Ground Lease Escrow Fund. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.6 of the Mortgage Loan Agreement. (b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Ground Lease Escrow Fund pursuant to the terms of Section 7.6 of the Mortgage Loan Agreement or (ii) the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Ground Lease Escrow Fund in Section 7.6 of the Mortgage Loan Agreement.
Appears in 3 contracts
Samples: Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Ground Lease Escrow Fund. (a) Pledgor Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.6 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements requirement of Mortgage Borrower to maintain the Ground Lease Escrow Reserve Fund (or to make deposits therein) pursuant to the terms of Section 7.6 of the Mortgage Loan Agreement or (ii) the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner way as the Ground Lease Escrow Reserve Fund described in Section 7.6 of the Mortgage Loan Agreement.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Meristar Hospitality Operating Partnership Lp), Mezzanine Loan Agreement (Meristar Hospitality Corp)
