Rollover Reserve. (a) As additional security for the Debt, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect a rollover reserve (the “Rollover Reserve”) with Mortgagee for payment of costs and expenses incurred by Mortgagor in connection with the payment of tenant improvements (“Tenant Improvements”) and leasing commissions (“Leasing Commissions”) with respect to the Mortgaged Property and the cost to Mortgagor of rent abatements (“Future Rent Abatements”) with respect to the Mortgaged Property not otherwise reserved for pursuant to Section 5.5 of this Mortgage. Commencing on the first Payment Date under the Note and continuing on each Payment Date thereafter, Mortgagor shall pay to Mortgagee, in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, a deposit to the Rollover Reserve in an amount (the “Monthly Rollover Deposit”) equal to $7,269.42 per month until such time as the amount on deposit in the Rollover Reserve is equal to (a) prior to January 1, 2009, $200,000 (the “Initial Rollover Reserve Threshold”) or (b) on and after January 1, 2009, $400,000 (the “Increased Rollover Reserve Threshold”, and together with the Initial Rollover Reserve Threshold, the “Rollover Reserve Threshold”). In the event that the amount on deposit in the Rollover Reserve satisfies the applicable Rollover Reserve Threshold, but thereafter such amount on deposit in the Rollover Reserve falls below such Rollover Reserve Threshold, Borrower shall re-commence its payment of the Monthly Rollover Deposit until such time as the amount on deposit in the Rollover Reserve once again satisfies the applicable Rollover Reserve Threshold. Funds on deposit in the Rollover Reserve shall be held in interest bearing accounts of the type customarily maintained by Mortgagee or its servicing agent for similar reserves. All interest earned shall be retained by Mortgagee for the benefit of Mortgagor and shall be added to the balance of the Rollover Reserve.
Rollover Reserve. 3.5.1 For so long as an Event of Default is continuing, on the first Payment after the occurrence of such Event of Default, and on each Payment Date during the continuation of an Event of Default, Borrower shall pay to Lender for transfer into a Subaccount (the “Rollover Reserve Subaccount”) the sum of $16,800, subject to Section 3.12 below. All such funds may be used to pay Approved Leasing Expenses as set forth below. Lender shall refund to Borrower all amounts remaining on deposit in the Rollover Reserve Subaccount when such Event of Default has been cured and no other Event of Default has occurred and is continuing.
Rollover Reserve. (a) To the extent the Overstock Lease is no longer in effect, and Overstock no longer occupies the Property, then under such circumstances, Borrower shall pay to Lender an amount initially equal to $19,715.00 on each Payment Date. Lender will transfer such amount into a Subaccount (the “Rollover Reserve Subaccount”). Other than as set forth in Section 3.6.2 with respect to Lease Termination Payments from any Lease Sweep Tenant, Borrower shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrower. If Lender determines in its reasonable judgment that the funds in the Rollover Reserve Subaccount will be insufficient to pay the amounts due or to become due for Approved Leasing Expenses, Lender may increase the monthly contribution required to be made by Borrower to the Rollover Reserve Subaccount; provided, however, that Lender shall only increase the amount of such monthly contributions if the Overstock Lease has been terminated or if Lender reasonably determines that such increase is necessary to address unanticipated material changes after the date hereof in the anticipated tenant improvement costs and brokerage commissions for the Property (in which event such reassessment shall be limited to address only such issues) and any increase shall be based on an amount which is not greater than amounts necessary to pay such additional commercially reasonable expenses as estimated by Lender in its reasonable discretion taking into account amounts deposited into the Rollover Reserve Subaccount and, if applicable, the Special Rollover Reserve Subaccount.
Rollover Reserve. (a) Borrower shall deliver or cause to be delivered to Lender, as and when paid by any tenant, any payment or other cash consideration payable by such tenant in connection with the termination or surrender of such tenant’s Lease, which payment or other cash consideration is either (i) in excess of $50,000 or (ii) payable in connection with any Lease demising more than 2,500 rentable square feet of space at any Property (such amounts so delivered shall hereinafter be called the “Rollover Reserve Funds”), provided, however, in the event that the tenant fails to pay such termination payment as and when required by the terms of the applicable Lease, Borrower shall use commercially reasonable efforts to collect such payment from the applicable tenant. The account in which the Rollover Reserve Funds are held shall hereinafter be referred to as the “
Rollover Reserve. (a) Borrowers shall pay to Lender on each Payment Date during a Cash Management Period, $3,506.56, which equal to one-twelfth (1/12) of the product obtained by multiplying $0.35 by the aggregate number of rentable square feet of space in the Property. Lender will transfer such amount into a Subaccount (the “Rollover Reserve Subaccount”). Borrowers shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrowers (other than Major Lease Termination Payments, which shall be deposited into the Special Rollover Reserve Subaccount in accordance with Section 3.5.3 hereof).
Rollover Reserve. 3.6.2 Special Rollover Reserve 3.7 Intentionally Omitted
Rollover Reserve. (a) On December 31, 2018, Borrowers shall pay to Lender $105,000.00 (or such lesser amount reflecting the remaining tenant improvement allowance due and payable to Xxxx with respect to the Xxxx Office Space) on account of outstanding Approved Leasing Expenses with respect to the Xxxx Office Space, and Lender will transfer such amount into a Subaccount (the "Rollover Reserve Subaccount"); provided, however, that Borrowers shall not be required to make the foregoing payment if, on or before December 31, 2018, Borrowers have delivered to Lender evidence satisfactory to Lender in its reasonable discretion that the full amount of the tenant improvement allowance with respect to the Xxxx Office Space (i.e., $105,000.00) has been paid to Xxxx. Additionally, other than as set forth in Section 3.6.2 with respect to Lease Termination Payments from any Lease Sweep Tenant, Borrowers shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrowers.
Rollover Reserve. (a) Borrowers shall pay to Lender (i) $798,196.00 (the “Initial Rollover Deposit”) on the date hereof on account of outstanding Approved Leasing Expenses with respect to the Leases set forth on Schedule 20 hereto and (ii) on each Payment Date during a Cash Management Period, an amount initially equal to one-twelfth (1/12) of the product obtained by multiplying $201,575.83 by the aggregate number of rentable square feet of space in the Property. Lender will transfer such amount into a Subaccount (the “Rollover Reserve Subaccount”). Borrowers shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrowers (other than Major Lease Termination Payments, which shall be deposited into the Special Rollover Reserve Subaccount in accordance with Section 3.5.3 hereof).
Rollover Reserve. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
Rollover Reserve. (a) On the date hereof, Borrower shall deposit with Lender $14,238,933.81. Such amounts will be transferred by Lender to a Subaccount (the “Rollover Reserve Subaccount”).
