06-08-2022 Council Packet - Laserfiche WebLink

Home Browse Search

73495160v3 43 time to time terminate or remove and replace any such Controlling Person The Funding Lender shall give written notice to the Governmental Lender and the Borrower of its appointment, termination, removal or replacement of any Controlling Person, and the parties may rely on any such notice until any subsequent notice is given. Subject to any written agreement between the Controlling Person [or Indexing Agent] and Funding Lender, the Controlling Person may resign at any time by written notice to the Funding Lender, Fiscal Agent, the Governmental Lender and the Borrower. Initially, the Funding Lender has engaged R4 Servicer LLC to act as the “Controlling Person” hereunder and R4 Servicer LLC has accepted such engagement. The Funding Lender is under no obligation to appoint a Controlling Person; if at any time a Controlling Person has not been designated by the Funding Lender, all references to the “Controlling Person” herein and in the other Funding Loan Documents shall refer to the Funding Lender. Any opinion or certificate provided for herein, in the Borrower Loan Agreement or in any other Funding Loan Document that is directed to the Controlling Person shall also be directed to, and may be relied upon by, the Funding Lender. The Funding Lender will have no liability to the Governmental Lender, the Borrower, the Funding Lender or any other Person for any act or omission of the Controlling Person unless the Controlling Person is the Funding Lender or such act or omission was expressly approved by the Funding Lender in each particular case. Section 8.2 Servicing. (a) The Funding Lender has appointed the Controlling Person to be the servicer of the Funding Loan and the Borrower Loan and the Controlling Person has accepted such appointment. Satisfactory arrangements have previously been made for the payment of servicing fees and expenses in connection with the Controlling Person’s servicing obligations hereunder, and the Borrower and the Funding Lender have no obligation for such payments. Without limiting the foregoing, the Controlling Person shall have no right or claim to any transfer or assumption fees, late charges, acceleration premium or Default Interest payable under this Funding Loan Agreement or the Funding Loan Documents; provided, however that, to the extent permitted under the Funding Loan Documents, the Controlling Person shall be entitled to collect from the Borrower its normal and customary incidental fees and charges for any requested review, approval or other action, including, without limitation, in connection with any proposed transfer, loan assumption, easement, subordinate financing, release of collateral, condemnation proceeding, non- disturbance agreement or other similar action, unless such review, approval or other action is performed solely by the Funding Lender. (b) The Controlling Person shall be responsible for the performance of the following servicing duties: (i) The Controlling Person shall perform the duties expressly given to the Controlling Person under the Funding Loan Documents and this Funding Loan Agreement, including approval of Requisitions and Advances. (ii) The Controlling Person shall prepare monthly bills to the Borrower in accordance with the Funding Loan Documents for payments to the Funding Lender of principal and interest under the Borrower Loan and for deposits into the Tax and Insurance Escrow Account and the Replacement Reserve Account (but not the Fiscal Agent’s Fee or the Governmental Lender’s Fee). The Controlling Person shall notify the Borrower of the amount payable by the Borrower to the Funding Lender. Such notification may be delivered by electronic mail. The Controlling Person shall diligently attempt to collect all of the following, at the times they are due and payable under this Funding Loan Agreement and the Funding Loan Documents: (1) The principal and interest due and payable on the Borrower Note;