Common use of ADDITIONAL PAYMENT AT CLOSING Clause in Contracts

ADDITIONAL PAYMENT AT CLOSING. On the Effective Date, MTP-South Tower must also pay to Aetna the sum of Two Million Dollars ($2,000,000), which sum shall be applied on the Effective Date in accordance with Section 1.8 to certain obligations of MTP-South Tower. In connection therewith, MTP-South Tower covenants, agrees, represents and warrants to Aetna: 1.7.1 that said sum shall be contributed to the equity of MTP-South Tower by one or more of its Equity Owners; 1.7.2 that no portion of said sum shall have been obtained from Project rents or other Gross Receipts (as defined in the Lockbox Agreement), from other pre-Closing assets of MTP-South Tower, or from indebtedness of MTP-South Tower, whether owed to such Equity Owner or Owners or to any other person; and 1.7.3 that no Equity Owner making such contribution to the capital of MTP-South Tower shall have any right to receive any return on or return of such sum at any time prior to the repayment in full of the Loan and all other obligations of MTP-South Tower to Aetna. As provided for in Section 10.1, the payment provided for in this Section 1.7 shall be made through Chicago Title pursuant to the Recording Instructions, which provide for the simultaneous (i) release of fully executed counterparts of this Agreement and the other instruments and agreements provided for herein to the parties, and (ii) the application of such sum in accordance with the provisions of Section 1.8 below.