Indebtedness, both of which are secured by the Wizard.Property. To avoid the delays, increased costs, and legal and other expenses associated with nonjudicial and/or judicial foreclosure BORROWER has offered and agreed, in consideration of this forbearance, to transfer the Wizard Property to LENDER in lieu of foreclosure. Conditioned upon, and subject to, the terms and conditions set forth in this Forbearance Agreement, LENDER is willing to accept a deed in lieu of foreclosure with respect to the Wizard Property. L. Subject to the qualifications set forth below, and in consideration of the benefits to Lender which are more particularly specified in.this Forbearance Agreement, Lender is willing: to forbear from exercising Lender's Rights and Remedies under the .Loan Documents (thereby allowing additional time for OBLIGORS to seek to sell or to lease the Property) if but only if: (a) OBLIGORS comply with the conditions precedent stated below and in related documents executed in connection herewith, including, but not limited to the written commitment to Borrower's commitment to provide the deed in lieu of foreclosure with respect to the Property at the end of the forbearance period; and(b) OBLIGORS make the covenants stated herein, and comply continuously with each of such covenants (as well as those set forth, in the Wizard Loan Documents)during the term of this Forbearance Agreement: M. Each of OBLIGORS understands and acknowledges that LENDER's execution of this Forbearance Agreement, and LENDER's forbearance provided in connection herewith, are each in express and reasonable reliance on each of the recitals, representations, covenants, terms and conditions set forth in this Forbearance Agreement, and in the Exhibits to this Forbearance Agreement, including,without limitation in reasonable reliance on OBLIGORS' commitment to provide a deed in lieu of foreclosure with respect to the Property. N. Each of OBLIGORS acknowledges and acknowledges that at the end of the forbearance period provided by this Forbearance Agreement, Lender sball not be obligated to extend any additional, other, or further credit accommodations to Borrower, unless (1) Lender determines to do so, in Lender's discretion, based on the circumstances as they shall exist (including the leases then in place and the income to be derived therefrom) as well as on Lender's standard loan requirements and underwriting standards, and unless (2) OBLIGORS so agree in writing,and unless(3) the writing is executed by an authorized representative of Larder. 0. LENDER and BORROWER also wish to state certain other facts, understandings and agreements as set forth,or as referenced below. Page 4 of 23