Bankruptcy of Guarantor. Upon the occurrence of any Guarantor Bankruptcy Event, unless waived in writing by Lender, the applicable Guarantor shall be replaced by an individual or entity within ninety (90) days of such Guarantor Bankruptcy Event, subject to Borrower’s satisfaction of the following conditions: Borrower has submitted to Lender all information required by Lender to make the determination required by this Section 11.03(f); Lender determines that: the proposed new guarantor fully satisfies all of Lender’s then-applicable guarantor eligibility, credit, management, and other loan underwriting standards (including any standards with respect to previous relationships between Lender and the proposed new guarantor and the organization of the new guarantor (if applicable)); no new guarantor is a Prohibited Person; and no new guarantor (if any of such are entities) shall have an organizational existence termination date that ends before the Maturity Date; and one or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender: an assumption agreement acceptable to Lender that requires the new guarantor to assume and perform all obligations of Guarantor under any Guaranty given in connection with the Mortgage Loan; or a substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender. In the event a replacement Guarantor is required by Lender due to the Guarantor Bankruptcy Event described in this Section 11.03(f), and such replacement has not occurred within such period, the period for replacement may be extended by Lender in its discretion; however, Lender may require as a condition to any such extension that: the then-current property manager be replaced with a property manager reasonably acceptable to Lender (or if a property manager has not been previously engaged, a property manager reasonably acceptable to Lender be engaged); or
Bankruptcy of Guarantor. Upon the occurrence of any Guarantor Bankruptcy Event, unless waived in writing by Lender, the applicable Guarantor shall be replaced by an individual or entity within ninety (90) days of such Guarantor Bankruptcy Event, subject to Borrower’s satisfaction of the following conditions: Borrower has submitted to Lender all information required by Lender to make the determination required by this Section 11.03(f); Lender determines that: the proposed new guarantor fully satisfies all of Lender’s then-applicable guarantor eligibility, credit, management, and other loan underwriting standards (including any standards with respect to previous relationships between Lender and the proposed new guarantor and the organization of the new guarantor (if applicable)); no new guarantor is a Prohibited Person; and no new guarantor (if any of such are entities) shall have an organizational existence termination date that ends before the Maturity Date; and one or more individuals or entities acceptable to Lender as new guarantors have executed and delivered to Lender: an assumption agreement acceptable to Lender that requires the new guarantor to assume and perform all obligations of Guarantor under any Guaranty given in connection with the Mortgage Loan; or a substitute Non-Recourse Guaranty and other substitute guaranty in a form acceptable to Lender. In the event a replacement Guarantor is required by Lender due to the Guarantor Bankruptcy Event described in this Section 11.03(f), and such replacement has not occurred within such period, the period for replacement may be extended by Lender in its discretion; however, Lender may require as a condition to any such extension that: the then-current property manager be replaced with a property manager reasonably acceptable to Lender (or if a property manager has not been previously engaged, a property manager reasonably acceptable to Lender be engaged); or