Leasing Reserve Clause Samples

POPULAR SAMPLE Copied 1 times
Leasing Reserve. (a) Prior to June 30, 2021, Borrower shall provide a written confirmation to Lender (in form and substance reasonably acceptable to Lender) that Performance Food Group (“PFG”) has either (i) validly exercised its lease extension option subject to and in accordance with Section 39.01 of that certain Lease dated as of June 13, 2011, as amended, by and between Borrower, as “landlord”, and PFG, as “tenant” (the “PFG Lease”) (without modification of such provision following the Funding Date unless Lender has approved such modification in writing prior to its execution), or (ii) otherwise renewed the PFG Lease on terms approved in writing by Lender in its reasonable discretion prior to execution by Borrower. If Borrower fails, or is otherwise unable to provide such confirmation, then, on the Payment Date occurring on July 1, 2021, Borrower shall deposit into a reserve with Lender a cash deposit or Letter of Credit in the stated amount of Three Hundred Twenty Thousand and 00/100 Dollars ($320,000.00) (the “Leasing Reserve”). Amounts held at any time by or for the benefit of Lender in the Leasing Reserve will be additional collateral for the Obligations but will be released to reimburse Borrower in connection with tenant improvements and leasing commissions associated with the re-letting of the PFG Space, subject to the satisfaction of the conditions set forth below in this Section 5.6 and subject to the other terms of this Section 5.6. (b) All funds deposited into the Leasing Reserve shall not be construed as trust funds, shall be held in a non-interest-bearing account controlled by Lender, and may be commingled with other monies held by Lender. Borrower shall execute and/or deliver any documents reasonably requested by Lender with respect to the Leasing Reserve, including any account-opening agreements or documentation, separate pledge agreements or control agreements. As security for the payment and performance of the Obligations, Borrower hereby pledges and assigns to Lender, and grants to Lender a security interest in, all of Borrower’s right, title and interest in and to all payments to or monies held in the Leasing Reserve and any and all proceeds of the foregoing. Borrower shall not further pledge, assign or grant any security interest in the Leasing Reserve, or permit any Lien to attach thereto, or any levy to be made thereon, or any UCC Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. This Agreement...
View SourceView Similar (3)
Leasing Reserve. As additional security for the indebtedness secured hereby, Mortgagor shall establish a reserve (the "Leasing Reserve") with Mortgagee for payment of leasing commissions and tenant improvement costs and expenses incurred by Mortgagor in connection with re-leasing the Property pursuant to Leases approved, or deemed approved, by Mortgagee (collectively, the "Leasing Costs"). The Leasing Reserve shall be funded, if at all, as set forth in Section 1.12(h) of this Mortgage. So long as no Event of Default hereunder has occurred and is continuing, all sums in the Leasing Reserve shall be held by Mortgagee to pay Leasing Costs. Additionally, so long as no Event of Default hereunder has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the Leasing Reserve, disburse to Mortgagor the amount paid or incurred by Mortgagor in performing such Leasing Costs within five (5) business days following: (a) the receipt by Mortgagee of a written request from Mortgagor for disbursement from the Leasing Reserve and a certification by Mortgagor that (i) for Leasing Costs consisting of commissions payable to brokers not affiliated with Mortgagor and at a rate not greater than the then current market rate, such leasing commission has been paid by Mortgagor, and (ii) for Leasing Costs consisting of amounts required to be expended pursuant to the relevant Lease for tenant improvement or related costs, said Leasing Costs have been incurred and the tenant under such Lease has taken possession of its demised premises and begun to pay rent under its Lease, (b) the delivery to Mortgagee of invoices, receipts or other evidence satisfactory to Mortgagee verifying the cost of such Leasing Costs; (c) for disbursement requests in excess of $10,000.00, the delivery to Mortgagee of affidavits, lien waivers or other evidence reasonably satisfactory to Mortgagee showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the property have been paid (or will be paid out of such disbursement all amounts due for labor and materials furnished to the Property; (d) for disbursement requests in excess of $10,000.00 other than with respect to leasing commissions), delivery to Mortgagee of a certification from an inspecting architect or other third party acceptable to Mortgagee describing the completed tenant improvement or other wo...
View SourceView Similar (2)
Leasing Reserve. Ground Rent Funds.
View Source
Leasing Reserve. If all or any part of the Future Advance has not been advanced in accordance with Section 2.2.1 above on or before the first anniversary of the date hereof, then, Lender shall have the right, in its sole discretion, to advance the remaining balance of the Future Advance to Borrower, in which event Borrower shall deposit such advance with Lender and Lender shall cause such amount to be transferred to a Subaccount and shall be held by Lender as a reserve (the “Leasing Reserve”) in accordance with the terms of this Section 2.2.2. From and after the date of the advance by Lender of the remaining balance of the Future Advance in accordance with this Section 2.2.2, the amount thereof shall be considered part of the outstanding principal balance of the Loan and shall accrue interest as provided in Section 2.3 below. Borrower shall have the right to draw upon the Leasing Reserve on the same terms and conditions upon which Borrower could request an advance under Section 2.2.1 above. Notwithstanding anything to the contrary contained in this Section 2.2, upon the occurrence and during the continuance of an Event of Default, Lender may apply all amounts deposited into the Leasing Reserve and other proceeds of repayment in such order and in such manner as Lender shall elect in its sole and absolute discretion.
View Source
Leasing Reserve. Upon the occurrence and during the continuance of a Lockbox Event and until the occurrence of the applicable Lockbox Termination Event, if any, Borrower shall pay to Agent (by depositing the required funds into the Lockbox Account) on each subsequent Payment Date the sum of $51,000 (the “Monthly Leasing Deposit”), until such time as the balance in the Leasing Reserve Account equals $1,224,000 (the “Minimum Leasing Reserve Balance”). Thereafter, if at any time there is a draw causing the Leasing Reserve Account to contain less than the Minimum Leasing Reserve Balance (whether on account of expenditures approved by Agent or otherwise), Borrower shall continue to pay Agent for deposit into the Leasing Reserve Account, the Monthly Leasing Deposit until the balance in the Leasing Reserve Account again equals the Minimum Leasing Reserve Balance. Whenever the balance in the Leasing Reserve Account again equals the Minimum Leasing Reserve Balance, Borrower may suspend making monthly payments into the Leasing Reserve Account. Amounts so deposited shall hereinafter be referred to as the “Leasing Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Leasing Reserve Account.” Agent shall make disbursements from the Leasing Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. Agent shall make disbursements as requested by Borrower on a monthly basis upon delivery by Borrower of an Officer’s Certificate certifying the amount of expenses incurred for which reimbursement is requested. In no event shall Agent be obligated to disburse funds from the Leasing Reserve Account if an Event of Default has occurred and is continuing. Ground Rent Funds.
View Source
Leasing Reserve. Borrower shall establish and fund the Leasing Reserve and shall have the right to request disbursements from the Leasing Reserve in accordance with Schedule 2.6(b).
View Source
Leasing Reserve. Reference is hereby made to that certain Loan Agreement between CIBC Inc. and CL Property, LLC, dated April 11, 2019 (together with the related documents, as assigned (the “Loan Agreement”)). The Company shall deliver to Purchaser an appropriate payoff letter from the mortgage lender for the property located at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇., ▇▇▇▇▇▇▇▇, ▇▇▇▇, which payoff letter shall (a) be issued no earlier than one day prior to the Closing Date and (b) reflect the amount held in the Leasing Reserve (as defined in the Loan Agreement) as of the Closing Date (the “Leasing Reserve Amount”). Following both (i) the full payoff of the Note (as defined in the Loan Agreement) and (ii) Purchaser’s receipt of the Leasing Reserve Amount (or any portion thereof), Purchaser shall deliver to Seller such funds in an aggregate amount up to the Leasing Reserve Amount by wire transfer or delivery of other immediately available funds within three Business Days after the date on which Purchaser received such funds. Purchaser shall keep Seller informed on a reasonably current basis of the status of all matters contemplated by this Section 4, including by promptly notifying Seller of, but in any event at least one day prior to, the full payoff of the Note and Purchaser’s receipt of the Leasing Reserve Amount (or any portion thereof).
View Source
Leasing Reserve 
View Source

Related to Leasing Reserve

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Insurance Reserves Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment of premiums shall remain Grantor's sole responsibility.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any). (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(f)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a Default or an Event of Default exists. (c) Each request for disbursement from the Replacement Reserve Account shall be in a form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property to which the Replacements are being provided and, unless Lender has agreed to issue joint checks as described below, each request shall include evidence of payment of all such amounts. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender's disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $100,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of a Replacement exceeds $100,000, (ii) the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender's judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $5,000.00.

  • Interest Reserve 8.3.1 On the date hereof, Borrower shall deposit with Lender the sum set forth on Exhibit K hereto as the Interest Reserve to be held in an account maintained at a bank designated by Lender and pledged to Lender as additional collateral for the Loan (the "Interest Reserve Account"). The Interest Reserve Account shall be an interest-bearing account and all interest earned thereon shall become part of the Interest Reserve Account for the benefit of Borrower. 8.3.2 Provided that no Event of Default shall then exist and be continuing, if, on any Payment Date, the amount then on deposit in the Monthly Debt Service Subaccount (as defined in the Cash Management Agreement), minus the amount, if any, due under Section 8.7.3 hereof, shall be less than the amount of interest then due under the Note, Lender shall disburse the amount of such deficiency from the Interest Reserve Account to pay such interest. Any such amounts so disbursed shall be deemed paid by Borrower and Borrower shall not be deemed to have failed to pay such interest for the purposes of Section 6.1.1 by reason thereof. 8.3.3 If an Event of Default has occurred and is continuing hereunder, Lender may apply all amounts on deposit in the Interest Reserve Account to the Indebtedness in such order, priority and proportions as Lender in its discretion shall deem proper. 8.3.4 Nothing contained in this paragraph shall limit the obligation of Borrower to pay interest or other amounts due under the Note or any other Loan Document. The Interest Reserve Account shall not constitute a trust fund and may not be commingled with other monies held by Lender. Upon assignment of the Note and Mortgage by Lender in their entirety, Lender's security interest in, and all other right, title and interest of Lender in and to, the funds in the Interest Reserve Account shall be transferred and assigned to the assignee and Lender shall have no further obligation with respect thereto.