MASTER CREDIT FACILITY AGREEMENT
a Virginia corporation
a District of Columbia limited partnership,
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RECITALS | 1 | |||
ARTICLE I | 2 | |||
ARTICLE II | 20 | |||
SECTION 2.01 Revolving Facility Commitment | 20 | |||
SECTION 2.02 Requests for Revolving Advances | 20 | |||
SECTION 2.03 Maturity Date of Revolving Advances | 20 | |||
SECTION 2.04 Interest on Revolving Facility Advances | 20 | |||
SECTION 2.05 Coupon Rates for Revolving Advances | 21 | |||
SECTION 2.06 Revolving Facility Note | 21 | |||
SECTION 2.07 Extension of Revolving Facility Termination Date | 22 | |||
ARTICLE III | 22 | |||
SECTION 3.01 Base Facility Commitment | 22 | |||
SECTION 3.02 Requests for Base Facility Advances | 22 | |||
SECTION 3.03 Maturity Date of Base Facility Advances | 23 | |||
SECTION 3.04 Interest on Base Facility Advances | 23 | |||
SECTION 3.05 Coupon Rates for Base Facility Advances | 23 | |||
SECTION 3.06 Base Facility Note | 23 | |||
SECTION 3.07 Conversion of Commitment from Revolving Facility Commitment to Base Facility Commitment | 23 | |||
SECTION 3.08 Limitations on Right to Convert | 24 | |||
SECTION 3.09 Conditions Precedent to Conversion | 24 | |||
SECTION 3.10 Defeasance | 25 | |||
ARTICLE IV | 32 | |||
SECTION 4.01 Rate Setting for an Advance | 32 | |||
SECTION 4.02 Advance Confirmation Instrument for Revolving Advances | 33 | |||
SECTION 4.03 Breakage and other Costs | 34 | |||
ARTICLE V | 34 | |||
SECTION 5.01 Initial Advance | 34 | |||
SECTION 5.02 Future Advances | 35 | |||
SECTION 5.03 Conditions Precedent to Future Advances | 35 | |||
SECTION 5.04 Determination of Allocable Facility Amount and Valuations | 36 | |||
ARTICLE VI | 36 | |||
SECTION 6.01 Right to Add Collateral | 36 | |||
SECTION 6.02 Procedure for Adding Collateral | 36 | |||
SECTION 6.03 Conditions Precedent to Addition of an Additional Mortgaged Property to the Collateral Pool | 38 | |||
ARTICLE VII | 39 | |||
SECTION 7.01 Right to Obtain Releases of Collateral | 39 | |||
SECTION 7.02 Procedure for Obtaining Releases of Collateral | 39 | |||
SECTION 7.03 Conditions Precedent to Release of Collateral Release Property from the Collateral | 40 | |||
SECTION 7.04 Substitutions | 42 | |||
ARTICLE VIII | 42 | |||
SECTION 8.01 Right to Increase Commitment | 42 | |||
SECTION 8.02 Procedure for Obtaining Increases in Commitment | 42 | |||
SECTION 8.03 Conditions Precedent to Increase in Commitment | 43 | |||
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ARTICLE IX | 44 | |||
SECTION 9.01 Right to Complete or Partial Termination of Facilities | 44 | |||
SECTION 9.02 Procedure for Complete or Partial Termination of Facilities | 44 | |||
SECTION 9.03 Conditions Precedent to Complete or Partial Termination of Facilities | 44 | |||
ARTICLE X | 45 | |||
SECTION 10.01 Right to Terminate Credit Facility | 45 | |||
SECTION 10.02 Procedure for Terminating Credit Facility | 45 | |||
SECTION 10.03 Conditions Precedent to Termination of Credit Facility | 46 | |||
ARTICLE XI | 46 | |||
SECTION 11.01 Conditions Applicable to All Requests | 46 | |||
SECTION 11.02 Delivery of Closing Documents Relating to Initial Advance Request, Collateral Addition Request, Credit Facility Expansion Request or Future Advance Request | 47 | |||
SECTION 11.03 Delivery of Property-Related Documents | 48 | |||
ARTICLE XII | 49 | |||
SECTION 12.01 Representations and Warranties of the Borrower | 49 | |||
SECTION 12.02 Representations and Warranties of the Borrower | 53 | |||
SECTION 12.03 Representations and Warranties of the Lender | 56 | |||
ARTICLE XIII | 56 | |||
SECTION 13.01 Compliance with Agreements; No Amendments | 56 | |||
SECTION 13.02 Maintenance of Existence | 56 | |||
SECTION 13.03 Maintenance of Borrower Status | 56 | |||
SECTION 13.04 Financial Statements; Accountants’ Reports; Other Information | 56 | |||
SECTION 13.05 Certificate of Compliance | 59 | |||
SECTION 13.06 Maintain Licenses | 59 | |||
SECTION 13.07 Access to Records; Discussions With Officers and Accountants | 59 | |||
SECTION 13.08 Inform the Lender of Material Events | 60 | |||
SECTION 13.09 Intentionally Omitted | 61 | |||
SECTION 13.10 Inspection | 61 | |||
SECTION 13.11 Compliance with Applicable Laws | 61 | |||
SECTION 13.12 Warranty of Title | 61 | |||
SECTION 13.13 Defense of Actions | 61 | |||
SECTION 13.14 Alterations to the Mortgaged Properties | 62 | |||
SECTION 13.15 ERISA | 62 | |||
SECTION 13.16 Loan Document Taxes | 63 | |||
SECTION 13.17 Further Assurances | 63 | |||
SECTION 13.18 Monitoring Compliance | 63 | |||
SECTION 13.19 Leases | 63 | |||
SECTION 13.20 Appraisals | 63 | |||
SECTION 13.21 Transfer of Ownership Interests of the Borrower | 63 | |||
SECTION 13.22 Change in Senior Management | 65 | |||
SECTION 13.23 Date-Down Endorsements | 65 | |||
SECTION 13.24 Geographical Diversification | 65 | |||
SECTION 13.25 Ownership of Mortgaged Properties | 66 | |||
SECTION 13.26 Facility Balancing | 66 | |||
ARTICLE XIV | 66 | |||
SECTION 14.01 Other Activities | 66 | |||
SECTION 14.02 Value of Security | 67 | |||
SECTION 14.03 Zoning | 67 | |||
SECTION 14.04 Liens | 67 | |||
SECTION 14.05 Sale | 67 | |||
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SECTION 14.06 Intentionally Omitted | 67 | |||
SECTION 14.07 Principal Place of Business | 67 | |||
SECTION 14.08 Intentionally Omitted | 67 | |||
SECTION 14.09 Change in Property Management | 67 | |||
SECTION 14.10 Condominiums | 67 | |||
SECTION 14.11 Restrictions on Distributions | 67 | |||
SECTION 14.12 Conduct of Business | 67 | |||
SECTION 14.13 Limitation on Unimproved Real Property and New Construction | 67 | |||
SECTION 14.14 No Encumbrance of Collateral Release Property | 68 | |||
ARTICLE XV | 68 | |||
SECTION 15.01 Financial Definitions | 68 | |||
SECTION 15.02 Compliance with Debt Service Coverage Ratios | 73 | |||
SECTION 15.03 Compliance with Loan to Value Ratios | 73 | |||
SECTION 15.04 Compliance with Concentration Test | 73 | |||
SECTION 15.05 Consolidated Adjusted Tangible Net Worth | 73 | |||
SECTION 15.06 Consolidated Funded Debt Ratio | 73 | |||
SECTION 15.07 Consolidated Total Fixed Charge Coverage Ratio | 73 | |||
SECTION 15.08 Consolidated Unencumbered Realty to Consolidated Unsecured Debt Ratio | 73 | |||
SECTION 15.09 Consolidated Unencumbered Interest Coverage Ratio | 73 | |||
ARTICLE XVI | 74 | |||
SECTION 16.01 Standby Fee | 74 | |||
SECTION 16.02 Termination and Origination Fees | 74 | |||
SECTION 16.03 Due Diligence Fees | 74 | |||
SECTION 16.04 Legal Fees and Expenses | 74 | |||
SECTION 16.05 MBS-Related Costs | 75 | |||
SECTION 16.06 Failure to Close any Request | 75 | |||
SECTION 16.07 Other Fees | 75 | |||
ARTICLE XVII | 76 | |||
SECTION 17.01 Events of Default | 76 | |||
ARTICLE XVIII | 78 | |||
SECTION 18.01 Remedies; Waivers | 78 | |||
SECTION 18.02 Waivers; Rescission of Declaration | 78 | |||
SECTION 18.03 The Lender’s Right to Protect Collateral and Perform Covenants and Other Obligations | 78 | |||
SECTION 18.04 No Remedy Exclusive | 79 | |||
SECTION 18.05 No Waiver | 79 | |||
SECTION 18.06 No Notice | 79 | |||
SECTION 18.07 Application of Payments | 79 | |||
ARTICLE XIX | 79 | |||
SECTION 19.01 Special Pool Purchase Contract | 79 | |||
SECTION 19.02 Assignment of Rights | 80 | |||
SECTION 19.03 Release of Collateral | 80 | |||
SECTION 19.04 Replacement of Lender | 80 | |||
SECTION 19.05 Fannie Mae and Lender Fees and Expenses | 80 | |||
SECTION 19.06 Third-Party Beneficiary | 80 | |||
ARTICLE XX | 81 | |||
SECTION 20.01 Insurance and Real Estate Taxes | 81 | |||
SECTION 20.02 Replacement Reserves | 81 | |||
ARTICLE XXI | 81 | |||
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ARTICLE XXII | 81 | |||
SECTION 22.01 Personal Liability of the Borrower | 81 | |||
ARTICLE XXIII | 82 | |||
SECTION 23.01 Counterparts | 82 | |||
SECTION 23.02 Amendments, Changes and Modifications | 82 | |||
SECTION 23.03 Payment of Costs, Fees and Expenses | 82 | |||
SECTION 23.04 Payment Procedure | 83 | |||
SECTION 23.05 Payments on Business Days | 83 | |||
SECTION 23.06 Choice of Law; Consent to Jurisdiction; Waiver of Jury Trial | 83 | |||
SECTION 23.07 Severability | 84 | |||
SECTION 23.08 Notices | 84 | |||
SECTION 23.09 Further Assurances and Corrective Instruments | 86 | |||
SECTION 23.10 Term of this Agreement | 87 | |||
SECTION 23.11 Assignments; Third-Party Rights | 87 | |||
SECTION 23.12 Headings | 87 | |||
SECTION 23.13 General Interpretive Principles | 87 | |||
SECTION 23.14 Interpretation | 88 | |||
SECTION 23.15 Decisions in Writing | 88 | |||
SECTION 23.16 Requests | 88 | |||
iv |
EXHIBIT A | Schedule of Initial Mortgaged Properties and Initial Valuations | |||
EXHIBIT B | Base Facility Note | |||
EXHIBIT C | - | Intentionally Omitted | ||
EXHIBIT D | Compliance Certificate | |||
EXHIBIT E | Sample Facility Debt Service | |||
EXHIBIT F | Organizational Certificate | |||
EXHIBIT G | Intentionally Omitted | |||
EXHIBIT H | Revolving Credit Endorsement | |||
EXHIBIT I | Revolving Facility Note | |||
EXHIBIT J | Tie-In Endorsement | |||
EXHIBIT K | - | Conversion Request | ||
EXHIBIT L | - | Conversion Amendment | ||
EXHIBIT M | Rate Setting Form | |||
EXHIBIT N | Rate Confirmation Instrument | |||
EXHIBIT O | Advance Confirmation Instrument | |||
EXHIBIT P | Future Advance Request | |||
EXHIBIT Q | Collateral Addition Request | |||
EXHIBIT R | Collateral Addition Description Package | |||
EXHIBIT S | Collateral Addition Supporting Documents | |||
EXHIBIT T | Collateral Release Request | |||
EXHIBIT U | Confirmation of Obligations | |||
EXHIBIT V | Credit Facility Expansion Request | |||
EXHIBIT W | Revolving Facility Termination Request | |||
EXHIBIT X | Revolving Facility Termination Document | |||
EXHIBIT Y | Credit Facility Termination Request | |||
EXHIBIT Z | Intentionally Omitted | |||
EXHIBIT AA | Independent Unit Encumbrances |
v
MASTER CREDIT FACILITY AGREEMENT
DEFINITIONS
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(a) | the amount of interest and principal amortization, during the 12 month period immediately succeeding the specified date, with respect to the Advances Outstanding on the specified date, except that, for these purposes: |
(i) | each Revolving Advance shall be deemed to require level monthly payments of principal and interest (at the Coupon Rate for the Revolving Advance) in an amount necessary to fully amortize the original principal amount of the Revolving Advance over a 30-year period, with such amortization deemed to commence on the first day of the 12 month period; and | ||
(ii) | each Base Facility Advance shall require level monthly payments of principal and interest (at the Coupon Rate for the Base Facility Advance) in an amount necessary to fully amortize the original principal amount of the Base Facility Advance over a 30-year period, with such amortization to commence on the first day of the 12 month period; and |
(b) | the amount of the Standby Fees payable to the Lender pursuant to Section 16.01 during such 12 month period (assuming, for these purposes, that the Advances Outstanding throughout the 12 month period are always equal to the amount of Advances Outstanding on the specified date). |
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(i) | the Net Operating Income of such Multifamily Residential Property for the Trailing 12 Month Period, by | ||
(ii) | the most recent Cap Rate determined by the Lender. |
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THE REVOLVING FACILITY COMMITMENT
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THE BASE FACILITY COMMITMENT
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(A) | the Next Scheduled P&I Payment; |
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(B) | all other sums then due and payable under the Base Facility Note subject to Defeasance, the Security Instruments related to the Mortgaged Properties to be released; and | ||
(C) | all costs and expenses incurred by Lender or Servicer in connection with the Defeasance, including the reasonable fees and disbursements of Lender’s or Servicer’s legal counsel. |
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(1 + (the Annual Yield/12))n
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RATE SETTING FOR THE ADVANCES
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MAKING THE ADVANCES
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ADDITIONS OF COLLATERAL
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RELEASES OF COLLATERAL
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Section 16.04(b);
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EXPANSION OF CREDIT FACILITY
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COMPLETE OR PARTIAL TERMINATION OF FACILITIES
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TERMINATION OF CREDIT FACILITY
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GENERAL CONDITIONS PRECEDENT TO ALL REQUESTS
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REPRESENTATIONS AND WARRANTIES
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AFFIRMATIVE COVENANTS OF THE BORROWER
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NEGATIVE COVENANTS OF THE BORROWER
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FINANCIAL COVENANTS OF THE BORROWER
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FEES
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EVENTS OF DEFAULT
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REMEDIES
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RIGHTS OF FANNIE MAE
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INSURANCE, REAL ESTATE TAXES
AND REPLACEMENT RESERVES
INTENTIONALLY OMITTED
PERSONAL LIABILITY OF THE BORROWER
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MISCELLANEOUS PROVISIONS
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1745 Shea Center Drive
Fourth Floor
Highlands Ranch, Colorado 80126
Attention: Ella S. Neyland
Telecopy No.: 720-344-5110
5200 Republic Plaza
370 Seventeenth Street
Denver, Colorado 80202-5638
Attention: Warren Troupe, Esq.
Telecopy No.: 303-592-1510
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7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention: Merrill A. Yavinsky
Telecopy No.: 301-215-5579
4905 Hampden Lane
Bethesda, Maryland 20815
Telecopy No.: 301-913-0273
3939 Wisconsin Avenue, N.W.
Washington, D.C. 20016-2899
Attention: Vice President for
Multifamily Asset Management
Telecopy No.: (202) 752-5016
1801 K Street, N.W.
Third Floor, L Street Entrance
Washington, D.C. 200006
Attention: Lawrence H. Gesner, Esq.
Telecopy No.: (202) 857-0172
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BORROWER | ||||
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||
By: | /s/ Ella S. Neyland | |||
Name: | Ella S. Neyland | |||
Title: | Executive Vice President and Treasurer |
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LENDER | ||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||
By: | /s/ Michael Palmer | |||||
Name: | Michael Palmer | |||||
Title: | Vice President | |||||
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MASTER CREDIT FACILITY AGREEMENT
AND INITIAL VALUATIONS
SCHEDULE OF INITIAL MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Alafaya Woods | 407 Alafaya Woods Boulevard Oviedo, Florida 32765 | $ | 15,500,000 | |||
Arbors at Lee Vista | 5900 Bent Pine Drive Orlando, Florida 32822 | $ | 22,100,000 | |||
Dominion West End | 3900 Arcadia Lane Richmond, Virginia 23233 | $ | 22,500,000 | |||
Dominion English Hills | 8800 Queensmere Place Richmond, Virginia 23294 | $ | 25,600,000 | |||
Dominion Great Oaks | 3008 Autumn Branch Lane Ellicott City, Maryland | $ | 16,400,000 | |||
Dominion Middle Ridge | 12280 Creekview Circle Woodbridge, Virginia 22192 | $ | 20,400,000 | |||
Greens at Cedar Chase | 1700 North Dupont Highway Dover, Delaware 19901 | $ | 6,916,000 | |||
Greens at Hilton Run | 502 Hilton Drive Lexington Park, Maryland 20653 | $ | 19,200,000 | |||
Gwinnett Square | 4175 Satellite Boulevard Duluth, Georgia 30136 | $ | 11,000,000 | |||
Hunter’s Ridge | 1400 Plantation Boulevard Plant City, Florida 33567 | $ | 15,450,000 | |||
River Place | 4501 Sheraton Drive Macon, Georgia 31210 | $ | 8,300,000 | |||
Courthouse Green | 6417 Statute Street Chesterfield, VA 23832 | $ | 11,400,00 | |||
Lake Ridge | 3216 Bluff View Court Lake Ridge, Virginia 22192 | $ | 13,800,000 | |||
Yorkshire Downs | 101 Little Bay Avenue Yorktown, Virginia 23693 | $ | 10,500,000 | |||
Lakewood Place | 350 Lakewood Dr. Brandon, Florida 33510 | $ | 15,770,000 | |||
Westland Park | 6710 Collins Rd. Jacksonville, Florida 32244 | $ | 19,700,000 | |||
Los Altos | 311 Los Altos Way Altamonte Springs, Florida 32714 | $ | 17,600,000 | |||
Ashton at Waterford | 12137 Ashton Manor Way Orlando, Florida 32828 | $ | 23,600,000 |
A-1
MASTER CREDIT FACILITY AGREEMENT
US $ |
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UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: | ||||||
Title: | Executive Vice President and Treasurer | |||||
Borrower’s Employer ID Number |
B-7
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
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(A) | the amount of principal being prepaid, | ||
by | |||
(B) | the difference obtained by subtracting from the interest rate on this Note the yield rate on the ___% U.S. Treasury Security due (the “Yield Rate”), as the Yield Rate is reported inThe Wall Street Journalon the thirtieth (30th) day (or, if such day is not a day on whichThe Wall Street Journalis published, then on the next succeeding day on whichThe Wall Street Journalis published) preceding (x) the date notice of prepayment is given to Lender where prepayment is voluntary, or (y) the date Lender accelerates the Loan, | ||
by | |||
(C) | the present value factor calculated using the following formula: |
1 - (1 + r)-n | ||||
[r | = | Yield Rate | ||
n | = | the number of years, and any fraction thereof, remaining between the Prepayment Date and the expiration of the Yield Maintenance Period] |
For purposes of subparagraph (ii)(C), the “Prepayment Date” shall be (x) in the case of a voluntary prepayment, the date on which the prepayment is made, and (y) in any other case, the date on which Lender accelerates the unpaid principal balance of this Note. |
B-10
(A) | all sums due Lender under this Note and the other Loan Documents (other than the unpaid principal balance of the Note which is included as a part of 2(B) below; and | ||
(B) | an amount equal to the greater of: |
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————————————— INITIALS | ||||
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AGREEMENT
MASTER CREDIT FACILITY AGREEMENT
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: | ||||||
Title: | Executive Vice President and Treasurer |
D-1
MASTER CREDIT FACILITY AGREEMENT
For this example: | ||||
- Total Credit Facility Commitment amount is | $ | 100,000,000 | ||
- Revolving Facility Commitment amount is | $ | 100,000,000 | ||
- Base Facility Commitment amount is | 0 | |||
- Total Revolving Facility Advances outstanding is | $ | 80,000,000 | ||
- Total Base Facility Advances outstanding is | 0 | |||
- Unused Capacity is | $ | 20,000,000 | ||
- Revolving Facility Coupon Rate is | TBD | % | ||
- Base Facility Coupon Rate is | N/A | % | ||
- Base Facility Amortization Period is | 30 years | |||
- Standby Fee is | 12.5 bp/yr. | |||
Then: | ||||
Facility Debt Service allocable to Revolving Facility Advances: | ||||
$100,000,000 @ TBD%, 30 year amortization = | $ | TBD | ||
Facility Debt Service allocable to Base Facility Advances: | ||||
$0 @ 0%, 30 year amortization = | $ | 0 | ||
Standby Fee: $20,000,0000 X 12.5 bp = | $ | 25,000 | ||
Facility Debt Service = | $ | TBD - sum of above |
MASTER CREDIT FACILITY AGREEMENT
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer |
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MASTER CREDIT FACILITY AGREEMENT
MASTER CREDIT FACILITY AGREEMENT
1. | The Company acknowledges that the insured mortgage identified in Schedule A of this Policy secures future advances of principal or a revolving credit line and provides for changes in the rate of interest calculated pursuant to a formula contained in the insured mortgage. By this endorsement, the Company insures against loss or damage which the insured sustains as a result of: |
a. | The invalidity or unenforceability of the lien of the insured mortgage resulting from the provision in the insured mortgage providing for changes in the rate of interest. | ||
b. | The loss of priority of the lien of the insured mortgage as security for the unpaid principal balance of the loan, together with interest as changed in accordance with the provisions of the insured mortgage, which loss of priority is caused by changes in the rate of interest as provided in the insured mortgage. | ||
c. | The invalidity or unenforceability of the lien of the insured mortgage as security for future advances of principal indebtedness. | ||
d. | The invalidity or unenforceability of the lien of the insured mortgage as a result of fluctuations of the unpaid balance of the principal indebtedness. | ||
e. | The priority of any lien or encumbrance over the lien of the insured mortgage as security for the principal indebtedness and any future advances of principal indebtedness made after the date of the policy. |
2. | This endorsement is made a part of the Policy and the insurance affected by it is subject to: (i) the Exclusions from Coverage except Paragraph 3(d), (ii) the provisions of the Conditions and Stipulations except Paragraph 8(d) and (iii) the Exceptions contained in Schedule B of the Policy. In addition, it does not insure against loss or damage resulting from: |
H-1
H-2
Issued at | ||
COUNTERSIGNED: | , President | |
Attest: | ||
, Secretary | ||
Authorized Officer or Agent |
H-3
MASTER CREDIT FACILITY AGREEMENT
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UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer |
I-6
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||
By: | ||||||
Name: | ||||||
Title: | ||||||
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MASTER CREDIT FACILITY AGREEMENT
Policy No. | County | State | Amount | |||||||||
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COUNTERSIGNED: | , | |
President | ||
Attest: , Secretary | ||
Authorized Signatory |
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MASTER CREDIT FACILITY AGREEMENT
VIA:
7500 Old Georgetown Road
Suite 800
Bethesda, Maryland 20814
Attention:
[Note: Subject to change in the event Lender or its address changes]
Re: | CONVERSION REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and the Lender (as amended from time to time, the “Master Agreement”). |
K-1
Sincerely, | ||||||
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer |
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MASTER CREDIT FACILITY AGREEMENT
MASTER CREDIT FACILITY AGREEMENT
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L-2
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer |
L-3
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||
By: | ||||||
Name: | ||||||
Title: | ||||||
L-4
FANNIE MAE, a federally-chartered and stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act, § 12 U.S.C. 1716,etseq. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
L-5
MASTER CREDIT FACILITY AGREEMENT
Designation of Advance | Base Facility Advance | |
(Check One) | Revolving Facility Advance |
FOR REVOLVING FACILITY ADVANCE ONLY: | ||
Proposed MBS Imputed Interest Rate | % | |
Advance Amount | $ | |
Term | months | |
MBS Issue Date | ||
Revolving Facility Fee | ||
Maximum Annual Coupon Rate | % | |
Discount | % | |
Price | ||
Closing Date no later than | ||
Discount Amount |
M-1
FOR BASE FACILITY ADVANCE ONLY: | ||
Proposed Pass-Through Rate | % | |
Advance Amount | $ | |
Term | months | |
MBS Issue Date | , | |
Base Facility Fee | ||
Maximum Annual Coupon Rate | % | |
Amortization Period | ||
Closing Date no later than | , |
M-2
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Title: Ella S. Neyland | ||||||
Name: Executive Vice President and Treasurer |
M-3
MASTER CREDIT FACILITY AGREEMENT
Designation of Advance | Base Facility Advance | |
(Check One) | Revolving Facility Advance |
FOR REVOLVING FACILITY ADVANCE ONLY: | ||
Advance Amount | $ | |
Term | months | |
MBS Issue Date | , | |
MBS Imputed Interest Rate | % | |
Revolving Facility Fee | ||
Maximum Annual Coupon Rate | % | |
Discount | % | |
Price | ||
Closing Date no later than | , |
N-1
FOR BASE FACILITY ADVANCE ONLY: | ||
Advance Amount | $ | |
Term | months | |
MBS Issue Date | , | |
MBS Pass-Through Rate | % | |
Base Facility Fee | ||
Maximum Annual Coupon Rate | % | |
Price | ||
Yield Maintenance Period | ||
Yield Rate Security | ||
Amortization Period | ||
Closing Date no later than | , |
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
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MASTER CREDIT FACILITY AGREEMENT
Advance Amount | $ | ||||||
Term | days | ||||||
MBS Issue Date | |||||||
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MBS Imputed Interest Rate | % | ||||||
Revolving Facility Fee | $ | ||||||
Coupon Rate | % | ||||||
Discount | % | ||||||
Price | $ | ||||||
Closing Date | |||||||
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UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||||
By: | ||||||
Name: | ||||||
Title: | Executive Vice President and Treasurer |
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | ||||||||
Name: | ||||||||
Title: | ||||||||
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MASTER CREDIT FACILITY AGREEMENT
, | ||||
VIA: | ||||
7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention:
[Note: Subject to change in the event Lender or its address changes]
Re: | FUTURE ADVANCE REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and the Lender (as amended from time to time, the “Master Agreement”) |
(a) | Amount. The amount of the Future Advance shall be $ . | ||
(b) | Designation of Facility. The Future Advance is a: [Check one] Base Facility Advance Revolving Facility Advance | ||
(c) | Maturity Date. The Maturity Date of the Future Advance is as follows: , . |
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(d) | Amortization Period. [For Base Facility Advance only] The principal of this Base Facility Advance shall be amortized over a period of (between 20 years and 30 years): . | ||
(e) | Accompanying Documents. All documents, instruments and certificates required to be delivered pursuant to the conditions contained in Section 5.03 of the Master Agreement, including (i) a Rate Setting Form, (ii) an Advance Confirmation Instrument (for Revolving Facility Advances only), (iii) a Base Facility Note (for Base Facility Advances only) as well as (iv) a Compliance Certificate, and (v) an Organizational Certificate, will be delivered on or before the Closing Date. | ||
(e) | Wiring Information. Please wire the Future Advance on or before the Closing Date into our account in accordance with the following wiring information: |
Currently Available Base Facility Credit Commitment |
Currently Available Revolving Facility Credit Commitment |
Proposed Amount Drawn on Base Facility Credit Commitment |
Remaining Base Facility Credit Commitment after Proposed Draw |
Proposed Amount Drawn on Revolving Facility Credit Commitment |
Remaining Revolving Facility Credit Commitment after the Proposed Draw |
(a) | “Available Base Facility Credit Commitment” means, at any time, the maximum amount of Base Facility Advances which could be issued and outstanding without causing: (i) the Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period to be less than 1.35:1.0; (ii) the Aggregate Loan to Value Ratio for the |
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Trailing 12 Month Period to be greater than 65%; or (iii) a breach of any of the Financial Covenants set forth in Article XV of the Master Agreement; and | |||
(b) | “Available Revolving Facility Credit Commitment” means, at any time, the maximum amount of Revolving Facility Advances which could be issued and outstanding without causing: (i) the Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period to be less than 1.35:1.0; (ii) the Aggregate Loan to Value Ratio for the Trailing 12 Month Period to be greater than 65% or (iii) a breach of any of the Financial Covenants set forth in Article XV of the Master Agreement. |
a Virginia corporation
By: | ||||
Name: | ||||
Title: | Executive Vice President and Treasurer |
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MASTER CREDIT FACILITY AGREEMENT
, | ||||
VIA: | ||||
7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention:
[Note: Subject to change in the event Lender or its address changes]
Re: | COLLATERAL ADDITION REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and others (as amended from time to time, the “Master Agreement”) |
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a Virginia corporation
By: | ||||
Name: | ||||
Title: | Executive Vice President and Treasurer |
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MASTER CREDIT FACILITY AGREEMENT
Property Name: | ||||
Address: | ||||
City/County/State: | ||||
Year Built: | ||||||
Year Acquired: | ||||||
Fee Owner: | ||||||
Valuation: |
Property Contact: | ||||
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MASTER CREDIT FACILITY AGREEMENT
AND POSSIBLE WAIVER]
REC’D | OUT | |||||
*A. | Current month’s rent roll, dated and certified by Borrower; must include apartment number, unit | |||||
type, tenant name, monthly rent, market rent, move-in date, lease expiration date, and whether furnished or unfurnished. | ||||||
*B. | Certification of Current Project Rent Roll (Schedule H). | |||||
*C. | Borrower’s Concession Statement (Schedule H-1 and H-2). | |||||
*D. | Commercial leases (if applicable). | |||||
*E. | Current certified year-to-date operating statement and prior three years’ statements. YTD statement | |||||
must end with the same month as the certified rent roll. | ||||||
F. | Monthly operating statements for the last six months. | |||||
G. | Vacancy/turnover information for prior 24 months; month-by-month breakdown of collections | |||||
including vacancy, bad debt and concessions (may be provided in operating statements). | ||||||
H. | Delinquency information for 30, 60, 90+ days. Lender will take this information in | |||||
whatever form the Borrower has. | ||||||
I. | Operating Budget (Schedule I, provides instructions). | |||||
J. | Copies of existing major service contracts (landscaping, trash, pool, laundry, pest and elevator). | |||||
K. | Copy of most recent and prior year tax bills and most recent assessment. | |||||
L. | Copy of complete insurance policies including all endorsements, declarations, and premiums. | |||||
Required only if not on blanket policy; Certificate of Insurance required for all additions. | ||||||
M. | Major improvements during the last two years and projected for the next twelve months. | |||||
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REC’D | OUT | |||||
N. | Existing title report including all easements, restrictions, judgments and liens. (Lender | |||||
requirements enclosed).Will need to be updated prior to Closing. | ||||||
*O. | Two copies of the existing as-built survey or site plan (Lender requirements enclosed). | |||||
Will need to be updated prior to Closing. | ||||||
*P. | Legal Description. | |||||
Q. | Occupancy Certificates. If not available, please provide a letter from the City stating that | |||||
they are not available, and why. | ||||||
*R. | Ground Lease; please advise if not applicable. | |||||
*S. | Reciprocal Use Agreement; please advise if not applicable. | |||||
T. | Operating Licenses. | |||||
U. | Termite inspection. | |||||
V. | Copy of one bill from each utility for the property. | |||||
*W. | Existing reports, if available (e.g., appraisal, market study, engineering, environmental). | |||||
X. | Plans, specifications and soil reports (recently completed properties only). | |||||
Y. | Copies of any deed or rent restrictions in place; please advise if not applicable. |
* | STARRED ITEMS ARE REQUIRED AS SOON AS POSSIBLE SO THAT THIRD PARTY REPORTS CAN BE ORDERED. |
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REC'D | OUT | |||||
A. | Copy of current or proposed Management Agreement, if applicable. | |||||
B. | Sample tenant lease. | |||||
C. | Management Resume, if other than REIT-related management company. | |||||
D. | Accounts payable schedule for 30, 60 and 90+ days; list should include vendor name, | |||||
invoice date, invoice number, description of item and amount. | ||||||
E. | Market survey done by resident manager; to be provided to Lender underwriter at | |||||
site inspection. | ||||||
F. | Leasing brochure and floor plans. | |||||
G. | Property Payroll and Benefits (Schedule L). | |||||
Any other information deemed necessary by Lender to complete the underwriting of the addition to collateral. |
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AGREEMENT
, | ||||
VIA: | ||||
7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention:
[Note: Subject to change in the event Lender or its address changes]
Re: | COLLATERAL RELEASE REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and the Lender (as amended from time to time, the “Master Agreement”) |
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Name: | ||||||||||
Address: | ||||||||||
Location: | ||||||||||
a Virginia corporation
By: | ||||
Name: | ||||
Title: | Executive Vice President and Treasurer |
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MASTER CREDIT FACILITY AGREEMENT
UNITED DOMINION REALTY TRUST, INC.,a Virginia corporation | ||||||
By: | ||||||
Name: Ella S. Neyland | ||||||
Title: Executive Vice President and Treasurer |
PARTNERSHIP, a District of Columbia limited
partnership
liability company, its managing general partner
By: | ||||||
Name: | ||||||
Title: | ||||||
FANNIE MAE, a federally-chartered and stockholder-owned corporation organized and existing under the Federal National Mortgage Association Charter Act, § 12 U.S.C. 1716,etseq. | ||||||
By: | ||||||
Name: | ||||||
Title: | ||||||
MASTER CREDIT FACILITY AGREEMENT
7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention:
Re: | CREDIT FACILITY EXPANSION REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and the Lender (as amended from time to time, the “Master Agreement”) |
NAME | INCREASE | RESULTING AMOUNT OF | ||
COMMITMENT | ||||
MAXIMUM CREDIT COMMITMENT: |
BASE FACILITY COMMITMENT: | ||
REVOLVING FACILITY COMMITMENT: |
Sincerely, | ||||
UNITED DOMINION REALTY TRUST, INC., a Virginia corporation | ||||
By: | ||||
Name: Ella S. Neyland | ||||
Title: Executive Vice President and Treasurer |
MASTER CREDIT FACILITY AGREEMENT
7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention:
Re: | REVOLVING FACILITY TERMINATION REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and the Lender (as amended from time to time, the “Master Agreement”) |
Revolving Facility: $
Closing Date of Advance: | ||||
Maturity Date of Advance: | ||||
Amount of Advance: |
Sincerely, | ||||
UNITED DOMINION REALTY TRUST, INC. , a Virginia corporation | ||||
By: | ||||
Name: Ella S. Neyland | ||||
Title: Executive Vice President and Treasurer |
MASTER CREDIT FACILITY AGREEMENT
MASTER CREDIT FACILITY AGREEMENT
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UNITED DOMINION REALTY TRUST, INC., a | ||||
Virginia corporation | ||||
By: | ||||
Name: Ella S. Neyland | ||||
Title: Executive Vice President and Treasurer |
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GREEN PARK FINANCIAL LIMITED | ||||
PARTNERSHIP, a District of Columbia limited | ||||
partnership | ||||
By: | Walker & Dunlop GP, LLC, a Delaware | |||
limited liability company, its managing general | ||||
partner | ||||
By: | ||||
Name: | ||||
Title: | ||||
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FANNIE MAE, a federally-chartered and | |||||
stockholder-owned corporation organized and | |||||
existing under the Federal National Mortgage | |||||
Association Charter Act, § 12 U.S.C. 1716,etseq. | |||||
By: | |||||
Name: | |||||
Title: | |||||
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MASTER CREDIT FACILITY AGREEMENT
7500 Old Georgetown Road
Bethesda, Maryland 20814
Attention:
[Note: Subject to change in the event Lender or its address changes]
Re: | CREDIT FACILITY TERMINATION REQUEST issued pursuant to Amended and Restated Master Credit Facility Agreement, dated as of June 24, 2002, by and among the undersigned (the “Borrower”) and the Lender (as amended from time to time, the “Master Agreement”) |
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Sincerely, | ||||
UNITED DOMINION REALTY TRUST, INC., | ||||
a Virginia corporation | ||||
By: | ||||
Name: Ella S. Neyland | ||||
Title: Executive Vice President and Treasurer |
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MASTER CREDIT FACILITY AGREEMENT
MASTER CREDIT FACILITY AGREEMENT
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | ||||||||
By: | /s/ Ella S. Neyland | |||||||
Name: | Ella S. Neyland | |||||||
Its: | Executive Vice President and Treasurer | |||||||
UDR RIDGEWOOD (I) TOWNHOMES, LLC, a Virginia limited liability company | ||||||||
By: | UNITED DOMINION REALTY, L.P. a Delaware limited partnership, Manager | |||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||
By: | /s/ Ella S. Neyland | |||||||
Name: | Ella S. Neyland | |||||||
Its: | Executive Vice President and Treasurer | |||||||
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LENDER: | ||||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | /s/ Maurice D. Walker | |||||||
Name: | Maurice D. Walker | |||||||
Title: | Senior Vice President | |||||||
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SCHEDULE OF MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Alafaya Woods | 407 Alafaya Woods Boulevard Oviedo, Florida 32765 | $ | 15,500,000 | |||
Arbors at Lee Vista | 5900 Bent Pine Drive Orlando, Florida 32822 | $ | 22,100,000 | |||
Dominion West End | 3900 Arcadia Lane Richmond, Virginia 23233 | $ | 22,500,000 | |||
Dominion English Hills | 8800 Queensmere Place Richmond, Virginia 23294 | $ | 25,600,000 | |||
Dominion Great Oaks | 3008 Autumn Branch Lane Ellicott City, Maryland | $ | 16,400,000 | |||
Dominion Middle Ridge | 12280 Creekview Circle Woodbridge, Virginia 22192 | $ | 20,400,000 | |||
Greens at Hilton Run | 502 Hilton Drive Lexington Park, Maryland 20653 | $ | 19,200,000 | |||
Gwinnett Square | 4175 Satellite Boulevard Duluth, Georgia 30136 | $ | 11,000,000 | |||
Hunter’s Ridge | 1400 Plantation Boulevard Plant City, Florida 33567 | $ | 15,450,000 | |||
Courthouse Green | 6417 Statute Street Chesterfield, VA 23832 | $ | 11,400,00 | |||
Lake Ridge | 3216 Bluff View Court Lake Ridge, Virginia 22192 | $ | 13,800,000 | |||
Yorkshire Downs | 101 Little Bay Avenue Yorktown, Virginia 23693 | $ | 10,500,000 | |||
Lakewood Place | 350 Lakewood Dr. Brandon, Florida 33510 | $ | 15,770,000 | |||
Los Altos | 311 Los Altos Way Altamonte Springs, Florida 32714 | $ | 17,600,000 | |||
Ashton at Waterford | 12137 Ashton Manor Way Orlando, Florida 32828 | $ | 23,600,000 | |||
Ridgewood Townhomes | 4101 Postgate Terrace Silver Spring, Maryland 20906 | $ | 23,000,000 |
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||
By: | /s/ Rodney A. Neuheardt | |||||||
Name: | Rodney A. Neuheardt | |||||||
Its: | Senior Vice President - Finance and Treasurer | |||||||
UDR RIDGEWOOD (I) TOWNHOMES, LLC, a Virginia limited liability company | ||||||||
By: | UNITED DOMINION REALTY, L.P. a Delaware limited partnership, Manager | |||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||
By: | /s/ Rodney A. Neuheardt | |||||||
Name: | Rodney A. Neuheardt | |||||||
Its: | Senior Vice President - Finance and Treasurer | |||||||
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LENDER: | ||||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | /s/ Maurice D. Walker | |||||||
Name: | Maurice D. Walker | |||||||
Title: | Senior Vice President | |||||||
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||
By: | /s/ Rodney A. Neuheardt | |||||||
Name: | Rodney A. Neuheardt | |||||||
Title: | Senior Vice President—Finance & Treasurer | |||||||
UDR RIDGEWOOD (I) TOWNHOMES, LLC, a Virginia limited liability company | ||||||||
By: | HARDING PARK, INC., a Delaware corporation, its Sole Member | |||||||
By: | /s/ W. Mark Wallis | |||||||
Name: | W. Mark Wallis | |||||||
Title: | President | |||||||
UDR WESTERN RESIDENTIAL, INC., a Virginia corporation | ||||||||
By: | /s/ Rodney A. Neuheardt | |||||||
Name: | Rodney A. Neuheardt | |||||||
Title: | Senior Vice President—Finance & Treasurer |
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LENDER: | ||||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | /s/ Maurice D. Walker | |||||||
Name: | Maurice D. Walker | |||||||
Title: | Senior Vice President | |||||||
4
SCHEDULE OF MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Alafaya Woods | 407 Alafaya Woods Boulevard Oviedo, Florida 32765 | $ | 15,500,000 | |||
Arbors at Lee Vista | 5900 Bent Pine Drive Orlando, Florida 32822 | $ | 22,100,000 | |||
Dominion West End | 3900 Arcadia Lane Richmond, Virginia 23233 | $ | 22,500,000 | |||
Dominion English Hills | 8800 Queensmere Place Richmond, Virginia 23294 | $ | 25,600,000 | |||
Dominion Great Oaks | 3008 Autumn Branch Lane Ellicott City, Maryland | $ | 16,400,000 | |||
Dominion Middle Ridge | 12280 Creekview Circle Woodbridge, Virginia 22192 | $ | 20,400,000 | |||
Greens at Hilton Run | 502 Hilton Drive Lexington Park, Maryland 20653 | $ | 19,200,000 | |||
Gwinnett Square | 4175 Satellite Boulevard Duluth, Georgia 30136 | $ | 11,000,000 | |||
Hunter’s Ridge | 1400 Plantation Boulevard Plant City, Florida 33567 | $ | 15,450,000 | |||
Courthouse Green | 6417 Statute Street Chesterfield, VA 23832 | $ | 11,400,00 | |||
Lake Ridge | 3216 Bluff View Court Lake Ridge, Virginia 22192 | $ | 13,800,000 | |||
Yorkshire Downs | 101 Little Bay Avenue Yorktown, Virginia 23693 | $ | 10,500,000 | |||
Lakewood Place | 350 Lakewood Dr. Brandon, Florida 33510 | $ | 15,770,000 | |||
Los Altos | 311 Los Altos Way Altamonte Springs, Florida 32714 | $ | 17,600,000 | |||
Ashton at Waterford | 12137 Ashton Manor Way Orlando, Florida 32828 | $ | 23,600,000 | |||
Sierra Palms | 1100 North Priest Drive Chandler, Arizona 85226 | $ | 27,440,000 |
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||
By: | /s/ Rodney A. Neuheardt | |||||
Name: | Rodney A. Neuheardt | |||||
Title: | Senior Vice President—Finance & Treasurer | |||||
UDR WESTERN RESIDENTIAL, INC., a Virginia corporation | ||||||
By: | /s/ Rodney A. Neuheardt | |||||
Name: | Rodney A. Neuheardt | |||||
Title: | Senior Vice President—Finance & Treasurer |
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LENDER: | ||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||
By: | /s/ Christopher Lynch | |||||
Name: | Christopher Lynch | |||||
Title: | SVP & CFO | |||||
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||
By: | /s/ Justin R. Sato | |||||
Name: | Justin R. Sato | |||||
Title: | Vice President | |||||
UDR WESTERN RESIDENTIAL, INC., a Virginia corporation | ||||||
By: | /s/ Justin R. Sato | |||||
Name: | Justin R. Sato | |||||
Title: | Vice President |
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LENDER: | ||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||
By: | /s/ Sandra G. Hayward | |||||
Name: | Sandra G. Hayward | |||||
Title: | Vice President | |||||
4
SCHEDULE OF MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Alafaya Woods | 407 Alafaya Woods Boulevard Oviedo, Florida 32765 | $ | 15,500,000 | |||
Arbors at Lee Vista | 5900 Bent Pine Drive Orlando, Florida 32822 | $ | 22,100,000 | |||
Dominion West End | 3900 Arcadia Lane Richmond, Virginia 23233 | $ | 22,500,000 | |||
Dominion English Hills | 8800 Queensmere Place Richmond, Virginia 23294 | $ | 25,600,000 | |||
Dominion Great Oaks | 3008 Autumn Branch Lane Ellicott City, Maryland | $ | 16,400,000 | |||
Dominion Middle Ridge | 12280 Creekview Circle Woodbridge, Virginia 22192 | $ | 20,400,000 | |||
Greens at Hilton Run | 502 Hilton Drive Lexington Park, Maryland 20653 | $ | 19,200,000 | |||
Gwinnett Square | 4175 Satellite Boulevard Duluth, Georgia 30136 | $ | 11,000,000 | |||
Hunter’s Ridge | 1400 Plantation Boulevard Plant City, Florida 33567 | $ | 15,450,000 | |||
Courthouse Green | 6417 Statute Street Chesterfield, VA 23832 | $ | 11,400,00 | |||
Lake Ridge | 3216 Bluff View Court Lake Ridge, Virginia 22192 | $ | 13,800,000 | |||
Yorkshire Downs | 101 Little Bay Avenue Yorktown, Virginia 23693 | $ | 10,500,000 | |||
Lakewood Place | 350 Lakewood Dr. Brandon, Florida 33510 | $ | 15,770,000 | |||
Los Altos | 311 Los Altos Way Altamonte Springs, Florida 32714 | $ | 17,600,000 | |||
Ashton at Waterford | 12137 Ashton Manor Way Orlando, Florida 32828 | $ | 23,600,000 |
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||
By: | /s/ Justin R. Sato | |||||
Name: | Justin R. Sato | |||||
Title: | Vice President | |||||
UDR WESTERN RESIDENTIAL, INC., a Virginia corporation | ||||||
By: | /s/ Justin R. Sato | |||||
Name: | Justin R. Sato | |||||
Title: | Vice President | |||||
UDR OF TENNESSEE, L.P., a Virginia limited partnership | ||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||
By: | /s/ Justin R. Sato | |||||
Name: | Justin R. Sato | |||||
Title: | Vice President |
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LENDER: | ||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||
By: | /s/ Sandra Hayward | |||||
Name: | Sandra Hayward | |||||
Title: | Vice President |
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SCHEDULE OF MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Alafaya Woods | 407 Alafaya Woods Boulevard Oviedo, Florida 32765 | $ | 15,500,000 | |||
Arbors at Lee Vista | 5900 Bent Pine Drive Orlando, Florida 32822 | $ | 22,100,000 | |||
Dominion West End | 3900 Arcadia Lane Richmond, Virginia 23233 | $ | 22,500,000 | |||
Dominion English Hills | 8800 Queensmere Place Richmond, Virginia 23294 | $ | 25,600,000 | |||
Dominion Great Oaks | 3008 Autumn Branch Lane Ellicott City, Maryland | $ | 16,400,000 | |||
Dominion Middle Ridge | 12280 Creekview Circle Woodbridge, Virginia 22192 | $ | 20,400,000 | |||
Greens at Hilton Run | 502 Hilton Drive Lexington Park, Maryland 20653 | $ | 19,200,000 | |||
Gwinnett Square | 4175 Satellite Boulevard Duluth, Georgia 30136 | $ | 11,000,000 | |||
Hunter’s Ridge | 1400 Plantation Boulevard Plant City, Florida 33567 | $ | 15,450,000 | |||
Courthouse Green | 6417 Statute Street Chesterfield, VA 23832 | $ | 11,400,00 | |||
Lake Ridge | 3216 Bluff View Court Lake Ridge, Virginia 22192 | $ | 13,800,000 | |||
Yorkshire Downs | 101 Little Bay Avenue Yorktown, Virginia 23693 | $ | 10,500,000 | |||
Lakewood Place | 350 Lakewood Dr. Brandon, Florida 33510 | $ | 15,770,000 | |||
Los Altos | 311 Los Altos Way Altamonte Springs, Florida 32714 | $ | 17,600,000 | |||
Ashton at Waterford | 12137 Ashton Manor Way Orlando, Florida 32828 | $ | 23,600,000 | |||
Preserve at Brentwood | 370 Oakley Drive Nashville, Tennessee 37211 | $ | 32,000,000 |
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MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||
By: | /s/ Justin R. Sato | |||||||
Name: | Justin R. Sato | |||||||
Title: | Vice President | |||||||
UDR OF TENNESSEE, L.P., a Virginia limited partnership | ||||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||
By: | /s/ Justin R. Sato | |||||||
Name: | Justin R. Sato | |||||||
Title: | Vice President | |||||||
WINDEMERE AT SYCAMORE HIGHLANDS, LLC, a Delaware limited liability company | ||||||||
By: | UDR CALIFORNIA PROPERTIES, LLC, a Virginia limited liability company, Manager | |||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, Manager | |||||||
By: | /s/ Justin R. Sato | |||||||
Name: | Justin R. Sato | |||||||
Title: | Vice President |
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LENDER: | ||||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | /s/ Sandra G. Hayward | |||||||
Name: | Sandra G. Hayward | |||||||
Title: | VP | |||||||
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SCHEDULE OF MORTGAGED PROPERTIES
AND INITIAL VALUATIONS
Property Name | Property Address | Initial Valuation | ||||
Alafaya Woods | 407 Alafaya Woods Boulevard Oviedo, Florida 32765 | $ | 15,500,000 | |||
Dominion West End | 3900 Arcadia Lane Richmond, Virginia 23233 | $ | 22,500,000 | |||
Dominion English Hills | 8800 Queensmere Place Richmond, Virginia 23294 | $ | 25,600,000 | |||
Dominion Great Oaks | 3008 Autumn Branch Lane Ellicott City, Maryland | $ | 16,400,000 | |||
Dominion Middle Ridge | 12280 Creekview Circle Woodbridge, Virginia 22192 | $ | 20,400,000 | |||
Greens at Hilton Run | 502 Hilton Drive Lexington Park, Maryland 20653 | $ | 19,200,000 | |||
Gwinnett Square | 4175 Satellite Boulevard Duluth, Georgia 30136 | $ | 11,000,000 | |||
Hunter’s Ridge | 1400 Plantation Boulevard Plant City, Florida 33567 | $ | 15,450,000 | |||
Courthouse Green | 6417 Statute Street Chesterfield, VA 23832 | $ | 11,400,00 | |||
Lake Ridge | 3216 Bluff View Court Lake Ridge, Virginia 22192 | $ | 13,800,000 | |||
Yorkshire Downs | 101 Little Bay Avenue Yorktown, Virginia 23693 | $ | 10,500,000 | |||
Lakewood Place | 350 Lakewood Dr. Brandon, Florida 33510 | $ | 15,770,000 | |||
Los Altos | 311 Los Altos Way Altamonte Springs, Florida 32714 | $ | 17,600,000 | |||
Ashton at Waterford | 12137 Ashton Manor Way Orlando, Florida 32828 | $ | 23,600,000 | |||
Preserve at Brentwood | 370 Oakley Drive Nashville, Tennessee 37211 | $ | 32,000,000 | |||
Windemere at Sycamore Highlands | 5925 Sycamore Canyon Boulevard Riverside, California 92507 | $ | ___________ | |||
A-1
MASTER CREDIT FACILITY AGREEMENT
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BORROWER: | ||||||||
UNITED DOMINION REALTY TRUST, INC., a Maryland corporation | ||||||||
By: | /s/ Thomas P. Simon | |||||||
Name: | Thomas P. Simon | |||||||
Title: | Vice President and Treasurer | |||||||
UDR OF TENNESSEE, L.P., a Virginia limited partnership | ||||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, its General Partner | |||||||
By: | /s/ Thomas P. Simon | |||||||
Name: | Thomas P. Simon | |||||||
Title: | Vice President and Treasurer | |||||||
WINDEMERE AT SYCAMORE HIGHLANDS, LLC, a Delaware limited liability company | ||||||||
By: | UDR CALIFORNIA PROPERTIES, LLC, a Virginia limited liability company, Manager | |||||||
By: | UNITED DOMINION REALTY TRUST, INC., a Maryland corporation, Manager | |||||||
By: | /s/ Thomas P. Simon | |||||||
Name: | Thomas P. Simon | |||||||
Title: | Vice President and Treasurer |
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LENDER: | ||||||||
GREEN PARK FINANCIAL LIMITED PARTNERSHIP, a District of Columbia limited partnership | ||||||||
By: | Walker & Dunlop GP, LLC, a Delaware limited liability company, its managing general partner | |||||||
By: | /s/ Sandra Hayward | |||||||
Name: | Sandra Hayward | |||||||
Title: | Vice President |
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