Common use of Payment of Ground Rents Clause in Contracts

Payment of Ground Rents. On or before each due date under each Ground Lease, from the amounts allocated to the Ground Rents Sub-Account, Lender shall pay to the ground lessor under each Ground Lease the Ground Rents pursuant to written instructions received from Borrower. Borrower shall provide Lender and the Cash Collateral Account Bank with written notice of any changes in any Ground Rents sixty (60) days prior to the effective date of such change. Borrower shall at all times ensure that (i) there are sufficient funds in the Ground Rents Sub-Account to pay all Ground Rents on time and (ii) that Lender and Cash Collateral Account Bank have received sufficient instructions and information (including, without limitation, the address to which payments are to be sent, the amount of payments and the manner in which payments are to be sent) to ensure timely payment of all Ground Rents in strict compliance with the terms of each Ground Lease. If an Event of Default has occurred and is continuing, the proceeds on deposit in the Ground Rents Sub-Account may be applied to Lender in any manner as Lender in its sole discretion may determine.