Tenant Improvement and Leasing Commission Reserve. If required by Mortgagee, Mortgagor shall enter into a Tenant Improvement and Leasing Commission Agreement which shall require Mortgagor to pay to Mortgagee on the first day of each calendar month deposits for tenant improvements and leasing commissions in amounts determined by Mortgagee in its sole discretion, for payment of costs and expenses incurred by Mortgagor in connection with the performance of work to refit and release space in the Improvements that is currently vacant or anticipated to be vacated during the term of the Loan, and for payment of leasing commissions incurred by Mortgagor in connection with the releasing of space in the Improvements that is currently vacant or anticipated to be vacated during the term of the Loan (the "TENANT IMPROVEMENT AND LEASING COMMISSION RESERVE FUND"), all according to the Tenant Improvement and Leasing Commission Agreement. Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing under this Mortgage or any of the Loan Documents beyond any applicable notice or cure period and no condition or event exists which with notice, the passage or time, or both, would constitute an Event of Default under this Mortgage or any of the Loan Documents, then Mortgagee will not require Mortagor to make the deposits referred to in this subsection (c). In the event Mortgagor is hereafter required to make the deposits referred to in this subsection (c) on account of Mortgagor's failure to satisfy all of the requirements of the preceding sentence, Mortgagor agrees at Mortgagor's sole cost and expense, upon request thereafter of Mortgagee, to promptly execute and deliver to Mortgagee a written agreement for the making of such deposits in the future.
Tenant Improvement and Leasing Commission Reserve. 12 Tenant Improvement and Leasing Commission Reserve Fund.......................................................12
Tenant Improvement and Leasing Commission Reserve. If required by Mortgagee, Mortgagor shall enter into a Tenant Improvement and Leasing Commission Agreement which shall require Mortgagor to pay to Mortgagee on the first day of each calendar month deposits for tenant improvements and leasing commissions in amounts reasonably determined by Mortgagee in its sole discretion, for payment of costs and expenses incurred by Mortgagor in connection with the performance of work to refit and release space in the Improvements that is currently vacant or anticipated to be vacated during the term of the Loan, and for payment of leasing commissions incurred by Mortgagor in connection with the releasing of space in the Improvements that is currently vacant or anticipated to be vacated during the term of the Loan (the "Tenant Improvement and Leasing Commission Reserve Fund"), all according to the Tenant Improvement and Leasing Commission Agreement. Notwithstanding the foregoing provisions of this clause (c), Mortgagor shall not be required to create and maintain a reserve fund for tenant improvements and leasing commissions as long as all of the following conditions are satisfied:
Tenant Improvement and Leasing Commission Reserve. (a) Borrower shall pay to Lender on each Payment Date $250,000 (the “Tenant Improvement and Leasing Commission Reserve Monthly Deposit”) which is the amount estimated by Lender in its sole discretion to be used for tenant improvements and leasing commissions during the succeeding calendar year. Amounts so deposited shall hereinafter be referred to as Borrower’s “
Tenant Improvement and Leasing Commission Reserve. (a) Borrower shall pay to Lender on each Payment Date $65,000 (the “
Tenant Improvement and Leasing Commission Reserve. Trustor and Beneficiary have entered into that certain Tenant Improvement and Leasing Commission Agreement which requires Trustor to pay to Beneficiary on the first day of each calendar month deposits for tenant improvements and leasing commissions in amounts set forth therein for payment of costs and expenses incurred by Trustor in connection with the performance of work to refit and release rentable space in the improvements constituting a part of any of the Collateral Properties (hereinafter defined) that is currently vacant or anticipated to be vacated during the term of the Crossed Loans (hereinafter defined), and for payment of leasing commissions incurred by Trustor in connection with the releasing of space in any such improvements that is currently vacant or anticipated to be vacated during the term of the Crossed Loans (the "Tenant Improvement and Leasing Commission Reserve Fund"), all according to the Tenant Improvement and Leasing Commission Agreement.
Tenant Improvement and Leasing Commission Reserve. Prior to funding of the Loan, Mortgagor shall enter into a Tenant Improvement and Leasing Commission Agreement (the "TI Agreement") which shall require Mortgagor to deposit the proceeds of the Loan into a certain reserve account (the “Tenant Improvement and Leasing Commission Reserve Fund“) to be used for tenant improvements and leasing commissions, all as more fully set forth in the TI Agreement. Loan No. 526618:11
Tenant Improvement and Leasing Commission Reserve. The Borrower will be required to deposit $6,517,661 into a reserve to be used for future tenant improvements and leasing commissions at the Property. In addition, the Borrower will be required to deposit $4,247,235 into the Tenant Improvement and Leasing Commission Reserve for outstanding landlord obligations due to Network Solutions, as well as any other outstanding landlord obligations. Such amount deposited for outstanding landlord obligations shall be recalculated prior to closing, taking into account any amounts that may have been paid to such tenant prior to closing.
Tenant Improvement and Leasing Commission Reserve. Lender shall invest or cause to be invested the Tenant Improvement and Leasing Commission Reserve Fund, as received, in highly liquid, short-term U.S. government securities (the "Tenant Improvement and Leasing Commission Reserve") selected by Lender with any interest and gains in investment value accruing thereon to Borrower's benefit. Borrower hereby acknowledges and confirms that (a) the Tenant Improvement and Leasing Commission Reserve Fund shall not constitute a trust fund (and, if deposited in Lender's name, such funds may be commingled with other monies held by Lender, but, if held in the name of Borrower, such funds shall not be commingled with any other monies held by Borrower), and (b) Lender or its designee shall have the sole right to make or approve withdrawals from the Tenant Improvement and Leasing Commission Reserve.
Tenant Improvement and Leasing Commission Reserve. If required by Mortgagee, Mortgagor shall enter into a Tenant Improvement and Leasing Commission Agreement which shall require Mortgagor to pay to Mortgagee on the first day of each calendar month deposits for tenant improvements and leasing commissions in amounts determined by Mortgagee in its sole discretion, for payment of costs and expenses incurred by Mortgagor in connection with the performance of work to refit and release space in the Improvements that is currently vacant or anticipated to be vacated during the term of the Loan, and for payment of leasing commissions incurred by Mortgagor in connection with the releasing of space in the Improvements that is currently vacant or anticipated to be vacated during the term of the Loan (the "Tenant Improvement and Leasing Commission Reserve Fund"), all according to the Tenant Improvement and Leasing Commission Agreement.
