Common use of Deposits to Ground Lease Fund Clause in Contracts

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. (a) Subject to the last sentence of this Section 7.4.27.5.2, on each Payment Date after the Closing Date, Borrower shall, or shall cause Mortgage Borrower to, pay to Lender one-twelfth of the rents (including both base rent and additional rentsrents (excluding any Taxes otherwise reserved for hereunder)) 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. (a) Subject to the last sentence of Section 7.4.27.5.2, on each Payment Date after the Closing DateDate during a Cash Trap Period, Borrower shall pay to Lender one-twelfth of the rents (including both base rent and additional rentsrents (excluding any Taxes otherwise reserved for hereunder)) and other charges (collectively, the “Ground Rent”) due under each the 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 and outstanding under any the 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”. Upon the occurrence of a Cash Trap Event Cure and provided that a Cash Trap Period shall not exist, amounts in the Ground Lease Reserve Fund shall be deposited into the Cash Management Account on the next Payment Date.

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 and Property Owner 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 and Property Owner 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. (a) Subject to the last sentence of this Section 7.4.27.5.2, on each Payment Date after the Closing Date, Borrower shall pay to Lender one-twelfth of the rents (including both base rent and additional rentsrents (excluding any Taxes otherwise reserved for hereunder)) 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. (a) Subject to the last sentence of Section 7.4.2, on each Payment Date after the Closing Dateduring a Cash Trap Period, Borrower shall pay to Lender one-twelfth of the rents (including both base rent and additional rentsrents (excluding any Taxes otherwise reserved for hereunder)) and other charges (collectively, the “Ground Rent”) due under each the 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; provided that, on to the Closing Date, extent Ground Rent for any Individual Property is reserved for in a Manager Account maintained by Manager pursuant to a Management Agreement or are previously paid for by such Manager pursuant to such Management Agreement and Borrower shall pay delivers to Lender an amount equal the invoices or other evidence of payment or that such Manager is holding such funds in the Working Capital Peg Balance being held in the Operating Account, the required deposit to any Ground Rent payable under any the Ground Lease within thirty (30) days of the first Payment DateReserve Account with respect to such Individual Property will be reduced on a dollar-for-dollar basis by such amount. 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”.