Eligible Borrowing Base Property

Eligible Borrowing Base Property. (i) any Project which does not meet the criteria below but is approved by the Lender in its sole discretion or (ii) any Project which meets the following criteria: (a) Such Project must be wholly-owned in fee simple by a Wholly-Owned Subsidiary of Borrower that is a Subsidiary Guarantor or will be added as a Subsidiary Guarantor when such Project becomes a Borrowing Base Property. (b) Such Project must be a stabilized multifamily property with an Occupancy Percentage of not less than ninety... percent (90%). (c) Such Project must be located in a MSA which (i) has a population of at least 500,000 and (ii) is one of the then-current one hundred (100) largest MSAs in the continental United States. (d) Such Project must have either (i) been completed not earlier than 1998, or (ii) if completed earlier than 1998, been Extensively Renovated to current market standards so that there is no Major Deferred Maintenance (as certified by the Borrower to the Lender in the Collateral Inclusion Documents). (e) Such Project must be free of any Liens (other than those described in clauses (i) through (iv) of Section 6.16), pledges (including Negative Pledges) or guaranties (excluding any title company indemnities). View More