Common use of Tenant Improvement and Leasing Commission Reserve Clause in Contracts

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. 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 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 Loan No. 6518217 promptly execute and deliver to Mortgagee a written agreement for the making of such deposits in the future.

Tenant Improvement and Leasing Commission Reserve. If required by MortgageeGrantee, Mortgagor Grantor shall enter into a Tenant Improvement and Leasing Commission Agreement which shall require Mortgagor Grantor to pay to Mortgagee Grantee on the first day of each calendar month deposits for tenant improvements and leasing commissions in amounts determined by Mortgagee Grantee in its sole discretion, for payment of costs and expenses incurred by Mortgagor Grantor 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 Grantor 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 Deed to Secure Debt 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 Deed to Secure Debt or any of the Loan Documents, then Mortgagee Grantee will not require Mortagor Grantor to make the deposits referred to in this subsection (c). In the event Mortgagor Grantor is hereafter required to make the deposits referred to in this subsection (c) on account of MortgagorGrantor's failure to satisfy all of the requirements of the preceding sentence, Mortgagor Grantor agrees at MortgagorGrantor's sole cost and expense, upon request thereafter of MortgageeGrantee, to promptly execute and deliver to Mortgagee Grantee a written agreement for the making of such deposits in the future.

Tenant Improvement and Leasing Commission Reserve. If required by MortgageeBeneficiary, Mortgagor Trustor shall enter into a Tenant Improvement and Leasing Commission Agreement which shall require Mortgagor Trustor to pay to Mortgagee Beneficiary on the first day of each calendar month deposits for tenant improvements and leasing commissions in amounts determined by Mortgagee Beneficiary in its sole discretion, for payment of costs and expenses incurred by Mortgagor Trustor 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 Trustor 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 Deed of Trust 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 Deed of Trust or any of the Loan Documents, then Mortgagee Beneficiary will not require Mortagor Trustor to make the deposits referred to in this subsection (c). In the event Mortgagor Trustor is hereafter required to make the deposits referred to in this subsection (c) on account of MortgagorTrustor's failure to satisfy all of the requirements of the preceding sentence, Mortgagor Trustor agrees at MortgagorTrustor's sole cost and expense, upon request thereafter of MortgageeBeneficiary, to promptly execute and deliver to Mortgagee Beneficiary a written agreement for the making of such deposits in the future.

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 - 13 - Loan No. 6518370 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.