Examples of Ground Rent in a sentence
If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under the Ground Lease for the immediately succeeding twelve (12) months as determined by Xxxxxx, Lender shall return any excess to Borrower.
Lender shall apply amounts in the Ground Lease Reserve Fund to the payment of the Ground Rent on or prior to the date such payments are due and, upon written request, shall provide to Borrower evidence of such payment.
Any amounts remaining in the Ground Lease Reserve Fund after a Ground Leased Property has been released from the Lien of the related Mortgage in accordance with Section 2.6 hereof and which are allocated for Ground Rent with respect to such released Ground Lease Property shall be returned to Borrower.
In making any payment relating to the Ground Rent, Lender may do so according to any bill, statement or estimate procured from the Ground Lessor under the Ground Lease, without inquiry into the accuracy of such bill, statement or estimate.
Subject to the last sentence of Section 7.1.2, on each Payment Date during a Cash Sweep Period, Borrower shall pay to Lender one-twelfth of the rents (including both base rent and additional rents (excluding any Taxes otherwise reserved for hereunder)) (collectively, the “Ground Rent”) due from Borrower under the Ground Lease during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the respective due dates.