Ground Rent Reserve Sample Clauses

Ground Rent Reserve. If Borrower fails timely to pay the Ground Rents, Lender may, in its sole and absolute discretion, require Borrower to escrow with Lender such sums as are sufficient, as determined by Lender in its sole discretion, for Lender to pay the Ground Rents.

Ground Rent Reserve. Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (1) (i) Mortgage Borrower is required to maintain the Ground Rent Reserve pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan Agreement to maintain the Ground Rent Reserve Fund (other than as expressly contemplated under the terms of the Mortgage Loan Agreement) or (iii) the Mortgage Loan has been repaid in full, and (2) (i) Mezzanine A Borrower is required to maintain the Ground Rent Reserve pursuant to the terms of Section 7.4 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative Agent waives such requirement, (ii) Mezzanine A Borrower is no longer required pursuant to the terms of the Mezzanine A Loan Agreement to maintain the Ground Rent Reserve (other than as expressly contemplated under the terms of the Mezzanine A Loan Agreement) or (iii) the Mezzanine A Loan has been repaid in full, then (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Ground Rent Reserve Fund pursuant to Section 7.4 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.4 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.

Ground Rent Reserve. If Borrower fails timely to pay the Ground Rents, Lender may, in its sole and absolute discretion, require Borrower to escrow with Lender such sums as are sufficient, as determined by Lender in its sole discretion, for Lender to pay the Ground Rents. Sums so escrowed shall hereinafter be referred to as Borrower's "GROUND RENT RESERVE FUND" and the account in which such sums are held shall hereinafter be referred to as Borrower's "GROUND RENT RESERVE ACCOUNT".

Ground Rent Reserve. (a) Borrower shall deposit with Lender on each Payment Date an amount (the “Monthly Ground Rent Deposit”) equal to the Ground Rent that will be payable under the Ground Leases for the month following the month in which such Payment Date occurs (such amounts so deposited shall hereinafter be called the “Ground Rent Reserve Funds”). The account in which the Ground Rent Reserve Funds are held shall hereinafter be referred to as the “Ground Rent Reserve Account.” Such deposit may be increased by Lender in the amount Lender deems is necessary in its reasonable discretion based on any increases in the Ground Rent. Provided no Event of Default has occurred and is continuing, Lender shall apply the Ground Rent Reserve Funds to payments of Ground Rent for each Leasehold Property for which Ground Rent Reserve Funds are being reserved hereunder. In making any payment relating to Ground Rent Reserve Account, Lender may do so according to any ▇▇▇▇ or statement given by the ground lessor under any Ground Lease without inquiry into the accuracy of such ▇▇▇▇ or statement or into the validity of any rent, additional rent or other charge thereof. If the amount of the Ground Rent Reserve Funds shall exceed the amounts due for Ground Rent, Lender shall return any excess to Borrower. Notwithstanding anything contained in this clause (a) to the contrary, the Monthly Ground Rent Deposit shall not include, and Borrower shall be responsible to pay, or cause to be paid, any Ground Rent for any Leasehold Property subject to a Lease, which Lease provides that every monetary and non-monetary obligation associated with managing, owning, developing and operating such Leasehold Property, including, without limitation, the obligation to pay Ground Rent, is an obligation of Wachovia or an Acceptable Replacement Tenant (i.e., a “triple net” Lease).

Ground Rent Reserve. Borrower shall pay to Lender on each Payment Date, an amount that is estimated by Lender to be sufficient to pay any installment of Ground Rent under the Ground Lease which is due before the next Payment Date and Lender will transfer such amounts to a Subaccount (the “Ground Rent Subaccount”). Lender will (i) apply the funds in the Ground Rent Subaccount to payments of Ground Rent required to be made by Borrower under the Ground Lease prior to delinquency, or, if requested by Borrower, (ii) reimburse Borrower for such amounts upon presentation of evidence of payment of the same. In making any payment of funds from the Ground Rent Subaccount in accordance with the immediately preceding sentence, Lender may do so according to any ▇▇▇▇, statement or estimate procured from Ground Lessor, without inquiry into the accuracy of such ▇▇▇▇, statement or estimate or into the validity of any claim by Ground Lessor. If at any time Lender determines that the funds then on deposit in the Ground Rent Subaccount are not or will not be sufficient to pay the installments of Ground Rent due prior to the next Payment Date, Lender shall notify Borrower of such determination and shall increase the monthly deposit into the Ground Rent Subaccount by the amount that Lender reasonably estimates is sufficient to make up the deficiency.

Ground Rent Reserve. Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Ground Rent Reserve pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan Agreement to maintain the Ground Rent Reserve Fund (other than as expressly contemplated under the terms of the Mortgage Loan Agreement) or (iii) the Mortgage Loan has been repaid in full, (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Ground Rent Reserve Fund pursuant to Section 7.4 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.4 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.

Ground Rent Reserve