Common use of Release of Ground Lease Reserve Fund Clause in Contracts

Release of Ground Lease Reserve Fund. Lender shall have the right to apply, and shall apply, amounts in the Ground Lease Reserve Fund to the payment of the Ground Rent. In making any payment relating to the Ground Rent, Lender may do so according to any xxxx, statement or estimate procured from the Ground Lessor under each Ground Lease, without inquiry into the accuracy of such xxxx, statement or estimate or other evidence of such amounts as provided by Borrower and reasonably acceptable to Lender. Upon the reasonable request of Borrower, Lender shall deliver to Borrower a copy of any such xxxx, statement or estimate (provided that any failure by Lender to deliver any such xxxx, statement or estimate shall not constitute a default hereunder). If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under each Ground Lease for the immediately succeeding twelve (12) months as determined by Lender, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Ground Lease Reserve Fund. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full shall be returned to Borrower. In the event any Individual Property that is subject to a Ground Lease is released in accordance with the terms and provisions of this Agreement, effective upon the Payment Date immediately following the date of such release, (x) Lender shall reduce the Ground Lease Reserve Deposit by an amount equal to the Ground Rent attributable to such Individual Property and (y) all sums on deposit in the Ground Lease Reserve Fund relating to the released Ground Lease Property shall be credited toward future payments into the Ground Lease Reserve Fund. If at any time Lender reasonably determines that the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall provide written notice to Borrower of such determination and Borrower, commencing with the first Payment Date following receipt of notice, shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground Rent

Release of Ground Lease Reserve Fund. If such Ground Lease Reserve Fund is required, Lender shall have the right to apply, and shall apply, apply amounts in the Ground Lease Reserve Fund to the payment of the Ground Rent. In making any payment relating to the Ground Rent, Lender may shall do so according to the terms of the Ground Lease or any xxxxbxxx, statement or estimate procured from the Ground Lessor lessor under each the Ground Lease, and may do so without inquiry into the accuracy of such xxxxbxxx, statement or estimate or other evidence of such amounts as provided by Borrower and reasonably acceptable to Lender. Upon the reasonable request of Borrower, Lender shall deliver to Borrower a copy of any such xxxx, statement or estimate (provided that any failure by Lender to deliver any such xxxx, statement or estimate shall not constitute a default hereunder)estimate. If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under each the Ground Lease for the immediately succeeding twelve (12) months as determined by Lender, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Ground Lease Reserve Fund. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full shall be returned to Borrower. In the event any Individual Property that is subject to a Ground Lease is released in accordance with the terms and provisions of this Agreement, effective upon the Payment Date immediately following the date of such release, (x) Lender shall reduce the Ground Lease Reserve Deposit by an amount equal to the Ground Rent attributable to such Individual Property and (y) all sums on deposit in the Ground Lease Reserve Fund relating to the released Ground Lease Property shall be credited toward future payments into the Ground Lease Reserve Fund. If at any time Lender reasonably determines that the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall provide written notice to notify Borrower of such determination and Borrower, commencing with the first Payment Date following receipt of notice, Borrower shall increase its monthly payments to Lender by the amount that Lender reasonably estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground Rent. If a Ground Lease Reserve Fund is required pursuant to this Section 7.4 and provided that there are sufficient funds on deposit in the Ground Lease Reserve Account, Lender shall be responsible for any late fees, penalties or interest resulting from Lender’s failure to apply amounts on deposit in the Ground Lease Reserve Account to the payment of Ground Rent on or before the date due under the Ground Lease.

Release of Ground Lease Reserve Fund. Lender shall have the right to apply, and shall apply, apply amounts in the Ground Lease Reserve Fund to the payment of the Ground Rent. In making any payment relating to the Ground Rent, Lender may do so according to any xxxx, statement or estimate procured from the Ground Lessor under each the Ground Lease, without inquiry into the accuracy of such xxxx, statement or estimate or other evidence of such amounts as provided by Borrower and reasonably acceptable to Lender. Upon the reasonable request of Borrower, Lender shall deliver to Borrower a copy of any such xxxx, statement or estimate (provided that any failure by Lender to deliver any such xxxx, statement or estimate shall not constitute a default hereunder)estimate. If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under each the Ground Lease for the immediately succeeding twelve (12) months as determined by Lender, Lender shall, in its sole discretion, shall return any excess to Borrower or credit such excess against future payments to be made to the Ground Lease Reserve FundBorrower. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full shall be returned to Borrower. In or after the event any Individual Ground Leased Property that is subject to a Ground Lease is has been released in accordance with the terms and provisions of this Agreementhereunder, effective upon the Payment Date immediately following the date of such release, shall be returned (x) Lender shall reduce in the Ground Lease Reserve Deposit by an amount equal event that only one Mezzanine Loan is outstanding, to the Ground Rent attributable related Mezzanine Lender to such Individual Property and be applied in accordance with the applicable Mezzanine Loan Agreement, (y) all sums on deposit in the Ground Lease Reserve Fund relating event that more than one Mezzanine Loan is outstanding, to the released Ground Lease Property shall most senior Mezzanine Lender to be credited toward future payments into applied in accordance with the Ground Lease Reserve Fundapplicable Mezzanine Loan Agreement, or (z) in the event that no Mezzanine Loan is outstanding, to Borrower. If at any time Lender reasonably determines that the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall provide written notice to Borrower of such determination and Borrower, commencing with the first Payment Date following receipt of such notice, shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground Rent.

Release of Ground Lease Reserve Fund. Lender shall have the right to apply, and shall apply, apply amounts in the Ground Lease Reserve Fund to the payment of the Ground RentRent on or prior to the date such payments are due and, upon written request, shall provide to Borrower evidence of such payment. In making any payment relating to the Ground Rent, Lender may do so according to any xxxxbill, statement or estimate procured from the Ground Lessor under each the Ground Lease, without inquiry into the accuracy of such xxxxbill, statement or estimate or other evidence of such amounts as provided by Borrower and reasonably acceptable to Lender. Upon the reasonable request of Borrower, Lender shall deliver to Borrower a copy of any such xxxx, statement or estimate (provided that any failure by Lender to deliver any such xxxx, statement or estimate shall not constitute a default hereunder)estimate. If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under each the Ground Lease for the immediately succeeding twelve (12) months as determined by LenderXxxxxx, Lender shall, in its sole discretion, shall return any excess to Borrower or credit such excess against future payments to be made to the Ground Lease Reserve FundBorrower. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full shall be returned to Borrower. In the event any Individual Property that is subject to a Ground Lease is released in accordance with the terms and provisions of this Agreement, effective upon the Payment Date immediately following the date of such release, (x) Lender shall reduce the Ground Lease Reserve Deposit by an amount equal to the Ground Rent attributable to such Individual Property and (y) all sums on deposit Any amounts remaining in the Ground Lease Reserve Fund relating after a Ground Leased Property has been released from the Lien of the related Mortgage in accordance with Section 2.6 hereof and which are allocated for Ground Rent with respect to the such released Ground Lease Property shall be credited toward future payments into the Ground Lease Reserve Fundreturned to Borrower. If at any time Lender reasonably determines that 178 the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall provide written notice to Borrower of such determination and Borrower, commencing with the first Payment Date occurring not less than five (5) days following receipt of such notice, shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground Rent.

Release of Ground Lease Reserve Fund. Lender shall have the right to apply, and shall apply, amounts in the Ground Lease Reserve Fund to the payment of the Ground Rent. In making any payment relating to the Ground Rent, Lender may do so according to any xxxx, statement or estimate procured from the Ground Lessor under each Ground Lease, without inquiry into the accuracy of such xxxx, statement or estimate or other evidence of such amounts as provided by Borrower and reasonably acceptable to Lender. Upon the reasonable request of Borrower, Lender shall deliver to Borrower a copy of any such xxxx, statement or estimate (provided that any failure by Lender to deliver any such xxxx, statement or estimate shall not constitute a default hereunder). If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under each Ground Lease for the immediately succeeding twelve (12) months as determined by Lender, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Ground Lease Reserve Fund. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full shall be returned to Borrower. In the event any Individual Property that is subject to a Ground Lease is released in accordance with the terms and provisions of this Agreement, effective upon the Payment Date immediately following the date of such release, (x) Lender shall reduce the Ground Lease Reserve Deposit by an amount equal to the Ground Rent attributable to such Individual Property and (y) all sums on deposit in the Ground Lease Reserve Fund relating to the released Ground Lease Property shall be credited toward future payments into the Ground Lease Reserve Fund. If at any time Lender reasonably determines that the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall provide written notice to Borrower of such determination and Borrower, commencing with the first Payment Date following receipt of notice, shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground Rent.