Common use of Ground Lease Reserve Funds Clause in Contracts

Ground Lease Reserve Funds. Borrower shall establish on the date hereof an Eligible Account with Lender or Servicer (the “Ground Lease Reserve Account”) into which Borrower shall (A) deposit on or within two (2) Business Days of the Closing Date, the amount of $33,926.75 and (B) deposit (the “Monthly Ground Rent Deposit”) on each Monthly Payment Date the sum of one-twelfth (1/12) of the base rent, percentage rent and any and all other charges due (the “Ground Rent”) under the Ground Lease that Lender reasonably estimates will be payable during the next ensuing twelve (12) months or such higher amount necessary to accumulate with Lender sufficient funds to pay all Ground Rent at least thirty days before the same shall become due and payable (the “Ground Lease Reserve Funds”). Lender shall apply any amounts held in the Ground Lease Reserve Account to the payment of Ground Rent under the Ground Lease. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full or after the Ground Leased Property has been released in accordance with the terms hereunder, shall be returned (x) in the event the Mezzanine Loan is outstanding, to Mezzanine Lender to be applied in accordance with the Mezzanine Loan Agreement, or (y) in the event that the Mezzanine Loan is paid in full, to Borrower. If at any time Lender reasonably determines that the Ground Lease Reserve Funds are not or will not be sufficient to make payments due under the Ground Lease in a timely manner, Lender shall notify Borrower of any such determination and Borrower shall pay to Lender any amount required by Lender to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof.

Ground Lease Reserve Funds. Borrower shall establish on the date hereof an Eligible Account with Lender or Servicer (the “Ground Lease Reserve Account”) into which Borrower shall (A) deposit on or within two (2) Business Days of the Closing Date, the amount of $33,926.75 32,916.00 and (B) deposit (the “Monthly Ground Rent Deposit”) on each Monthly Payment Date the sum of one-twelfth (1/12) of the base rent, percentage rent and any and all other charges due (the “Ground Rent”) under the Ground Lease that Lender reasonably estimates will be payable during the next ensuing twelve (12) months or such higher amount necessary to accumulate with Lender sufficient funds to pay all Ground Rent at least thirty days before the same shall become due and payable (the “Ground Lease Reserve Funds”). Lender shall apply any amounts held in the Ground Lease Reserve Account to the payment of Ground Rent under the Ground Lease. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full or after the Ground Leased Property has been released in accordance with the terms hereunder, shall be returned (x) in the event the Mezzanine Loan is outstanding, to Mezzanine Lender to be applied in accordance with the Mezzanine Loan Agreement, or (y) in the event that the Mezzanine Loan is paid in full, to Borrower. If at any time Lender reasonably determines that the Ground Lease Reserve Funds are not or will not be sufficient to make payments due under the Ground Lease in a timely manner, Lender shall notify Borrower of any such determination and Borrower shall pay to Lender any amount required by 157 Lender to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof.

Ground Lease Reserve Funds. Borrower shall establish on the date hereof an Eligible Account with Lender or Servicer (the “Ground Lease Reserve Account”) into which Borrower shall (A) deposit on or within two (2) Business Days of the Closing Date, the amount of $33,926.75 32,916.00 and (B) deposit (the “Monthly Ground Rent Deposit”) on each Monthly Payment Date the sum of one-twelfth (1/12) of the base rent, percentage rent and any and all other charges due (the “Ground Rent”) under the Ground Lease that Lender reasonably estimates will be payable during the next ensuing twelve (12) months or such higher amount necessary to accumulate with Lender sufficient funds to pay all Ground Rent at least thirty days before the same shall become due and payable (the “Ground Lease Reserve Funds”). Lender shall apply any amounts held in the Ground Lease Reserve Account to the payment of Ground Rent under the Ground Lease. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full or after the Ground Leased Property has been released in accordance with the terms hereunder, shall be returned (x) in the event the Mezzanine Loan is outstanding, to Mezzanine Lender to be applied in accordance with the Mezzanine Loan Agreement, or (y) in the event that the Mezzanine Loan is paid in full, to Borrower. If at any time Lender reasonably determines that the Ground Lease Reserve Funds are not or will not be sufficient to make payments due under the Ground Lease in a timely manner, Lender shall notify Borrower of any such determination and Borrower shall pay to Lender any amount required by Lender to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof. Confidential Treatment Requested by Retail Value Inc. RVI-280. Pursuant to 17 C.F.R. Section 200.83.

Ground Lease Reserve Funds. Borrower shall establish on the date hereof an Eligible Account with Lender or Servicer (the “Ground Lease Reserve Account”) into which Borrower shall (A) deposit on or within two (2) Business Days of the Closing Date, the amount of $33,926.75 32,916.00 and (B) deposit (the “Monthly Ground Rent Deposit”) on each Monthly Payment Date the sum of one-twelfth (1/12) of the base rent, percentage rent and any and all other charges due (the “Ground Rent”) under the Ground Lease that Lender reasonably estimates will be payable during the next ensuing twelve (12) months or such higher amount necessary to accumulate with Lender sufficient funds to pay all Ground Rent at least thirty days before the same shall become due and payable (the “Ground Lease Reserve Funds”). Lender shall apply any amounts held in the Ground Lease Reserve Account to the payment of Ground Rent under the Ground Lease. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full or after the Ground Leased Property has been released in accordance with the terms hereunder, shall be returned (x) in the event the Mezzanine Loan is outstanding, to Mezzanine Lender to be applied in accordance with the Mezzanine Loan Agreement, or (y) in the event that the Mezzanine Loan is paid in full, to Borrower. If at any time Lender reasonably determines that the Ground Lease Reserve Funds are not or will not be sufficient to make payments due under the Ground Lease in a timely manner, Lender shall notify Borrower of any such determination and Borrower shall pay to Lender any amount required by Lender to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof.