Common use of GROUND RENT ESCROW FUND Clause in Contracts

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 on each Payment Date one- twelfth of the annual net rent that Lender estimates will be 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 Lease at least 30 days prior to the due date thereof (such payments with respect to all Ground Leases, less disbursements thereof pursuant hereto, the "GROUND RENT ESCROW FUND"). Lender will apply the Ground Rent Escrow Fund to payments of annual net rent required to be made by the applicable Borrower under its Ground Lease, or to reimburse 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 portion of the Ground Rent Escrow Fund allocable to any Ground Lease is not or will not be sufficient to pay the annual net Rent pursuant to such Ground Leases next coming due, Lender shall notify the applicable Borrower(s) of such determination and 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 at least 30 days prior to delinquency of the annual net rent under the applicable Ground Lease(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 Lender, or cause the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, on or prior to each Payment Date one- twelfth of an amount (the annual net rent “Monthly Ground Rent Amount”) that is estimated by Lender estimates will to be the total monthly Ground Rent due and payable under such the Ground Lease during Leases (said amount, as so deposited, hereinafter called 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 Lease at least 30 days prior to the due date thereof (such payments with respect to all Ground Leases, less disbursements thereof pursuant hereto, the "GROUND RENT ESCROW FUND"Rent Escrow Fund”). Provided no Event of Default exists, Lender will apply the Ground Rent Escrow Fund to payments of annual net rent Ground Rent required to be made by Borrower pursuant to Section 5.1.22 hereof. If the applicable Borrower under its amount of the Ground LeaseRent 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 reimburse 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 be made 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 reasonably determines that the portion of the Ground Rent Escrow Fund allocable to any Ground Lease is not or will not be sufficient to pay the annual net Rent pursuant to such Ground Leases next coming dueRent, Lender shall notify the applicable Borrower(s) Borrower of such determination and the applicable Borrower(s) Borrower shall increase its (their) monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least 30 days prior deficiency. The insufficiency of any balance in the Ground Rent Account shall not relieve Borrower and the Owner Parties from their obligations to delinquency of fulfill all covenants in the annual net rent under Loan Documents with respect to the applicable Ground Lease(s)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. Each Borrower whose Collateral ----------------------- Property is subject to Upon the occurrence of a Ground Lease that requires payment Cash Trap Event, each of net annual rent on other than a monthly basis, the Borrowers shall pay to Lender Administrative Agent, as agent for Lenders, an amount which, when added to the monthly payments payable by such Borrower to the Ground Rent Escrow Fund pursuant to this Section 7.6, will be sufficient to pay, at least 30 days prior to their respective due dates, all Ground Rent payable in connection with the Property which are due and payable 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 Payment Date one- calendar month (a) one-twelfth of the annual net rent Ground Rent that Lender Administrative Agent estimates will be payable under such Ground Lease during the next 12 ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay the then next installment of annual net rent due under all such Ground Lease Rent at least 30 thirty (30) days prior to their respective due dates (said amounts payable separately by each of the due date thereof (such payments with respect to all Ground Leases, less disbursements thereof pursuant hereto, the "Borrowers shall each hereinafter be called a GROUND RENT ESCROW FUND"). Lender Administrative Agent will apply the Ground Rent Escrow Fund to payments of annual net rent Ground Rent when due as required to be made by each of the applicable Borrower under its Ground Lease, Borrowers or any other Loan Party pursuant to reimburse 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 LenderSection 5.1 hereof. In making any payment relating to the Ground Rent Escrow Fund, Lender Administrative Agent may do so according to any xxxxbill, statement xxatement or estimate procured from the landlord under the applicable Ground LeaseLessor, without inquiry into the accuracy of such xxxxbill, statement xxatement or estimate estimate. If the amount of either Ground Rent Escrow Fund shall exceed the amounts due for Ground Rent pursuant to Section 5.1 hereof, Administrative Agent shall, at the sole discretion of the Requisite Lenders, return any excess to the appropriate Borrower or into the validity of any claim by credit such landlordexcess against future payments to be made to such Ground Rent Escrow Fund. If at any time Lender Administrative Agent reasonably determines that the portion of the Ground Rent Escrow Fund allocable to any Ground Lease is not or will not be sufficient to pay the annual net Rent pursuant to such Ground Leases next coming dueRent, Lender Administrative Agent shall notify the applicable Borrower(s) Borrowers of such determination and the applicable Borrower(s) Borrowers shall increase its (their) monthly payments to Lender Administrative Agent by the amount that Lender reasonably Administrative Agent estimates is sufficient to make up the deficiency at least 30 thirty (30) days prior to delinquency its due date. On the Maturity Date any amount remaining in the Ground Rent Escrow Fund established by each of the annual net rent under Borrowers shall be applied first to the applicable portion of the Debt payable by such Borrower, and second, any amount remaining shall be returned to the such Borrower; provided, however, if an Event of Default shall have occurred and be continuing any amount remaining in the Ground Lease(s)Rent Escrow Fund shall be applied in accordance with Section 10.9.3 hereof.

GROUND RENT ESCROW FUND. Each Borrower whose Collateral ----------------------- Property is On or before the Closing Date, but subject to a Ground Lease that requires payment the last sentence of net annual rent on other than a monthly basisthis Section 4.6.1 below, Borrower shall pay to Lender on each Payment Date one- twelfth of the annual net rent that Lender estimates will be payable under such Ground Lease during the next 12 months in order to accumulate deposit with Lender sufficient funds to pay the then next installment amount of annual net rent due under such $78,519.39 (the "Ground Lease at least 30 days prior to the due date thereof Rent Deposit") (such payments with respect to all Ground Leases, less disbursements thereof pursuant hereto, the "GROUND RENT ESCROW FUNDGround Rent Escrow Fund"). In the event that Borrower fails to make any payment of rent 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 annual net such rent required to be made by the applicable Borrower under its Ground Lease, or to reimburse 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 (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 portion of the Ground Rent Escrow Fund allocable to any Ground Lease is not or will not be sufficient to pay one-quarter of the annual net Rent pursuant to rent under such Ground Leases next coming dueLease, Lender shall notify the applicable Borrower(s) of such determination and the applicable Borrower(s) shall increase its (their) monthly payments to deposit with Lender by the amount that Lender reasonably estimates is sufficient to reimburse Lender or make up the deficiency at least 30 deficiency, as applicable, within thirty (30) days prior of such determination. Notwithstanding anything to delinquency the contrary contained herein, Lender shall not require Borrower to make any deposits into the Ground Rent Escrow Fund so long as (i) no Event of Default has occurred and is continuing, (ii) Guarantor shall satisfy the annual net rent under Liquidity Requirement, (iii) the applicable Ground Lease(s)Rent Guaranty 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 on each Payment Date one- one-twelfth (1/12th) of the annual net rent that Lender estimates will be payable under such Ground Lease during the next 12 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 30 thirty (30) days prior to the due date thereof (the "Monthly Ground Rent") (such payments with respect to all Ground Leases, less disbursements thereof pursuant hereto, the "GROUND RENT ESCROW FUNDGround Rent Escrow Fund"). Lender will apply the Ground Rent Escrow Fund to payments of annual net rent required to be made by the applicable Borrower under its Ground Lease, or to reimburse 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 portion of the Ground Rent Escrow Fund allocable to any Ground Lease is not or will not be sufficient to pay the annual net Rent pursuant to such Ground Leases Lease next coming due, Lender shall notify the applicable Borrower(s) of such determination and 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 at least 30 thirty (30) days prior to delinquency of the annual net rent under the applicable Ground Lease(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 Administrative Agent on the eleventh day of each Payment Date one- calendar month (a) one-twelfth of the annual net rent Ground Rent that Lender Administrative Agent estimates will be payable under such Ground Lease during the next 12 ensuing twelve (12) months in order to accumulate with Lender Administrative Agent sufficient funds to pay the then next installment of annual net rent due under all such Ground Lease Rent at least 30 thirty (30) days prior to the their respective due date thereof dates (such payments with respect to all Ground Leases, less disbursements thereof pursuant hereto, the "GROUND RENT ESCROW FUND"). Lender Administrative Agent will apply the Ground Rent Escrow Fund to payments of annual net rent Ground Rent when due as required to be made by the applicable Borrower under its Ground Lease, or pursuant to reimburse 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 LenderSection 5.1 hereof. In making any payment relating to the Ground Rent Escrow Fund, Lender Administrative Agent may do so according to any xxxxbill, statement xxatement or estimate procured from the landlord under the applicable Ground LeaseLessor, without inquiry into the accuracy of such xxxxbill, statement xxatement or estimate or into the validity of any claim by such landlordestimate. If at any time Lender determines that the portion amount of the Ground Rent Escrow Fund allocable shall exceed the amounts due for Ground Rent and pursuant to Section 5.1 hereof, Administrative Agent shall, at the sole discretion of the Requisite Lenders, return any excess to Borrower or credit such excess against future payments to be made to the Ground Lease Rent Escrow Fund. If at any time Administrative Agent reasonably determines that the Ground Rent Escrow Fund is not or will not be sufficient to pay the annual net Rent pursuant to such Ground Leases next coming dueRent, Lender Administrative Agent shall notify the applicable Borrower(s) Borrower of such determination and the applicable Borrower(s) Borrower shall increase its (their) monthly payments to Lender Administrative Agent by the amount that Lender reasonably Administrative Agent estimates is sufficient to make up the deficiency at least 30 thirty (30) days prior to delinquency of its due date. Notwithstanding anything to the annual net rent under contrary contained in this Section 7.6, provided (x) there is on deposit in the applicable Deposit Account sufficient funds to pay one months Ground Lease(s)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 Escrow 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.