Examples of Leasing Reserve Account in a sentence
In addition, Borrower shall deposit with Lender into the Leasing Reserve Account (i) on each Scheduled Payment Date, the applicable TI/LC Monthly Deposit and (ii) any sum or termination fee payable to Borrower in connection with any early termination of a Lease at the Property (the “Termination Fee Deposit”) on the date of Borrower’s receipt thereof.
All Lease Termination Payments shall be deposited in the Leasing Reserve Account with and held by Lender for tenant improvement and leasing commission obligations incurred in connection with the re-leasing of the space demised under the related Lease.
Upon the cure of the applicable Trigger Period and provided that no other Trigger Period shall then exist, amounts in the Leasing Reserve Account shall be disbursed to the Restricted Account on the next Monthly Payment Date.
In addition, Borrower shall deposit in the Leasing Reserve Account, any early termination fee or payment or other termination fee or payment paid by any Tenant under a Major Lease at an Individual Continental Property to Borrower pursuant to Section 4.14(d) hereof.
The Leasing Reserve Account shall be deemed a “Reserve Account” for all purposes hereunder and under the other Loan Documents.