Deposits to Ground Lease Fund. (a) Subject to the last sentence of Section 7.4.2, on each Payment Date after the Closing Date, Borrower shall pay to Lender one-twelfth of the rents (including both base and additional rents) and other charges (collectively, “Ground Rent”) due under each Ground Lease (the “Ground Lease Reserve Deposit”) that Lender estimates will be payable by Mortgage Borrower as lessee under the related Ground Lease (collectively, the “Ground Lease Reserve Deposit”) during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the respective due dates. In addition, on the Closing Date, Borrower shall pay to Lender an amount equal to any Ground Rent payable under any Ground Lease within thirty (30) days of the first Payment Date. Amounts so deposited shall hereinafter be referred to as the “Ground Lease Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account”.
Deposits to Ground Lease Fund. On each Payment Date after the Funding Date, Borrower shall pay to Lender one-twelfth of the rents (including both base and additional rents) and other charges due under the Ground Lease that Lender reasonably estimates will be payable by the applicable Individual Borrower as lessee under the related Ground Lease (collectively, the “Ground Rent”) during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the due date. In addition, on the Funding Date, Borrower shall pay to Lender an amount equal to any Ground Rent payable and outstanding under any Ground Lease within thirty (30) days of the first Payment Date. Amounts so deposited shall hereinafter be referred to as the “Ground Lease Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account.” Notwithstanding the foregoing, the monthly deposit of Ground Rent for an Individual Property shall not be required under this Section 7.5.1 for such month to the extent that all of the following conditions are and remain satisfied with respect to such Individual Property: (i) the entirety of an Individual Property is demised to a single Tenant under a Lease entered into in accordance herewith that is in full force and effect, (ii) a Bankruptcy Action with respect to such Tenant has not occurred and the Tenant under such Lease is not in a monetary event of default under such Lease, (iii) the applicable Lease requires that the Tenant pay the Ground Rent for such Individual Property and the Tenant pays such Ground Rent as the same becomes due and payable and (iv) Borrower delivers (or causes to be delivered) to Lender evidence reasonably satisfactory to Lender that such Ground Rent was paid prior to the due date. The failure by any Tenant to pay the Ground Rent required to be paid by such Tenant under its Lease shall not relieve Borrower from its obligation to pay, or cause to be paid, the Ground Rent.
Deposits to Ground Lease Fund. On each Payment Date after the Closing Date, Borrower shall pay to Lender one-twelfth of the Ground Rent that Lender estimates will be payable by the applicable Individual Mortgage Borrowers as lessees under the Ground Leases during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the respective due dates. Notwithstanding the foregoing to the contrary, and provided that no Event of Default has occurred, with respect to the Ground Leases for the Miami Individual Property, the Fresno Individual Property and parcels #2 and #3 and the “Corner Parcel” of the Fullerton Individual Property, on the Closing Date, Borrower shall pay to Lender an amount equal to one month’s installment of the Ground Rent due under such Ground Leases and thereafter, unless an Event of Default occurs, no additional deposits of Ground Rent for the Ground Leases for the Miami Individual Property, the Fresno Individual Property and parcels #2 and #3 and the “Corner Parcel” of the Fullerton Individual Property shall be required hereunder. In addition, on the Closing Date, Borrower shall pay to Lender an amount equal to any Ground Rent payable and outstanding under any Ground Lease within thirty (30) days of the first Payment Date. Amounts so deposited shall hereinafter be referred to as the “Ground Lease Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account”.
Deposits to Ground Lease Fund. From and after the earlier of the Completion of the Improvements or the Required Completion Date, Borrower shall deposit with Lender, the sum of $250,000.00. On each Payment Date, commencing on the Payment Date occurring in February, 2008, Borrower shall pay to Lender an amount equal to the rents (including both base and additional rents) and other charges due under the Ground Lease that will be payable by Borrower as lessee under the Ground Lease (collectively, the “Ground Rent”) on the next date that Ground Rent is payable under the Ground Lease. Amounts so deposited shall hereinafter be referred to as the “Ground Lease Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account.” Notwithstanding the foregoing, Borrower’s obligation to make monthly deposits with Lender for Ground Rent shall be suspended for so long as no Event of Default has occurred and is continuing and Borrower provides Lender with written evidence reasonably satisfactory to Lender on a monthly basis that all Ground Rent has been paid when due. In the event Borrower fails to provide such evidence or an Event of Default occurs, however, Borrower will thereafter be required to make deposits with Lender for Ground Rent as provided herein.
Deposits to Ground Lease Fund. On each date a payment of interest is due after the date hereof and so long as an Obligor is a tenant under a Ground Lease, Borrower shall pay to Lender one-twelfth of the rents (including both base and additional rents) and other charges that Lender estimates will be payable by the applicable Obligor as tenant under the Ground Leases (collectively, "GROUND RENTS") during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such rents and other charges at least thirty (30) days prior to their respective due dates. Amounts so deposited shall hereinafter be referred to as the "GROUND LEASE RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as the "Ground Lease Reserve Account."
Deposits to Ground Lease Fund. On each Payment Date after the date hereof, Borrower shall pay to Lender one-twelfth of the rents (including both base and additional rents) and other charges that Lender estimates will be payable by Borrower as tenant under the
Deposits to Ground Lease Fund. On each Payment Date, Borrower or Manager shall pay to Lender one-twelfth of the rents (including both base and additional rents) and other charges due under the Ground Lease that Lender reasonably estimates will be payable by Borrower as lessee under the Ground Lease (collectively, the “Ground Rent”) during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least ten (10) Business Days prior to the respective due dates. Amounts so deposited shall hereinafter be referred to as the “Ground Lease Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account”. Notwithstanding the foregoing, provided that (a) the Manager of the Property is the Marriott Manager (or an Approved Qualified Manager) and such Marriott Manager (or Approved Qualified Manager, as applicable) is reserving for the Ground Rent pursuant to the terms of the Management Agreement, and (b) Borrower has deposited with Lender on the Closing Date an amount equal to one month of the Ground Rent due under the Ground Lease (the “Ground Rent Deposit”), then Borrower shall not be required to make the deposits for Ground Rent into the Ground Lease Reserve Account. Borrower shall provide Lender with evidence reasonably satisfactory to Lender that the Ground Rent has been paid when due.
Deposits to Ground Lease Fund. On each Payment Date after the Closing Date, Borrower and Maryland Owner shall pay to Lender one-twelfth of the Ground Rent that Lender estimates will be payable by the applicable Individual Borrowers as lessees under the Ground Leases during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the respective due dates. Notwithstanding the foregoing to the contrary, and provided that no Event of Default has occurred, with respect to the Ground Leases for the Miami Individual Property, the Fresno Individual Property and parcels #2 and #3 and the “Corner Parcel” of the Fullerton Individual -107-
Deposits to Ground Lease Fund. Mezzanine Borrower shall cause Borrower to timely make all deposits required to be deposited into the Ground Lease Reserve Fund pursuant to the Loan Agreement and shall cause timely payment of all Ground Rents. Mezzanine Borrower will cause Borrower to use the Ground Lease Fund only for the purposes set forth in the Loan Agreement.
Deposits to Ground Lease Fund. On each Payment Date, Borrower shall deposit into an Eligible Account established on or prior to the Closing Date (hereinafter called the "Ground Lease Reserve Account") one-twelfth of the rents (including both base and additional rents) and other charges that Lender estimates will be payable by Borrower as tenant under the Ground Leases (collectively, "Ground Rents") during the next ensuing twelve (12) months in order to accumulate in the Ground Lease Reserve Account sufficient funds to pay all such rents and other charges at least thirty (30) days prior to their respective due dates.
