INITIAL TENANT FUNDS Sample Clauses

INITIAL TENANT FUNDS. The Initial Tenant Funds shall be disbursed to Purchaser on a monthly basis, based upon the monthly allocation of the same set forth on EXHIBIT C; provided, however, that upon a Pending Initial Tenant (or a replacement tenant meeting the criteria in Section 9 of the License Agreement) accepting its space "as-is" (subject only to punch-list items to be completed timely by Seller at Seller's sole cost and expense), taking total possession, opening for business and commencing paying full rental payments, including CAM, taxes and insurance on a pro-rata basis per its lease, all Initial Tenant Funds related to such space then remaining in the Escrow (subject to the provisions of Section 9 of the License Agreement) shall be promptly disbursed to Seller. Purchaser shall deliver a written authorization to the title company authorizing such disbursement of funds no later than two (2) business days after its receipt of the first full monthly payment from any applicable tenant. If any Initial Tenant Funds remain in the Escrow at the expiration of the six (6) year license term and any tenant, whether procured by Seller or Purchaser, accepts any portion of the Pending Initial Tenant space to which -2- such Initial Tenant Funds relate, "as-is" (subject to punch-list items to be timely completed by the landlord), takes total possession, opens for business and commences paying any portion of base rent, CAM taxes and insurance ("Replacement Tenant Payments"), an amount equal to the Replacement Tenant Payments payable by such tenant over the term of its lease, for which Seller would otherwise be responsible hereunder shall be released and delivered to Seller from the Escrow. If any Vacant Space Funds are in the Escrow at the expiration of the twenty-four (24) month license period, such funds shall promptly be released to Seller. A tenant shall be deemed to have accepted its space "as-is" (subject only to punch-list items to be completed timely by Seller at Seller's sole cost and expense), taken total possession, opened for business and commenced paying full rental payments, including CAM, taxes and insurance on a pro-rata basis per its lease if such tenant would have done so, but for any delay caused by acts or omissions of Purchaser.