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Exhibit 10.7
MEZZANINE A LOAN AGREEMENT
Dated as of October 5, 2007
Between
THE ENTITIES IDENTIFIED IN
EXHIBIT A ANNEXED HERETO ,
as Borrower
and
LEHMAN BROTHERS HOLDINGS
INC.,
BANK OF AMERICA, N.A.
AND
BARCLAYS CAPITAL REAL ESTATE FINANCE INC. ,
as Lender
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I.
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DEFINITIONS; PRINCIPLES OF
CONSTRUCTION
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9
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Section 1.1
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Definitions
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9
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Section 1.2
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Principles of Construction
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41
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II .
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GENERAL TERMS
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41
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Section 2.1
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Loan Commitment; Disbursement to
Borrower
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41
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2.1.1
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Agreement to Lend and Borrow
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41
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2.1.2
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Single Disbursement to Borrower
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41
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2.1.3
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The
Note, Pledge Agreement and Loan Documents
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41
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2.1.4
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Use
of Proceeds
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42
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Section 2.2
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Interest; Loan Payments; Late Payment
Charge
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42
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2.2.1
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Payments
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42
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2.2.2
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Interest Calculation
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43
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2.2.3
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Eurodollar Rate Unascertainable; Illegality;
Increased Costs
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43
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2.2.4
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Intentionally Omitted
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45
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2.2.5
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Payment on Maturity Date
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45
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2.2.6
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Payments after Default
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46
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2.2.7
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Late Payment Charge
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46
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2.2.8
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Usury Savings
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46
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2.2.9
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Foreign Taxes
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47
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Section 2.3
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Prepayments
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48
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2.3.1
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Voluntary Prepayments
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48
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2.3.2
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Liquidation Events
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49
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2.3.3
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Prepayments After Default
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50
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2.3.4
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Making of Payments
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51
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2.3.5
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Application of Principal Prepayments
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51
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Section 2.4
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Interest Rate Hedging Agreement
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51
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Section 2.5
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Intentionally Omitted
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54
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Section 2.6
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Release of an Individual Property
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54
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Section 2.7
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Intentionally Omitted
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55
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Section 2.8
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Release on Payment in Full
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55
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Section 2.9
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Substitution of Properties
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56
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III.
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MORTGAGE BORROWER DISTRIBUTIONS
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63
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Section 3.1
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Mortgage Borrower Distributions
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63
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IV.
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REPRESENTATIONS AND WARRANTIES
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63
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Section 4.1
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Borrower Representations
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63
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4.1.1
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Organization
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63
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4.1.2
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Proceedings
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64
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4.1.3
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No
Conflicts
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64
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4.1.4
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Litigation
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64
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4.1.5
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Agreements
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65
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4.1.6
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Solvency
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65
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4.1.7
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Full and Accurate Disclosure
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66
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4.1.8
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No
Plan Assets
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66
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4.1.9
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Compliance
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66
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4.1.10
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Financial Information
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66
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4.1.11
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Condemnation
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67
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4.1.12
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Federal Reserve Regulations
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67
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4.1.13
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Utilities and Public Access
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67
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4.1.14
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Not
a Foreign Person
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67
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4.1.15
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Separate Lots
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68
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4.1.16
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Assessments
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68
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4.1.17
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Enforceability
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68
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4.1.18
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No
Prior Assignment
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68
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4.1.19
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Insurance
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68
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4.1.20
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Use
of Property
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68
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4.1.21
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Certificate of Occupancy; Licenses
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69
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4.1.22
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Flood Zone
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69
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4.1.23
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Physical Condition
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69
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4.1.24
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Boundaries
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69
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4.1.25
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Leases
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70
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4.1.26
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Title
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71
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4.1.27
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Intentionally Omitted
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71
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4.1.28
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Filing and Recording Taxes
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71
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4.1.29
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Intentionally Omitted
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72
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2
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4.1.30
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Management Agreement
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72
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4.1.31
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Illegal Activity
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72
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4.1.32
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No
Change in Facts or Circumstances; Disclosure
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72
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4.1.33
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Investment Company Act
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72
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4.1.34
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Principal Place of Business; State of
Organization
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73
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4.1.35
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Single Purpose Entity
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73
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4.1.36
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Business Purposes
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80
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4.1.37
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Taxes
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80
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4.1.38
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Forfeiture
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80
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4.1.39
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Environmental Representations and
Warranties
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81
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4.1.40
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Taxpayer Identification Number
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81
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4.1.41
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OFAC
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81
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4.1.42
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Ground Lease Representations
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82
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4.1.43
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Deposit and Securities Accounts
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82
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4.1.44
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Embargoed Person
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83
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4.1.45
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Affiliates
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83
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4.1.46
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Mortgage Borrower Representations
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83
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4.1.47
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List of Mortgage Loan Documents
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83
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4.1.48
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Condominium Representations
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83
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4.1.49
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Mortgage Loan Event of Default
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83
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Section 4.2
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Survival of Representations
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84
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V.
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BORROWER COVENANTS
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84
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Section 5.1
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Affirmative Covenants
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84
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5.1.1
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Existence; Compliance with Legal
Requirements
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84
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5.1.2
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Taxes and Other Charges
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85
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5.1.3
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Litigation
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86
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5.1.4
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Access to the Properties
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86
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5.1.5
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Notice of Default
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86
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5.1.6
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Cooperate in Legal Proceedings
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87
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5.1.7
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Award and Insurance Benefits
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87
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5.1.8
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Further Assurances
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87
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5.1.9
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Mortgage and Intangible Taxes
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87
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3
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5.1.10
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Financial Reporting
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88
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5.1.11
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Business and Operations
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91
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5.1.12
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Costs of Enforcement
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91
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5.1.13
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Estoppel Statement
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91
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5.1.14
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Loan Proceeds
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93
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5.1.15
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Performance by Borrower
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93
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5.1.16
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Confirmation of Representations
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93
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5.1.17
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Leasing Matters
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94
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5.1.18
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Management Agreement
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97
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5.1.19
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Environmental Covenants
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99
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5.1.20
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Alterations
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101
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5.1.21
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Intentionally Omitted
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102
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5.1.22
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OFAC
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102
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5.1.23
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Ground Lease Covenants
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102
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5.1.24
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Mortgage Loan Reserve Funds
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103
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5.1.25
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Notices
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103
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5.1.26
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Special Distributions
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103
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5.1.27
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Mortgage Borrower Covenants
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103
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5.1.28
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Mortgage Loan Estoppels
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104
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5.1.29
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Intentionally Omitted
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104
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5.1.30
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Condominium Covenants
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104
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Section 5.2
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Negative Covenants
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106
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5.2.1
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Liens
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106
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5.2.2
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Dissolution
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106
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5.2.3
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Change in Business
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106
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5.2.4
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Debt Cancellation
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107
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5.2.5
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Zoning
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107
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5.2.6
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No
Joint Assessment
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107
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5.2.7
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Name, Identity, Structure, or Principal Place
of Business
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107
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5.2.8
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ERISA
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108
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5.2.9
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Affiliate Transactions
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108
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5.2.10
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Transfers
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109
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5.2.11
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Permitted Transfer
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112
|
4
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5.2.12
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Limitations on Securities Issuances
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114
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5.2.13
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Distributions
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114
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5.2.14
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Refinancing or Prepayment of the Mortgage
Loan
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114
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5.2.15
|
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Acquisition of the Mortgage Loan
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115
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5.2.16
|
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Material Agreements
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115
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VI.
|
INSURANCE; CASUALTY AND CONDEMNATION
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|
116
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Section 6.1
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Insurance
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116
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Section 6.2
|
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Casualty
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|
122
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Section 6.3
|
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Condemnation
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122
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Section 6.4
|
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Restoration
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122
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Section 6.5
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Rights of Lender
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123
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VII.
|
RESERVE FUNDS
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123
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Section 7.1
|
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Repairs
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123
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Section 7.2
|
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Impositions and Imposition Deposits
|
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123
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Section 7.3
|
|
Replacement Reserves
|
|
124
|
|
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Section 7.4
|
|
Debt Service Reserve Funds
|
|
124
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Section 7.5
|
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Mortgage Debt Service Escrows
|
|
125
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Section 7.6
|
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Interest Rate Hedging Reserves
|
|
126
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Section 7.7
|
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Other Mortgage Reserves
|
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126
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Section 7.8
|
|
Reserve Funds, Generally
|
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126
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Section 7.9
|
|
Letters of Credit
|
|
127
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7.9.1
|
|
Delivery of Letters of Credit
|
|
127
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7.9.2
|
|
Provisions Regarding Letters of
Credit
|
|
128
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VIII.
|
DEFAULTS
|
|
129
|
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Section 8.1
|
|
Event of Default
|
|
129
|
|
|
|
|
|
|
|
Section 8.2
|
|
Remedies
|
|
133
|
|
|
|
|
|
|
|
Section 8.3
|
|
Remedies Cumulative; Waivers
|
|
135
|
|
|
|
|
|
|
|
Section 8.4
|
|
Right to Cure Defaults
|
|
135
|
|
|
|
|
|
|
|
Section 8.5
|
|
Mortgage Loan Reserve Funds
|
|
135
|
|
|
|
|
|
|
|
Section 8.6
|
|
Power of Attorney
|
|
135
|
|
|
|
|
|
|
|
5
|
IX.
|
SPECIAL PROVISIONS
|
|
136
|
|
|
|
|
|
|
Section 9.1
|
|
Sale of Notes and Securitization
|
|
136
|
|
|
|
|
|
|
|
Section 9.2
|
|
Disclosure Document Cooperation
|
|
138
|
|
|
|
|
|
|
|
Section 9.3
|
|
Servicer
|
|
138
|
|
|
|
|
|
|
|
Section 9.4
|
|
Exculpation
|
|
138
|
|
|
|
|
|
|
|
Section 9.5
|
|
Limitation on Borrower’s
Obligations
|
|
141
|
|
|
|
|
|
|
|
Section 9.6
|
|
Reallocation of Loan Amounts
|
|
143
|
|
|
|
|
|
|
|
Section 9.7
|
|
Syndication
|
|
143
|
|
|
|
|
|
|
|
9.7.1
|
|
Syndication
|
|
143
|
|
|
|
|
|
|
|
9.7.2
|
|
Sale of Loan, Co-Lenders, Participations and
Servicing
|
|
144
|
|
|
|
|
|
|
|
9.7.3
|
|
Cooperation in Syndication
|
|
146
|
|
|
|
|
|
|
|
9.7.4
|
|
Payment of Agent’s, and Co-Lender’s
Expenses
|
|
148
|
|
|
|
|
|
|
|
9.7.5
|
|
Intentionally Omitted
|
|
148
|
|
|
|
|
|
|
|
9.7.6
|
|
No
Joint Venture
|
|
148
|
|
|
|
|
|
|
|
Section 9.8
|
|
Restructuring of Loan and/or Mezzanine B Loan;
Creation of New Mezzanine Loan(s)
|
|
148
|
|
|
|
|
|
|
|
Section 9.9
|
|
Contributions and Waivers
|
|
150
|
|
|
|
|
|
|
|
Section 9.10
|
|
Certain Additional Rights of Lender;
VCOC
|
|
154
|
|
|
|
|
|
|
|
Section 9.11
|
|
Mortgage Loan Defaults
|
|
155
|
|
|
|
|
|
|
|
Section 9.12
|
|
