Common use of Withdrawal of Rollover Reserve Funds Clause in Contracts

Withdrawal of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its commercially reasonable discretion, except that Lender’s approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 per square foot. Lender shall make disbursements as requested by Borrower on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee shall be applied first to tenant improvement and leasing commission obligations incurred in connection with the reletting of the space for which such Lease Termination Fee was paid pursuant to a Lease approved by Lender in accordance with the provisions of this Agreement, and any remaining portion of such Lease Termination Fee shall be released to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to Lender.

Withdrawal of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its commercially reasonable sole discretion, except that Lender’s approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 per square foot. Lender shall make disbursements as requested by Borrower (or by Property Manager on behalf of Borrower) on a monthly quarterly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s 's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s 's expense prior to making a monthly quarterly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee In no event shall Lender be required to disburse Rollover Reserve Funds in excess of $15.00 per square foot for tenant improvements unless Lender, in its sole discretion, agrees to make a disbursement in excess of such amount. Additionally, disbursements of Rollover Reserve Funds for leasing commissions shall be applied first to tenant improvement limited as follows: (a) four percent (4%) of base rent for new Leases that are not co-brokered; (b) two percent (2%) of base rent for Lease expansions, extensions and leasing renewals that are not co-brokered; and (c) six percent (6%) of base rent for Leases that are co-brokered (provided the commission obligations incurred in connection is shared with the reletting of the space for which such Lease Termination Fee was paid pursuant to a Lease approved by Lender in accordance with the provisions of this Agreement, and any remaining portion of such Lease Termination Fee shall be released to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to Lenderco-broker).

Withdrawal of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its commercially reasonable discretion, except that Lender’s 's approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section SECTION 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 22.00 per square foot. Lender shall make disbursements as requested by Borrower (or by Property Manager on behalf of Borrower) on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s 's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s 's expense prior to making a monthly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee Additionally, disbursements of Rollover Reserve Funds for leasing commissions shall be applied first to tenant improvement limited as follows: (a) four percent (4%) of base rent for new Leases that are not co-brokered; (b) two percent (2%) of base rent for Lease expansions, extensions and leasing renewals that are not co-brokered; and (c) six percent (6%) of base rent for Leases that are co-brokered (provided the commission obligations incurred in connection is shared with the reletting of the space for which such Lease Termination Fee was paid pursuant to a Lease approved by Lender in accordance with the provisions of this Agreement, and any remaining portion of such Lease Termination Fee shall be released to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to Lenderco-broker).

Withdrawal of Rollover Reserve Funds. In the event Disney fails to renew any of the Lease Segments, Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by BorrowerBorrower and associated with re-leasing the related space not renewed. All such expenses shall be approved by Lender in its commercially reasonable discretion, except that Lender’s 's approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section SECTION 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 22.00 per square foot. Lender shall make disbursements as requested by Borrower (or by Property Manager on behalf of Borrower) on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s 's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s 's expense prior to making a monthly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee Disbursements of Rollover Reserve Funds for leasing commissions shall be applied first to tenant improvement limited as follows: (a) four percent (4%) of base rent for new Leases that are not co-brokered; (b) two 75 percent (2%) of base rent for Lease expansions, extensions and leasing renewals that are not co-brokered; and (c) six percent (6%) of base rent for Leases that are co-brokered (provided the commission obligations incurred in connection is shared with the reletting of the space for which such Lease Termination Fee was paid pursuant to a Lease approved by Lender in accordance with the provisions of this Agreement, and any remaining portion of such Lease Termination Fee shall be released to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to Lenderco-broker).

Withdrawal of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its commercially reasonable sole discretion, except that Lender’s approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 per square foot. Lender shall make disbursements as requested by Borrower (or by Property Manager on behalf of Borrower) on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s 's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s 's expense prior to making a monthly quarterly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee In no event shall Lender be required to disburse Rollover Reserve Funds in excess of $15.00 per square foot for tenant improvements unless Lender, in its sole discretion, agrees to make a disbursement in excess of such amount. Additionally, disbursements of Rollover Reserve Funds for leasing commissions shall be applied first to tenant improvement limited as follows: (a) four percent (4%) of base rent for new Leases that are not co-brokered; (b) two percent (2%) of base rent for Lease expansions, extensions and leasing renewals that are not co-brokered; and (c) six percent (6%) of base rent for Leases that are co-brokered (provided the commission obligations incurred in connection is shared with the reletting of the space for which such Lease Termination Fee was paid pursuant to a Lease approved by Lender in accordance with the provisions of this Agreement, and any remaining portion of such Lease Termination Fee shall be released to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to Lenderco-broker).

Withdrawal of Rollover Reserve Funds. Except as set forth in the last sentence of this SECTION 7.4.2, Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its commercially reasonable sole discretion, except that Lender’s approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 per square foot. Lender shall make disbursements as requested by Borrower (or by Property Manager on behalf of Borrower) on a monthly quarterly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s 's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s 's expense prior to making a monthly quarterly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee In no event shall Lender be required to disburse Rollover Reserve Funds in excess of $15.00 per square foot for tenant improvements unless Lender, in its sole discretion, agrees to make a disbursement in excess of such amount. Additionally, disbursements of Rollover Reserve Funds for leasing commissions shall be applied first limited as follows: (a) four percent (4%) of base rent for new Leases that are not co-brokered; (b) two percent (2%) of base rent for Lease expansions, extensions and renewals that are not co- brokered; and (c) six percent (6%) of base rent for Leases that are co-brokered (provided the commission is shared with such co-broker). Lender shall also disburse up to tenant improvement and leasing commission obligations incurred $300,000 from the initial deposit to the Rollover Reserve Fund for Required Repairs in connection with the reletting of same manner as disbursements from the space for which such Lease Termination Fee was paid Required Repair Fund pursuant to a Lease approved by Lender in accordance with the provisions of this Agreement, and any remaining portion of such Lease Termination Fee shall be released to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to LenderSECTION 7.1.2 above.

Withdrawal of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower, provided that the Initial Rollover Deposit shall be used solely for new leases acceptable to Lender for the 103,470 square feet of St. Paul Fire and Marine space that is currently master leased to Rice Paxx Xssociates, LLC (the "ST. PAUL SPACE"). All such expenses shall be approved by Lender in its commercially coxxxxcially reasonable discretion, except that Lender’s 's approval of such expenses shall not be required (a) if Lender has separately approved (but was not deemed to have approved) the related Lease in accordance with the provisions of Section SECTION 5.1.20 of this Agreement or (b) with respect to tenant improvement expenses that are less than $25.00 22.00 per square foot. Lender shall make disbursements as requested by Borrower (or by Property Manager on behalf of Borrower) on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s 's standard form of draw request accompanied by copies of paid invoices for the amounts requested and, if required by Lender, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s 's expense prior to making a monthly disbursement in order to verify completion of improvements for which reimbursement is sought. Any Lease Termination Fee Additionally, disbursements of Rollover Reserve Funds for leasing commissions shall be applied first limited as follows: (a) four percent (4%) of base rent for new Leases that are not co-brokered; (b) two percent (2%) of base rent for Lease expansions, extensions and renewals that are not co-brokered; and (c) six percent (6%) of base rent for Leases that are co-brokered (provided the commission is shared with such co-broker). The amount of the Initial Deposit remaining on deposit with Lender is not required to exceed $43.50 per square foot of St. Paul Space that remains unleased. Accordingly, after the payment of axx xelated tenant improvement and leasing commission obligations incurred in connection with by Borrower for the reletting leasing of any portion of the space for which such Lease Termination Fee was paid pursuant to a Lease approved by Lender in accordance with the provisions of this AgreementSt. Paul Space, and any remaining excess portion of such Lease Termination Fee the Initial Deposit which exceeds $00.00 per square foot of unleased St. Paul Space shall be released disbursed to Borrower provided that no Event of Default exists and Lender shall have received a tenant estoppel certificate in form and substance reasonably satisfactory to LenderBorrower.