Common use of Release of Ground Rent Funds Clause in Contracts

Release of Ground Rent Funds. Provided no Event of Default has occurred and is continuing, Lender shall direct Servicer to disburse Ground Rent Funds on deposit in the Ground Rent Account to Borrower for payment of Ground Rent within five (5) days after the delivery of Borrower to Lender of a request therefor (which request shall be delivered no earlier than ten (10) days prior to the date on which same is due), provided that Borrower has previously or concurrently provided Lender with proof satisfactory to Lender that all previous disbursements of Ground Rent Funds were used solely to pay the Ground Rent for which such disbursements were made. Notwithstanding the foregoing proviso, Borrower shall furnish Lender with all bills, invoices and statements for the Ground Rent promptly after Borrower’s receipt thereof. If the amount of the Ground Rent Funds shall exceed the amounts due for Ground Rent, Lender shall, in its sole discretion, either (a) return any excess to Borrower or (b) credit such excess against future payments to be made to the Ground Rent Funds. Any Ground Rent Funds remaining after the Obligations have been paid in full shall be returned to Borrower. In addition to the foregoing, to the extent that any Individual Property or Properties has been released from the Lien under the Loan Documents in accordance with the terms hereof, the Ground Rent Funds, if any, which relate to such released Individual Property or Properties shall promptly be released from the Ground Rent Funds to Borrower.

Release of Ground Rent Funds. Provided no Event of Default Enforcement has occurred and is continuing, Lender shall direct Servicer to disburse Ground Rent Funds on deposit in the Ground Rent Account to Borrower for payment of Ground Rent within five (5) days after the delivery of Borrower to Lender of a request therefor (which request shall be delivered no earlier than ten (10) days prior to the date on which same is due), provided that Borrower has previously or concurrently provided Lender with proof satisfactory to Lender that all previous disbursements of Ground Rent Funds were used solely to pay the Ground Rent for which such disbursements were made. Notwithstanding the foregoing proviso, Borrower shall furnish Lender with all bills, invoices and statements for the Ground Rent promptly after Borrower’s receipt thereof. If Provided no Event of Default or Mezzanine Loan Default exists, if the amount of the Ground Rent Funds shall exceed the amounts due for Ground Rent, Lender shall, in its sole discretion, either (a) return any excess to Borrower or (b) credit such excess against future payments to be made to the Ground Rent Funds. Any Ground Rent Funds remaining after the Obligations have been paid in full or when a Trigger Period is no longer continuing shall be returned to Borrower. In addition to the foregoing, to the extent that any Individual Property or Properties has been released from the Lien under the Loan Documents in accordance with the terms hereof, the Ground Rent Funds, if any, which relate to such released Individual Property or Properties shall promptly be released from the Ground Rent Funds to Borrower.

Release of Ground Rent Funds. Provided no Event of Default Enforcement has occurred and is continuing, Lender shall direct Servicer to disburse Ground Rent Funds on deposit in the Ground Rent Account to Borrower for payment of Ground Rent within five (5) days after the delivery of Borrower to Lender of a request therefor (which request shall be delivered no earlier than ten (10) days prior to the date on which same is due), provided that Borrower has previously or concurrently provided Lender with proof satisfactory to Lender that all previous disbursements of Ground Rent Funds were used solely to pay the Ground Rent for which such disbursements were made. Notwithstanding the foregoing proviso, Borrower shall furnish Lender with all bills, invoices and statements for the Ground Rent promptly after Borrower’s receipt thereof. If the amount of the Ground Rent Funds shall exceed the amounts due for Ground Rent, Lender shall, in its sole discretion, either (a) return any excess to Borrower or (b) credit such excess against future payments to be made to the Ground Rent Funds. Any Ground Rent Funds remaining after the Obligations have been paid in full or when a Trigger Period is no longer continuing shall be returned to Borrower. In addition to the foregoing, to the extent that any Individual Property or Properties has been released from the Lien under the Loan Documents in accordance with the terms hereof, the Ground Rent Funds, if any, which relate to such released Individual Property or Properties shall promptly be released from the Ground Rent Funds to Borrower.