Common use of Demolition Reserve Account Clause in Contracts

Demolition Reserve Account. To secure performance of the Lessee’s requirement to demolish and remove all Improvements and restore the Leased Premises and the Access Area(s), Lessee shall, no later than two (2) years prior to the Expiration Date or no later than thirty (30) days after receipt of a Notice of Termination from the Government or any delivery of notice of termination by Lessee to the Government pursuant to this Lease, establish an escrow account into which Lessee shall deposit all funds necessary and required to comply with the requirements of this Section (the “Demolition Reserve Account”). The Demolition Reserve Account shall be established at a national banking institution or commercial escrow holder approved by the Government. The amount of funds deposited into the Demolition Reserve Account shall be established by a written estimate issued by a qualified construction and demolition expert approved by the Government, to be reviewed and approved by the Government, for all costs of demolishing and removing all Improvements on the Leased Premises and the Access Area(s) and restoring the Leased Premises and Access Area(s) to a condition substantially similar to the condition they were in on the Effective Date, reasonable wear and tear excepted (the “Demolition Cost Estimate”). The Demolition Reserve Account shall be established by written escrow agreement mutually agreed and entered into by the Lessee and the Government (the “Demolition Reserve Account Escrow Agreement”). The Demolition Reserve Account Escrow Agreement shall provide that funds in the Demolition Reserve Account shall be used solely to fulfill Lessee’s obligations under this Section and provide that all disbursements from the Demolition Reserve Account shall be made upon Lessee’s written direction to the escrow holder with the consent of the Government, provided that upon the occurrence of an Event of Default and the expiration of any applicable cure period provided for in this Lease, all disbursements from the Demolition Reserve Account shall be made solely upon the Government’s written direction to the escrow agent without the consent of Lessee, or any other person. The Demolition Reserve Account Escrow Agreement shall provide that Lessee grants to the Government a continuing first lien security interest in and to all of Lessee’s right, title, and interest in the Demolition Reserve Account, as well as all funds held, or designated for deposit in the Demolition Reserve Account, whether then owned, existing, or thereafter acquired, and regardless of where located, as security solely for the performance of Lessee’s obligations under paragraph (a) of this Section and not as security for any other obligation of Lessee to Government. Lessee shall not grant or allow any other security interests in, liens to, or encumbrances on the Demolition Reserve Account or the funds in it. Lessee shall deliver to the Government for filing one or more financing statements, as necessary, in connection with the Demolition Reserve Account in the form reasonably required by the Government to properly perfect its security interest in the Demolition Reserve Account, and shall keep the lien secured by such statements perfected at all times during the existence of the Demolition Reserve Account in accordance with the laws of the State in which the Leased Premises is located. Lessee shall deliver to the Government, within ten (10) days after filing, the original and any amendments to, and continuations of, any financing statement. Except as otherwise expressly provided in the Demolition Reserve Account Escrow Agreement, Lessee shall be solely liable to the escrow agent for the fees and expenses related to the Demolition Reserve Account.

Demolition Reserve Account. To secure performance of the LesseeTenant’s requirement to demolish and remove all Improvements and restore the Leased Premises and the Access Area(s), Lessee Tenant shall, no later than two (2) years prior to the Expiration Date or no later than thirty (30) days after receipt of a Notice of Termination from the Government Landlord or any delivery of notice of termination by Lessee Tenant to the Government Landlord pursuant to this Lease, establish an escrow account into which Lessee Tenant shall deposit all funds necessary and required to comply with the requirements of this Section (the “Demolition Reserve Account”). The Demolition Reserve Account shall be established at a national banking institution or commercial escrow holder approved by the GovernmentLandlord. The amount of funds deposited into the Demolition Reserve Account shall be established by a written estimate issued by a qualified construction and demolition expert approved by the GovernmentLandlord, to be reviewed and approved by the GovernmentLandlord, for all costs of demolishing and removing all Improvements on the Leased Premises and the Access Area(s) and restoring the Leased Premises and Access Area(s) to a condition substantially similar to the condition they were in on the Effective Date, reasonable wear and tear excepted (the “Demolition Cost Estimate”). The Demolition Reserve Account shall be established by written escrow agreement mutually agreed and entered into by the Lessee Tenant and the Government Landlord (the “Demolition Reserve Account Escrow Agreement”). The Demolition Reserve Account Escrow Agreement shall provide that funds in the Demolition Reserve Account shall be used solely to fulfill LesseeTenant’s obligations under this Section and provide that all disbursements from the Demolition Reserve Account shall be made upon LesseeTenant’s written direction to the escrow holder with the consent of the GovernmentLandlord, provided that upon the occurrence of an Event of Default and the expiration of any applicable cure period provided for in this Lease, all disbursements from the Demolition Reserve Account shall be made solely upon the GovernmentLandlord’s written direction to the escrow agent without the consent of LesseeTenant, or any other person. The Demolition Reserve Account Escrow Agreement shall provide that Lessee Tenant grants to the Government Landlord a continuing first lien security interest in and to all of LesseeTenant’s right, title, and interest in the Demolition Reserve Account, as well as all funds held, or designated for deposit in the Demolition Reserve Account, whether then owned, existing, or thereafter acquired, and regardless of where located, as security solely for the performance of LesseeTenant’s obligations under paragraph (a) of this Section and not as security for any other obligation of Lessee Tenant to GovernmentLandlord. Lessee Tenant shall not grant or allow any other security interests in, liens to, or encumbrances on the Demolition Reserve Account or the funds in it. Lessee Tenant shall deliver to the Government Landlord for filing one or more financing statements, as necessary, in connection with the Demolition Reserve Account in the form reasonably required by the Government Landlord to properly perfect its security interest in the Demolition Reserve Account, and shall keep the lien secured by such statements perfected at all times during the existence of the Demolition Reserve Account in accordance with the laws of the State in which the Leased Premises is locatedof Florida. Lessee Tenant shall deliver to the GovernmentLandlord, within ten (10) days after filing, the original and any amendments to, and continuations of, any financing statement. Except as otherwise expressly provided in the Demolition Reserve Account Escrow Agreement, Lessee Tenant shall be solely liable to the escrow agent for the fees and expenses related to the Demolition Reserve Account.

Demolition Reserve Account. To secure performance of the Lessee’s requirement to demolish and remove all Improvements and restore the Leased Premises and the Access Area(s), Lessee shall, no later than two (2) years prior to the Expiration Date or no later than thirty (30) days after receipt of a Notice of Termination from the Government or any delivery of notice of termination by Lessee to the Government pursuant to this Lease, establish an escrow account into which Lessee shall deposit all funds necessary and required to comply with the requirements of this Section (the “Demolition Reserve Account”). The Demolition Reserve Account shall be established at a national banking institution or commercial escrow holder approved by the Government. The amount of funds deposited into the Demolition Reserve Account shall be established by a written estimate issued by a qualified construction and demolition expert approved by the Government, to be reviewed and approved by the Government, for all costs of demolishing and removing all Improvements on the Leased Premises and the Access Area(s) and restoring the Leased Premises and Access Area(s) to a condition substantially similar to the condition they were in on the Effective Date, reasonable wear and tear excepted (the “Demolition Cost Estimate”). The Demolition Reserve Account shall be established by written escrow agreement mutually agreed and entered into by the Lessee and the Government (the “Demolition Reserve Account Escrow Agreement”). The Demolition Reserve Account Escrow Agreement shall provide that funds in the Demolition Reserve Account shall be used solely to fulfill Lessee’s obligations under this Section and provide that all disbursements from the Demolition Reserve Account shall be made upon LesseeXxxxxx’s written direction to the escrow holder with the consent of the Government, provided that upon the occurrence of an Event of Default and the expiration of any applicable cure period provided for in this Lease, all disbursements from the Demolition Reserve Account shall be made solely upon the Government’s written direction to the escrow agent without the consent of LesseeXxxxxx, or any other person. The Demolition Reserve Account Escrow Agreement shall provide that Lessee grants to the Government a continuing first lien security interest in and to all of Lessee’s right, title, and interest in the Demolition Reserve Account, as well as all funds held, or designated for deposit in the Demolition Reserve Account, whether then owned, existing, or thereafter acquired, and regardless of where located, as security solely for the performance of Lessee’s obligations under paragraph (a) of this Section and not as security for any other obligation of Lessee to Government. Lessee shall not grant or allow any other security interests in, liens to, or encumbrances on the Demolition Reserve Account or the funds in it. Lessee shall deliver to the Government for filing one or more financing statements, as necessary, in connection with the Demolition Reserve Account in the form reasonably required by the Government to properly perfect its security interest in the Demolition Reserve Account, and shall keep the lien secured by such statements perfected at all times during the existence of the Demolition Reserve Account in accordance with the laws of the State in which the Leased Premises is located. Lessee shall deliver to the Government, within ten (10) days after filing, the original and any amendments to, and continuations of, any financing statement. Except as otherwise expressly provided in the Demolition Reserve Account Escrow Agreement, Lessee shall be solely liable to the escrow agent for the fees and expenses related to the Demolition Reserve Account.