Leasing Reserve Sample Clauses

Leasing Reserve. As additional security for the Debt, Xxxxxxxxx shall establish and maintain at all times while this Mortgage continues in effect a reserve (the “Leasing Reserve”) with Mortgagee, and with respect thereto, hereby grants Mortgagee a security interest therein, for payment of leasing commissions not exceeding the then current market rate and tenant improvement costs or allowances therefor incurred by Mortgagor in connection with re-leasing the Property pursuant to extensions of Leases or new Leases approved, or deemed approved, by Mortgagee and otherwise meeting the terms and conditions set forth in this section (collectively, the “Leasing Costs”). On even date herewith, Xxxxxxxx has paid $235,000 into the Leasing Reserve by depositing such amount with Mortgagee. Mortgagee shall make disbursements from the Leasing Reserve for Leasing Costs incurred by Mortgagor with respect to new leases and renewal leases of space at the Property, provided that (i) no Event of Default exists under the Loan Documents; (ii) no more than the amount paid or incurred by Xxxxxxxxx in performing such Leasing Costs shall be reimbursed; (iii) Leasing Costs which consist of commissions payable to brokers shall not be affiliated with Mortgagor (other than HSA Commercial, Inc.); (iv) shall have been paid by Mortgagor and in any event shall not be reimbursed at a rate greater than the then-current market rate; and (v) funds shall be disbursed only with respect to space for which there is a fully executed lease with a tenant acceptable to Mortgagee, which Lease shall be approved by Mortgagee if required by the Loan Documents, shall be for a term of at least 5 years (unless otherwise approved by Mortgagee) and provide for not less than a market rent. In the event a lease has a term of less than 5 years, the Leasing Costs which would otherwise be reimbursed for such Lease shall be reduced by 20% for each year or portion thereof that the lease term is less than 5 years. Disbursement shall occur following: (a) the receipt by Mortgagee of a written request from Mortgagor for disbursement from the Leasing Reserve and a certification by Mortgagor in the form annexed as Exhibit B that (i) the Leasing Costs consist of commissions payable to brokers at a rate not greater than the then-current market rate and that such leasing commissions have been paid by Mortgagor, and (ii) for Leasing Costs consisting of amounts required to be expended pursuant to the relevant Lease for tenant improvement or relat...
Sample 1
AutoNDA by SimpleDocs
Leasing Reserve. (a) Prior to June 30, 2021, Borrower shall provide a written confirmation to Lender (in form and substance reasonably acceptable to Lender) that Performance Food Group (“PFG”) has either (i) validly exercised its lease extension option subject to and in accordance with Section 39.01 of that certain Lease dated as of June 13, 2011, as amended, by and between Borrower, as “landlord”, and PFG, as “tenant” (the “PFG Lease”) (without modification of such provision following the Funding Date unless Lender has approved such modification in writing prior to its execution), or (ii) otherwise renewed the PFG Lease on terms approved in writing by Lender in its reasonable discretion prior to execution by Borrower. If Borrower fails, or is otherwise unable to provide such confirmation, then, on the Payment Date occurring on July 1, 2021, Borrower shall deposit into a reserve with Lender a cash deposit or Letter of Credit in the stated amount of Three Hundred Twenty Thousand and 00/100 Dollars ($320,000.00) (the “Leasing Reserve”). Amounts held at any time by or for the benefit of Lender in the Leasing Reserve will be additional collateral for the Obligations but will be released to reimburse Borrower in connection with tenant improvements and leasing commissions associated with the re-letting of the PFG Space, subject to the satisfaction of the conditions set forth below in this Section 5.6 and subject to the other terms of this Section 5.6.
Sample 1
Leasing Reserve. If all or any part of the Future Advance has not been advanced in accordance with Section 2.2.1 above on or before the first anniversary of the date hereof, then, Lender shall have the right, in its sole discretion, to advance the remaining balance of the Future Advance to Borrower, in which event Borrower shall deposit such advance with Lender and Lender shall cause such amount to be transferred to a Subaccount and shall be held by Lender as a reserve (the “Leasing Reserve”) in accordance with the terms of this Section 2.2.2. From and after the date of the advance by Lender of the remaining balance of the Future Advance in accordance with this Section 2.2.2, the amount thereof shall be considered part of the outstanding principal balance of the Loan and shall accrue interest as provided in Section 2.3 below. Borrower shall have the right to draw upon the Leasing Reserve on the same terms and conditions upon which Borrower could request an advance under Section 2.2.1 above. Notwithstanding anything to the contrary contained in this Section 2.2, upon the occurrence and during the continuance of an Event of Default, Lender may apply all amounts deposited into the Leasing Reserve and other proceeds of repayment in such order and in such manner as Lender shall elect in its sole and absolute discretion.
Sample 1
Leasing Reserve. Borrower agrees that, upon the execution of any Lease approved or deemed approved in accordance with Section 4.10 of this Agreement, Borrower shall timely perform all build-out, construction, tenant improvement work and other obligations required to be performed by Borrower under such Lease (the foregoing, “Tenant Improvements”) and timely pay as and when due any and all commissions to brokers in connection with such Lease (“Leasing Commissions”). Simultaneously herewith, Borrower shall deposit with Lender the sum of $2,253,651 for outstanding Leasing Commissions and Tenant Improvements as shown on Exhibit F attached hereto and made a part hereof, and on each Payment Date until the Note is paid in full, Borrower shall pay to Lender the sum of $19,216.75 to be held in a reserve fund (the “Leasing Reserve”) subject to this Agreement, for payment of the costs of Leasing Commissions and Tenant Improvements (collectively, “Leasing Costs”). Borrower shall make additional deposits to the Leasing Reserve from time to time as required by Section 4.28(f) below. Borrower shall perform all Tenant Improvements in a good and workmanlike manner, in accordance with all applicable codes and regulations, and each case in a manner satisfactory to Lender and as necessary to maintain the Property in good condition and in compliance with all Applicable Laws. So long as no Default shall exist and be continuing, Lender shall, to the extent funds are available for such purpose in the Leasing Reserve (including, without limitation, in any Early Termination Reserve established pursuant to Section 4.28(f) hereof), disburse to Borrower the amount paid or incurred by Borrower as Leasing Costs upon satisfaction of the requirements set forth in Section 4.29 of this Agreement.
Sample 1
Leasing Reserve. 10.4 Ground Rent Funds.
Sample 1
Leasing Reserve. Upon the occurrence and during the continuance of a Lockbox Event and until the occurrence of the applicable Lockbox Termination Event, if any, Borrower shall pay to Agent (by depositing the required funds into the Lockbox Account) on each subsequent Payment Date the sum of $51,000 (the “Monthly Leasing Deposit”), until such time as the balance in the Leasing Reserve Account equals $1,224,000 (the “Minimum Leasing Reserve Balance”). Thereafter, if at any time there is a draw causing the Leasing Reserve Account to contain less than the Minimum Leasing Reserve Balance (whether on account of expenditures approved by Agent or otherwise), Borrower shall continue to pay Agent for deposit into the Leasing Reserve Account, the Monthly Leasing Deposit until the balance in the Leasing Reserve Account again equals the Minimum Leasing Reserve Balance. Whenever the balance in the Leasing Reserve Account again equals the Minimum Leasing Reserve Balance, Borrower may suspend making monthly payments into the Leasing Reserve Account. Amounts so deposited shall hereinafter be referred to as the “Leasing Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Leasing Reserve Account.” Agent shall make disbursements from the Leasing Reserve Fund for tenant improvement and leasing commission obligations incurred by Borrower. Agent shall make disbursements as requested by Borrower on a monthly basis upon delivery by Borrower of an Officer’s Certificate certifying the amount of expenses incurred for which reimbursement is requested. In no event shall Agent be obligated to disburse funds from the Leasing Reserve Account if an Event of Default has occurred and is continuing. Ground Rent Funds.
Sample 1
Leasing Reserve. Reference is hereby made to that certain Loan Agreement between CIBC Inc. and CL Property, LLC, dated April 11, 2019 (together with the related documents, as assigned (the “Loan Agreement”)). The Company shall deliver to Purchaser an appropriate payoff letter from the mortgage lender for the property located at 000 Xxxxxxx Xxx., Xxxxxxxx, Xxxx, which payoff letter shall (a) be issued no earlier than one day prior to the Closing Date and (b) reflect the amount held in the Leasing Reserve (as defined in the Loan Agreement) as of the Closing Date (the “Leasing Reserve Amount”). Following both (i) the full payoff of the Note (as defined in the Loan Agreement) and (ii) Purchaser’s receipt of the Leasing Reserve Amount (or any portion thereof), Purchaser shall deliver to Seller such funds in an aggregate amount up to the Leasing Reserve Amount by wire transfer or delivery of other immediately available funds within three Business Days after the date on which Purchaser received such funds. Purchaser shall keep Seller informed on a reasonably current basis of the status of all matters contemplated by this Section 4, including by promptly notifying Seller of, but in any event at least one day prior to, the full payoff of the Note and Purchaser’s receipt of the Leasing Reserve Amount (or any portion thereof).
Sample 1
AutoNDA by SimpleDocs
Leasing Reserve 
Sample 1

Related to Leasing Reserve

  • Replacement Reserve (a) As additional security for the Debt, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect a capital improvement reserve (the “Replacement Reserve”) with Mortgagee for payment of costs and expenses incurred by Mortgagor in connection with the performance of work which would normally be treated as a capital improvement under generally accepted accounting principles (collectively, the “Replacements”). Commencing on the first Payment Date under the Note and continuing on each Payment Date thereafter, Mortgagor shall pay to Mortgagee, in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, a deposit to the Replacement Reserve in an amount equal to $1,163 per month. So long as no Default or Event of Default has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the Replacement Reserve, disburse to Mortgagor the amount paid or incurred by Mortgagor in performing Replacements within ten (10) days following: (a) the receipt by Mortgagee of a written request from Mortgagor for disbursement from the Replacement Reserve and a certification by Mortgagor in a form approved in writing by Mortgagee that the applicable item of Replacement has been completed; (b) the delivery to Mortgagee of invoices, receipts or other evidence satisfactory to Mortgagee, verifying the cost of performing the Replacements; (c) for disbursement requests in excess of $25,000, the delivery to Mortgagee of affidavits, lien waivers or other evidence reasonably satisfactory to Mortgagee showing that all parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Mortgaged Property have been paid all amounts due for labor and materials furnished to the Mortgaged Property; (d) for disbursement requests in excess of $25,000, delivery to Mortgagee of a certification from an inspecting architect or other third party acceptable to Mortgagee describing the completed Replacements and verifying the completion of the Replacements and the value of the completed Replacements; and (e) for disbursement requests in excess of $50,000, delivery to Mortgagee of a new certificate of occupancy for the portion of the Improvements covered by such Replacements, if said new certificate of occupancy is required by law, or a certification by Mortgagor that no new certificate of occupancy is required. Mortgagee shall not be required to make advances from the Replacement Reserve more frequently than once in any sixty (60) day period. In making any payment from the Replacement Reserve, Mortgagee shall be entitled to rely on such request from Mortgagor without any inquiry into the accuracy, validity or contestability of any such amount. Mortgagee may, at Mortgagor’s expense, make or cause to be made during the term of this Mortgage an annual inspection of the Mortgaged Property to determine the need, as determined by Mortgagee in its reasonable judgment, for further Replacements of the Mortgaged Property; such inspection to be no more frequent than once in any calendar year unless a Default or an Event of Default shall have occurred and is continuing. In the event that such inspection reveals that further Replacements of the Mortgaged Property are required, Mortgagee shall provide Mortgagor with a written description of the required Replacements and Mortgagor shall complete such Replacements to the reasonable satisfaction of Mortgagee within one hundred twenty (120) days after the receipt of such description from Mortgagee, or such later date as may be approved by Mortgagee in its sole discretion.

  • Leasing Costs The Sellers shall be responsible for all Leasing Costs that are payable by reason of (i) the execution of an “Existing Lease” (i.e., a Lease existing as of the date of this Agreement) prior to the date of this Agreement, (ii) the renewal, extension, expansion of, or the exercise of any other option under, an Existing Lease, prior to the date of this Agreement, and (iii) amendments of an Existing Lease entered into prior to the date of this Agreement. If the Closing occurs, the Buyer shall be responsible for all Leasing Costs (including commissions to the Sellers’ in-house leasing agents that are customary arms-length terms that would otherwise be negotiated with a third-party leasing agent) that become due and payable as a result of (1) any New Leases, (2) amendments entered into during the Interim Period in accordance with this Agreement to renew, extend, expand or otherwise amend Existing Leases or New Leases, or (3) any renewals, extensions or expansions of, or the exercise of any other option under, Existing Leases or New Leases exercised by tenants during the Interim Period or on or after the Closing Date; provided, however, that Buyer shall have been provided the details of all such Leasing Costs prior to the Closing Date and approved the same in writing. In addition, the Buyer shall assume the economic effect of any “free rent” or other concessions pertaining to the period from and after the Closing; provided, however, that Buyer shall have been provided the details of all such Leasing Costs prior to the Closing Date and approved the same in writing. If, as of the Closing Date, the Sellers shall have paid any Leasing Costs for which the Buyer is responsible pursuant to the foregoing provisions, the Buyer shall reimburse the Sellers therefor at Closing; provided, however, that Buyer shall have been provided the details of all such Leasing Costs prior to the Closing Date and approved the same in writing. The Sellers shall pay (or cause to be paid), prior to Closing, or credit the Buyer at Closing (to the extent unpaid) all Leasing Costs for which the Sellers are responsible pursuant to the foregoing provisions, and (subject to the reimbursement obligations set forth above), the Sellers shall pay (or cause to be paid) when due all Leasing Costs payable after the date of this Agreement and prior to Closing. Notwithstanding anything to the contrary, (a) the Buyer shall receive a credit at Closing for any unfunded contractual Leasing Costs and (b) the Sellers shall be responsible (and the Buyer shall not be responsible) for any leasing commissions or brokerage fees which become due and payable after the Closing pursuant to any leasing or brokerage agreement relating to the Properties, including the Leasing and Brokerage Agreements, except as specifically set forth in Section 3.3(g)(ii). In addition to the foregoing, at Closing, the Buyer shall be responsible (and shall reimburse the Sellers at Closing) for the leasing commissions, tenant improvement costs and concessions for the Leases and the amounts set forth on Schedule 3.3(g)(ii) attached hereto. For purposes hereof, the term “Interim Period” shall mean the period from the date of this Agreement until the Closing Date. On the Closing Date, the Sellers shall deliver to the Buyer all Lease Termination Payments received by or on behalf of the Sellers from and after the date hereof, except, however, the Buyer acknowledges approval of the Leases referenced on Schedule 3.3(g)(ii).

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Insurance Reserves Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment of premiums shall remain Grantor's sole responsibility.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Interest Reserve No later than thirty (30) days after Closing, Borrower shall deposit the amount of $500,000.00 (the “Interest Reserve”) into an account established by Administrative Agent in Borrower’s name but exclusively controlled by Administrative Agent. Provided that no Event of Default shall have occurred and be continuing and the Property is not generating positive NOI, Administrative Agent shall make disbursements from the Interest Reserve for payment when due of any accrued and unpaid interest on the Loan that cannot be paid with NOI. Borrower acknowledges and agrees that the payment of such accrued and unpaid interest by the method described herein is for its convenience and benefit. In the event that the Interest Reserve will be exhausted prior to the Property achieving a Debt Service Coverage Ratio of 1.20 to 1.00, within ten (10) days of Administrative Agent’s request Borrower shall deposit into the Interest Reserve an amount sufficient to bring the balance of the Interest Reserve to $500,000.00. If at any time there are no funds remaining in the Interest Reserve, Administrative Agent shall have no obligation for funding of accrued and unpaid interest, whereupon Borrower shall be and remain responsible for the continuation of all such payments from its own funds. Once the Property achieves a Debt Service Coverage Ratio of 1.20 to 1.00 for at least ninety (90) consecutive days as determined by Administrative Agent, all payments of interest on the Loan shall be paid from NOI and any funds remaining in the Interest Reserve shall be disbursed to Borrower; provided, however, that in the event the Debt Service Coverage Ratio ever falls below 1.20 to 1.00 as determined by Administrate Agent, then Administrative Agent shall reinstate the usage of the Interest Reserve and Borrower’s obligation to fund and replenish the Interest Reserve as provided in this Section 2.15.

  • Advance Rent The first full month’s rent shall be paid by Tenant to Landlord upon the execution of this Lease as advance rent, provided, however, that such amount shall be held by Landlord as an additional “Security Deposit” pursuant to this Lease until it is applied by Landlord to the first Minimum Monthly Rent due hereunder.

  • Replacements and Replacement Reserve (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.