Common use of Prepaid Rent Account Clause in Contracts

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 has been reduced below $15,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.70% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 has been reduced below $15,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.705.60% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 30,661.29 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 has been reduced below $15,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.705.60% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 28,307.99 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First April, 2004 Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First April, 2004 Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,00025,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 25,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 25,000 has been reduced below $15,00025,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after After a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 25,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.703.75% and the Underwritten Net Cash Flow of all of the remaining Mortgaged PropertiesProperty.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders Lender until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First first Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First first Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000100,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth seventh of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 100,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 100,000 has been reduced below $15,000100,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.70% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 25,366.00 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 has been reduced below $15,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.705.60% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 has been reduced below $15,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.705.6% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 0 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First first Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First first Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,00025,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 25,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 25,000 has been reduced below $15,00025,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after After a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 25,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.703.75% and the Underwritten Net Cash Flow of all of the remaining Mortgaged PropertiesProperty.

Prepaid Rent Account. On or before the Closing Date, Lender shall on behalf of the Borrower establish and maintain with the Collection Account Bank an account for the remittance of prepaid Rent designated the Prepaid Rent Account (the “Prepaid Rent Account”) which shall be an Eligible Account and shall have the same title as Collection Account for the benefit of the Lenders until the Loan is paid in full. On the Closing Date, the initial Lender shall deposit out of the Loan proceeds $0.00 15,052.83 in the Prepaid Rent Account, which shall be an estimate of prepaid Rent held by Borrower. At least five (5) Business Days prior to the First Payment Date, Borrower will provide to Lender a certified prepaid rent roll in the form attached as Schedule 9 showing the amount of prepaid Rent held by Borrower, and the amount of the prepaid Rent deposited in the Prepaid Rent Account shall be adjusted accordingly on the First Payment Date, by a transfer of funds between the Collection Account and the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000, Lender shall deposit or cause to be deposited in the Prepaid Rent Account pursuant to clause sixth of Section 2.12(b) an amount equal to the positive difference, if any, between the amount indicated in the Monthly Statement and the amount then on deposit in the Prepaid Rent Account. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent exceeds $15,000 but is less than the amount then on deposit in the Prepaid Rent Account, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the positive difference between the amount on deposit in the Prepaid Rent Account and such amount contained in the most recent Monthly Statement to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. On any Payment Date as of which the most recent Monthly Statement indicates that the prepaid Rent which was previously in excess of $15,000 has been reduced below $15,000, the Lender shall withdraw from the Prepaid Rent Account and transfer to the Collection Account the entire amount of funds then on deposit in the Prepaid Rent Account to be applied together with the other collections from the Mortgaged Properties pursuant to Section 2.12(b) on such Payment Date. In the event of and after a release of a Mortgaged Property, all of the references above in this paragraph to $15,000 shall be adjusted to equal one-twelfth (1/12th) of the product of 7.705.60% and the Underwritten Net Cash Flow of all of the remaining Mortgaged Properties.