on behalf of the holders of the Notes,
Page | ||||
I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION | 1 | |||
1.1 Definitions | 1 | |||
1.2 Principles of Construction | 26 | |||
II. GENERAL TERMS | 26 | |||
2.1 Loan; Disbursement to Borrower | 26 | |||
2.1.1 The Loan | 26 | |||
2.1.2 Disbursement to Borrower | 26 | |||
2.1.3 The Notes, Security Instrument and Loan Documents | 27 | |||
2.1.4 Use of Proceeds | 27 | |||
2.2 Interest; Loan Payments; Late Payment Charge | 27 | |||
2.2.1 Payment of Principal and Interest | 27 | |||
2.2.2 Method and Place of Payment | 27 | |||
2.2.3 Late Payment Charge | 28 | |||
2.2.4 Usury Savings | 28 | |||
2.3 Prepayments | 28 | |||
2.3.1 Prepayments | 28 | |||
2.3.2 Prepayments After Event of Default; Application of Amounts Paid | 28 | |||
2.3.3 Release of Property upon Repayment or Defeasance of Loan in Full | 29 | |||
2.3.4 Release of Individual Properties | 29 | |||
2.3.5 Defeasance | 30 | |||
2.3.6 Substitution of Properties | 34 | |||
2.3.7 Release of Outparcels | 39 | |||
2.3.8 Excess Account Collateral | 39 | |||
2.3.9 Reserve Requirements | 40 | |||
2.4 Regulatory Change; Taxes | 40 | |||
2.4.1 Increased Costs | 40 | |||
2.4.2 Special Taxes | 40 | |||
2.4.3 Other Taxes | 41 | |||
2.4.4 Indemnity | 41 | |||
2.4.5 Change of Office | 41 | |||
2.4.6 Survival | 41 |
i
Page | ||||
2.5 Conditions Precedent to Closing | 41 | |||
2.5.1 Representations and Warranties; Compliance with Conditions | 41 | |||
2.5.2 Delivery of Loan Documents; Title Policy; Reports; Leases | 41 | |||
2.5.3 Related Documents | 43 | |||
2.5.4 Delivery of Organizational Documents | 43 | |||
2.5.5 Counsel Opinions | 43 | |||
2.5.6 Annual Budget | 43 | |||
2.5.7 Completion of Proceedings | 44 | |||
2.5.8 Payments | 44 | |||
2.5.9 Account Agreement | 44 | |||
2.5.10 Master Lease SNDA | 44 | |||
2.5.11 Reserved | 44 | |||
2.5.12 Reserved | 44 | |||
2.5.13 Independent Manager/Member Certificate | 44 | |||
2.5.14 Transaction Costs | 44 | |||
2.5.15 Material Adverse Effect | 44 | |||
2.5.16 Insolvency | 44 | |||
2.5.17 Leases | 44 | |||
2.5.18 Master Lease; Master Lease SNDA | 44 | |||
2.5.19 Tax Lot | 44 | |||
2.5.20 Physical Conditions Reports | 45 | |||
2.5.21 Appraisals | 45 | |||
2.5.22 Financial Statements | 45 | |||
2.5.23 Flood Certifications | 45 | |||
2.5.24 Intercreditor Agreement | 45 | |||
III. CASH MANAGEMENT | 45 | |||
3.1 Cash Management | 45 | |||
3.1.1 Establishment of Accounts | 45 | |||
3.1.2 Pledge of Account Collateral | 46 | |||
3.1.3 Maintenance of Collateral Accounts | 47 | |||
3.1.4 Eligible Accounts | 47 | |||
3.1.5 Deposits into Sub-Accounts | 48 | |||
3.1.6 Monthly Funding of Sub-Accounts; Master Lease Rent Shortfalls; Master Lease Variable Additional Rent Reserve; Sub-Account Shortfalls | 48 | |||
3.1.7 Required Payments from Sub-Accounts | 50 | |||
3.1.8 Cash Management Bank | 50 | |||
3.1.9 Borrower’s and Maryland Loan Guarantor’s Account Representations, Warranties and Covenants | 51 | |||
3.1.10 Account Collateral and Remedies | 51 | |||
3.1.11 Transfers and Other Liens | 52 | |||
3.1.12 Reasonable Care | 52 | |||
3.1.13 Lender’s Liability | 52 | |||
3.1.14 Continuing Security Interest | 53 |
ii
Page | ||||
IV. REPRESENTATIONS AND WARRANTIES | 53 | |||
4.1 Borrower Representations | 53 | |||
4.1.1 Organization | 53 | |||
4.1.2 Proceedings | 54 | |||
4.1.3 No Conflicts | 54 | |||
4.1.4 Litigation | 54 | |||
4.1.5 Agreements | 55 | |||
4.1.6 Title | 55 | |||
4.1.7 No Bankruptcy Filing | 55 | |||
4.1.8 Full and Accurate Disclosure | 56 | |||
4.1.9 All Property | 56 | |||
4.1.10 No Plan Assets | 56 | |||
4.1.11 Compliance | 57 | |||
4.1.12 Financial Information | 57 | |||
4.1.13 Condemnation | 57 | |||
4.1.14 Federal Reserve Regulations | 57 | |||
4.1.15 Utilities and Public Access | 57 | |||
4.1.16 Not a Foreign Person | 58 | |||
4.1.17 Separate Lots | 58 | |||
4.1.18 Subdivision | 58 | |||
4.1.19 Enforceability | 58 | |||
4.1.20 Assessments | 58 | |||
4.1.21 Insurance | 58 | |||
4.1.22 Use of Property | 58 | |||
4.1.23 Certificate of Occupancy; Licenses | 58 | |||
4.1.24 Flood Zone | 59 | |||
4.1.25 Physical Condition | 59 | |||
4.1.26 Boundaries | 59 | |||
4.1.27 Leases and Subleases | 59 | |||
4.1.28 Filing and Recording Taxes | 60 | |||
4.1.29 Single Purpose Entity/Separateness | 60 | |||
4.1.30 Illegal Activity | 60 | |||
4.1.31 No Change in Facts or Circumstances; Disclosure | 60 | |||
4.1.32 Tax Filings | 61 | |||
4.1.33 Solvency/Fraudulent Conveyance | 61 | |||
4.1.34 Investment Company Act | 61 | |||
4.1.35 Labor | 61 | |||
4.1.36 Brokers | 62 | |||
4.1.37 No Other Debt | 62 | |||
4.1.38 Taxpayer Identification Number | 62 | |||
4.1.39 Compliance with Anti-Terrorism, Embargo and Anti-Money Laundering Laws | 62 | |||
4.1.40 Rights of First Refusal or First Offer to Lease or Purchase | 62 |
iii
Page | ||||
4.2 Survival of Representations | 63 | |||
4.3 Borrower’s or Maryland Loan Guarantor’s Knowledge | 63 | |||
V. BORROWER AND MARYLAND LOAN GUARANTOR COVENANTS | 63 | |||
5.1 Affirmative Covenants | 63 | |||
5.1.1 Performance by Borrower and Maryland Loan Guarantor | 63 | |||
5.1.2 Existence; Compliance with Legal Requirements; Insurance | 64 | |||
5.1.3 Litigation | 64 | |||
5.1.4 Single Purpose Entity | 64 | |||
5.1.5 Consents | 65 | |||
5.1.6 Access to Property | 66 | |||
5.1.7 Notice of Default | 66 | |||
5.1.8 Cooperate in Legal Proceedings | 66 | |||
5.1.9 Insurance | 66 | |||
5.1.10 Further Assurances; Severance of Notes and Mezzanine Loan | 66 | |||
5.1.11 Mortgage Taxes | 68 | |||
5.1.12 Business and Operations | 68 | |||
5.1.13 Title to the Property | 68 | |||
5.1.14 Costs of Enforcement | 69 | |||
5.1.15 Estoppel Statements | 69 | |||
5.1.16 Loan Proceeds | 69 | |||
5.1.17 No Joint Assessment | 69 | |||
5.1.18 No Further Encumbrances | 70 | |||
5.1.19 Leases and Material Subleases | 70 | |||
5.1.20 Management | 70 | |||
5.1.21 Master Lease | 70 | |||
5.2 Negative Covenants | 72 | |||
5.2.1 Incur Debt | 72 | |||
5.2.2 Encumbrances | 72 | |||
5.2.3 Engage in Different Business | 72 | |||
5.2.4 Make Advances | 72 | |||
5.2.5 Partition | 72 | |||
5.2.6 Commingle | 72 | |||
5.2.7 Guarantee Obligations | 73 | |||
5.2.8 Transfer Assets | 73 | |||
5.2.9 Amend Organizational Documents | 73 | |||
5.2.10 Dissolve | 73 | |||
5.2.11 Bankruptcy | 73 | |||
5.2.12 ERISA | 73 | |||
5.2.13 Distributions | 73 | |||
5.2.14 Management | 73 | |||
5.2.15 Reserved | 74 | |||
5.2.16 Modify Account Agreement | 74 | |||
5.2.17 Zoning Reclassification | 74 | |||
5.2.18 Change of Principal Place of Business | 74 | |||
5.2.19 Debt Cancellation | 74 | |||
5.2.20 Misapplication of Funds | 74 | |||
5.2.21 Single Purpose Entity | 75 |
iv
Page | ||||
VI. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION | 75 | |||
6.1 Insurance Coverage Requirements | 75 | |||
6.1.1 Property Insurance | 75 | |||
6.1.2 Liability Insurance | 75 | |||
6.1.3 Workers’ Compensation Insurance | 75 | |||
6.1.4 Business Interruption Insurance | 76 | |||
6.1.5 Builder’s All-Risk Insurance | 76 | |||
6.1.6 Boiler and Machinery Insurance | 76 | |||
6.1.7 Flood Insurance and Earthquake Insurance | 76 | |||
6.1.8 Terrorism Insurance | 77 | |||
6.1.9 Storage Tank System Third Party Liability and Cleanup Insurance | 78 | |||
6.1.10 Other Insurance | 78 | |||
6.1.11 Ratings of Insurers | 78 | |||
6.1.12 Form of Insurance Policies; Endorsements | 78 | |||
6.1.13 Evidence of Insurance | 79 | |||
6.1.14 Separate Insurance | 79 | |||
6.1.15 Blanket Policies | 79 | |||
6.2 Condemnation and Insurance Proceeds | 79 | |||
6.2.1 Notification | 79 | |||
6.2.2 Proceeds | 80 | |||
6.2.3 Lender to Take Proceeds | 81 | |||
6.2.4 Borrower to Restore | 82 | |||
6.2.5 Disbursement of Proceeds | 83 | |||
VII. IMPOSITIONS, OTHER CHARGES, LIENS AND OTHER ITEMS | 84 | |||
7.1 Borrower or Maryland Loan Guarantor to Pay Impositions and Other Charges | 84 | |||
7.2 No Liens | 84 | |||
7.3 Contest | 85 | |||
VIII. TRANSFERS, INDEBTEDNESS AND SUBORDINATE LIENS | 85 | |||
8.1 General Restriction on Transfers and Debt | 85 | |||
8.2 Sale of Building Equipment | 86 | |||
8.3 Immaterial Transfers and Easements, etc. | 86 | |||
8.4 Permitted Equity Transfers | 87 |
v
Page | ||||
8.5 Deliveries to Lender | 88 | |||
8.6 Loan Assumption | 88 | |||
8.7 Leases and Subleases | 89 | |||
8.7.1 Leasing Conditions | 89 | |||
8.7.2 Delivery of New Sublease or Sublease Modification | 89 | |||
8.7.3 Security Deposits | 89 | |||
8.7.4 No Default Under Subleases | 89 | |||
8.7.5 Subordination | 89 | |||
8.7.6 Attornment | 90 | |||
8.7.7 Non-Disturbance Agreements | 90 | |||
IX. RESERVED | 90 | |||
X. MAINTENANCE OF PROPERTY; ALTERATIONS | 90 | |||
10.1 Maintenance of Property | 90 | |||
10.2 Conditions to Alteration | 91 | |||
10.3 Costs of Alteration | 91 | |||
XI. BOOKS AND RECORDS, FINANCIAL STATEMENTS, REPORTS AND OTHER INFORMATION | 93 | |||
11.1 Books and Records | 93 | |||
11.2 Financial Statements | 93 | |||
11.2.1 Quarterly Reports | 93 | |||
11.2.2 Annual Reports | 94 | |||
11.2.3 Capital Expenditures Summaries | 94 | |||
11.2.4 Master Lease | 94 | |||
11.2.5 Annual Budget | 94 | |||
11.2.6 Other Information | 94 | |||
XII. ENVIRONMENTAL MATTERS | 95 | |||
12.1 Representations | 95 | |||
12.2 Covenants | 95 | |||
12.2.1 Compliance with Environmental Laws | 95 | |||
12.3 Environmental Reports | 96 | |||
12.4 Environmental Indemnification | 96 | |||
12.5 Recourse Nature of Certain Indemnifications | 97 |
vi
Page | ||||
XIII. RESERVED | 97 | |||
XIV. SECURITIZATION | 97 | |||
14.1 Sale of Notes and Securitization | 97 | |||
14.2 Securitization Financial Statements | 98 | |||
14.3 Securitization Indemnification | 98 | |||
14.3.1 Disclosure Documents | 98 | |||
14.3.2 Indemnification Certificate | 99 | |||
XV. ASSIGNMENTS AND PARTICIPATIONS | 101 | |||
15.1 Assignment and Acceptance | 101 | |||
15.2 Effect of Assignment and Acceptance | 101 | |||
15.3 Content | 101 | |||
15.4 Register | 102 | |||
15.5 Substitute Notes | 102 | |||
15.6 Participations | 103 | |||
15.7 Disclosure of Information | 103 | |||
15.8 Security Interest in Favor of Federal Reserve Bank | 103 | |||
XVI. RESERVE ACCOUNTS | 103 | |||
16.1 Tax Reserve Account | 103 | |||
16.2 Insurance Reserve Account | 104 | |||
16.3 Structural Repair Reserve Account | 105 | |||
16.4 Immediate Repair and Remediation Reserve Account | 106 | |||
16.5 Master Lease Variable Additional Rent Reserve Account and LCR Deterioration Reserve Account | 107 | |||
XVII. DEFAULTS | 108 | |||
17.1 Event of Default | 108 | |||
17.2 Remedies | 111 | |||
17.3 Remedies Cumulative; Waivers | 112 | |||
17.4 Costs of Collection | 113 | |||
XVIII. SPECIAL PROVISIONS | 113 | |||
18.1 Exculpation | 113 | |||
18.1.1 Exculpated Parties | 113 | |||
18.1.2 Carveouts From Non-Recourse Limitations | 114 |
vii
Page | ||||
XIX. MISCELLANEOUS | 116 | |||
19.1 Survival | 116 | |||
19.2 Lender’s Discretion | 116 | |||
19.3 Governing Law | 116 | |||
19.4 Modification, Waiver in Writing | 117 | |||
19.5 Delay Not a Waiver | 117 | |||
19.6 Notices | 118 | |||
19.7 TRIAL BY JURY | 119 | |||
19.8 Headings | 119 | |||
19.9 Severability | 119 | |||
19.10 Preferences | 119 | |||
19.11 Waiver of Notice | 120 | |||
19.12 Expenses; Indemnity | 120 | |||
19.13 Exhibits and Schedules Incorporated | 122 | |||
19.14 Offsets, Counterclaims and Defenses | 122 | |||
19.15 Liability of Assignees of Lender | 122 | |||
19.16 No Joint Venture or Partnership; No Third Party Beneficiaries | 122 | |||
19.17 Publicity | 123 | |||
19.18 Waiver of Marshalling of Assets | 123 | |||
19.19 Waiver of Counterclaim and other Actions | 123 | |||
19.20 Conflict; Construction of Documents; Reliance | 123 | |||
19.21 Prior Agreements | 124 | |||
19.22 Counterparts | 124 |
viii
EXHIBIT A | TITLE INSURANCE REQUIREMENTS, ENDORSEMENTS AND AFFIRMATIVE COVERAGES | |
EXHIBIT B | SURVEY REQUIREMENTS | |
EXHIBIT C | SINGLE PURPOSE ENTITY PROVISIONS | |
EXHIBIT D | ENFORCEABILITY OPINION REQUIREMENTS | |
EXHIBIT E | INTENTIONALLY DELETED | |
EXHIBIT F | INTENTIONALLY DELETED | |
EXHIBIT G | INTENTIONALLY DELETED | |
EXHIBIT H | INTENTIONALLY DELETED | |
EXHIBIT I | INTENTIONALLY DELETED | |
EXHIBIT J | INTENTIONALLY DELETED | |
EXHIBIT K | BORROWER ORGANIZATIONAL STRUCTURE | |
EXHIBIT L | INTENTIONALLY DELETED | |
EXHIBIT M | FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT | |
EXHIBIT N | FORM OF SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT | |
EXHIBIT O | INTENTIONALLY DELETED | |
EXHIBIT P | FORM OF MASTER LEASE RENT PAYMENT DIRECTION LETTER | |
EXHIBIT Q | INTENTIONALLY DELETED | |
EXHIBIT R | INTENTIONALLY DELETED | |
EXHIBIT S | INTENTIONALLY DELETED | |
EXHIBIT T | FORM OF INDEPENDENT MANAGER/MEMBER CERTIFICATE | |
SCHEDULE I | ALLOCATED LOAN AMOUNTS | |
SCHEDULE II | GEOGRAPHIC QUADRANTS | |
SCHEDULE III | IMMEDIATE REPAIRS AND REMEDIATION | |
SCHEDULE IV | LEASES | |
SCHEDULE V | INTENTIONALLY DELETED | |
SCHEDULE VI | LITIGATION SCHEDULE | |
SCHEDULE VII | OUTPARCEL LEGAL DESCRIPTIONS | |
SCHEDULE VIII | BORROWER TAXPAYER IDENTIFICATION NUMBERS |
ix
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
(i) | $1,252,579.76 into the Tax Reserve Account; | ||
(ii) | $1,193,316.37 into the Insurance Reserve Account; | ||
(iii) | $0.00 into the Debt Service Reserve Account; | ||
(iv) | $0.00 into the Master Lease Variable Additional Rent Reserve Account; | ||
(v) | $0.00 into the Structural Repair Reserve Account; | ||
(vi) | $404,310 into the Immediate Repair and Remediation Reserve Account; and | ||
(vii) | $0.00 into the Proceeds Reserve Account; and | ||
(viii) | $0.00 into the LCR Deterioration Reserve Account. |
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
(i) | Releases: $2500 (inclusive of payoff calculation) per release; | ||
(ii) | Substitutions: $7500 per substitution; and | ||
(iii) | Prepayments: $300 for payoff quote calculation. |
100
101
102
103
104
105
(i) | No Event of Default shall have occurred and be continuing; | ||
(ii) | Lender shall have received the following items: |
106
107
108
109
110
111
112
113
114
115
116
80 STATE STREET
ALBANY, NEW YORK 12207-2543
117
If to Lender: | German American Capital Corporation, on behalf of the holders of the Notes | |
60 Wall Street, 10th floor | ||
New York, NY 10005 | ||
Attention: Todd Sammann and General Counsel | ||
With a copy to: | Wachovia Bank, National Assocation, as Servicer, at such notice address as shall be designated by notice delivered in accordance with this Section. | |
With a copy to: | Skadden, Arps, Slate, Meagher & Flom LLP | |
Four Times Square | ||
New York, New York 10036 | ||
Attention: Harvey R. Uris, Esq. | ||
With a copy to: | Wachovia Bank, National Association | |
375 Park Avenue, 5th Floor | ||
New York, New York 10022 | ||
Attention: Mr. Peter Scola | ||
If to Borrower (which shall be deemed notice to | ||
Maryland Loan Guarantor): | c/o BlueLinx Holdings Inc. | |
4300 Wildwood Parkway | ||
Atlanta, Georgia 30339 | ||
Attention: Mr. David Morris, CFO & Treasurer | ||
With a copy to: | Schulte Roth & Zabel LLP | |
919 Third Avenue | ||
New York, New York 10022 | ||
Attention: Jeffrey A. Lenobel, Esq. |
118
119
120
121
122
123
124
BORROWER: |
ABP AL (MIDFIELD) LLC | ABP AR (LITTLE ROCK) LLC | |
ABP CA (CITY OF INDUSTRY) LLC | ABP CA (NATIONAL CITY) LLC | |
ABP CA (NEWARK) LLC | ABP CO I (DENVER) LLC | |
ABP CA (RIVERSIDE) LLC | ABP CT (NEWTON) LLC | |
ABP CO II (DENVER) LLC | ABP FL (MIAMI) LLC | |
ABP FL (LAKE CITY) LLC | ABP FL (TAMPA) LLC | |
ABP FL (PENSACOLA) LLC | ABP GA (LAWRENCEVILLE) LLC | |
ABP FL (YULEE) LLC | ABP IL (UNIVERSITY PARK) LLC | |
ABP IA (DES MOINES) LLC | ABP KY (INDEPENDENCE) LLC | |
ABP IN (ELKHART) LLC | ABP MA (BELLINGHAM) LLC | |
ABP LA (SHREVEPORT) LLC | ABP ME (PORTLAND) LLC | |
ABP MD (BALTIMORE) SUBSIDIARY LLC | ABP MI (GRAND RAPIDS) LLC | |
ABP MI (DETROIT) LLC | ABP MN (MAPLE GROVE) LLC | |
ABP MN (EAGAN) LLC | ABP MO (KANSAS CITY) LLC | |
ABP MO (BRIDGETON) LLC | ABP MS (PEARL) LLC | |
ABP MO (SPRINGFIELD) LLC | ABP NC (CHARLOTTE) LLC | |
ABP NC (BUTNER) LLC | ABP NJ (DENVILLE) LLC | |
ABP ND (NORTH FARGO) LLC | ABP NY (YAPHANK) LLC | |
ABP NM (ALBUQUERQUE) LLC | ABP OK (TULSA) LLC | |
ABP OH (TALMADGE) LLC | ABP PA (ALLENTOWN) LLC | |
ABP OR (BEAVERTON) LLC | ABP SC (CHARLESTON) LLC | |
ABP PA (STANTON) LLC | ABP TN (ERWIN) LLC | |
ABP SD (SIOUX FALLS) LLC | ABP TN (NASHVILLE) LLC | |
ABP TN (MEMPHIS) LLC | ABP TX (FORT WORTH) LLC | |
ABP TX (EL PASO) LLC | ABP TX (HOUSTON) LLC | |
ABP TX (HARLINGEN) LLC | ABP TX (SAN ANTONIO) LLC | |
ABP TX (LUBBOCK) LLC | ABP VA (VIRGINIA BEACH) LLC | |
ABP VA (RICHMOND) LLC | ABP WA (WOODINVILLE) LLC | |
ABP VT (SHELBURNE) LLC | ABP WI (WAUSAU) LLC |
By: | /s/ David Morris | |||
Name: | David Morris | |||
Title: | Vice President |
S-1 (Borrower)
MARYLAND LOAN GUARANTOR: ABP MD (BALTIMORE) LLC | ||||
By: | /s/ David Morris | |||
Name: | David Morris | |||
Title: | Vice President |
S-2 (Borrower)
LENDER: GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, on behalf of the holders of the Notes | ||||
By: | /s/ Todd O. Sammann | |||
Name: | Todd O. Sammann | |||
Title: | Vice President | |||
By: | /s/ Thomas R. Traynor | |||
Name: | Thomas R. Traynor | |||
Title: | Vice President |
S-1 (Lender)
TITLE INSURANCE REQUIREMENTS, ENDORSEMENTS
AND AFFIRMATIVE COVERAGES
A-1
• | Extended Coverage. |
• | Restrictions, Encroachments, Minerals Endorsement ALTA Form 9 or equivalent. (If not available, the Title Policy must insure by way of affirmative coverage statements that there are no encroachments by any of the improvements onto easements, rights of way or other exceptions to streets or adjacent property, or insure against loss or damage resulting therefrom.) |
• | Deletion of Creditors Rights Exclusion Endorsement. |
• | Environmental Protection Lien Endorsement. (The Title Policy may make an exception only for specific state statutes that provide for potential subsequent liens that could take priority over the lien securing the Loan.) |
• | Direct Access to Public Road Endorsement; |
• | Usury Endorsement. |
• | Land Same As Survey/Legal Description Endorsement. |
A-2
• | Zoning 3.1 Endorsement (including parking). |
• | Subdivision Endorsement. |
• | Doing Business Endorsement. |
• | Deletion of Arbitration Endorsement. |
• | Separate Tax Lot Endorsement. |
• | Street Address Endorsement |
• | Contiguity Endorsement. |
• | Variable Rate Endorsement. |
• | Mortgage Recording Tax Endorsement. |
• | REA Endorsement. |
• | Any of the following endorsements customary in the state in which the Property is located or as required by the nature of the transaction: |
Mortgage Assignment Endorsement
First Loss / Last Dollar Endorsement
Blanket Un-located Easements Endorsement
Closure Endorsement
A-3
GERMAN AMERICAN CAPITAL CORPORATION
SURVEY REQUIREMENTS
B-1
• | railroad tracks and sidings; |
• | manholes, catch basins, valve vaults or other surface indications of subterranean uses; |
• | wire and cables (including their function) crossing the surveyed premises, all poles on or within ten feet of the surveyed premises, and the dimensions of all crosswires or overhangs affecting the surveyed premises; and |
• | utility company installations on the surveyed premises. |
B-2
B-3
, Licensed Surveyor |
[seal]
B-4
SINGLE PURPOSE ENTITY PROVISIONS
C-1
C-2
C-3
C-4
C-5
C-6
C-7
C-8
C-9
C-10
C-11
C-12
C-13
C-14
C-15
C-16
C-17
C-18
C-19
C-20
C-21
ENFORCEABILITY OPINION REQUIREMENTS
1. | The Opinion shall be delivered on the Closing Date and shall satisfy all applicable requirements of the Rating Agencies in relation thereto. |
2. | The Opinion shall be given by a professional law firm selected by Borrower and reasonably acceptable to Lender. |
3. | The Opinion shall be in form and substance acceptable to Lender and shall be given in relation to Borrower, Guarantor, Manager and any other relevant party to the Loan (each a “Loan Party”). Depending on the nature of the transaction, the Opinion shall address the applicable law of the State of New York, the State where the Property is located and each State where any Loan Party is organized (collectively, the “Relevant States”). To the extent that the Property is located in a jurisdiction outside of the State of New York and/or any Loan Party is organized under a jurisdiction outside the States of New York or Delaware, the appropriate opinions below should be given by local counsel. The Opinion shall be given on the basis of an examination of an executed original of each completed Loan Document in addition to such other documents or instruments counsel deems relevant. |
4. | The Opinion shall contain the following opinions: |
I. | Opinions with respect to the law of the State of Formation or Organization of the Loan Parties |
(a) | Each Loan Party is a [Describe Legal Form] duly organized, validly existing and in good standing under the laws of the State of [State of Organization] and is authorized to do business and in good standing in the State of [State of Organization]. |
(b) | Each Loan Party has the requisite power to own its properties and to carry on its business as now being conducted and to enter into the transactions covered by the Loan Documents. |
(c) | The execution and delivery by each Loan Party of each Loan Document to which it is a party has been duly authorized by all necessary partnership, company and/or corporate action, as applicable. To the extent a party thereto, the Loan Documents have been duly executed and delivered by each Loan Party. |
(d) | The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party does not: |
(i) | conflict with or result in a breach of any of the terms, conditions or provisions of, or constitute a default under, the partnership agreement, partnership certificate, articles of incorporation, by-laws, trust agreement or trust certificate, as applicable, of such Loan Party; |
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(ii) | contravene any law, statute or regulation of the United States of America or the [State of Organization] or any agency or political subdivision of either thereof; |
(iii) | violate any order, writ, injunction, or decree of which, after due inquiry, counsel has actual knowledge, issued by any court or governmental authority of the United States of America or the [State of Organization] or any agency or political subdivision of either thereof to which such Loan Party is subject; or |
(iv) | conflict with or result in any breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any lien other than the lien of the Loan Documents upon any of the assets or properties of such Loan Party pursuant to the terms of any material indenture, mortgage, deed of trust, agreement, contract or instrument to which such Loan Party is a party or by which it or any of its assets or properties is bound. |
(e) | No order, consent, approval, license or authorization of, or filing, recording or registration with, any governmental or public body or authority of the United States of America or the State of [Relevant State] or any agency or political subdivision of either thereof is required in connection with the execution and delivery of any of the Loan Documents, the validity, binding effect or enforceability of any of the Loan Documents or the consummation of the transactions contemplated thereby. |
(f) | There are no actions, suits or proceedings by or before any court, governmental or regulatory authority or agency of which, after due inquiry, we have actual knowledge pending or threatened against or affecting any Loan Party or Borrower’s rights with respect to the Property wherein an adverse ruling or decision, individually or collectively with other such actions, suits or proceedings, is reasonably likely (i) to affect materially and adversely the ability of any Loan Party to consummate the transactions contemplated by the Loan Documents or to perform its obligations under any of the Loan Documents, or (ii) to result in a challenge to the legality, validity, binding effect or enforceability of any of the Loan Documents. |
(g) | To the extent the State of [State of Organization] UCC is applicable to the authorization of the Financing Statement, pursuant to the provisions of the Loan Agreement and the Security Instrument, Borrower has authorized the filing of the Financing Statement for purposes of Section 9-509 of the State of [State of Organization] UCC. |
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(h) | To the extent the State of [State of Organization] UCC is applicable, the financing Statement includes not only all of the types of information required by Section 9-502(a) of the State of [State of Organization] UCC but also the types of information without which the Filing Office may refuse to accept the Financing Statement pursuant to Section 9-516 of the State of [State of Organization] UCC. |
(i) | To the extent the State of [State of Organization] UCC is applicable, the security interest of the Secured Party will be perfected in Borrower’s rights in all UCC Collateral upon the later of the attachment of the security interest and the filing of the Financing Statement in the Filing Office; provided, however, we express no opinion with respect to (i) money, (ii) deposit accounts, (iii) letter of credit rights, (iv) goods covered by a certificate of title statute, (v) as-extracted collateral, timber to be cut, or (vi) any property subject to a statute, regulation or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt Section 9-310(a) of the State of [State of Organization]. “UCC Collateral” means the portion of the Property (as defined in the Security Instrument), the Rate Cap Collateral, the Account Collateral (as defined in the Loan Agreement) and the Collateral Accounts (as defined in the Account Agreement) to the extent the UCC governs a security interest in such collateral. |
(j) | You have asked whether Borrower is a “registered organization” as such term is defined in Section 9-102(a)(70) of the State of [State of Organization] UCC. Pursuant to Section 9-102(a)(70) of the State of [State of Organization] UCC, a “registered organization” must be (i) organized solely under the laws of a single State (or the United States) and (ii) the State (or the United States) must maintain a public record showing the organization to have been organized. |
II. | Opinions with respect to New York Law |
(a) | To the extent governed by New York law and to the extent a party thereto, the Loan Documents are the legal, valid and binding obligations of each Loan Party, enforceable against such Loan Party in accordance with their terms. |
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(b) | The execution, delivery and performance by each Loan Party of the Loan Documents to which it is a party does not: |
(i) | contravene any law, statute or regulation of the United States of America or the State of New York or any agency or political subdivision of either thereof; |
(ii) | violate any order, writ, injunction, or decree of which, after due inquiry, counsel has actual knowledge, issued by any court or governmental authority of the United States of America or the State of New York or any agency or political subdivision of either thereof to which such Loan Party is subject; or |
(iii) | conflict with or result in any breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any lien other than the lien of the Loan Documents upon any of the assets or properties of such Loan Party pursuant to the terms of any material indenture, mortgage, deed of trust, agreement, contract or instrument to which such Loan Party is a party or by which it or any of its assets or properties is bound. |
(c) | No order, consent, approval, license or authorization of, or filing, recording or registration with, any governmental or public body or authority of the United States of America or the State of New York or any agency or political subdivision of either thereof is required in connection with the execution and delivery of any of the Loan Documents, the validity, binding effect or enforceability of any of the Loan Documents or the consummation of the transactions contemplated thereby. |
(d) | There are no actions, suits or proceedings by or before any court, governmental or regulatory authority or agency of which, after due inquiry, we have actual knowledge pending or threatened against or affecting any Loan Party or Borrower’s rights with respect to the Property wherein an adverse ruling or decision, individually or collectively with other such actions, suits or proceedings, is reasonably likely (i) to affect materially and adversely the ability of any Loan Party to consummate the transactions contemplated by the Loan Documents or to perform its obligations under any of the Loan Documents, or (ii) to result in a challenge to the legality, validity, binding effect or enforceability of any of the Loan Documents. |
(e) | The payment by Borrower and receipt by Lender of all principal and interest will not violate the usury laws of the State of New York or otherwise constitute unlawful interest. |
(f) | The provisions of the Loan Agreement and the Security Instrument are effective to create, in favor of Lender to secure the obligations purported to be secured thereby, a valid security interest in Borrower’s rights in the UCC Collateral. |
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(g) | Under New York UCC, the provisions of the Account Agreement are effective to perfect the security interest of Lender in Borrower’s rights in the Collateral Accounts (as defined in the Account Agreement). |
III. | Opinions with respect to the law of States in which the Property is located |
(a) | Each Loan Party is authorized to do business and in good standing in the State of [Relevant State]. |
(b) | To the extent governed by the laws of the State of [Relevant States], the Security Instrument and the Assignment of Leases are the legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their terms. |
(c) | The Security Instrument is in proper form so as to comply with recording requirements of the State of [Relevant State]. The Security Instrument creates in favor of Lender valid liens on the portion of the Property that are located in the State of [Relevant States], securing payment of the Obligations (as defined in the Security Instrument), and no further action will be required for the valid creation of such liens. Upon recordation in the office of the [Recording Office] the Security Instrument will provide constructive notice of the terms thereof and the liens created thereby to third parties acquiring interests in the portion of the Property that are located in the State of [Relevant States] subsequent to such recordation. |
(d) | The Assignment of Leases is in proper form so as to comply with the recording requirements of the State of [Relevant States]. At the time the Assignment of Leases is delivered to the Recording Office for recording, it will take effect as to all creditors and subsequent purchasers for a valuable consideration without notice, and it shall be entitled to priority over any other similar instrument delivered to said Recording Office for recording after that time, in the absence of actual notice. |
(e) | Pursuant to the provisions of the Security Instrument Borrower has authorized the filing of the Fixture Financing Statement identifying the Fixture Collateral for purposes of Section 9-509 of the [Relevant States] UCC. “Fixture Collateral” means that portion of the UCC Collateral which consists of “fixtures” (as defined in Article 9 of the UCC) to the extent the UCC governs a security interest in such collateral. |
(f) | The Fixture Financing Statement includes not only all the types of information required by Section 9-502(a) and 9-502(b) of the [Relevant States] UCC but also the types of information without which the Fixture Filing Office may refuse to accept the Fixture Financing Statement pursuant to Section 9-516 of the State of [Relevant States] UCC. |
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(g) | Under the [Relevant States] UCC, the security interest of the Secured Party will be perfected in Borrower’s rights in any Fixture Collateral located on the real property described on Schedule 1 to the Fixture Financing Statement upon the later of the attachment of the security interest and the filing of the Fixture Financing Statement in the Fixture Filing Office. |
(h) | Borrower has paid all recording tax due in connection with the recording of the Security Instrument and the Assignment of Leases. No additional deed of trust recording, intangibles tax, documentary stamp tax or similar taxes or charges, other than nominal recordation or filing fees, are required to be paid as a condition of the legality of enforceability of the Security Instrument or the Assignment of Leases. |
(i) | The State of [Relevant States] has no law pursuant to which a lien against any assets or properties of Borrower (whether real, personal, mixed, tangible or intangible) superior to the lien created by the Security Instrument could arise as a result of a violation of environmental laws or regulations of such State. No environmental law or regulation of the State of [Relevant States] would require any remedial or removal action or certification of nonapplicability as a condition to the granting of the Security Instrument, the foreclosure or other enforcement of the Loan Documents or the sale of any assets or properties of Borrower (whether real, personal, mixed, tangible or intangible) located in the State of [Relevant States]. |
(j) | No order, consent, approval, license or authorization of, or filing, recording or registration with, any governmental or public body or authority of the United States of America or the State of [Relevant States] or any agency or political subdivision of either thereof is required in connection with the execution and delivery of any of the Loan Documents, the validity, binding effect or enforceability of any of the Loan Documents or the consummation of the transactions contemplated thereby. |
(k) | There are no actions, suits or proceedings by or before any court, governmental or regulatory authority or agency of which, after due inquiry, we have actual knowledge pending or threatened against or affecting any Loan Party or Borrower’s rights with respect to the Property wherein an adverse ruling or decision, individually or collectively with other such actions, suits or proceedings, is reasonably likely (i) to affect materially and adversely the ability of any Loan Party to consummate the transactions contemplated by the Loan Documents or to perform its obligations under any of the Loan Documents, or (ii) to result in a challenge to the legality, validity, binding effect or enforceability of any of the Loan Documents. |
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(l) | If the Obligations (as defined in the Security Instrument) were to be governed by the laws of the State of [Relevant States], the payment by Borrower and receipt by Lender of all principal and interest will not violate the usury laws of the State of [Relevant States] or otherwise constitute unlawful interest. |
(m) | A federal court sitting in the State of[Relevant States] and applying the conflict of law rules of the State of [Relevant States], and the state courts in the State of [Relevant States], would give effect to the choice of law provisions contained in the Loan Documents. If counsel is not able to give this opinion as an unqualified opinion, an opinion that the Loan Agreement and Note would be enforceable under the law of the State of [Relevant States] if such law were held to apply will be required. |
(n) | The operation of any term of the Loan Documents, including, without limitation, the terms regarding late charges, default interest or prepayment premiums, or the lawful exercise of any right thereunder, shall not render the Loan Documents unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense. |
5. | The Opinion shall be addressed to Lender and its successors and assigns and shall state that it may be relied upon by (i) any assignee of Lender’s interest in the Loan, (ii) any servicer of the Loan, (iii) any purchaser of the Loan or any portion thereof in any Securitization, (iv) any Rating Agency involved in a Securitization of the Loan, (v) the issuer of securities in a Securitization of the Loan, and (vi) any trustee or servicer appointed in connection with a Securitization of the Loan. |
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BORROWER ORGANIZATIONAL STRUCTURE
BLUELINX HOLDINGS INC. ABP AL (MIDFIELD) LLC ABP AR (LITTLE ROCK) LLC ABP CA (CITY OF INDUSTRY) LLC ABP CA (NATIONAL CITY) LLC ABP CA (NEWARDK) LLC ABP CO I (DENVER) LLC ABP CA (RIVERSIDE) LLC ABP CT (NEWTON) LLC ABP FL (MIAMI) LLC ABP FL (LAKE CITY) LLC ABP FL (TAMPA) LLC ABP FL (PENSACOLA) LLC ABP GA (LAWRENCEVILLE) LLC ABP FL (YULEE) LLC ABP IL (UNIVERSITY PARK) LLC ABP IA (DES MOINES) LLC ABP KY (INDEPENDENCE) LLC ABP IN (ELKHART) LLC ABP MA (BELLINGHAM) LLC ABP LA (SHEVEPORT) LLC ABP ME (PORTLAND) LLC ABP MI (GRAND RAPIDS) LLC ABP MI (DETROIT) LLC ABP MN (MAPLE GROVE) LLC ABP MN (EAGAN) LLC ABP MO (KANSAS CITY) LLC ABP MO (BRIDGETON) LLC ABP MS (PEARL) LLC ABP MO (SPRINGFIELD) LLC ABP NC (CHARLOTTE) LLC ABP NC (BUTNER) LLC ABP NJ (DENVILLE) LLC ABP ND (NORTH FARGO) LLC ABP NY (YAPHANK) LLC ABP NM (ALBUQUERQUE) LLC ABP OK (TULSA) LLC ABP OH (TALMADGE) LLC ABP PA (ALLENTOWN) LLC ABP OR (BEAVERTON) LLC ABP SC (CHARLESTON) LLC ABP PA (STANTON) LLC ABP TN (ERWIN) LLC ABP SD (SIOUX FALLS) LLC ABP TN (NASHVILLE) LLC ABP TN (MEMPHIS) LLC ABP TX (FORT WORTH) LLC ABP TX (EL PASO) LLC ABP TX (HOUSTON) LLC ABP TX (HARLINGEN) LLC ABP TX (SAN ANTONIO) LLC ABP TX (LUBBOCK) LLC ABP VA (VIRGINIA BEACH) LLC ABP VA (RICHMOND) LLC ABP VA (RICHMOND) LLC ABP VT (SHELBURNE) LLC ABP WI (WAUSAU) LLC ABP MD (BALTIMORE) LLC ABP MD (BALTIMORE) SUBSIDIARY LLC |
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FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
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As to the Loan in respect of which an interest is being assigned: | ||||
Percentage interest assigned: | % | |||
Aggregate outstanding principal amount of the Loan assigned: | $ | |||
Principal amount of Note payable to Assignee: | $ | |||
Principal amount of Note payable to Assignor: | $ | |||
Effective Date (if other than date of acceptance by Lender): __, ______ |
[NAME OF ASSIGNOR], as Assignor | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Dated: __, ____ | ||||||||
[NAME OF ASSIGNEE], as Assignee | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
Dated: , ____ |
[NAME OF LENDER]
By: | ||||||
Name: | ||||||
Title: | ||||||
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FORM OF
SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
Tenant
AND
Lender
County: | [ ] | |||
Section: | [ ] | |||
Block: | [ ] | |||
Lot: | [ ] | |||
Premises: |
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
Attention: Harvey R. Uris, Esq.
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NON-DISTURBANCE AND ATTORNMENT AGREEMENT
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[Signature | Page | Follows] |
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GERMAN AMERICAN CAPITAL CORPORATION, | ||||||||
a Maryland corporation | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
[TENANT] | ||||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
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STATE OF NEW YORK | ) | |||
) ss. | ||||
COUNTY OF NEW YORK | ) |
Notary Public |
[Notary Seal] | My commission expires: |
STATE OF NEW YORK | ) | |||
) ss. | ||||
COUNTY OF NEW YORK | ) |
Notary Public |
[Notary Seal] | My commission expires: |
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STATE OF NEW YORK | ) | |||
) ss. | ||||
COUNTY OF NEW YORK | ) |
Notary Public |
[Notary Seal] | My commission expires: |
STATE OF NEW YORK | ) | |||
) ss. | ||||
COUNTY OF NEW YORK | ) |
Notary Public |
[Notary Seal] | My commission expires: |
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Legal Description of Property
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[INTENTIONALLY DELETED]
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FORM OF MASTER LEASE RENT PAYMENT DIRECTION LETTER
[Address]
Re: | [Master Lease Agreement] between [Borrower] (“Borrower”), as lessor, and BlueLinx Corporation, a Delaware corporation, as lessee, dated [ ], 2006 |
Bank: | [ ] | |||
Account Name: | [ ] | |||
Account No.: | [ ] | |||
ABA No.: | [ ] |
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cc: | German American Capital Corporation | |
60 Wall Street, 10th Floor | ||
New York, New York 10005 | ||
Attention: Todd Sammann |
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CERTIFICATE OF INDEPENDENT MANAGER/MEMBER/DIRECTOR*
* | Following are contacts for independent directors/managers/members appinted by borrowers on prior transaction: | |
CT Corporation System Attention: Corporate Staffing Division The Corporation Trust Center 1209 Orange Street Wilmington, DE 19801 Attention: Domenic Borriello Telephone: (302) 777-0240 | ||
Mark A. Ferrucci (no longer employed by CT Corporation System) 212 Mangum Drive Bear, DE 19701 (302) 836-9162 (telephone) (302) 8376-836-9182 (fax) |
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Print Name: |
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ALLOCATION LOAN AMOUNTS
Loan Allocations
Allocated | ||||||||||||||||||||||||||||||||
Loan % | ||||||||||||||||||||||||||||||||
“As-Is” | of | |||||||||||||||||||||||||||||||
No. | Name | Gross Revenue | As-Stabilized U/W | DSCR | Appraised Value | Allocated Loan | Value | UW Cap | ||||||||||||||||||||||||
Riverside | $ | 366,301 | $ | 322,345 | 1.20 | *** | $ | 4,116,143 | *** | *** | ||||||||||||||||||||||
Charlotte | $ | 262,570 | $ | 231,062 | 1.20 | *** | $ | 2,950,512 | *** | *** | ||||||||||||||||||||||
Bridgeton | $ | 577,500 | $ | 508,200 | 1.20 | *** | $ | 6,489,396 | *** | *** | ||||||||||||||||||||||
Denver | $ | 395,640 | $ | 348,163 | 1.20 | *** | $ | 4,445,826 | *** | *** | ||||||||||||||||||||||
La Puente | $ | 733,433 | $ | 645,421 | 1.20 | *** | $ | 8,241,623 | *** | *** | ||||||||||||||||||||||
Lawrenceville (Corp. HQ) | $ | 1,400,000 | $ | 1,232,000 | 1.20 | *** | $ | 15,731,870 | *** | *** | ||||||||||||||||||||||
National City | $ | 669,600 | $ | 589,248 | 1.20 | *** | $ | 7,524,329 | *** | *** | ||||||||||||||||||||||
Ft. Worth | $ | 817,347 | $ | 719,265 | 1.20 | *** | $ | 9,184,569 | *** | *** | ||||||||||||||||||||||
Frederick | $ | 2,847,500 | $ | 2,505,800 | 1.30 | *** | $ | 29,536,153 | *** | *** | ||||||||||||||||||||||
Nashville | $ | 277,750 | $ | 244,420 | 1.25 | *** | $ | 2,996,247 | *** | *** | ||||||||||||||||||||||
Ypsilanti | $ | 740,684 | $ | 651,802 | 1.25 | *** | $ | 7,990,179 | *** | *** | ||||||||||||||||||||||
Memphis | $ | 220,943 | $ | 194,430 | 1.25 | *** | $ | 2,383,438 | *** | *** | ||||||||||||||||||||||
Pensacola | $ | 323,532 | $ | 284,708 | 1.25 | *** | $ | 3,490,123 | *** | *** | ||||||||||||||||||||||
Pearl | $ | 92,625 | $ | 81,510 | 1.15 | *** | $ | 948,000 | *** | *** | ||||||||||||||||||||||
Woodinville | $ | 444,820 | $ | 391,442 | 1.15 | *** | $ | 4,542,500 | *** | *** | ||||||||||||||||||||||
Butner | $ | 1,004,120 | $ | 883,626 | 1.16 | *** | $ | 10,230,500 | *** | *** | ||||||||||||||||||||||
Albuquerque | $ | 261,720 | $ | 230,314 | 1.18 | *** | $ | 2,607,000 | *** | *** | ||||||||||||||||||||||
Des Moines | $ | 153,192 | $ | 134,809 | 1.18 | *** | $ | 1,524,700 | *** | *** | ||||||||||||||||||||||
Miami | $ | 437,189 | $ | 384,726 | 1.18 | *** | $ | 4,345,000 | *** | *** | ||||||||||||||||||||||
Beaverton | $ | 578,424 | $ | 509,013 | 1.17 | *** | $ | 5,800,000 | *** | *** | ||||||||||||||||||||||
Newark | $ | 1,039,360 | $ | 914,637 | 1.19 | *** | $ | 10,270,000 | *** | *** | ||||||||||||||||||||||
Independence | $ | 656,568 | $ | 577,780 | 1.18 | *** | $ | 6,560,000 | *** | *** | ||||||||||||||||||||||
New Stanton | $ | 267,015 | $ | 234,973 | 1.19 | *** | $ | 2,640,000 | *** | *** | ||||||||||||||||||||||
Portland | $ | 246,611 | $ | 217,018 | 1.20 | *** | $ | 2,424,000 | *** | *** | ||||||||||||||||||||||
Englewood (OFFICE) — SE Denver | $ | 687,210 | $ | 604,745 | 1.20 | *** | $ | 6,720,000 | *** | *** | ||||||||||||||||||||||
San Antonio | $ | 285,693 | $ | 251,410 | 1.21 | *** | $ | 2,784,000 | *** | *** | ||||||||||||||||||||||
N. Kansas City | $ | 586,708 | $ | 516,303 | 1.21 | *** | $ | 5,704,000 | *** | *** | ||||||||||||||||||||||
Erwin | $ | 382,673 | $ | 336,752 | 1.21 | *** | $ | 3,720,000 | *** | *** |
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Allocated | ||||||||||||||||||||||||||||||||
Loan % | ||||||||||||||||||||||||||||||||
“As-Is” | of | |||||||||||||||||||||||||||||||
No. | Name | Gross Revenue | As-Stabilized U/W | DSCR | Appraised Value | Allocated Loan | Value | UW Cap | ||||||||||||||||||||||||
Bellingham | $ | 2,242,500 | $ | 1,973,400 | 1.21 | *** | $ | 21,744,000 | *** | *** | ||||||||||||||||||||||
Yulee | $ | 1,388,400 | $ | 1,221,792 | 1.22 | *** | $ | 13,440,000 | *** | *** | ||||||||||||||||||||||
Yaphank | $ | 266,409 | $ | 234,440 | 1.22 | *** | $ | 2,560,000 | *** | *** | ||||||||||||||||||||||
Tampa | $ | 571,473 | $ | 502,896 | 1.24 | *** | $ | 5,440,000 | *** | *** | ||||||||||||||||||||||
Charleston | $ | 143,297 | $ | 126,101 | 1.24 | *** | $ | 1,360,000 | *** | *** | ||||||||||||||||||||||
Little Rock | $ | 230,750 | $ | 203,060 | 1.25 | *** | $ | 2,176,000 | *** | *** | ||||||||||||||||||||||
Newtown | $ | 322,500 | $ | 283,800 | 1.25 | *** | $ | 3,040,000 | *** | *** | ||||||||||||||||||||||
Lake City | $ | 238,561 | $ | 209,934 | 1.25 | *** | $ | 2,240,000 | *** | *** | ||||||||||||||||||||||
Allentown | $ | 311,250 | $ | 273,900 | 1.26 | *** | $ | 2,900,000 | *** | *** | ||||||||||||||||||||||
Tallmadge | $ | 231,000 | $ | 203,280 | 1.32 | *** | $ | 2,060,000 | *** | *** | ||||||||||||||||||||||
Virginia Beach | $ | 240,090 | $ | 211,279 | 1.33 | *** | $ | 2,128,000 | *** | *** | ||||||||||||||||||||||
Denville | $ | 551,469 | $ | 485,293 | 1.35 | *** | $ | 4,800,000 | *** | *** | ||||||||||||||||||||||
Wausau | $ | 151,590 | $ | 133,399 | 1.36 | *** | $ | 1,312,000 | *** | *** | ||||||||||||||||||||||
Tulsa | $ | 358,750 | $ | 315,700 | 1.36 | *** | $ | 3,104,000 | *** | *** | ||||||||||||||||||||||
Lubbock | $ | 143,442 | $ | 126,229 | 1.36 | *** | $ | 1,240,000 | *** | *** | ||||||||||||||||||||||
Sioux Falls | $ | 201,015 | $ | 176,893 | 1.38 | *** | $ | 1,720,000 | *** | *** | ||||||||||||||||||||||
Houston | $ | 473,475 | $ | 416,658 | 1.38 | *** | $ | 4,041,900 | *** | *** | ||||||||||||||||||||||
Shreveport | $ | 264,200 | $ | 232,496 | 1.38 | *** | $ | 2,251,800 | *** | *** | ||||||||||||||||||||||
Harlingen | $ | 174,200 | $ | 153,296 | 1.38 | *** | $ | 1,482,300 | *** | *** | ||||||||||||||||||||||
El Paso | $ | 180,125 | $ | 158,510 | 1.38 | *** | $ | 1,530,900 | *** | *** | ||||||||||||||||||||||
Grand Rapids | $ | 160,529 | $ | 141,266 | 1.39 | *** | $ | 1,360,800 | *** | *** | ||||||||||||||||||||||
Fargo | $ | 272,619 | $ | 239,905 | 1.41 | *** | $ | 2,280,000 | *** | *** | ||||||||||||||||||||||
Maple Grove | $ | 431,052 | $ | 379,326 | 1.41 | *** | $ | 3,600,000 | *** | *** | ||||||||||||||||||||||
University Park | $ | 1,909,500 | $ | 1,680,360 | 1.41 | *** | $ | 15,936,000 | *** | *** | ||||||||||||||||||||||
Midfield | $ | 371,250 | $ | 326,700 | 1.42 | *** | $ | 3,080,000 | *** | *** | ||||||||||||||||||||||
Shelburne | $ | 280,125 | $ | 246,510 | 1.40 | *** | $ | 2,361,600 | *** | *** | ||||||||||||||||||||||
Springfield | $ | 221,405 | $ | 194,836 | 1.40 | *** | $ | 1,861,400 | *** | *** | ||||||||||||||||||||||
Elkhart | $ | 411,750 | $ | 362,340 | 1.40 | *** | $ | 3,460,400 | *** | *** | ||||||||||||||||||||||
St. Paul (Eagan) | $ | 237,096 | $ | 208,644 | 1.44 | *** | $ | 1,944,000 | *** | *** | ||||||||||||||||||||||
Richmond | $ | 335,960 | $ | 295,645 | 1.50 | *** | $ | 2,644,792 | *** | *** | ||||||||||||||||||||||
Total | $ | 30,072,510 | $ | 26,463,809 | 1.21 | *** | $ | 295,000,000 | *** | *** | ||||||||||||||||||||||
$ | 295,000,000 | |||||||||||||||||||||||||||||||
$ | (0 | ) |
*** | Portions hereof have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment in accordance with Rule 24b-2 of the Exchange Act. |
I-2
GEOGRAPHIC QUADRANTS
Address | Location Name | State | Country | Zip Code | Region | |||||||||
306 | 4300 GEORGIA-PACIFIC BLVD | FREDERICK (Baltimore), | MD | USA | 21704 | 1 | ||||||||
303 | 419 Maple Street | BELLINGHAM (Worcester), | MA | USA | 02019 | 1 | ||||||||
307 | LUGER ROAD | DENVILLE, | NJ | USA | 07834 | 1 | ||||||||
899 | 210 South Main Street | NEWTOWN, | CT | USA | 06470 | 1 | ||||||||
310 | DABNEY & BETHLEHAM | RICHMOND, | VA | USA | 23230 | 1 | ||||||||
305 | 508 Warrant Ave | PORTLAND, | ME | USA | 04104 | 1 | ||||||||
308 | YAPHANK AV & PARK ST, YAPHANK | LONG ISLAND (Yaphank), | NY | USA | 11980 | 1 | ||||||||
566 | 6980 SNOWDRIFT RD N. | ALLENTOWN, | PA | USA | 18106 | 1 | ||||||||
311 | 200 PRICE STREET, VIRGINIA BEACH | NORFOLK (Virginia Beach), | VA | USA | 23462 | 1 | ||||||||
304 | Pine Haven Shore Road | BURLINGTON, | VT | USA | 1 | |||||||||
300 | HUNKER RD & RT. 119, NEW STANTON | PITTSBURG (New Stanton) | PA | USA | 15672 | 1 | ||||||||
580 | 591 Gene Lasserre Blvd, Yulee | JACKSONVILLE (Yulee), | FL | USA | 32097 | 2 | ||||||||
606 | 200 HOSEA ROAD | LAWRENCEVILLE, | GA | USA | 30248 | 2 | ||||||||
309 | 1712 D Street, Butner | RALEIGH (Butner), | NC | USA | 27509 | 2 | ||||||||
626 | 1040 S INDUSTRIAL BLVD | ERWIN (Bristol), | TN | USA | 37650 | 2 | ||||||||
607 | 1523 Industrial Blvd | MIDFIELD (Birmingham) | AL | USA | 35228 | 2 | ||||||||
582 | 815 So 56th Street | TAMPA, | FL | USA | 33675 | 2 | ||||||||
584 | 3201 NW 110TH ST | MIAMI | FL | USA | 33168 | 2 | ||||||||
336 | 1820 BELLAMAH AVE NW | ALBUQUERQUE, | NM | USA | 87104 | 2 | ||||||||
581 | 4601 McCoy Drive | PENSACOLA | FL | USA | 32513 | 2 | ||||||||
829 | Price Creek Road & Hwy 100 | LAKE CITY, | FL | USA | 32025 | 2 | ||||||||
632 | 4287 PILOT DRIVE | MEMPHIS, | TN | USA | 38130 | 2 | ||||||||
647 | 331 28TH AVE NORTH | NASHVILLE, | TN | USA | 37202 | 2 | ||||||||
786 | 330 Parkside Drive | CHARLOTTE, | NC | USA | 28266 | 2 | ||||||||
330 | 2801 Valley View Drive | SHREVEPORT, | LA | USA | 71108 | 2 | ||||||||
583 | 4290 ATLANTA STREET | CHARLESTON | SC | USA | 29418 | 2 | ||||||||
592 | 555 GULF LINE ROAD, PEARL | JACKSON (Pearl), | MS | USA | 39288 | 2 | ||||||||
585 | 3101 Dugan Street | LITTLE ROCK | AR | USA | 72216 | 2 | ||||||||
312 | 2101 Dralle Road, University Park | UNIVERSITY PARK (Chicago) | IL | USA | 60466 | 3 | ||||||||
315 | 13860 Corp Woods Tr. | ST. LOUIS (Bridgeton), | MO | USA | 63044 | 3 | ||||||||
313 | 10347 Toebben Drive | CINCINNATI (Union, KY), | OH | USA | 41051 | 3 | ||||||||
314 | 6101 McKean, Ypsilanti | DETROIT (Ypsilanti), | MI | USA | 48197 | 3 | ||||||||
317 | 1727 WARREN STREET, NORTH KANSAS CITY | KANSAS CITY, | MO | USA | 64116 | 3 | ||||||||
642 | 225 Collins Rd | ELKHART, | IN | USA | 46515 | 3 | ||||||||
319 | 8175 JEFFERSON HWY, MAPLE GROVE | MINNEAPOLIS (Maple Grove) | MN | USA | 55369 | 3 | ||||||||
329 | 5717 North Mingo | TULSA, | OK | USA | 74117 | 3 | ||||||||
323 | 4501 N 4TH AVENUE | SIOUX FALLS, | SD | USA | 57104 | 3 | ||||||||
322 | 3941 15th Ave, North | FARGO, | ND | USA | 58105 | 3 | ||||||||
316 | 825 Buchanan Ave SW | GRAND RAPIDS | MI | USA | 49501 | 3 | ||||||||
320 | 5631 NE 17th | DES MOINES, | IA | USA | 50316 | 3 | ||||||||
321 | 2871 West Service Rd. | ST. PAUL (Eagan), | MN | USA | 55121 | 3 | ||||||||
563 | 809 South 62nd Avenue | WAUSAU, | WI | USA | 54401 | 3 | ||||||||
302 | 550 MUNROE FALLS RD OFF GILCHR | AKRON (Tallmadge), | OH | USA | 44278 | 3 | ||||||||
318 | 3220 E. Cherry Street | SPRINGFIELD, | MO | USA | 65808 | 3 | ||||||||
337 | 38811 Cherry St. | FREMONT (Newark), | CA | USA | 94560 | 4 | ||||||||
485 | 14750 Nelson Avenue | LOS ANGELES (City of Industry) | CA | USA | 91749 | 4 | ||||||||
743 | 360 INVERNESS DR SO, ENGLEWOOD | DENVER (Englewood) | CO | USA | 80111 | 4 | ||||||||
392 | 901 W 24th Street | SAN DIEGO | CA | USA | 91951 | 4 | ||||||||
395 | 12815 NE 178th Street | SEATTLE, | WA | USA | 98072 | 4 | ||||||||
333 | 3900 Uvalda Street | DENVER, | CO | USA | 80239 | 4 | ||||||||
339 | 1450 Citrus Avenue | RIVERSIDE, | CA | USA | 92507 | 4 | ||||||||
393 | 10515 SW ALLEN BLVD, BEAVERTON | PORTLAND (Beaverton), | OR | USA | 97005 | 4 | ||||||||
325 | 4747 MARK IV PKWY | FORTH WORTH, | TX | USA | 76106 | 4 | ||||||||
326 | 650 GELLHORN DRIVE | HOUSTON | TX | USA | 77229 | 4 | ||||||||
334 | 6990 Market Street | EL PASO, | TX | USA | 79915 | 4 | ||||||||
324 | I/4 Mi. West Wilson Road | HARLINGEN | TX | USA | 78550 | 4 | ||||||||
328 | 535 N WW WHITE RD | SAN ANTONIO | TX | USA | 78219 | 4 | ||||||||
327 | 702 East 44th Street | LUBBOCK | TX | USA | 79404 | 4 |
II-1
IMMEDIATE REPAIRS AND REMEDIATION
BRIEF DESCRIPTION OF ANY IMMEDIATE, | ||||||||||||||||||||||||||||||||||||||||||
Total | Total Short | Total | Total | Uninflated | Inflated | Weighted | SHORT TERM OR RESERVE COSTS | |||||||||||||||||||||||||||||||||||
Project | Project | Date of | Date of | Immediate | Immediate | Term | Reserve | Square | Reserves | Reserves | PML | AND/OR ANY ADDITIONAL ENGINEERING | ||||||||||||||||||||||||||||||
Name | Address | City | State | Report | Inspection | Reserve | Costs | Costs | Costs | Feet | $/SF/Yr | $/SF/Yr | Value | STUDIES REQUIRED | ||||||||||||||||||||||||||||
Akron | 550 Munroe Falls Rd | Tallmadge | OH | 5/18/2006 | 5/9/2006 | 80,410 | $ | 80,410 | $ | 0 | $ | 49,600 | 63,000 | $ | 0.07 | $ | 0.08 | N/A | Roof replacement ($72,450); parking lot repair ($1,600); repair damaged wall panels on west and south warehouse and east wall of north shed ($6,360) | |||||||||||||||||||||||
Fargo | 3941 15th Avenue | Fargo | ND | 5/31/2006 | 5/22/2006 | 32,250 | $ | 32,250 | $ | 21,400 | $ | 50,200 | 83,100 | $ | 0.05 | $ | 0.06 | N/A | Repair/replace damaged ceiling insulation ($20,000); replace exterior siding on east elevation of office area ($3,250); repair damaged concrete on loading dock near railroad spur ($1,500); repair chain link fence along the perimeter ($7,500) | |||||||||||||||||||||||
Pittsburgh | Old Route 119 & Hunker Road | New Stanton | PA | 6/1/2006 | 5/11/2006 | 51,788 | $ | 51,788 | $ | 0 | $ | 32,860 | 63,154 | $ | 0.04 | $ | 0.05 | N/A | Replace roof on the eastern portion of warehouse ($51,788) | |||||||||||||||||||||||
Miami | 3201 NW 110th Street | Miami | FL | 6/1/2006 | 5/11/2006 | 74,000 | $ | 74,000 | $ | 0 | $ | 187,250 | 103,870 | $ | 0.15 | $ | 0.16 | N/A | West building roof was damaged during hurricane Wilma (work to be completed under 2006 capital plan) and parking needs repair ($58,000); exterior paint is faded and peeling, repainting required ($16,000) | |||||||||||||||||||||||
Lake City | 694 S.E. County Road 245 | Lake City | FL | 6/2/2006 | 5/26/2006 | 45,000 | $ | 45,000 | $ | 0 | $ | 61,092 | 106,519 | $ | 0.05 | $ | 0.06 | N/A | Replace roof on Building No. 2 ($45,000) | |||||||||||||||||||||||
Charleston | 4290 Atlanta Street | North Charleston | SC | 6/5/2006 | 5/22/2006 | 40,000 | $ | 40,000 | $ | 0 | $ | 28,200 | 41,580 | $ | 0.06 | $ | 0.07 | N/A | Install adequate storm drainage along railroad spur as required by local officials ($25,000); rake/clean expansion joints and install new sealant to prevent more cracking on concrete pavement ($10,000); sawcut areas of failed concrete pavement, remove and install new pavement ($3,750); replace missing gutters and downspouts ($1,250) | |||||||||||||||||||||||
TOTAL | $ | 323,448 | $ | 323,448 | $ | 21,400 | ||||||||||||||||||||||||||||||||||||
immediate repair escrow (125%) | $ | 404,310 |
III-1
SUBLEASES
a) | First Lease Amendment dated April _____, 1999; | ||
b) | Second Lease Amendment dated , 1999; | ||
c) | Third Lease Amendment dated June 1, 2001; | ||
d) | Fourth Lease Amendment dated May 21, 2002; | ||
e) | Fifth Lease Amendment dated September 1, 2003; and | ||
f) | Sixth Lease Amendment dated June 1, 2004. |
a) | First Lease Amendment dated August 1, 1999; | ||
b) | Second Lease Amendment dated , 2000; | ||
c) | Third Lease Amendment dated June 1, 2001; and | ||
d) | Fourth Lease Amendment dated June 1, 2004. |
IV-1
INTENTIONALLY DELETED
V-1
LITIGATION SCHEDULE
VI-1
OUTPARCEL LEGAL DESCRIPTIONS
Thence along the south line of said Geoffrey Way South 38 degrees 13 minutes 56 seconds East 327.89 feet to a point;
Thence South 02 degrees 58 minutes 05 seconds East 34.64 feet to a point;
Thence along a curve to the left with a radius of 60.00 feet, an arc distance of 168.09 feet, a chord bearing of South 51 degrees 46 minutes 22 seconds East and a chord of 118.27 feet to a point;
Thence South 38 degrees 13 minutes 58 seconds East 320.64 feet to a point;
Thence leaving said road South 34 degrees 23 minutes 21 seconds West 575.15 feet to a point;
Thence North 63 degrees 25 minutes 07 seconds West 639.00 feet to a point;
Thence North 26 degrees 24 minutes 43 seconds East 899.82 feet to the point and place of beginning, containing 11.466 acres or 499,445 square feet, less and except rail extension of no more than 100,000 square feet.
Beginning at the northwest corner of lot 3; thence east along and upon the north line of lot 3, for a distance of 50.00 feet; thence southerly to a point on the west line of said lot 3, which line is also the southeasterly right of way line of the railroad right of way, said point being 200.00 feet southwesterly of the northwest corner of said lot 3; thence northeasterly along and upon said west line, which is also said southeasterly right of way line, for a distance of 200.00 feet to the point of beginning, in Will county, Illinois.
VII-1
S50°16’38”W a distance of 200.00 feet;
N62°43’22”W a distance of 35.00 feet;
N62°07’18”W a distance of 64.21 feet;
Thence N64°08’54”E a distance of 139.54 feet to an existing chain link fence corner post;
Thence S79°20’06”E a distance of 109.56 feet to an existing chain link fence corner post;
Thence N67°28’00”E a distance of 428.76 feet to an existing chain link fence corner post;
Thence continuing along said railroad S30°14’51”E a distance of 254.65 feet;
VII-2
VII-3
BORROWER TAXPAYER IDENTIFICATION NUMBERS
Entity | EIN | |||||
1. | ABP AL (MIDFIELD) LLC | 77-0627356 | ||||
2. | ABP AR (LITTLE ROCK) LLC | 77-0627356 | ||||
3. | ABP CA (CITY OF INDUSTRY) LLC | 77-0627356 | ||||
4. | ABP CA (NATIONAL CITY) LLC | 77-0627356 | ||||
5. | ABP CA (NEWARK) LLC | 77-0627356 | ||||
6. | ABP CA (RIVERSIDE) LLC | 77-0627356 | ||||
7. | ABP CO I (DENVER) LLC | 77-0627356 | ||||
8. | ABP CO II (DENVER) LLC | 77-0627356 | ||||
9. | ABP CT (NEWTON) LLC | 36-4553871 | ||||
10. | ABP FL (LAKE CITY) LLC | 77-0627356 | ||||
11. | ABP FL (MIAMI) LLC | 77-0627356 | ||||
12. | ABP FL (PENSACOLA) LLC | 77-0627356 | ||||
13. | ABP FL (TAMPA) LLC | 77-0627356 | ||||
14. | ABP FL (YULEE) LLC | 77-0627356 | ||||
15. | ABP GA (LAWRENCEVILLE) LLC | 77-0627356 | ||||
16. | ABP IA (DES MOINES) LLC | 77-0627356 | ||||
17. | ABP IL (UNIVERSITY PARK) LLC | 77-0627356 | ||||
18. | ABP IN (ELKHART) LLC | 77-0627356 | ||||
19. | ABP KY (INDEPENDENCE) LLC | 77-0627356 | ||||
20. | ABP LA (SHREVEPORT) LLC | 30-0247739 | ||||
21. | ABP MA (BELLINGHAM) LLC | 77-0627356 | ||||
22. | ABP MD (BALTIMORE) LLC | 77-0627356 | ||||
23. | ABP ME (PORTLAND) LLC | 61-1470388 | ||||
24. | ABP MI (DETROIT) LLC | 77-0627356 | ||||
25. | ABP MI (GRAND RAPIDS) LLC | 77-0627356 | ||||
26. | ABP MN (EAGAN) LLC | 77-0627356 |
VIII-1
Entity | EIN | |||||
27. | ABP MN (MAPLE GROVE) LLC | 77-0627356 | ||||
28. | ABP MO (BRIDGETON) LLC | 77-0627356 | ||||
29. | ABP MO (KANSAS CITY) LLC | 77-0627356 | ||||
30. | ABP MO (SPRINGFIELD) LLC | 77-0627356 | ||||
31. | ABP MS (PEARL) LLC | 77-0627356 | ||||
32. | ABP NC (BUTNER) LLC | 77-0627356 | ||||
33. | ABP NC (CHARLOTTE) LLC | 77-0627356 | ||||
34. | ABP ND (NORTH FARGO) LLC | 77-0634934 | ||||
35. | ABP NJ (DENVILLE) LLC | 77-0627356 | ||||
36. | ABP NM (ALBUQUERQUE) LLC | 77-0627356 | ||||
37. | ABP NY (YAPHANK) LLC | 77-0627356 | ||||
38. | ABP OH (TALMADGE) LLC | 77-0627356 | ||||
39. | ABP OK (TULSA) LLC | 77-0627356 | ||||
40. | ABP OR (BEAVERTON) LLC | 77-0627356 | ||||
41. | ABP PA (ALLENTOWN) LLC | 77-0627356 | ||||
42. | ABP PA (STANTON) LLC | 77-0627356 | ||||
43. | ABP SC (CHARLESTON) LLC | 77-0627356 | ||||
44. | ABP SD (SIOUX FALLS) LLC | 77-0627356 | ||||
45. | ABP TN (ERWIN) LLC | 77-0627356 | ||||
46. | ABP TN (MEMPHIS) LLC | 77-0627356 | ||||
47. | ABP TN (NASHVILLE) LLC | 77-0627356 | ||||
48. | ABP TX (EL PASO) LLC | 77-0627356 | ||||
49. | ABP TX (FORT WORTH) LLC | 77-0627356 | ||||
50. | ABP TX (HARLINGEN) LLC | 77-0627356 | ||||
51. | ABP TX (HOUSTON) LLC | 77-0627356 | ||||
52. | ABP TX (LUBBOCK) LLC | 77-0627356 | ||||
53. | ABP TX (SAN ANTONIO) LLC | 77-0627356 | ||||
54. | ABP VA (RICHMOND) LLC | 77-0627356 | ||||
55. | ABP VA (VIRGINIA BEACH) LLC | 77-0627356 | ||||
56. | ABP VT (SHELBURNE) LLC | 05-0602221 | ||||
57. | ABP WA (WOODINVILLE) LLC | 77-0627356 | ||||
58. | ABP WI (WAUSAU) LLC | 05-0602220 | ||||
59. | ABP MD (BALTIMORE) SUBSIDIARY LLC | 77-0627356 |
VIII-2