Extract to table

The Commitment Letter further provides that upon the occurrence and during the continuance of an event of default, interest shall accrue at the default rate of 5

The defeasance must comply with all requirements specified in the loan documents, including the retention of a defeasance consultant and accountant satisfactory to the servicer

In connection with the anticipated securitization, the borrowers are required to cooperate with the securitization process, including by: • Providing estoppel certificates from tenants as reasonably requested by the lender or its designee • Executing and delivering tenant subordination, non-disturbance, and attornment agreements (SNDAs) as reasonably requested • Providing updated financial information, operating statements, rent rolls, and other property-level data as required in connection with the securitization offering documents • Cooperating with rating agencies in connection with the rating of the securities to be issued by the securitization trust The Commitment Letter further provides that the borrowers' representations and warranties under the loan documents must be securitization-ready and must survive the securitization, meaning that they must be available to the trustee and certificateholders of the securitization trust as a basis for claims against the borrowers in the event of a breach

Governing Law The Commitment Letter is governed by and shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles

CONDITIONS PRECEDENT TO CLOSING The Commitment Letter specifies the following conditions that must be satisfied prior to or at the closing of the Permanent Loan

Clarendon Metropolitan requires MAI appraisals for each of the fourteen Sun Belt Portfolio properties, the results of which must be satisfactory to the lender in its sole discretion