Property Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to establish and maintain an account (the “Property Account”) with Property Account Bank in trust for the benefit of Mortgage Lender, which Property Account shall be under the sole dominion and control of Mortgage Lender. Except as otherwise expressly set forth in the Mortgage Loan Agreement, Mortgage Lender and its servicer shall have the sole right to make withdrawals from the Property Account and all costs and expenses for establishing and maintaining the Property Account shall be paid by Mortgage Borrower.
(b) Borrower shall cause Mortgage Borrower to deliver irrevocable written instructions to all tenants under Leases to deliver all Rents payable thereunder directly to the Property Account. Borrower shall cause Mortgage Borrower and Manager to immediately deposit all amounts received by Mortgage Borrower or Manager constituting Rents into the Property Account.
(c) Borrower shall cause Mortgage Borrower to obtain from Property Account Bank its agreement to transfer to the Lockbox Account in immediately available funds by federal wire transfer all amounts on deposit in the Property Account once every Business Day during the existence of any Cash Management Period.
(d) The Property Account shall be an Eligible Account and shall not be commingled with other monies held by Mortgage Borrower or Property Account Bank.
(e) Borrower shall not permit or cause Mortgage Borrower to further pledge, assign or grant any security interest in the Property Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Mortgage Lender as the secured party, to be filed with respect thereto.
(f) In the event Mortgage Lender waives the requirement of Mortgage Borrower to maintain the Property Account or the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an account that would operate in the same way as the Property Account, provided that Lender has obtained written consent from the Mortgage Lender in the event the Mortgage Loan is still outstanding.
Property Account. (a) On or prior to the Closing Date, the Property Trustee shall establish the Property Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Property Account for the purpose of making deposits in and withdrawals from the Property Account in accordance with this Declaration. All monies and other property deposited or held from time to time in the Property Account shall be held by the Property Trustee in the Property Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.
(b) The Property Trustee shall deposit in the Property Account, promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Property Account shall not be invested by the Property Trustee pending distribution thereof.
Property Account. 19 Section 3.1. Property Account..............................................................19
Property Account. Operating expenses of the Property shall be paid by the Property Manager from an account established in a financial institution approved by Owner to process funds as described in Section 2.7 (the "Property Account")
Property Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to comply with all of its obligations under Section 3.1 of the Mortgage Loan Agreement, whether or not the Mortgage Loan Agreement continues to be in full force and effect between Mortgage Borrower and Mortgage Lender.
(b) Borrower hereby grants Lender all of the same rights which Mortgage Lender has with respect to the determination of Debt Service Coverage Ratio and the commencement or termination of an Excess Cash Flow Sweep Period, including, without limitation, the calculation of Cash Flow Threshold and Triggering Event, all such rights to be made by Lender in accordance with the provisions of the Mortgage Loan Agreement.
Property Account. Property Manager, on behalf of Owner, shall promptly deposit all Monthly Gross Collections from each Property in a single interest-bearing bank account in Owner's name at a federally-insured banking institution (such account hereinafter referred to as the "Property Account") in a manner to indicate the custodial nature thereof, such account to be the same account as referenced in the Other Agreement as the "Property Account". The funds in the Property Account shall not be commingled with any funds of Property Manager. The Property Account shall be used to pay for all obligations and expenditures necessarily incurred for and on account of the Owner in the management and operation of the Property in accordance with the Operating Plan and Section 3.2, including without limitation, insurance premiums, taxes, supplies, repairs, maintenance, mortgage payments, if any, improvements and such other expenses and obligations as have been provided for in this Agreement or the Operating Plan. All disbursements of funds shall be substantiated by appropriate records and accounting procedures. Owner shall be responsible for providing funds or causing funds to be provided necessary for the Property Account to meet, on a timely basis, the cash requirements for the proper operation of the Properties. Property Manager, from time to time as directed by Owner, shall (i) remit to Owner all cash in the Property Account and (ii) deliver to Owner true and correct copies of all records relating to the Property Account (all of which records are acknowledged to be Owner's property). Property Manager shall not be obligated to make any advance to or for the account of Owner or to pay any sums, except out of funds held in any account maintained under this Section 3.9, nor shall Property Manager be obligated to incur any liability or obligation for the account of Owner without assurance that the necessary funds for the discharge thereof will be provided.
Property Account. Development Manager also shall establish and maintain in a banking or other financial institution approved by Owner or set forth in the Business Plan from time to time throughout the Term of this Agreement, a separate bank or similar account in the name of Owner to process funds as described in Section 3.8 (the "Property Account"). Development Manager shall be entitled to make withdrawals from, or draw checks upon, the Property Account to pay operating expenses of the Property in accordance with the terms and conditions of this Agreement.
Property Account. Manager will maintain on behalf of Owner a checking account in the name of the Owner (the "Property Account") at a bank selected by Manager and approved by Owner. All income from the Property shall be collected by Manager and promptly deposited in the Property Account. In any instance where cash or cash equivalents shall be received by Manager, Manager shall hold such funds as trust funds for Owner, and shall promptly deposit such funds in the Property Account. At the request of Owner, Manager will cooperate in any reasonable control procedures for collections which Owner shall deem desirable. All disbursements made on behalf of the Property (except for xxxxx cash expenditures as hereinafter provided) and all distributions to Owner out of the Property Account shall be made by checks drawn on the Property Account. The Property Account and all funds on deposit therein shall at all times be deemed to be the property of Owner, subject, however, to the terms and conditions of this Agreement. The following expenses shall be paid out of the Property Account:
(i) payment of Debt Service (as defined in Subsection (f) hereof);
(ii) all costs associated with income collection efforts;
(iii) all operating expenses and capital expenditures associated with the Property including, without limitation, taxes, insurance, cleaning, maintenance, landscaping, if any, trash removal, snow and ice removal, capital improvements, supplies, and other expenses normally characterized as operating expenses;
(iv) costs incurred in connection with emergencies pursuant to Section 8 hereof;
(v) the fees payable to Manager and Asset Manager and expenses of Manager and Asset Manager to which either is entitled to reimbursement pursuant to Section 9 hereof; and
(vi) any other expense properly chargeable to the Property Account pursuant to the terms of this Agreement or as otherwise agreed between Owner and Manager. Manager shall use its best efforts to conduct its duties in accordance with the Operating Budget for the Property provided to Manager by Owner; provided, however, that if there are insufficient funds in the Property Account to pay all expenses associated with the management and operation of the Property, Manager shall so notify Owner promptly, and Owner shall immediately fund the Property Account to pay all such expenses.
Property Account. 7 QUORUM.......................................................................7
Property Account. (a) During the term of the Loan, Borrower shall exercise any rights it may have under the JV Agreement to cause Mortgage Borrower to establish and maintain any property accounts (a “Property Account”) required under the Mortgage Loan Documents and to comply with all provisions under the Mortgage Loan Documents relating thereto.
(b) Borrower shall exercise any rights it may have under the JV Agreement to not permit or cause Mortgage Borrower to further pledge, assign or grant any security interest in the Property Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Mortgage Lender as the secured party, to be filed with respect thereto.
