Release of Individual Reserve Account after Full Performance of Reserve Items. Lender shall disburse to Borrower all unapplied funds remaining in the Immediate Repair Escrow Account upon receipt of evidence satisfactory to Lender that (i) Borrower has completed, in the manner required by this Loan Agreement, all Reserve Items to be funded by such Reserve Account, and (ii) no Liens exist against the Property with respect to such Reserve Items. Lender shall not be obligated to make any such disbursement when an Event of Default exists, and in such case, Lender may deduct from such final disbursement all outstanding amounts then due and unpaid to Lender under the Loan Documents.
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Samples: Loan Agreement (Cole Credit Property Trust V, Inc.), Loan Agreement (Cole Credit Property Trust V, Inc.)
Release of Individual Reserve Account after Full Performance of Reserve Items. Lender shall disburse to Borrower all unapplied funds remaining in the Immediate Repair Escrow Account upon receipt of evidence satisfactory to Lender that (i) Borrower has completed, in the manner required by this Loan Agreement, all Reserve Items to be funded by such Reserve Account, and (ii) no Liens exist against the Property with respect to such Reserve Items. Lender shall not be obligated to make any such disbursement when an Event of Default exists, and in such case, Lender may deduct from any such final disbursement all outstanding amounts then due and unpaid to Lender under the Loan Documents.
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Samples: Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Release of Individual Reserve Account after Full Performance of Reserve Items. Lender shall disburse to Borrower all unapplied funds remaining in the Immediate Repair Escrow Account upon receipt of evidence satisfactory to Lender that (i) Borrower has completed, in the manner required by this Loan Agreement, all Reserve Items to be funded by such Reserve Account, and (ii) no Liens exist against the Property with respect to such Reserve Items. Lender shall not be obligated to make any such disbursement when an Event of Default exists, and in such case, Lender may deduct from such final disbursement all outstanding amounts then due and unpaid to Lender under the Loan Documents.
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