Common use of Outstanding TILC Reserve Clause in Contracts

Outstanding TILC Reserve. On the date hereof Borrower has established with Lender a reserve (the “Outstanding TILC Reserve”) in the amount of $42,112.98 in connection with certain leasing commissions and tenant improvement obligations of Borrower that are outstanding as of the date hereof but not yet paid to Sony. Provided that no Event of Default has occurred and is continuing, Borrower may submit to Lender a written request for disbursement from the Outstanding TILC Reserve in an amount not to exceed the initial deposit made by Borrower into the Outstanding TILC Reserve on the date hereof, relating to space leased by Sony together with (x) copies of all documentation required to be delivered by Sony to Borrower under the Sony Lease as a prerequisite to Sony receiving its tenant allowance, (y) an estoppel by Sony stating that the tenant allowance due to Sony is due and payable, that Sony is in possession of its demised premises, is open for business and is paying base rent under the Sony Lease, and that there are no material defaults under the Sony Lease to Sony and (z) a copy of the check sent by Borrower to Sony evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $42,112.98. All funds deposited into the Outstanding TILC Reserve shall be held by Lender pursuant to the provisions of this Mortgage and, provided that no Event of Default shall have occurred and be continuing, all such funds shall be applied in payment of leasing commissions and tenant improvement obligations with respect to Sony. Should an Event of Default occur and be continuing, the sums on deposit in the Outstanding TILC Reserve may be applied by Lender in payment of any leasing commissions or tenant improvements with respect to Sony or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Property, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. To the extent there are any excess funds remaining in the Outstanding TILC Reserve after Borrower has paid all of its obligations to Sony, upon Lender’s receipt of a written request, which request shall be delivered with a statement from the Borrower that no further leasing commissions, tenant improvement obligations and/or tenant allowance obligations exist under this Section 3.7, Lender shall within twenty (20) days thereafter, disburse any of the balance of the Outstanding TILC Reserve to Borrower.

Outstanding TILC Reserve. On the date hereof Borrower has established with Lender a reserve (the “Outstanding TILC Reserve”) in the amount of $42,112.98 234,900.00 in connection with certain leasing commissions and tenant improvement obligations of Borrower that are outstanding as of the date hereof but not yet paid to SonyCellco. Provided that no Event of Default has occurred and is continuing, Borrower may submit to Lender a written request for disbursement from the Outstanding TILC Reserve in an amount not to exceed the initial deposit made by Borrower into the Outstanding TILC Reserve on the date hereof, relating to space leased by Sony Cellco together with (x) copies of all documentation required to be delivered by Sony Cellco to Borrower under the Sony Lease applicable Leases as a prerequisite to Sony Cellco receiving its tenant allowance, (y) an estoppel by Sony Cellco stating that the tenant allowance due to Sony Cellco is due and payable, that Sony Cellco is in possession of its demised premises, is open for business and is paying base rent under the Sony Cellco Lease, and that there are no material defaults under the Sony Cellco Lease to Sony Cellco and (z) a copy of the check sent by Borrower to Sony Cellco evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $42,112.98234,900.00. All funds deposited into the Outstanding TILC Reserve shall be held by Lender pursuant to the provisions of this Mortgage and, provided that no Event of Default shall have occurred and be continuing, all such funds shall be applied in payment of leasing commissions and tenant improvement obligations with respect to SonyCellco. Should an Event of Default occur and be continuing, the sums on deposit in the Outstanding TILC Reserve may be applied by Lender in payment of any leasing commissions or tenant improvements with respect to Sony Cellco or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Property, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. To the extent there are any excess funds remaining in the Outstanding TILC Reserve after Borrower has paid all of its obligations to SonyCellco, upon Lender’s receipt of a written request, which request shall be delivered with a statement from the Borrower that no further leasing commissions, tenant improvement obligations and/or tenant allowance obligations exist under this Section 3.7, Lender shall within twenty (20) days thereafter, disburse any of the balance of the Outstanding TILC Reserve to Borrower.

Outstanding TILC Reserve. On the date hereof Borrower has established with Lender a reserve (the “Outstanding TILC Reserve”) in the amount of $42,112.98 2,871,288.57 in connection with certain parking expansion work, leasing commissions and tenant improvement obligations of Borrower that are outstanding as of the date hereof but not yet paid to Sonythose certain tenants (each a “Outstanding TILC Tenant”, and collectively, the “Outstanding TILC Tenants”) and for the parking expansion work as more particularly set forth on Exhibit B annexed hereto. Provided that no Event of Default has occurred and is continuing, Borrower may submit to Lender a written request for disbursement from the Outstanding TILC Reserve in an amount not to exceed the initial deposit made by Borrower into the Outstanding TILC Reserve on the date hereof, relating to space leased by Sony an Outstanding TILC Tenant together with (x) copies of all documentation required to be delivered by Sony the Outstanding TILC Tenant to Borrower under the Sony Lease applicable Leases as a prerequisite to Sony the Outstanding TILC Tenant receiving its tenant allowance, (y) an estoppel by Sony the applicable Outstanding TILC Tenant stating that the tenant allowance due to Sony such Outstanding TILC Tenant is due and payable, that Sony the Outstanding TILC Tenant is in possession of its demised premises, is open for business and is paying base rent under the Sony its Lease, and that there are no material defaults under the Sony Lease to Sony the Outstanding TILC Tenant and (z) a copy of the check sent by Borrower to Sony the Outstanding TILC Tenant evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $42,112.982,871,288.57. In no event shall Borrower be reimbursed for more than the amount allocated for the applicable Outstanding TILC Tenant as set forth on Exhibit B. All funds deposited into the Outstanding TILC Reserve shall be held by Lender pursuant to the provisions of this Mortgage Security Instrument and, provided that no Event of Default shall have occurred and be continuing, all such funds shall be applied in payment of leasing commissions and tenant improvement obligations with respect to Sonythe Outstanding TILC Tenants. Should an Event of Default occur and be continuing, the sums on deposit in the Outstanding TILC Reserve may be applied by Lender in payment of any leasing commissions or tenant improvements with respect to Sony any Outstanding TILC Tenants or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Property, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. To the extent there are any excess funds remaining in the Outstanding TILC Reserve after Borrower has paid all of its obligations to Sonyall Outstanding TILC Tenants, upon Lender’s receipt of a written request, which request shall be delivered with a statement from the Borrower that no further leasing commissions, tenant improvement obligations and/or tenant allowance obligations exist under this Section 3.7, Lender shall within twenty (20) days thereafter, disburse any of the balance of the Outstanding TILC Reserve to Borrower.

Outstanding TILC Reserve. On the date hereof Borrower has established with Lender a reserve (the “Outstanding TILC Reserve”) in the amount of $42,112.98 157,621.93 in connection with certain leasing commissions and tenant improvement obligations of Borrower that are outstanding as of the date hereof but not yet paid to Sonythose certain tenants (each a “Outstanding TILC Tenant”, and collectively, the “Outstanding TILC Tenants”) as more particularly set forth on Exhibit B annexed hereto. Provided that no Event of Default has occurred and is continuing, Borrower may submit to Lender a written request for disbursement from the Outstanding TILC Reserve in an amount not to exceed the initial deposit made by Borrower into the Outstanding TILC Reserve on the date hereof, relating to space leased by Sony an Outstanding TILC Tenant together with (x) copies of all documentation required to be delivered by Sony the Outstanding TILC Tenant to Borrower under the Sony Lease applicable Leases as a prerequisite to Sony the Outstanding TILC Tenant receiving its tenant allowance, (y) an estoppel by Sony the applicable Outstanding TILC Tenant stating that the tenant allowance due to Sony such Outstanding TILC Tenant is due and payable, that Sony the Outstanding TILC Tenant is in possession of its demised premises, is open for business and is paying base rent under the Sony its Lease, and that there are no material defaults under the Sony Lease to Sony the Outstanding TILC Tenant and (z) a copy of the check sent by Borrower to Sony the Outstanding TILC Tenant evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $42,112.98157,621.93. In no event shall Borrower be reimbursed for more than the amount allocated for the applicable Outstanding TILC Tenant as set forth on Exhibit B. All funds deposited into the Outstanding TILC Reserve shall be held by Lender pursuant to the provisions of this Mortgage Security Instrument and, provided that no Event of Default shall have occurred and be continuing, all such funds shall be applied in payment of leasing commissions and tenant improvement obligations with respect to Sonythe Outstanding TILC Tenants. Should an Event of Default occur and be continuing, the sums on deposit in the Outstanding TILC Reserve may be applied by Lender in payment of any leasing commissions or tenant improvements with respect to Sony any Outstanding TILC Tenants or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Property, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. To the extent there are any excess funds remaining in the Outstanding TILC Reserve after Borrower has paid all of its obligations to Sonyall Outstanding TILC Tenants, upon Lender’s receipt of a written request, which request shall be delivered with a statement from the Borrower that no further leasing commissions, tenant improvement obligations and/or tenant allowance obligations exist under this Section 3.7, Lender shall within twenty (20) days thereafter, disburse any of the balance of the Outstanding TILC Reserve to Borrower.