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 $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 those 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 an Outstanding TILC Tenant together with (x) copies of all documentation required to be delivered by the Outstanding TILC Tenant to Borrower under the applicable Leases as a prerequisite to the Outstanding TILC Tenant receiving its tenant allowance, (y) an estoppel by the applicable Outstanding TILC Tenant stating that the tenant allowance due to such Outstanding TILC Tenant is due and payable, that the Outstanding TILC Tenant is in possession of its demised premises, is open for business and is paying base rent under its Lease, and that there are no material defaults under the Lease to the Outstanding TILC Tenant and (z) a copy of the check sent by Borrower to 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 $157,621.93. 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 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 the 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 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 all 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 $157,621.93 234,900.00 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 those certain tenants (each a “Outstanding TILC Tenant”, and collectively, the “Outstanding TILC Tenants”) as more particularly set forth on Exhibit B annexed heretoCellco. 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 an Outstanding TILC Tenant Cellco together with (x) copies of all documentation required to be delivered by the Outstanding TILC Tenant Cellco to Borrower under the applicable Leases as a prerequisite to the Outstanding TILC Tenant Cellco receiving its tenant allowance, (y) an estoppel by the applicable Outstanding TILC Tenant Cellco stating that the tenant allowance due to such Outstanding TILC Tenant Cellco is due and payable, that the Outstanding TILC Tenant Cellco is in possession of its demised premises, is open for business and is paying base rent under its the Cellco Lease, and that there are no material defaults under the Cellco Lease to the Outstanding TILC Tenant Cellco and (z) a copy of the check sent by Borrower to the Outstanding TILC Tenant Cellco evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $157,621.93234,900.00. 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 Security Instrument 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 the Outstanding TILC TenantsCellco. 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 any Outstanding TILC Tenants 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 all Outstanding TILC TenantsCellco, 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 $157,621.93 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 those 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 an Outstanding TILC Tenant together with (x) copies of all documentation required to be delivered by the Outstanding TILC Tenant to Borrower under the applicable Leases as a prerequisite to the Outstanding TILC Tenant receiving its tenant allowance, (y) an estoppel by the applicable Outstanding TILC Tenant stating that the tenant allowance due to such Outstanding TILC Tenant is due and payable, that the Outstanding TILC 57 Tenant is in possession of its demised premises, is open for business and is paying base rent under its Lease, and that there are no material defaults under the Lease to the Outstanding TILC Tenant and (z) a copy of the check sent by Borrower to 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 $157,621.932,871,288.57. 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 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 the 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 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 all 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 $157,621.93 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 those certain tenants (each a “Outstanding TILC Tenant”, and collectively, the “Outstanding TILC Tenants”) as more particularly set forth on Exhibit B annexed heretoSony. 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 an Outstanding TILC Tenant Sony together with (x) copies of all documentation required to be delivered by the Outstanding TILC Tenant Sony to Borrower under the applicable Leases Sony Lease as a prerequisite to the Outstanding TILC Tenant Sony receiving its tenant allowance, (y) an estoppel by the applicable Outstanding TILC Tenant Sony stating that the tenant allowance due to such Outstanding TILC Tenant Sony is due and payable, that the Outstanding TILC Tenant Sony is in possession of its demised premises, is open for business and is paying base rent under its the Sony Lease, and that there are no material defaults under the Sony Lease to the Outstanding TILC Tenant Sony and (z) a copy of the check sent by Borrower to the Outstanding TILC Tenant Sony evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $157,621.9342,112.98. 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 Security Instrument 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 the Outstanding TILC TenantsSony. 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 any Outstanding TILC Tenants 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 all Outstanding TILC TenantsSony, 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.