General Document Questions
- Where are general cure provisions in the document package?
- Our documents do not have a generic cure provision per se. Rather, in the Events of Default section of our Loan Agreement, specifically section F.1(g), there is a 30-day period provided to Borrower to perform certain obligations under the Loan Agreement for which it is delinquent. This section F.1(g) is subject to carve-outs (e.g., sections F.1(a)-F.1(f), which include such exceptions as Borrower’s failure to pay any amount required under the Note.)
- Our former document vendor included prior to funding conditions (e.g. This would be the Lenders Closing Instructions, as it instructs all parties requirements to close). Where does that reside in the GoDocs system?
- These requirements are baked into our Loan Agreement and therefore there is not a need to duplicate within the Lender Closing Instructions. We have General Statements of Fact of a snapshot at Loan Closing (C.1 of Loan Agreement). We also have a transaction-by-transaction option to add a Side Letter Agreement for those instances where Borrower advised Lender that it is unable to perform certain material obligations prior to the close of the loan, but will provide evidences, showings, and/or documents proving it/they are completed or otherwise will be provided to Lender by a certain date post-close.