KBS Member Sample Clauses

KBS Member. KBS Member shall commit to contribute to the capital of the Company, in cash, as follows: (i) concurrently with the execution and delivery of this Agreement, an amount equal to 90% of the initial equity necessary to fund the Purchase Deposit (i.e., $2,700,000.00); (ii) at or prior to the Property Closing, an amount equal to 90% of the equity necessary to consummate the Property Closing, acquire the Project and capitalize the Company as set forth in the sources and uses schedule attached hereto as Exhibit F; and (iii) within ten (10) Business Days after demand from Managing Member, an amount equal to the product of the KBS Member’s Percentage Interest and the equity needed to complete the Renovations as set forth in the Renovation Budget or to comply with the requirement to make improvements to the Property as set forth in the Mortgage Loan.

KBS Member. Manager acknowledges that, as an affiliate of one or more members of Owner, Manager has knowledge of the terms and conditions of the Venture’s Operating Agreement, including without limitation the requirements for obtaining the consent or approval of the KBS Member for certain decisions as set forth in the Venture’s Operating Agreement, and the rights of the KBS Member to terminate this Agreement in certain circumstances. Neither Owner nor Manager will act on any matter requiring the consent or approval of the KBS Member under the Venture’s Operating Agreement without first obtaining the consent or approval of the KBS Member in accordance with the Venture’s Operating Agreement. The KBS Member, for so long as it is a member of the Venture, is expressly made and designated a third party beneficiary of this Agreement with respect to the rights provided to the KBS Member under this Agreement.