夹层贷款协议

EX-10.16

17

d368735dex1016.htm

MEZZANINELOANAGREEMENTEXHIBIT10.16LoanNo.

10061253MEZZANINELOANAGREEMENTDatedasofJune

13,2012BetweenTNPSRTPORTFOLIOIIHOLDINGS,LLCasBorrowerandKEYBANKNATIONALASSOCIATION,asLenderTABLEOFCONTENTS

Page

ARTICLEI-DEFINITIONS;PRINCIPLESOFCONSTRUCTION

1

Section

1.1

Definitions

1

Section

1.2

PrinciplesofConstruction

26

ARTICLEII-GENERALTERMS

27

Section

2.1

LoanCommitment;DisbursementtoBorrower

27

AgreementtoLendandBorrow

27

SingleDisbursementtoBorrower

27

TheNote,PledgeAgreementandLoanDocuments

27

UseofProceeds

27

Section

2.2

InterestRate

27

InterestRate

27

InterestCalculation

27

DefaultRate

28

UsurySavings

28

Section

2.3

LoanPayment

28

Section

2.4

Prepayments

29

Section

2.5

LiquidationEvents

29

Section

2.6

LockboxAccount/CashManagement

29

LockboxAccount

29

CashManagement

30

MezzanineCollectionAccount

31

ARTICLEIII-CONDITIONSPRECEDENTTOCLOSING

32

ARTICLEIV-REPRESENTATIONSANDWARRANTIES

32

Section

4.1

BorrowerRepresentations

32

Organization

32

Proceedings

33

NoConflicts

33

Litigation

33

Agreements

33

UCCInsurance;MezzanineLenderEndorsement

34

Solvency

34

FullandAccurateDisclosure

35

NoPlanAssets

35

Compliance

35

FinancialInformation

35

Condemnation

36

FederalReserveRegulations

36

NotaForeignPerson

36

Enforceability

36

NoPriorAssignment

36

Insurance

36

i

Leases

36

FilingandRecordingTaxes

37

SpecialPurposeEntity/Separateness

37

ManagementAgreement

38

IllegalActivity

38

NoChangeinFactsorCircumstances;Disclosure

38

InvestmentCompanyAct

38

EmbargoedPerson

38

PrincipalPlaceofBusiness;StateofOrganization

39

MortgageLoanRepresentationsandWarranties

39

TitleInsuranceProceeds

39

Section

4.2

SurvivalofRepresentations

39

ARTICLEV-BORROWERCOVENANTS

39

Section

5.1

AffirmativeCovenants

39

Existence;CompliancewithLegalRequirements

39

TaxesandOtherCharges

40

Litigation

41

AccesstoProperty

41

NoticeofDefault

41

CooperateinLegalProceedings

41

PerformLoanDocuments

42

FurtherAssurances

42

PrincipalPlaceofBusiness,StateofOrganization

42

FinancialReporting

43

BusinessandOperations

45

TitletotheProperty

45

CostsofEnforcement

45

EstoppelStatement

45

LoanProceeds

46

PerformancebyBorrower

46

LeasingMatters

47

Alterations

47

OperationofProperty

48

EmbargoedPerson

49

MortgageLoanReserveFunds

49

SpecialDistributions

49

Curing

49

EnvironmentalCovenants

50

MortgageBorrowerCovenants

52

Section

5.2

NegativeCovenants

52

OperationofProperty

52

Liens

52

Dissolution

52

ChangeInBusiness

53

DebtCancellation

53

Zoning

53

ii

NoJointAssessment

53

ERISA

53

Transfers

54

LimitationsonDistributions

57

LostNote

57

LimitationonSecuritiesIssuances

57

ARTICLEVI-INSURANCE;CASUALTY;CONDEMNATION

58

Section

6.1

Insurance

58

Section

6.2

Casualty

58

Section

6.3

Condemnation

58

Section

6.4

Restoration

59

ARTICLEVII-RESERVEFUNDS

59

Section

7.1

TransferofReserveFundsunderMortgageLoan

59

Section

7.2

TaxandInsuranceEscrowFund

60

Section

7.3

ReplacementsandReplacementReserve

60

ReplacementReserveFund

60

DisbursementsfromReplacementReserveAccount

61

PerformanceofReplacements

62

FailuretoMakeReplacements

64

BalanceintheReplacementReserveAccount

65

WaiverofDepositstotheReplacementReserveAccount

65

Section

7.4

RolloverReserve

65

DepositstoRolloverReserveFund

65

WithdrawalofRolloverReserveFunds

65

WaiverofRolloverReserveFund

65

Section

7.5

ExcessCashFlowReserveFund

66

DepositstoExcessCashFlowReserveFund

66

ReleaseofExcessCashFlowReserveFunds

67

Section

7.6

ReserveFunds,Generally

67

ARTICLEVIII-DEFAULTS

68

Section

8.1

EventofDefault

68

Section

8.2

Remedies

70

Section

8.3

RemediesCumulative;Waivers

73

ARTICLEIX-SPECIALPROVISIONS

73

Section

9.1

Securitization

73

SaleofNotesandSecuritization

73

SecuritizationCosts

75

Section

9.2

RighttoReleaseInformation

75

Section

9.3

Exculpation

75

Section

9.4

MattersConcerningManager

75

Section

9.5

Servicer

75

Section

9.6

DisseminationofInformation

76

ARTICLEX-MISCELLANEOUS

76

Section

10.1

Survival

76

iiiSection

10.2

Lender’sDiscretion

77

Section

10.3

GoverningLaw

77

Section

10.4

Modification,WaiverinWriting

77

Section

10.5

DelayNotaWaiver

77

Section

10.6

Notices

78

Section

10.7

TrialbyJury

79

Section

10.8

Headings

79

Section

10.9

Severability

79

Section

10.10

Preferences

79

Section

10.11

WaiverofNotice

79

Section

10.12

RemediesofBorrower

80

Section

10.13

Expenses;Indemnity

80

Section

10.14

SchedulesIncorporated

81

Section

10.15

Offsets,CounterclaimsandDefenses

81

Section

10.16

NoJointVentureorPartnership;NoThirdParty.Beneficiaries

81

Section

10.17

Publicity

82

Section

10.18

WaiverofMarshallingofAssets

82

Section

10.19

WaiverofCounterclaim

82

Section

10.20

Conflict;ConstructionofDocuments;Reliance

82

Section

10.21

BrokersandFinancialAdvisors

83

Section

10.22

PriorAgreements

83

Section

10.23

Liability

83

Section

10.24

CertainAdditionalRightsofLender(VCOC)

83

Section

10.25

OFAC

84

Section

10.26

DuplicateOriginals;Counterparts

84

ARTICLEXI-SPECIALPROVISIONS

84

Section

11.1

TheMortgageLoanandAdditionalMatters

84

CompliancewithMortgageLoanDocuments

84

OtherLimitations

85

AdditionalRepresentationsandWarranties

86

MortgageLoanDefaults

86

AcquisitionoftheMortgageLoan

87

DeedinLieuofForeclosure

87

RefinancingorPrepaymentoftheMortgageLoan

88

IntercreditorAgreement

88

IndependentApprovalRights

88

iv充SCHED奸ULESSchedule

I

–

RentRollSchedule

II

–

OrganizationalChartofBorrowerv爱夹层贷款协额议本玩夹层贷款协眨议，日截至驶2012碌嫂年禾6粥月霞13霸日钩惯（经修正，象重申、续妈替换、穴安补充或否则晴时而不时修变改这锅涌《素屿协议漏滤》），之间远一路全国协骑会、珍勒全国银行协砌会、启贪具有地址在已1150所1Out会look剑、煮雾套房斜300稼、真论欧弗兰帕克投、油须堪萨斯牺6621寄1登（连同与其脉继承人和，乓"妇贷款人哪"公）宪潜和予TNP惩SRT助组合尾II夏控股，有限锐责任公司特谊拉华州有限见责任公司，约其主要营业沾地的业务翻1900呢虽主街，套房铅700唯，欧文，加住州兔9261冻4("政借款人斩")舰。送WITNE哥SSETh韵：陷反之，借款朴人渴望从放症款人胡唉；猛序获得贷款古弱（定义见下滋文）并且，轻而贷款人是皆愿意向借款枣人，贷款，蔽遵守并按照转本协议及其属它贷款文件蚁评（定义见下塑文）彻海的职权范围油。现在因此附，考虑由贷袖款人和公约球、馒盏协议、欺济陈述和保证浮本协议所述估贷款蚕作出崇时，缔约方客双方契约、四厉同意、战商代表和保证字，如下所示诸：清第一条定蝇义什；建设的米原则。钞1.1定川义。为所有锈目的本协定谋中，都除非漫另有明确要这求，或除非玩上下文明确纵指出有相反苹的意思：移"沫权责发生饿制期间日"活指期间吃开始和包括娃第一蹄报（战1康）冲历一天的每个声日历月期限招内的贷款和惰结束，包括重这种日历月残避；居务最后日历日县期然而，权戏责发生制初各期应展开和欲包括关闭日舱期和应结束估，包括关闭数日期发生的堤日历月份的伯最后的日历旗日期。匠"行动"的州涵义第就10.3宵条规定。孙"额外破产累意见"是指篇任何随后的丰破产意见。腊"额外允许景转让"的涵缴义5.2俗.9(f)炎一节所述么。雨"关联机构量"指，对于贝任何人，任轻何其他人直窑接或间接地湿是在控制中葡，由控制或炮与这样的人敌共同控制或括董事或高级御人员，这种屡人或这类人软的一个附属押机构。除"鸽关联经理受"坐是指任何在汗其中抵押贷靠款借款人、梨蜻借款人或担叫保人有，直知接或间接的会经理，任何霞法律、谅终有益或经济蹲利益。锯"灯聚合的债务晴服务字"抄是指，任何黄特定的时间蛙、杨刚预定的本金姓和利息支付贱期间欠注和求抵押贷款说搂明，在聚合子。区"倒年度预算跪"哑是指经营预茂算，包括所践有计划的资致本支出，为挎适用的会计烂年度或其它践期间编写的室抵押贷款借菌款人根据按仪揭贷款协议尼的属性。系本说明队所载的用"凳预计偿还日吼期蛇"卸涵义。第宰5.1.贩10(f)蚊柔条规定的奇"下批准年度预齿算畏"单涵义。纺"必可用性门槛畜"铁按揭贷款协激议中规定的疮涵义。办"维奖泉"鹰指任何政府捞的权力就谴垄责任何赔偿蚀。你"凝破产诉讼错"狸指任何人：良(a)患该等呈请自宴愿根据破产烛法豪上》屑端或任何其他故联邦或州破扬产或无力偿巴债法绿丸；抱(b)以提交的反对肥这样的人，凳根据破产法励幼》谁禽或任何其他换联邦或州破企产或无力偿鹰债法关民；默带非自愿的请谁愿书型(宾提交答案同红意或否则为猜默许或参加钳任何非自愿芽的请愿书反未对它，由任党何其它人根跳据破产法挖捷》助三或任何其他祥联邦或州破绒产或无力偿清债法蓄鹊；摸c)池这种人老(d)馋这样的人同赚意或默许或妄托管人、铅励接管人、疤揉受托人或考体官任命申请美加入为这种欣人或其中任掘何部分的财暮产端寺；或授(e)喂这样的人进躬行赋值债权输人，或承认色，以书面形男式或在任何狮法律程序，堤其破产或无任力偿还其债尿务到期。狐"破产代码悬"是指标题巷11的符美国法典盘》挺，11u句.s.c屠.§帖101、章及续后，同驳样可从时间生到时间，修役正和任何继按任者章程或势章程和所有腐规则和规例姻不时都颁布赞条例，以及迈任何可比性雁的外国法律许，有关破产忘，破产债权树人的权利或直任何其他联洋邦国家破产衣或无力偿债慰法。"碧落Lo"具有痕部分7.擦5(a)洋本合同规定吐的意义。"颜碧露租赁顿"的涵义节慎7.5(大a)本合抚同规定。"瘦碧-罗/罗远格翻转储备耗帐户换"一节7亦.5(a)白本合同规鱼定的涵义。悼"碧-罗/难罗格翻转储深备基金"的遣涵义节7商.5(a)标本合同规服定。2派"拐碧露空间议"斧一节饭7.5(渔a)棉本合同规定僚的涵义。蠢"贝借用人跃"歉的涵义建立专四引言段中杂双方，以及构其继任者和缸允许转让。习"纳营业日喜"姥指赖以商业锁银行未经授新权或法律要增求在城市次袭又一次被指恨定为接收付钓款的地方关坛闭一天。屿"员资本支出努"暗手段，为任迁何一段，为解项目的开支逮总额大写根矮据公认会计御准则柏迷（包括为建推筑改善或大雕修，租赁委健员会和租户喝改进支出）渡。置"取现金标扫事件掩"况是指发生的往：极(a)弦一个违约事硬件穗鹅；馒(b)房任何按揭借迈款人破产行顽动、静嘱借款人或经衔理浅脸；或者滑(c)慕DSCR水触发事件。返"灶现金栽扫事件昨治疗喉"牛手段伶(a)贴如果现金待扫事件呆只引起的谦DSCR们者触发事件，姻1.25通到汤1.00洲暂债务服务覆草盖率的成就间发生或更大安的两个疑2烟连续季度根狐据紧接的决吩心，康(b)侍如果现金漫扫事件天造成的违约贿事件的日期凭对尾随六砍6钱月由贷方的磨此类违约事肠件织凯（哪个治疗桂贷款人不是阿有义务接受长和可能拒绝婶或接受其自扭由裁量权）蚊，治疗方法赖接受或者窄(c)程如果现金平扫事件乳由破产管理箭行动引起，拴如果借款人腔替换经理一愉个合格的经迈理根据更换照管理协议在滨六十一届浓60第日内发生的遮破产操作管尺理器宁占；规定，但叉是，，这种患现金汉扫事件训补救阐明在叙这个定义中滨，应符合以府下条件：滴(准i狸)咐没有违约事颂件应已发生础和休(ii)仪殃现金图扫事件抵治疗可能会鸡出现不超过割两个的情况某下根据本协踪议或任何其减他的贷款文崭件，继续哈额（胆2侧）进功次合计贷款颤期限及嫩(iii敲)胶借款人应支榨付所有贷款青的合理费用扒劳；鞠母这种现金聚扫事件港补救包括合酷理的律师费多用和开支。乞“缘Cash挪Sweep逼Peri泡od理”mea顷nsea筹chpe孕riod直comme计ncing密ont返heoc费curre首nceo备faC驾ashS没weep革Event惠and荒conti湖nuing尤unti捐lthe洁earl燃iero突f(a)涝

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