Which of the following are typical commercial loan covenants required by lenders? (Check all that apply)...
Which of the following are typical commercial loan covenants required by lenders? (Check all that apply)
1. Approval rights of any lease modification
2. Requirement to provide monthly property operating statements
3. Requirement to deliver an annual borrower's valuation of the property
4. Notification of any insurance claims by tenants
5. Provision for lenders to visit and inspect the property
Homework Answers
Covenants are additional terms and conditions which the lendor poses on the agreement to ensure that the borrower will be able to service the loan on time and not default on it. Following are typical covenants added in the commercial loans
- (1) Approval rights of any lease modification : Any changes in the lease agreement are to be notified to the lender and needs his/her approval
- (2) Requirement to provide monthly property operating statements : Required as part of financial reporting obligation
- (5) Provision for lenders to visit and inspect the property - Inspection rights by lender or lender's representative are common addition to the commercial loan agreements.
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