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Loan Agreement
Loan Agreement (352K)
Doc #128062: Click preview link for longer preview.
==============================================================================
LOAN AGREEMENT
Dated as of March 10, 2003
Between
330 N. WABASH AVENUE, L.L.C.,
as Borrower
and
LEHMAN BROTHERS BANK FSB
as Lender
==============================================================================
{PAGE}
TABLE OF CONTENTS
Page
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION................................1
Section 1.1 Definitions..................................................1
Section 1.2 Principles of Construction..................................20
II. GENERAL TERMS 21
Section 2.1 Loan Commitment; Disbursement to Borrower...................21
Section 2.2 Interest; Loan Payments; Late Payment Charge................21
Section 2.3 Prepayments.................................................25
Section 2.4 Extension of Maturity Date..................................27
Section 2.5 Release.....................................................28
Section 2.6 Manner of Making Payments; Cash Management..................28
Section 2.7 Interest Rate Cap Agreement.................................29
III. CONDITIONS PRECEDENT..................................................31
Section 3.1 Conditions Precedent to Closing.............................31
IV. REPRESENTATIONS AND WARRANTIES........................................34
Section 4.1 Borrower Representations....................................34
Section 4.2 Survival of Representations.................................44
Section 4.3 Scope of Representations and Warranties.....................44
V. BORROWER COVENANTS....................................................44
Section 5.1 Affirmative Covenants.......................................44
Section 5.2 Negative Covenants..........................................52
VI. INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS...................56
Section 6.1 Insurance...................................................56
Section 6.2 Casualty....................................................60
Section 6.3 Condemnation................................................60
Section 6.4 Restoration.................................................61
VII. RESERVE FUNDS 65
Section 7.1 Required Repair Funds.......................................65
Section 7.2 Tax, Insurance and Ground Rent Escrow Fund..................66
Section 7.3 Rollover Reserve............................................67
Section 7.4 Asbestos Abatement Reserve..................................69
Section 7.5 Reserve Funds, Generally....................................70
VIII. DEFAULTS 70
Section 8.1 Event of Default............................................70
Section 8.2 Remedies....................................................73
Section 8.3 Remedies Cumulative; Waivers................................74
IX. SPECIAL PROVISIONS....................................................74
Section 9.1 Sale of Notes and Securitization............................74
Section 9.2 Securitization Indemnification..............................76
Section 9.3 Intentionally Omitted.......................................78
Section 9.4 Exculpation.................................................78
Section 9.5 Termination of Manager......................................80
Section 9.6 Servicer....................................................80
Section 9.7 Ground Lease Provisions.....................................80
X. MISCELLANEOUS 84
Section 10.1 Survival....................................................84
Section 10.2 Lender's Discretion.........................................84
Section 10.3 Governing Law...............................................84
Section 10.4 Modification, Waiver in Writing.............................85
Section 10.5 Delay Not a Waiver..........................................85
Section 10.6 Notices.....................................................86
Section 10.7 Trial by Jury...............................................87
Section 10.8 Headings....................................................87
Section 10.9 Severability................................................87
Section 10.10 Preferences.................................................87
Section 10.11 Waiver of Notice............................................87
Section 10.12 Remedies of Borrower........................................88
Section 10.13 Expenses; Indemnity.........................................88
Section 10.14 Schedules Incorporated......................................89
Section 10.15 Offsets, Counterclaims and Defenses.........................89
Section 10.16 No Joint Venture or Partnership;
No Third Party Beneficiaries..............................89
Section 10.17 Publicity...................................................90
Section 10.18 Waiver of Marshalling of Assets.............................90
Section 10.19 Waiver of Counterclaim......................................90
Section 10.20 Conflict; Construction of Documents; Reliance...............90
Section 10.21 Brokers and Financial Advisors..............................91
Section 10.22 Component Notes. ...........................................92
Section 10.23 Mezzanine Loan Option.......................................92
Section 10.24 Prior Agreements............................................93
SCHEDULES
Schedule I - Leases; Assignments and Subleases
Schedule II - Required Repairs; Deadlines for Completion
Schedule III - Organizational Structure
Schedule IV - Description of Ground Lease
Schedule V - Reserved
Schedule VI - Unfunded Tenant Allowances
Schedule VII - Requirements for Replacement Interest Rate Cap Agreements
Schedule VIII - Form of Assignment of Interest Rate Cap Agreement
Schedule IX - Identification of the IBM Lease
{PAGE}
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of March 10, 2003 (as amended, restated,
replaced, supplemented or otherwise modified from time to time, this
"Agreement"), between LEHMAN BROTHERS BANK FSB, a federal stock savings bank,
having an address at Brandywine Building, 1000 West Street, Suite 200,
Wilmington, Delaware 19801 ("Lender") and 330 N. WABASH AVENUE, L.L.C., a
Delaware limited liability company, having an address at c/o Prime Group Realty
Trust, 77 West Wacker Drive, Suite 3900, Chicago, Illinois 60601 ("Borrower").
W I T N E S S E T H :
- - - - - - - - - -
WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from
Lender; and
WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in
accordance with the terms of this Agreement and the other Loan Documents (as
hereinafter defined).
NOW, THEREFORE, in consideration of the making of the Loan by Lender and
the covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as
follows:
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
Section 1.1 Definitions.
For all purposes of this Agreement, except as otherwise expressly required
or unless the context clearly indicates a contrary intent:
"Acceptable Counterparty" means any Counterparty to the Interest Rate Cap
Agreement that has and shall maintain, until the expiration of the applicable
Interest Rate Cap Agreement, a long-term unsecured debt rating of not less than
"AA" by S&P and Fitch (if rated by Fitch) and "Aa2" from Moody's.
"Affiliate" shall mean, as to any Person, any other Person that, directly
or indirectly, is in control of, is controlled by or is under common control
with such Person or is a director or officer of such Person or of an Affiliate
of such Person.
"Agent" shall mean any Eligible Institution acting as Agent under the Cash
Management Agreement.
"ALTA" shall mean American Land Title Association, or any successor
thereto.
"Alterations Threshold Amount" shall have the meaning set forth in Section
5.1.21.
"Annual Budget" shall mean the operating budget, including all planned
Capital Expenditures, for the Property prepared by Borrower for the applicable
Fiscal Year or other period.
"Applicable Interest Rate" shall mean the Floating Rate.
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Citibank
As referenced in this Loan Agreement:
Citibank, N.A. – 5.1.13.
"Prepayment Release Date" shall mean March 9, 2004.
"Prime Rate" shall mean the annual rate of interest publicly announced by
Citibank, N.A. in New York, New York, as its base rate, as such rate shall
change from time to time. If Citibank, N.A.
_____________
Citibank, N.A. – by
Citibank, N.A. in New York, New York, as its base rate, as such rate shall
change from time to time. If Citibank, N.A. ceases to announce a base rate,
Prime Rate shall mean the rate of interest published in The Wall Street Journal
from time
_____________
dt 145830
;
Prime Group
As referenced in this Loan Agreement:
Prime Group Realty
Trust, – Wilmington, Delaware 19801 ("Lender") and 330 N. WABASH AVENUE, L.L.C., a
Delaware limited liability company, having an address at c/o Prime Group Realty
Trust, 77 West Wacker Drive, Suite 3900, Chicago, Illinois 60601 ("Borrower").
W I T N E S S E T H :
- - - - - - - - - -
WHEREAS, Borrower
_____________
Prime Group Realty
Trust – time to time.
"Officers' Certificate" shall mean a certificate delivered to Lender by
Borrower which is signed by an authorized senior officer of Prime Group Realty
Trust or its successors or assigns.
"Operating Expenses" shall mean the total of all expenses, computed in
accordance with GAAP, of whatever kind relating
_____________
Prime Group Realty Trust – actual income and expenses for the
prior Fiscal Year, (ii) a certificate executed by the chief financial officer or
chief accounting officer of Prime Group Realty Trust (or its successor or
permitted assign), stating that each such annual financial statement presents
fairly in all material respects the financial condition
_____________
Prime Group Realty Trust – the end of each calendar quarter the following items,
accompanied by a certificate of the chief financial officer or chief accounting
officer of Prime Group Realty Trust (or its successor or permitted assigns),
stating that such items are true, correct, accurate, and complete in all
material respects and fairly
_____________
Prime
Group Realty Trust – calendar quarter. In addition, such certificate shall also be accompanied by a
certificate of the chief financial officer or chief accounting officer of Prime
Group Realty Trust (or its successor or permitted assign) stating that, to such
officer's actual knowledge, the representations and warranties of Borrower set
forth
_____________
dt 110148
;
Fannie Mae
As referenced in this Loan Agreement:
Federal National Mortgage Association – System (consolidated systemwide bonds and notes), the Federal Home Loan Banks
(consolidated debt obligations), the Federal National Mortgage Association (debt
obligations), the Financing Corp. (debt obligations), and the Resolution Funding
Corp. (debt obligations);
_____________
dt 80375
;
|
ISDA
As referenced in this Loan Agreement:
ISDA – at all time be issued by
an Acceptable Counterparty;
o be based on the 1992 ISDA Agreement subject to the 2000 Definitions;
o once the cap premium is paid by or
_____________
ISDA – by or on behalf of Borrower, it cannot default
(Paragraph 4 of the May 1989 ISDA Addendum to Schedule to Interest Rate and
Currency Exchange Agreement or similar language must be
_____________
ISDA – a U.S. or London branch;
o have the following provisions incorporated in the 1992 ISDA Agreement
subject to the 2000 Definitions:
o Section 5(a)(ii), (iii), (iv), (v), (
_____________
ISDA – governed by New York law;
o For the purposes of Section 6(e) of the ISDA Master Agreement, set-off will
not apply.
o The Counterparty will not be permitted to
_____________
ISDA – will not be permitted to terminate the cap under Section
5(b)(ii) of the ISDA Master Agreement if the Counterparty is the Affected
Party.
o The Counterparty will not be
_____________
dt 75749
;
 Citibank
As referenced in this Loan Agreement:
Citibank, N.A. – 5.1.13.
"Prepayment Release Date" shall mean March 9, 2004.
"Prime Rate" shall mean the annual rate of interest publicly announced by
Citibank, N.A. in New York, New York, as its base rate, as such rate shall
change from time to time. If Citibank, N.A.
_____________
Citibank, N.A. – by
Citibank, N.A. in New York, New York, as its base rate, as such rate shall
change from time to time. If Citibank, N.A. ceases to announce a base rate,
Prime Rate shall mean the rate of interest published in The Wall Street Journal
from time
_____________
dt 145830
;
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Mezzanine Loan Agreement
Mezzanine Loan Agreement (392K)
Doc #128063: Click preview link for longer preview.
MEZZANINE LOAN AGREEMENT
Dated as of March 19, 2003
by and among
PRIME/BEITLER DEVELOPMENT COMPANY, L.L.C.
as Borrower
and
LNR EASTERN LENDING, LLC
as Lender
{PAGE}
Table of Contents
Page
ARTICLE I DEFINITIONS, PRINCIPLES OF CONSTRUCTION.......................2
Section 1.1 Definitions.............................................2
Section 1.2 Principles of Construction.............................30
ARTICLE II GENERAL......................................................31
Section 2.1 The Loan...............................................31
Section 2.2 Interest...............................................32
Section 2.3 Loan Payment...........................................35
Section 2.4 Prepayment.............................................36
Section 2.5 Release of the Collateral..............................37
Section 2.6 [Intentionally Deleted]................................37
Section 2.7 [Intentionally Deleted]................................37
Section 2.8 Extension of Initial Maturity Date.....................37
Section 2.9 [Intentionally Deleted]................................39
Section 2.10 [Intentionally Deleted]................................39
Section 2.11 Waiver of Exit Fee.....................................39
ARTICLE III CONDITIONS PRECEDENT.........................................39
Section 3.1 Conditions Precedent to the Loan.......................39
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BORROWER...............44
Section 4.1 Representations and Warranties of the Borrower.........44
Section 4.2 Survival of Representations............................53
ARTICLE V AFFIRMATIVE COVENANTS........................................53
Section 5.1 Affirmative Covenants of the Borrower..................53
ARTICLE VI NEGATIVE COVENANTS...........................................66
Section 6.1 Negative Covenants.....................................66
Section 6.2 Lender's Approval......................................75
ARTICLE VII CONSTRUCTION.................................................75
Section 7.1 Construction Covenants.................................75
Section 7.2 No Reliance............................................78
Section 7.3 Cooperation With Senior Lender.........................79
ARTICLE VIII CASUALTY AND CONDEMNATION....................................79
Section 8.1 Required Coverage......................................79
ARTICLE IX DEFAULTS.....................................................86
Section 9.1 Event of Default.......................................86
Section 9.2 Remedies...............................................91
Section 9.3 Construction Remedies..................................91
ARTICLE X PROPERTY MANAGEMENT AND LEASING AGREEMENT....................93
Section 10.1 Termination of Property Manager........................93
Section 10.2 Termination of Leasing Agent...........................93
ARTICLE XI MISCELLANEOUS................................................94
Section 11.1 Survival...............................................94
Section 11.2 Governing Law; Consent to Jurisdiction.................94
Section 11.3 Modification, Waiver in Writing........................95
Section 11.4 Failure to Enforce Not a Waiver........................96
Section 11.5 Notices................................................96
Section 11.6 Trial by Jury..........................................98
Section 11.7 Headings...............................................98
Section 11.8 Severability...........................................98
Section 11.9 Preferences............................................98
Section 11.10 Waiver of Notice.......................................98
Section 11.11 Remedies of the Borrower; Deemed Consent...............99
Section 11.12 Expenses, Indemnity....................................99
Section 11.13 Exhibits and Schedules Incorporated...................100
Section 11.14 Offsets, Counterclaims and Defenses...................100
Section 11.15 No Joint Venture or Partnership.......................100
Section 11.16 Publicity and Confidentiality.........................100
Section 11.17 Waiver of Marshaling of Assets........................101
Section 11.18 Conflict; Construction of Documents...................101
Section 11.19 Brokers and Financial Advisors........................101
Section 11.20 No Third Party Beneficiaries..........................101
Section 11.21 Prior Agreements......................................102
Section 11.22 Right of Setoff.......................................102
Section 11.23 Loan Assignability....................................102
Section 11.24 Exculpation of Lender; No Petition....................104
Section 11.25 Limitation on Liability...............................104
Section 11.26 Restricted Securities Account.........................105
Section 11.27 Register; Ownership Interest in the Loan..............106
{PAGE}
TABLE OF CONTENTS
(continued)
EXHIBITS
EXHIBIT A - The Land
EXHIBIT B - Approved Construction Budget
EXHIBIT C - Form of Project Lease EXHIBIT D-1 - Form of
Architect's Certificate
EXHIBIT D-2 - Form of Construction Manager's Certificate
EXHIBIT D-3 - Form of Property Manager's Certificate
EXHIBIT E - Current Litigation
EXHIBIT F - Insurance Claims
EXHIBIT G - Obligations with respect to Tenant Allowances, Free
Rent Periods and Tenant Improvements
EXHIBIT H - Rights or Interests of Real Estate Brokers under Leases
EXHIBIT I - Rights to Purchase, Rights of First Refusal on Purchase
and Termination Rights under the Leases
EXHIBIT J - Borrower's Structure
EXHIBIT K - Form of Tenant Estoppel Certificate
EXHIBIT L - [Intentionally Deleted]
EXHIBIT M - Operating Agreements
EXHIBIT N - Schedule of Payment and Performance Bonds
{PAGE}
THIS MEZZANINE LOAN AGREEMENT, dated as of March 19th, 2003 (this
"Agreement"), by and among PRIME/BEITLER DEVELOPMENT COMPANY, L.L.C., a Delaware
limited liability company (the "Borrower") and LNR EASTERN LENDING LLC, a
Georgia limited liability company ("Lender").
All capitalized terms used herein shall have the respective meanings set
forth in Section 1.1 hereof.
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, Dearborn Center, L.L.C., a Delaware limited liability
company (the "Property Owner"), owns that certain piece of land (the "Land") in
Chicago, Illinois, situated north of Adams Street between State and Dearborn
Streets and as more fully described on Exhibit A attached hereto, on which it is
completing construction of a class "A" mixed use building (the "Building"),
known as "Dearborn Center", which contains approximately 1,395,000 NRSF of
office space, 107,000 NRSF of retail space and a parking facility containing at
least 209 parking stalls (the "Project");
WHEREAS, the Borrower is the owner of 100% of the issued and
outstanding membership interests in the Property Owner (the "Borrower Equity
Interests");
WHEREAS, in connection with the construction and development of the
Project, the Property Owner has entered into that certain Credit Agreement dated
as of January 5, 2001 with Bayerische Hypo- Und Vereinsbank AG, New York Branch
(the "Senior Lender"), as same has been amended by (i) that Omnibus First
Modification to Senior Loan Documents, (ii) that Amendment to Omnibus First
Modification to Senior Loan Documents, (iii) that Omnibus Second Modification to
Senior Loan Documents, and (iv) that Omnibus Third Modification to Senior Loan
Documents (collectively; the "Senior Loan Agreement");
WHEREAS, to provide additional financing for the construction and
development of the Project (the "Existing Mezzanine Loan"), the Borrower and
Bankers Trust Company, as agent and lender ("BT"), and other lenders (BT and
such other lenders being referred to, collectively, as the "Prior Lenders"),
entered into that certain Mezzanine Construction Loan Agreement dated as of
January 5, 2001, as amended by that Omnibus First Modification to Mezzanine Loan
Documents, that Omnibus Second Modification to Mezzanine Loan Documents and that
Omnibus Third Modification to Mezzanine Loan Documents (collectively, the "Prior
Loan Agreement");
WHEREAS, Borrower has requested and the Lender has agreed, subject
to and in accordance with the terms of this Agreement and the other Loan
Documents (as defined below), to make a loan to the Borrower in the principal
amount of the Loan Amount (as defined below) for the refinancing of the Existing
Mezzanine Loan relative to the Project.
NOW, THEREFORE, in consideration of the making of the Loan (as
defined below) by the Lenders and the covenants, agreements, representations and
warranties set forth in this Agreement, the parties hereto hereby covenant,
agree, represent and warrant as follows:
ARTICLE I
DEFINITIONS, PRINCIPLES OF CONSTRUCTION
Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise
expressly provided herein, capitalized terms in this Agreement shall have the
following meanings:
"Acceptable Development Team" shall mean (i) Prime Group Realty,
L.P. (so long as no Change of Control shall occur with respect to Prime Group
Realty, L.P.) and/or (ii) any other group of Persons that have day-to-day
responsibility for the construction and development of the Project, who have
relevant experience in the construction and development of facilities comparable
to the Project in the Chicago area and are reasonably satisfactory to the
Lender.
"Acceptable Leasing Agent" shall mean (i) Guarantor, Prime Group
Services, Inc. and their Affiliates or (ii) any other reputable and experienced
professional leasing company which (A) shall have at least five (5) years
experience in the leasing of facilities comparable to the Mortgaged Property,
(B) shall have under contract, at the time of its engagement as Leasing Agent,
not fewer than three (3) similar office buildings (excluding the Mortgaged
Property) and (C) shall be a Person approved by the Lender in advance, which
approval shall not be unreasonably withheld, or delayed.
"Acceptable Property Manager" shall mean (i) Guarantor (or any of
its Affiliates) or Prime Group Realty Services Inc. (or any of its Affiliates),
or (ii) any other reputable and experienced professional property management
company which (A) shall have at least five (5) years experience in the
management of facilities comparable to the Mortgaged Property, (B) shall have
under management, at the time of its engagement as Property Manager, not fewer
than three (3) similar office buildings (excluding the Mortgaged Property) and
(C) shall be a Person approved by the Lender in advance, which approval shall
not be unreasonably withheld or delayed.
"Accrued Management Fee" shall mean, at any time, the difference
between (i) the aggregate of the management fees which have theretofore been
earned pursuant to the Property Management Agreement (which amount shall not
exceed $1.00 per square foot) and (ii) the amount of management fees that have
theretofore been paid pursuant to the Property Management Agreement.
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McGraw-Hill Companies
As referenced in this Mezzanine Loan Agreement:
McGraw-Hill Companies, Inc – approves as a Qualifying Lease.
"Rating Agency" shall mean any one or more of Standard & Poor's
Rating Services, a division of The McGraw-Hill Companies, Inc ., Moody's
Investors Service, Inc., Fitch IBCA, Inc., or any other nationally-recognized
statistical rating agency and their respective successors, as selected
_____________
dt 310729
;
Prime Group
As referenced in this Mezzanine Loan Agreement:
Prime
Group Realty Trust – amended from
time to time in accordance with the terms of this Agreement.
"Change of Control" shall mean with respect to Guarantor and Prime
Group Realty Trust ("PGRT"), the sale or transfer of more than forty-nine and
nine tenths percent (49.9%) of the aggregate of the common
_____________
Prime Group Realty Trust – Lender or from the application of the proceeds therefrom,
that constitutes an Event of Default, (v) a certified copy of the resolution of
Prime Group Realty Trust approving the Loan, this Agreement, the Note and each
other Loan Document to which the Borrower is or is to be a party,
_____________
Prime Group Realty Trust – consents, if any, with respect
to the Loan, this Agreement, the Note and each other Loan Documents, and (vi) a
notarized certificate of Prime Group Realty Trust certifying the names and true
signatures of the Persons authorized to sign this Agreement, the Note and each
other Loan Document to which
_____________
Prime Group Realty Trust – Property satisfactory to the Lender in all respects.
(m) Financial Statements. The Guarantor shall have provided the required
financial statements of Guarantor and Prime Group Realty Trust for the fiscal
quarter ending September 30, 2002, all of which statements shall be reasonably
satisfactory to the Lender and accompanied by an
_____________
Prime Group Realty
Trust – as
no Change of Control occurs as a result thereof, operating units or other
securities in Guarantor, and shares or other securities of Prime Group Realty
Trust may be issued, transferred, exchanged, converted and redeemed.
(i) TIF Financing. Except in connection with a redevelopment agreement
between the City of Chicago
_____________
dt 110149
;
Fannie Mae
As referenced in this Mezzanine Loan Agreement:
Federal
National Mortgage Association – Home Loan Mortgage Corporation participation sale certificates, Government
National Mortgage Association modified pass-through certificates, Federal
National Mortgage Association bonds and notes, Federal Farm Credit System
securities (provided all of the obligations described
_____________
dt 80376
;
|
Bank One
As referenced in this Mezzanine Loan Agreement:
Bank One, NA – and to all licenses, permits and contracts necessary or desirable
for the construction, use and operation of the Improvements.
"Bank One" shall mean Bank One, NA , a national banking association
and its permitted successors and assigns.
"Bank One Lease" shall mean that certain Office Lease relating to
the
_____________
dt 99984
;
Bankers Trust
As referenced in this Mezzanine Loan Agreement:
Bankers Trust – for the construction and
development of the Project (the "Existing Mezzanine Loan"), the Borrower and
Bankers Trust Company, as agent and lender ("BT"), and other lenders (BT and
such other lenders
dt 44211
;
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Construction Loan Agreement
Construction Loan Agreement (124K)
Doc #128498: Click preview link for longer preview.
CONSTRUCTION LOAN AGREEMENT
THIS CONSTRUCTION LOAN AGREEMENT (Agreement) is executed as of November 21, 2002, by and between WEO CONCAR, LLC, a California limited liability company (Borrower), and RIVERSIDE FINANCE COMPANY, L.L.C., a Delaware limited liability company (Lender).
RECITALS
A. Borrower owns or will own certain real property described in Exhibit A hereto (Property).
B. Borrower proposes to construct new improvements or renovate existing improvements on the Property consisting of: Two (2) five-story office buildings, one single-story retail building and a two-level parking structure, together with all appurtenances, fixtures, and tenant improvements now or hereafter located on the Property (Improvements). The office buildings will be constructed with steel supporting beams and columns, concrete slab on grade, steel and concrete composite suspended deck floors and roof. The exterior material will consist of brick panels. The Improvements shall be constructed in accordance with plans and specifications which Borrower has heretofore, or will hereafter deliver to Lender, as amended in order to comply with the terms and conditions of this Agreement (Plans and Specifications). Borrower has requested from Lender a loan for the purpose of such construction.
NOW, THEREFORE, Borrower and Lender agree as follows:
ARTICLE 1. DEFINITIONS
1.1. Defined Terms. The following capitalized terms generally used in this Agreement shall have the meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement are defined in such sections.
Account means an account with Bank, account number 14223-01959, in the name of Borrower or Borrowers designee into which Loan proceeds will be deposited.
ADA means the Americans with Disabilities Act, 42 U.S.C. 12101, et seq. as now or hereafter amended or modified.
Affiliate means, as to any person or entity, any person or entity which, directly or indirectly, controls, is controlled by or is under common control with, or which has the power to control the management or operations of, such person or entity.
Architect means M. Arthur Gensler & Associates.
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EOP Operating
As referenced in this Construction Loan Agreement:
EOP Operating Limited Partnership – the date appearing on the first page of this Agreement.
Lender
Riverside Finance Company, L.L.C.,
a Delaware limited liability company
By:
EOP Operating Limited Partnership ,
a Delaware limited partnership,
its sole member
By:
Equity Office Properties Trust,
a Maryland real estate investment trust,
its general partner
By:
/
_____________
dt 117089
;
EOP Operating
As referenced in this Construction Loan Agreement:
EOP Operating Limited Partnership – the date appearing on the first page of this Agreement.
Lender
Riverside Finance Company, L.L.C.,
a Delaware limited liability company
By:
EOP Operating Limited Partnership ,
a Delaware limited partnership,
its sole member
By:
Equity Office Properties Trust,
a Maryland real estate investment trust,
its general partner
By:
/
_____________
dt 117089
;
EOP
As referenced in this Construction Loan Agreement:
Equity Office Properties Trust, – Finance Company, L.L.C.,
a Delaware limited liability company
By:
EOP Operating Limited Partnership,
a Delaware limited partnership,
its sole member
By:
Equity Office Properties Trust,
a Maryland real estate investment trust,
its general partner
By:
/s/ ROBERT J. WINTER, JR.
Name:
Robert J. Winter, Jr.
Title:
Executive
_____________
Equity Office Properties Trust
– Disbursement. Unless another provision of this Agreement specifies otherwise, on or before the fifteenth (15th) day of each month, Borrower shall submit to:
Equity Office Properties Trust
c/o Karen Metz
Two North Riverside Plaza, Suite 2100
Chicago, Illinois 60606
Phone: (312) 466-3300
Facsimile: (312) 466-3403
with
_____________
dt 111774
;
|
EOP
As referenced in this Construction Loan Agreement:
Equity Office Properties Trust, – Finance Company, L.L.C.,
a Delaware limited liability company
By:
EOP Operating Limited Partnership,
a Delaware limited partnership,
its sole member
By:
Equity Office Properties Trust,
a Maryland real estate investment trust,
its general partner
By:
/s/ ROBERT J. WINTER, JR.
Name:
Robert J. Winter, Jr.
Title:
Executive
_____________
Equity Office Properties Trust
– Disbursement. Unless another provision of this Agreement specifies otherwise, on or before the fifteenth (15th) day of each month, Borrower shall submit to:
Equity Office Properties Trust
c/o Karen Metz
Two North Riverside Plaza, Suite 2100
Chicago, Illinois 60606
Phone: (312) 466-3300
Facsimile: (312) 466-3403
with
_____________
dt 111774
;
Weo Concar, LLC;
Riverside Finance Company, L.L.C.
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Mezzanine Loan Agreement
Mezzanine Loan Agreement (378K)
Doc #136817: Click preview link for longer preview.
MEZZANINE LOAN AGREEMENT
Dated as of June 27, 2003
Among
MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC
AND
MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC
collectively,
as Borrower
and
BANK OF AMERICA, N.A.,
as Lender
================================================================================
{PAGE}
TABLE OF CONTENTS
(To be finalized upon completion of document)
{TABLE}
{S} {C}
ARTICLE I DEFINITIONS; PRINCIPLES OF CONSTRUCTION.................................. 2
SECTION 1.1. DEFINITIONS.......................................................... 2
SECTION 1.2. PRINCIPLES OF CONSTRUCTION........................................... 15
ARTICLE II GENERAL TERMS............................................................ 16
SECTION 2.1. LOAN COMMITMENT; DISBURSEMENT TO BORROWER............................ 16
SECTION 2.2. INTEREST RATE PROTECTION AGREEMENT................................... 16
SECTION 2.3. LOAN PAYMENTS........................................................ 18
SECTION 2.4. LATE PAYMENT CHARGE.................................................. 19
SECTION 2.5. PREPAYMENT........................................................... 19
SECTION 2.6. PAYMENTS AFTER DEFAULT............................................... 21
SECTION 2.7. INTENTIONALLY DELETED................................................ 21
SECTION 2.8. USURY SAVINGS........................................................ 21
SECTION 2.9. UNAVAILABILITY OF RATE; FOREIGN TAXES; INCREASED COSTS............... 22
SECTION 2.10. EXTENSION............................................................ 25
SECTION 2.11. ADDITIONAL PAYMENT PROVISIONS........................................ 25
ARTICLE III CONDITIONS PRECEDENT..................................................... 26
SECTION 3.1. REPRESENTATIONS AND WARRANTIES; COMPLIANCE WITH CONDITIONS........... 26
SECTION 3.2. DELIVERY OF LOAN DOCUMENTS; TITLE POLICIES........................... 27
SECTION 3.3. RELATED DOCUMENTS.................................................... 28
SECTION 3.4. ORGANIZATIONAL DOCUMENTS............................................. 28
SECTION 3.5. OPINIONS OF BORROWER'S COUNSEL....................................... 28
SECTION 3.6. ANNUAL BUDGET........................................................ 29
SECTION 3.7. TAXES AND OTHER CHARGES.............................................. 29
SECTION 3.8. COMPLETION OF PROCEEDINGS............................................ 29
SECTION 3.9. PAYMENTS............................................................. 29
SECTION 3.10. TRANSACTION COSTS.................................................... 29
SECTION 3.11. No MATERIAL ADVERSE CHANGE........................................... 29
SECTION 3.12. LEASES AND RENT ROLL................................................. 29
SECTION 3.13. TENANT ESTOPPELS..................................................... 30
SECTION 3.14. [INTENTIONALLY OMITTED].............................................. 30
SECTION 3.15. SUBORDINATION AND ATTORNMENT......................................... 30
SECTION 3.16. TAX LOT.............................................................. 30
SECTION 3.17. PHYSICAL CONDITIONS REPORT........................................... 30
SECTION 3.18. MANAGEMENT AGREEMENT................................................. 30
SECTION 3.19. APPRAISAL............................................................ 30
SECTION 3.20. FINANCIAL STATEMENTS................................................. 30
SECTION 3.21. [INTENTIONALLY DELETED].............................................. 30
SECTION 3.22. FURTHER DOCUMENTS.................................................... 30
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SECTION 3.23. MORTGAGE LOAN........................................................ 30
SECTION 3.24. OPINION LETTER....................................................... 31
ARTICLE IV REPRESENTATIONS AND WARRANTIES........................................... 31
SECTION 4.1. ORGANIZATION......................................................... 31
SECTION 4.2. STATUS OF BORROWER................................................... 31
SECTION 4.3. VALIDITY OF DOCUMENTS................................................ 31
SECTION 4.4. No CONFLICTS......................................................... 32
SECTION 4.5. LITIGATION........................................................... 32
SECTION 4.6. AGREEMENTS........................................................... 32
SECTION 4.7. SOLVENCY............................................................. 33
SECTION 4.8. FULL AND ACCURATE DISCLOSURE......................................... 33
SECTION 4.9. No PLAN ASSETS....................................................... 33
SECTION 4.10. NOT A FOREIGN PERSON................................................. 33
SECTION 4.11. ENFORCEABILITY....................................................... 33
SECTION 4.12. BUSINESS PURPOSES.................................................... 34
SECTION 4.13. COMPLIANCE........................................................... 34
SECTION 4.14. FINANCIAL INFORMATION................................................ 34
SECTION 4.15. ILLEGAL ACTIVITY..................................................... 34
SECTION 4.16. PERMITTED ENCUMBRANCES............................................... 34
SECTION 4.17. FEDERAL RESERVE REGULATIONS.......................................... 35
SECTION 4.18. INVESTMENT COMPANY ACT............................................... 35
SECTION 4.19. No CHANGE IN FACTS OR CIRCUMSTANCES; DISCLOSURE...................... 35
SECTION 4.20. SPECIAL PURPOSE ENTITY............................................... 35
SECTION 4.21. ASSUMPTIONS.......................................................... 35
SECTION 4.22. INTELLECTUAL PROPERTY................................................ 35
SECTION 4.23. EMBARGOED PERSON..................................................... 36
SECTION 4.24. PATRIOT ACT.......................................................... 36
SECTION 4.25. MORTGAGE LOAN REPRESENTATIONS........................................ 37
SECTION 4.26. No CONTRACTUAL OBLIGATIONS........................................... 37
SECTION 4.27. SUBSIDIARIES......................................................... 37
SECTION 4.28. PLEDGED COMPANY INTERESTS............................................ 37
SECTION 4.29. SURVIVAL............................................................. 37
ARTICLE V BORROWER COVENANTS................................................................ 38
SECTION 5.1. EXISTENCE; COMPLIANCE WITH LEGAL REQUIREMENTS........................ 38
SECTION 5.2. MAINTENANCE AND USE OF PROPERTY...................................... 38
SECTION 5.3. WASTE................................................................ 39
SECTION 5.4. TAXES AND OTHER CHARGES.............................................. 39
SECTION 5.5. LITIGATION........................................................... 39
SECTION 5.6. ACCESS TO THE PROPERTY............................................... 40
SECTION 5.7. NOTICE OF DEFAULT.................................................... 40
SECTION 5.8. COOPERATE IN LEGAL PROCEEDINGS....................................... 40
SECTION 5.9. PERFORMANCE BY BORROWER.............................................. 40
SECTION 5.10. AWARDS; INSURANCE PROCEEDS........................................... 40
SECTION 5.11. FINANCIAL REPORTING.................................................. 40
SECTION 5.12. ESTOPPEL STATEMENT................................................... 43
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ii
{PAGE}
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{S} {C}
SECTION 5.13. LEASING MATTERS...................................................... 43
SECTION 5.14. PROPERTY MANAGEMENT.................................................. 45
SECTION 5.15. LIENS................................................................ 46
SECTION 5.16. DEBT CANCELLATION.................................................... 46
SECTION 5.17. ZONING............................................................... 46
SECTION 5.18. ERISA................................................................ 46
SECTION 5.19. No JOINT ASSESSMENT.................................................. 47
SECTION 5.20. ALTERATIONS.......................................................... 47
SECTION 5.21. [INTENTIONALLY DELETED.]............................................. 47
SECTION 5.22. RECIPROCAL EASEMENT AGREEMENT........................................ 47
SECTION 5.23. [INTENTIONALLY DELETED.]............................................. 48
SECTION 5.24. [INTENTIONALLY DELETED.]............................................. 48
SECTION 5.25. SPECIAL DISTRIBUTIONS................................................ 48
SECTION 5.26. CURING............................................................... 48
SECTION 5.27. LIENS................................................................ 48
SECTION 5.28. LIMITATION ON SECURITIES ISSUANCES................................... 48
SECTION 5.29. LIMITATIONS ON DISTRIBUTIONS......................................... 48
SECTION 5.30. OTHER LIMITATIONS.................................................... 48
SECTION 5.31. [INTENTIONALLY DELETED.]............................................. 49
SECTION 5.32. REFINANCING.......................................................... 49
ARTICLE VI ENTITY COVENANTS................................................................. 50
SECTION 6.1. SINGLE PURPOSE ENTITY/SEPARATENESS................................... 50
SECTION 6.2. CHANGE OF NAME, IDENTITY OR STRUCTURE................................ 54
SECTION 6.3. BUSINESS AND OPERATIONS.............................................. 54
SECTION 6.4. INDEPENDENT MANAGERS................................................. 55
ARTICLE VII NO SALE OR ENCUMBRANCE.......................................................... 55
SECTION 7.1. TRANSFER DEFINITIONS................................................. 55
SECTION 7.2. No SALE/ENCUMBRANCE.................................................. 56
SECTION 7.3. PERMITTED TRANSFERS.................................................. 56
SECTION 7.4. LENDER'S RIGHTS...................................................... 57
SECTION 7.5. ASSUMPTION........................................................... 58
ARTICLE VIII INSURANCE; CASUALTY; CONDEMNATION; RESTORATION........................... 60
SECTION 8.1. INSURANCE............................................................ 60
SECTION 8.2. CASUALTY............................................................. 64
SECTION 8.3. CONDEMNATION......................................................... 65
SECTION 8.4. RESTORATION.......................................................... 65
ARTICLE IX RESERVE FUNDS............................................................ 69
ARTICLE X CASH MANAGEMENT.......................................................... 70
ARTICLE XI EVENTS OF DEFAULT; REMEDIES.............................................. 70
SECTION 11.1. EVENT OF DEFAULT..................................................... 70
SECTION 11.2. REMEDIES............................................................. 73
{/TABLE}
iii
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{TABLE}
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ARTICLE XII ENVIRONMENTAL PROVISIONS........................................................ 73
SECTION 12.1. ENVIRONMENTAL REPRESENTATIONS AND WARRANTIES......................... 73
SECTION 12.2. ENVIRONMENTAL COVENANTS.............................................. 74
SECTION 12.3. LENDER'S RIGHTS...................................................... 75
SECTION 12.4. OPERATIONS AND MAINTENANCE PROGRAMS.................................. 75
SECTION 12.5. ENVIRONMENTAL DEFINITIONS............................................ 75
ARTICLE XIII SECONDARY MARKET............................................................... 76
SECTION 13.1. TRANSFER OF LOAN..................................................... 76
SECTION 13.2. DELEGATION OF SERVICING.............................................. 76
SECTION 13.3. DISSEMINATION OF INFORMATION......................................... 76
SECTION 13.4. COOPERATION.......................................................... 77
SECTION 13.5. SECURITIZATION INDEMNIFICATION....................................... 78
SECTION 13.6. [INTENTIONALLY OMITTED].............................................. 81
SECTION 13.7. INTENTIONALLY OMITTED]............................................... 81
SECTION 13.8. MORTGAGE LOAN SECURITIZATION......................................... 81
ARTICLE XIV INDEMNIFICATIONS................................................................ 81
SECTION 14.1. GENERAL INDEMNIFICATION.............................................. 81
SECTION 14.2. INTANGIBLE TAX INDEMNIFICATION....................................... 82
SECTION 14.3. ERISA INDEMNIFICATION................................................ 82
SECTION 14.4. SURVIVAL............................................................. 82
ARTICLE XV EXCULPATION...................................................................... 82
SECTION 15.1. EXCULPATION.............................................................. 82
ARTICLE XVI NOTICES......................................................................... 85
SECTION 16.1. NOTICES.................................................................. 85
ARTICLE XVII FURTHER ASSURANCES............................................................. 86
SECTION 17.1. REPLACEMENT DOCUMENTS................................................ 86
SECTION 17.2. [INTENTIONALLY OMITTED.]............................................. 87
SECTION 17.3. FURTHER ACTS, ETC.................................................... 87
SECTION 17.4. CHANGES IN TAX, DEBT, CREDIT AND
DOCUMENTARY STAMP LAWS............................................... 87
SECTION 17.5. EXPENSES............................................................. 88
ARTICLE XVIII WAIVERS....................................................................... 88
SECTION 18.1. REMEDIES CUMULATIVE; WAIVERS......................................... 88
SECTION 18.2. MODIFICATION, WAIVER IN WRITING...................................... 89
SECTION 18.3. DELAY NOT A WAIVER................................................... 89
SECTION 18.4. TRIAL BY JURY........................................................ 89
SECTION 18.5. WAIVER OF NOTICE..................................................... 90
SECTION 18.6. REMEDIES OF BORROWER................................................. 90
SECTION 18.7. WAIVER OF MARSHALLING OF ASSETS...................................... 90
SECTION 18.8. WAIVER OF STATUTE OF LIMITATIONS..................................... 90
SECTION 18.9. WAIVER OF COUNTERCLAIM............................................... 91
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SECTION 18.10. GRADSKY WAIVERS...................................................... 91
ARTICLE XIX GOVERNING LAW................................................................... 92
SECTION 19.1. CHOICE OF LAW........................................................ 92
SECTION 19.2. SEVERABILITY......................................................... 92
SECTION 19.3. PREFERENCES.......................................................... 92
ARTICLE XX MISCELLANEOUS.................................................................... 92
SECTION 20.1. SURVIVAL............................................................. 92
SECTION 20.2. LENDER'S DISCRETION.................................................. 93
SECTION 20.3. HEADINGS............................................................. 93
SECTION 20.4. COST OF ENFORCEMENT.................................................. 93
SECTION 20.5. SCHEDULES INCORPORATED............................................... 93
SECTION 20.6. OFFSETS, COUNTERCLAIMS AND DEFENSES.................................. 93
SECTION 20.7. NO JOINT VENTURE OR PARTNERSHIP; No THIRD PARTY
BENEFICIARIES........................................................ 93
SECTION 20.8. PUBLICITY............................................................ 95
SECTION 20.9. CONFLICT; CONSTRUCTION OF DOCUMENTS; RELIANCE........................ 95
SECTION 20.10. ENTIRE AGREEMENT..................................................... 95
SECTION 20.ll. CERTAIN ADDITIONAL RIGHTS OF LENDER (VCOC)........................... 95
SECTION 20.12. LIABILITY............................................................ 96
SECTION 20.13. CONTRIBUTION......................................................... 96
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EXHIBITS
Exhibit A - Annual Budget
Exhibit B - Borrower Organizational Structure
Exhibit C - Form of Lease
v
{PAGE}
MEZZANINE LOAN AGREEMENT
THIS MEZZANINE LOAN AGREEMENT, dated as of June 27, 2003 (as
amended, restated, replaced, supplemented or otherwise modified from time to
time, this "AGREEMENT"), between BANK OF AMERICA, N.A., a national banking
association, having an address at Bank of America Corporate Center, 214 North
Tryon Street, Charlotte, North Carolina 28255 (together with its successors
and/or assigns, "LENDER") and MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC,
a Delaware limited liability company, having an address at c/o Maguire
Properties, Inc., 555 West Fifth Street, Los Angeles, California 90013 ("West
FIFTH") and MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC, a Delaware limited
liability company, having an address at c/o Maguire Properties, Inc., 555 West
Fifth Street, Los Angeles, California 90013 ("SOUTH OLIVE", and collectively
with West Fifth, together with their respective successors and/or assigns,
"BORROWER").
RECITALS:
Bank of America, N.A., a national banking association, as
mortgage lender ("MORTGAGE LENDER"), has made a loan in the original principal
amount of TWO HUNDRED FIFTY MILLION and No/100 Dollars ($250,000,000.00)
("MORTGAGE LOAN") to Maguire Properties - 555 W. Fifth, LLC and Maguire
Properties - 808 S. Olive, LLC (collectively, "MORTGAGE BORROWER") pursuant to a
certain Loan Agreement, dated of even date herewith, between Mortgage Borrower
and Mortgage Lender (as amended, restated, replaced, supplemented or otherwise
modified from time to time, the "MORTGAGE LOAN AGREEMENT"), which Mortgage Loan
is evidenced by a Promissory Note, dated of even date herewith, made by Mortgage
Borrower to Mortgage Lender (as amended, restated, replaced, consolidated or
otherwise modified from time to time, the "MORTGAGE NOTE") and secured by, among
other things, that certain Deed of Trust, Assignment of Leases and Rents,
Security Agreement and Fixture Filing, dated of even date herewith granted by
Mortgage Borrower in favor of Mortgage Lender (as amended, restated, replaced,
supplemented or otherwise modified from time to time, the "MORTGAGE"), pursuant
to which Mortgage Borrower has granted to Mortgage Lender a first priority
mortgage on, among other things, the real property and other collateral as more
fully described in the Mortgage (collectively, the "PROPERTY");
Borrower is the legal and beneficial owner of all of the
membership interests in Mortgage Borrower, consisting of a one hundred percent
(100%) membership interest therein (the "PLEDGED COMPANY INTERESTS");
Borrower has requested Lender to make a loan to it in the
aggregate principal amount of THIRTY MILLION and No/100 Dollars ($30,000,000.00)
("LOAN"); and
As a condition precedent to the obligation of Lender to make
the Loan to Borrower, Borrower has entered into that certain Pledge and Security
Agreement, dated of even date herewith, in favor of Lender (as amended,
restated, replaced, supplemented or otherwise modified from time to time,
"PLEDGE AGREEMENT"), pursuant to which Borrower has granted to Lender a first
priority security interest in the Collateral (as defined in the Pledge
Agreement) as collateral security for the Debt (as defined below);
{PAGE}
In consideration of the making of the Loan by Lender and the
covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as
follows:
ARTICLE I
DEFINITIONS; PRINCIPLES OF CONSTRUCTION
Section 1.1. DEFINITIONS.
For all purposes of this Agreement, except as otherwise
expressly required or unless the context clearly indicates a contrary intent:
"ACCEPTABLE ACCOUNTANT" shall mean a "Big Four" accounting
firm or other independent certified public accountant acceptable to Lender.
"ACCEPTABLE COUNTERPARTY'" shall mean any counterparty to the
Interest Rate Protection Agreement that has, as of the date hereof, and shall
maintain until the expiration of the applicable Interest Rate Protection
Agreement a credit rating of not less than "AA-" from S&P and not less than Aa3
from Moddy's.
"ACT" shall have the meaning set forth in Section 6.1(c)
hereof.
"AFFILIATE" shall mean, as to any Person, any other Person
that, directly or indirectly, is in control of, is controlled by or is under
common control with such Person or is a director or officer of such Person or of
an Affiliate of such Person.
"AFFILIATED LOANS" shall mean a loan made by Lender to a
parent, subsidiary or such other entity affiliated with Borrower or Borrower
Principal.
"AFFILIATED MANAGER" shall have the meaning set forth in
Section 7.1 hereof.
"ALTERATION THRESHOLD" shall mean $1,000,000.00.
"ANNUAL BUDGET" shall mean the operating budget, including all
planned capital expenditures, for the Property approved by Lender in accordance
with Section 5.11(a)(iv) hereof for the applicable calendar year or other
period.
"ASSIGNMENTS OF MANAGEMENT AGREEMENT" shall mean,
collectively, that certain Assignment and Subordination of Management Agreement
dated the date hereof among Lender, West Fifth and Manager, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to
time, with respect to the Tower Parcel and that certain Assignment and
Subordination of Management Agreement dated the date hereof among Lender, South
Olive and Manager, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time, with respect to the Garage Parcel.
"AWARD" shall mean any compensation paid by any Governmental
Authority in connection with a Condemnation in respect of all or any part of the
Property.
136817
|
555 W. Fifth
As referenced in this Mezzanine Loan Agreement:
Maguire Properties - 555 W. Fifth, LLC – a loan in the original principal
amount of TWO HUNDRED FIFTY MILLION and No/100 Dollars ($250,000,000.00)
("MORTGAGE LOAN") to Maguire Properties - 555 W. Fifth, LLC and Maguire
Properties - 808 S. Olive, LLC (collectively, "MORTGAGE BORROWER") pursuant to a
certain Loan Agreement, dated of even date herewith, between Mortgage
_____________
Maguire Properties - 555 W. Fifth, LLC/ – 2049 Century Park East, 28th Floor
Los Angeles, California 90067
Attention: Douglas P. Snyder, Esq.
Facsimile No.: (310) 277-7889
If to Borrower: Maguire Properties - 555 W. Fifth, LLC/
Principal Maguire Properties - 808 S. Olive, LLC
555 West Fifth Street, Suite 5000
Los Angeles, California 90013
Attention: Mark T. Lammas, Esq.
_____________
dt 158519
;
808 S. Olive Mez
As referenced in this Mezzanine Loan Agreement:
MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC
– TEXT}
{PAGE}
================================================================================
EXHIBIT 10.10
MEZZANINE LOAN AGREEMENT
Dated as of June 27, 2003
Among
MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC
AND
MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC
collectively,
as Borrower
and
BANK OF AMERICA, N.A.,
as Lender
================================================================================
{PAGE}
TABLE OF CONTENTS
(To be finalized upon completion of document)
{
_____________
MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC, – limited liability company, having an address at c/o Maguire
Properties, Inc., 555 West Fifth Street, Los Angeles, California 90013 ("West
FIFTH") and MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC, a Delaware limited
liability company, having an address at c/o Maguire Properties, Inc., 555 West
Fifth Street, Los Angeles, California 90013 ("
_____________
Maguire Properties - 808 S. Olive Mezzanine, LLC
– Carolina 28255-0001
Attention: Dean B. Roberson, Esq.
Facsimile No.: (704) 387-0922
If to Borrower: Maguire Properties - 555 W. Fifth Mezzanine, LLC/
Maguire Properties - 808 S. Olive Mezzanine, LLC
555 West Fifth Street, Suite 5000
Los Angeles, California 90013
Attention: Mark T. Lammas, Esq.
Facsimile No.: (213) 533-5198
- 85 -
{PAGE}
_____________
Maguire Properties - 808 S. Olive Mezzanine, LLC, – its sole member
By: Maguire Properties, Inc., a Maryland
corporation, its general partner
By: Richard I. Gilchrist
---------------------------
Name: Richard I. Gilchrist
Title: President
Maguire Properties - 808 S. Olive Mezzanine, LLC,
a Delaware limited liability company, its sole
member
By: Maguire Properties, L.P., a Maryland
limited partnership, its sole member
By: Maguire
_____________
dt 158548
;
808 S. Olive
As referenced in this Mezzanine Loan Agreement:
Maguire
Properties - 808 S. Olive, LLC – of TWO HUNDRED FIFTY MILLION and No/100 Dollars ($250,000,000.00)
("MORTGAGE LOAN") to Maguire Properties - 555 W. Fifth, LLC and Maguire
Properties - 808 S. Olive, LLC (collectively, "MORTGAGE BORROWER") pursuant to a
certain Loan Agreement, dated of even date herewith, between Mortgage Borrower
and Mortgage Lender (as amended,
_____________
Maguire Properties - 808 S. Olive, LLC
– Angeles, California 90067
Attention: Douglas P. Snyder, Esq.
Facsimile No.: (310) 277-7889
If to Borrower: Maguire Properties - 555 W. Fifth, LLC/
Principal Maguire Properties - 808 S. Olive, LLC
555 West Fifth Street, Suite 5000
Los Angeles, California 90013
Attention: Mark T. Lammas, Esq.
Facsimile No.: (213) 533-5198
With a
_____________
dt 158479
;
|
Maguire
As referenced in this Mezzanine Loan Agreement:
Maguire Properties
Services, – Manager is to
provide management and other services with respect to the Property, together
with the sub-contract entered into between Manager and Maguire Properties
Services, Inc., as the foregoing documents may be amended, restated, replaced,
supplemented or otherwise modified in accordance with the terms of this
Agreement.
"
_____________
dt 158438
;
Maguire
As referenced in this Mezzanine Loan Agreement:
MAGUIRE PROPERTIES – 15
{FILENAME}a92206exv10w10.txt
{DESCRIPTION}EX-10.10
{TEXT}
{PAGE}
================================================================================
EXHIBIT 10.10
MEZZANINE LOAN AGREEMENT
Dated as of June 27, 2003
Among
MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC
AND
MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC
collectively,
as Borrower
and
BANK OF AMERICA, N.A.,
_____________
MAGUIRE PROPERTIES – TEXT}
{PAGE}
================================================================================
EXHIBIT 10.10
MEZZANINE LOAN AGREEMENT
Dated as of June 27, 2003
Among
MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC
AND
MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC
collectively,
as Borrower
and
BANK OF AMERICA, N.A.,
as Lender
================================================================================
{PAGE}
TABLE OF CONTENTS
(To be
_____________
MAGUIRE PROPERTIES – at Bank of America Corporate Center, 214 North
Tryon Street, Charlotte, North Carolina 28255 (together with its successors
and/or assigns, "LENDER") and MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC,
a Delaware limited liability company, having an address at c/o Maguire
Properties, Inc., 555 West Fifth
_____________
Maguire
Properties, – and/or assigns, "LENDER") and MAGUIRE PROPERTIES - 555 W. FIFTH MEZZANINE, LLC,
a Delaware limited liability company, having an address at c/o Maguire
Properties, Inc., 555 West Fifth Street, Los Angeles, California 90013 ("West
FIFTH") and MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC, a Delaware limited
_____________
MAGUIRE PROPERTIES – limited liability company, having an address at c/o Maguire
Properties, Inc., 555 West Fifth Street, Los Angeles, California 90013 ("West
FIFTH") and MAGUIRE PROPERTIES - 808 S. OLIVE MEZZANINE, LLC, a Delaware limited
liability company, having an address at c/o Maguire Properties, Inc., 555 West
Fifth
_____________
dt 110239
;
More... |
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Mezzanine Loan Agreement
Mezzanine Loan Agreement (305K)
Doc #136818: Click preview link for longer preview.
MEZZANINE LOAN AGREEMENT
Dated as of May 28, 2003
Between
330 N. WABASH MEZZANINE, L.L.C.,
as Borrower
and
LEHMAN BROTHERS HOLDINGS INC.
as Lender
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TABLE OF CONTENTS
Page
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION................................2
Section 1.1 Definitions..................................................2
Section 1.2 Principles of Construction..................................21
II. GENERAL TERMS ........................................................21
Section 2.1 Loan Commitment; Disbursement to Borrower...................21
Section 2.2 Interest; Loan Payments; Late Payment Charge................22
Section 2.3 Prepayments.................................................26
Section 2.4 Extension of Maturity Date..................................29
Section 2.5 Release.....................................................29
Section 2.6 Manner of Making Payments...................................30
Section 2.7 Interest Rate Cap Agreement.................................30
III. INTENTIONALLY OMITTED.................................................32
IV. REPRESENTATIONS AND WARRANTIES........................................32
Section 4.1 Borrower Representations....................................32
Section 4.2 Survival of Representations.................................40
Section 4.3 Scope of Representations and Warranties.....................40
V. BORROWER COVENANTS....................................................41
Section 5.1 Affirmative Covenants.......................................41
Section 5.2 Negative Covenants..........................................51
VI. INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS...................59
Section 6.1 Insurance...................................................59
Section 6.2 Casualty....................................................59
Section 6.3 Condemnation................................................60
Section 6.4 Restoration.................................................60
VII. RESERVE FUNDS .........................................................60
Section 7.1 Intentionally Omitted.......................................60
Section 7.2 Tax, Insurance and Ground Rent Escrow Fund..................60
Section 7.3 Rollover Reserve............................................61
Section 7.4 Asbestos Abatement Reserve..................................64
Section 7.5 Transfer of Reserve Funds under Mortgage Loan...............65
Section 7.6 Reserve Funds, Generally....................................65
VIII. DEFAULTS ............................................................66
Section 8.1 Event of Default............................................66
Section 8.2 Remedies....................................................69
Section 8.3 Remedies Cumulative; Waivers................................70
IX. SPECIAL PROVISIONS....................................................71
Section 9.1 Sale of Notes and Securitization............................71
Section 9.2 Securitization Indemnification..............................72
Section 9.3 Intentionally Omitted.......................................74
Section 9.4 Exculpation.................................................74
Section 9.5 Termination of Manager......................................76
Section 9.6 Servicer....................................................76
X. MISCELLANEOUS ........................................................77
Section 10.1 Survival....................................................77
Section 10.2 Lender's Discretion.........................................77
Section 10.3 Governing Law...............................................77
Section 10.4 Modification, Waiver in Writing.............................78
Section 10.5 Delay Not a Waiver..........................................78
Section 10.6 Notices.....................................................79
Section 10.7 Trial by Jury...............................................80
Section 10.8 Headings....................................................80
Section 10.9 Severability................................................80
Section 10.10 Preferences.................................................80
Section 10.11 Waiver of Notice............................................81
Section 10.12 Remedies of Borrower........................................81
Section 10.13 Expenses; Indemnity.........................................81
Section 10.14 Schedules Incorporated......................................82
Section 10.15 Offsets, Counterclaims and Defenses.........................82
Section 10.16 No Joint Venture or Partnership; No Third Party
Beneficiaries..............................................83
Section 10.17 Publicity...................................................83
Section 10.18 Waiver of Marshalling of Assets.............................83
Section 10.19 Waiver of Counterclaim......................................84
Section 10.20 Conflict; Construction of Documents; Reliance...............84
Section 10.21 Brokers and Financial Advisors..............................84
Section 10.22 Component Notes.............................................85
Section 10.23 Reallocation of Loan Amounts................................85
Section 10.24 Prior Agreements............................................86
SCHEDULES
Schedule I - Reserved
Schedule II - Reserved
Schedule III- Organizational Structure
Schedule IV - Description of Ground Lease
Schedule V - Reserved
Schedule VI - Unfunded Tenant Allowances
Schedule VII - Requirements for Replacement Interest Rate Cap Agreements
Schedule VIII - Form of Assignment of Interest Rate Cap Agreement
Schedule IX - Identification of the IBM Lease
{PAGE}
MEZZANINE LOAN AGREEMENT
THIS MEZZANINE LOAN AGREEMENT, dated as of May 28, 2003 (as amended,
restated, replaced, supplemented or otherwise modified from time to time, this
"Agreement"), between LEHMAN BROTHERS HOLDINGS INC., a Delaware corporation,
having an address at 399 Park Avenue, 8th Floor, New York, New York 10022
("Lender") and 330 N. WABASH MEZZANINE, L.L.C., a Delaware limited liability
company, having an address at c/o Prime Group Realty Trust, 77 West Wacker
Drive, Suite 3900, Chicago, Illinois 60601 ("Borrower").
W I T N E S S E T H :
WHEREAS, Lehman Brothers Bank FSB, a federal stock savings bank, as
mortgage lender ("Mortgage Lender"), has made a loan in the original principal
amount of $195,000,000 (the "Mortgage Loan") to 330 N. Wabash Avenue, L.L.C., a
Delaware limited liability company ("Mortgage Borrower"), pursuant to a Loan
Agreement dated as of March 10, 2003 (as amended, supplemented or otherwise
modified from time to time, the "Mortgage Loan Agreement"), which Mortgage Loan
is evidenced by a Promissory Note of even date therewith (as amended,
supplemented or otherwise modified from time to time, the "Mortgage Note") made
by Mortgage Borrower to Mortgage Lender and secured by, among other things, a
certain Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security
Agreement of even date therewith (as amended, supplemented or otherwise modified
from time to time, the "Mortgage") by Mortgage Borrower in favor of Mortgage
Lender pursuant to which Mortgage Borrower has granted the Mortgage Lender a
first priority mortgage on, among other things, the real property and other
collateral as more fully described in the Mortgage (collectively, the
"Property");
WHEREAS, Borrower is the legal and beneficial owner of all of the
limited liability company interests in Mortgage Borrower, consisting of a 100%
membership interest therein (the "Pledged Company Interests");
WHEREAS, Mortgage Lender is exercising the Mezzanine Option (as
defined in the Mortgage Loan Agreement) under Section 10.23 of the Mortgage Loan
Agreement and pursuant thereto Lender will make a loan to Borrower in the
aggregate principal amount of $64,788,229 (the "Loan");
WHEREAS, simultaneously with the making of the Loan on the date
hereof, Borrower will make a capital contribution to Mortgage Borrower in the
amount of the Loan and Mortgage Borrower will use such capital contribution to
pay down the Mortgage Loan in the amount of $64,788,229, such that the
outstanding principal amount under the Mortgage Loan as of the date hereof shall
be $130,211,771; and
WHEREAS, as a condition precedent to the obligation of Lender to
make the Loan to Borrower, Borrower has entered into that certain Pledge and
Security Agreement, dated as of the date hereof, in favor of Lender (as amended,
supplemented or otherwise modified from time to time, the "Pledge Agreement"),
pursuant to which Borrower has granted to Lender a first priority security
interest in the Collateral (as defined in the Pledge Agreement) as collateral
security for the Debt (as defined below).
NOW, THEREFORE, in consideration of the making of the Loan by Lender
and the covenants, agreements, representations and warranties set forth in this
Agreement, the parties hereto hereby covenant, agree, represent and warrant as
follows:
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
Section 1.1 Definitions.
For all purposes of this Agreement, except as otherwise expressly
required or unless the context clearly indicates a contrary intent:
"Acceptable Counterparty" means any Counterparty to the Interest
Rate Cap Agreement that has and shall maintain, until the expiration of the
applicable Interest Rate Cap Agreement, a long-term unsecured debt rating of not
less than "AA" by S&P and Fitch (if rated by Fitch) and "Aa2" from Moody's.
"Affiliate" shall mean, as to any Person, any other Person that,
directly or indirectly, is in control of, is controlled by or is under common
control with such Person or is a director or officer of such Person or of an
Affiliate of such Person.
"Agent" shall mean any Eligible Institution acting as Agent under
the Mezzanine Cash Management Agreement.
"Aggregate Debt Service" shall mean, with respect to any particular
period of time, the sum of scheduled principal and/or interest payments under
the Mortgage Note and the Note.
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