Common use of Ground Rent Escrow Fund Clause in Contracts

Ground Rent Escrow Fund. Borrower shall pay to Lender, or cause the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, on or prior to each Payment Date an amount (the “Monthly Ground Rent Amount”) that is estimated by Lender to be the total monthly Ground Rent due and payable under the Ground Leases (said amount, as so deposited, hereinafter called the “Ground Rent Escrow Fund”). Provided no Event of Default exists, Lender will apply the Ground Rent Escrow Fund to payments of Ground Rent required to be made by Borrower pursuant to Section 5.1.22 hereof. If the amount of the Ground Rent Escrow Fund shall exceed the amounts due for Ground Rent pursuant to Section 5.1.22 hereof, Lender shall return any excess to the Lockbox Account or credit such excess against future payments to be made to the Ground Rent Escrow Fund. If at any time Lender reasonably determines that the Ground Rent Escrow Fund is not or will not be sufficient to pay Ground Rent, Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency. The insufficiency of any balance in the Ground Rent Account shall not relieve Borrower and the Owner Parties from their obligations to fulfill all covenants in the Loan Documents with respect to the Ground Leases. Any amount remaining in the Ground Rent Escrow Fund after the Debt has been paid in full shall be returned to Borrower. Promptly after the execution and delivery hereof, Borrower shall cause there to be deposited into the Ground Rent Account an initial amount as reasonably determined by Lender.

Ground Rent Escrow Fund. Borrower Upon the occurrence of a Cash Trap Event, each of the Borrowers shall pay to LenderAdministrative Agent, or cause as agent for Lenders, an amount which, when added to the Lockbox Bank monthly payments payable by such Borrower to make the appropriate deposit as provided in Article III hereofGround Rent Escrow Fund pursuant to this Section 7.6, on or will be sufficient to pay, at least 30 days prior to each Payment Date an amount (the “Monthly their respective due dates, all Ground Rent Amount”) that is estimated by Lender to be payable in connection with the total monthly Ground Rent Property which are due and payable under in the twelve (12) months following the Cash Trap Event. From and after the occurrence of a Cash Trap Event, each of the Borrowers shall pay to Administrative Agent on the eleventh day of each calendar month (a) one-twelfth of the Ground Leases Rent that Administrative Agent estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Administrative Agent sufficient funds to pay all such Ground Rent at least thirty (30) days prior to their respective due dates (said amount, as so deposited, amounts payable separately by each of the Borrowers shall each hereinafter be called the “Ground Rent Escrow Fund”a GROUND RENT ESCROW FUND"). Provided no Event of Default exists, Lender Administrative Agent will apply the Ground Rent Escrow Fund to payments of Ground Rent when due as required to be made by Borrower each of the Borrowers or any other Loan Party pursuant to Section 5.1.22 5.1 hereof. In making any payment relating to the Ground Rent Fund, Administrative Agent may do so according to any bill, xxatement or estimate procured from the Ground Lessor, without inquiry into the accuracy of such bill, xxatement or estimate. If the amount of the either Ground Rent Escrow Fund shall exceed the amounts due for Ground Rent pursuant to Section 5.1.22 5.1 hereof, Lender shall Administrative Agent shall, at the sole discretion of the Requisite Lenders, return any excess to the Lockbox Account appropriate Borrower or credit such excess against future payments to be made to the such Ground Rent Escrow Fund. If at any time Lender Administrative Agent reasonably determines that the Ground Rent Escrow Fund is not or will not be sufficient to pay the Ground Rent, Lender Administrative Agent shall notify Borrower Borrowers of such determination and Borrower Borrowers shall increase its monthly payments to Lender Administrative Agent by the amount that Lender Administrative Agent estimates is sufficient to make up the deficiencydeficiency at least thirty (30) days prior to its due date. The insufficiency of On the Maturity Date any balance in the Ground Rent Account shall not relieve Borrower and the Owner Parties from their obligations to fulfill all covenants in the Loan Documents with respect to the Ground Leases. Any amount remaining in the Ground Rent Escrow Fund after established by each of the Borrowers shall be applied first to the portion of the Debt has been paid in full payable by such Borrower, and second, any amount remaining shall be returned to the such Borrower. Promptly after the execution ; provided, however, if an Event of Default shall have occurred and delivery hereof, Borrower shall cause there to be deposited into continuing any amount remaining in the Ground Rent Account an initial amount as reasonably determined by LenderEscrow Fund shall be applied in accordance with Section 10.9.3 hereof.

Ground Rent Escrow Fund. Borrower shall pay to Lender, or cause Administrative Agent on the Lockbox Bank eleventh day of each calendar month (a) one-twelfth of the Ground Rent that Administrative Agent estimates will be payable during the next ensuing twelve (12) months in order to make the appropriate deposit as provided in Article III hereof, on or accumulate with Administrative Agent sufficient funds to pay all such Ground Rent at least thirty (30) days prior to each Payment Date an amount their respective due dates (the “Monthly Ground Rent Amount”) that is estimated by Lender to be the total monthly Ground Rent due and payable under the Ground Leases (said amount, as so deposited, hereinafter called the “Ground Rent Escrow Fund”"GROUND RENT ESCROW FUND"). Provided no Event of Default exists, Lender Administrative Agent will apply the Ground Rent Escrow Fund to payments of Ground Rent when due as required to be made by Borrower pursuant to Section 5.1.22 5.1 hereof. In making any payment relating to the Ground Rent Fund, Administrative Agent may do so according to any bill, xxatement or estimate procured from the Ground Lessor, without inquiry into the accuracy of such bill, xxatement or estimate. If the amount of the Ground Rent Escrow Fund shall exceed the amounts due for Ground Rent and pursuant to Section 5.1.22 5.1 hereof, Lender shall Administrative Agent shall, at the sole discretion of the Requisite Lenders, return any excess to the Lockbox Account Borrower or credit such excess against future payments to be made to the Ground Rent Escrow Fund. If at any time Lender Administrative Agent reasonably determines that the Ground Rent Escrow Fund is not or will not be sufficient to pay the Ground Rent, Lender Administrative Agent shall notify Borrower of such determination and Borrower shall increase its monthly payments to Lender Administrative Agent by the amount that Lender Administrative Agent estimates is sufficient to make up the deficiencydeficiency at least thirty (30) days prior to its due date. The insufficiency of any balance Notwithstanding anything to the contrary contained in this Section 7.6, provided (x) there is on deposit in the Deposit Account sufficient funds to pay one months Ground Rent due in connection with all Assets and (ii) no Cash Trap Period exists, Borrower shall not be required to deposit funds into the Ground Rent Account shall not relieve Borrower and the Owner Parties from their obligations to fulfill all covenants in the Loan Documents with respect to the Ground LeasesEscrow Fund as required by this Section 7.6. Any amount remaining in the Ground Rent Escrow Fund after the Debt has been paid in full shall be returned to Borrower. Promptly after the execution and delivery hereof, Borrower shall cause there to be deposited into the Ground Rent Account an initial amount as reasonably determined by Lender.

Ground Rent Escrow Fund. On or before the Closing Date, but subject to the last sentence of this Section 4.6.1 below, Borrower shall pay to Lender, or cause deposit with Lender the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, on or prior to each Payment Date an amount of $78,519.39 (the “Monthly "Ground Rent Amount”Deposit") that is estimated by Lender (such payments with respect to be all Ground Leases, less disbursements thereof pursuant hereto, the total monthly Ground Rent due and payable under the Ground Leases (said amount, as so deposited, hereinafter called the “"Ground Rent Escrow Fund”"). Provided no Event In the event that Borrower fails to make any payment of Default existsrent under a Ground Lease when due (subject to any applicable notice and/or cure period), Lender will may apply the Ground Rent Escrow Fund to payments of Ground Rent such rent required to be made by the applicable Borrower pursuant under its Ground Lease. In making any payment relating to Section 5.1.22 hereofthe Ground Rent Escrow Fund, Lender may do so according to any xxxx, statement or estimate procured from the landlord under the applicable Ground Lease, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any claim by such landlord. If at any time (i) Borrower fails to make any payment of rent under a Ground Lease when due (subject to any applicable notice and/or cure period) or (ii) Lender reasonably determines that the amount portion of the Ground Rent Escrow Fund shall exceed the amounts due for allocable to any Ground Rent pursuant to Section 5.1.22 hereof, Lender shall return any excess to the Lockbox Account or credit such excess against future payments to be made to the Ground Rent Escrow Fund. If at any time Lender reasonably determines that the Ground Rent Escrow Fund Lease is not or will not be sufficient to pay one-quarter of the annual rent under such Ground RentLease, Lender shall notify Borrower the applicable Borrower(s) of such determination and Borrower the applicable Borrower(s) shall increase its monthly payments to deposit with Lender by the amount that Lender reasonably estimates is sufficient to reimburse Lender or make up the deficiency, as applicable, within thirty (30) days of such determination. The insufficiency of any balance in Notwithstanding anything to the Ground Rent Account contrary contained herein, Lender shall not relieve require Borrower and the Owner Parties from their obligations to fulfill all covenants in the Loan Documents with respect to the Ground Leases. Any amount remaining in make any deposits into the Ground Rent Escrow Fund after so long as (i) no Event of Default has occurred and is continuing, (ii) Guarantor shall satisfy the Debt has been paid in full shall be returned to Borrower. Promptly after the execution and delivery hereofLiquidity Requirement, Borrower shall cause there to be deposited into (iii) the Ground Rent Account an initial amount as reasonably determined by LenderGuaranty remains in full force and effect and (iv) the Debt Service Coverage Ratio is not less than 1.20:1.

Ground Rent Escrow Fund. Each Borrower whose Collateral Property is subject to a Ground Lease that requires payment of net annual rent on other than a monthly basis, shall pay to Lender, or cause the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, Lender on or prior to each Payment Date an amount one-twelfth (1/12th) of the annual net rent that Lender estimates will be payable under such Ground Lease during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay the then next installment of annual net rent due under such Ground Lease at least thirty (30) days prior to the due date thereof (the “"Monthly Ground Rent Amount”Rent") that is estimated by Lender (such payments with respect to be all Ground Leases, less disbursements thereof pursuant hereto, the total monthly Ground Rent due and payable under the Ground Leases (said amount, as so deposited, hereinafter called the “"Ground Rent Escrow Fund”"). Provided no Event of Default exists, Lender will apply the Ground Rent Escrow Fund to payments of Ground Rent annual net rent required to be made by the applicable Borrower pursuant under its Ground Lease, or to Section 5.1.22 hereofreimburse such Borrower for such amounts upon presentation of evidence of payment and an Officer's Certificate of such Borrower in form and substance satisfactory to Lender. In making any payment relating to the Ground Rent Escrow Fund, Lender may do so according to any xxxx, statement or estimate procured from the landlord under the applicable Ground Lease, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any claim by such landlord. If at any time Lender determines that the amount portion of the Ground Rent Escrow Fund shall exceed the amounts due for allocable to any Ground Rent pursuant to Section 5.1.22 hereof, Lender shall return any excess to the Lockbox Account or credit such excess against future payments to be made to the Ground Rent Escrow Fund. If at any time Lender reasonably determines that the Ground Rent Escrow Fund Lease is not or will not be sufficient to pay the annual net Rent pursuant to such Ground RentLease next coming due, Lender shall notify Borrower the applicable Borrower(s) of such determination and Borrower the applicable Borrower(s) shall increase its (their) monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency. The insufficiency deficiency at least thirty (30) days prior to delinquency of any balance in the annual net rent under the applicable Ground Rent Account shall not relieve Borrower and the Owner Parties from their obligations to fulfill all covenants in the Loan Documents with respect to the Ground Leases. Any amount remaining in the Ground Rent Escrow Fund after the Debt has been paid in full shall be returned to Borrower. Promptly after the execution and delivery hereof, Borrower shall cause there to be deposited into the Ground Rent Account an initial amount as reasonably determined by LenderLease(s).

Ground Rent Escrow Fund. Each Borrower whose Collateral ----------------------- Property is subject to a Ground Lease that requires payment of net annual rent on other than a monthly basis, shall pay to Lender, or cause the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, Lender on or prior to each Payment Date an amount (one- twelfth of the “Monthly Ground Rent Amount”) annual net rent that is estimated by Lender to estimates will be the total monthly Ground Rent due and payable under such Ground Lease during the next 12 months in order to accumulate with Lender sufficient funds to pay the then next installment of annual net rent due under such Ground Leases Lease at least 30 days prior to the due date thereof (said amountsuch payments with respect to all Ground Leases, as so depositedless disbursements thereof pursuant hereto, hereinafter called the “Ground Rent Escrow Fund”"GROUND RENT ESCROW FUND"). Provided no Event of Default exists, Lender will apply the Ground Rent Escrow Fund to payments of Ground Rent annual net rent required to be made by the applicable Borrower pursuant under its Ground Lease, or to Section 5.1.22 hereofreimburse such Borrower for such amounts upon presentation of evidence of payment and an Officer's Certificate of such Borrower in form and substance satisfactory to Lender. In making any payment relating to the Ground Rent Escrow Fund, Lender may do so according to any xxxx, statement or estimate procured from the landlord under the applicable Ground Lease, without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any claim by such landlord. If at any time Lender determines that the amount portion of the Ground Rent Escrow Fund shall exceed the amounts due for allocable to any Ground Rent pursuant to Section 5.1.22 hereof, Lender shall return any excess to the Lockbox Account or credit such excess against future payments to be made to the Ground Rent Escrow Fund. If at any time Lender reasonably determines that the Ground Rent Escrow Fund Lease is not or will not be sufficient to pay the annual net Rent pursuant to such Ground RentLeases next coming due, Lender shall notify Borrower the applicable Borrower(s) of such determination and Borrower the applicable Borrower(s) shall increase its (their) monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency. The insufficiency deficiency at least 30 days prior to delinquency of any balance in the annual net rent under the applicable Ground Rent Account shall not relieve Borrower and the Owner Parties from their obligations to fulfill all covenants in the Loan Documents with respect to the Ground Leases. Any amount remaining in the Ground Rent Escrow Fund after the Debt has been paid in full shall be returned to Borrower. Promptly after the execution and delivery hereof, Borrower shall cause there to be deposited into the Ground Rent Account an initial amount as reasonably determined by LenderLease(s).