Property Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to establish and maintain an account (the “Property Account”) with Property Account Bank in trust for the benefit of Mortgage Lender, which Property Account shall be under the sole dominion and control of Mortgage Lender. Except as otherwise expressly set forth in the Mortgage Loan Agreement, Mortgage Lender and its servicer shall have the sole right to make withdrawals from the Property Account and all costs and expenses for establishing and maintaining the Property Account shall be paid by Mortgage Borrower.
Property Account. (a) On or prior to the Closing Date, the Property Trustee shall establish the Property Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Property Account for the purpose of making deposits in and withdrawals from the Property Account in accordance with this Declaration. All monies and other property deposited or held from time to time in the Property Account shall be held by the Property Trustee in the Property Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.
Property Account. (a) Borrower shall cause Mortgage Borrower and Baltimore Owner to establish and maintain one or more segregated Eligible Accounts (individually, a “Property Account” and collectively the “Property Accounts”) with a Property Account Bank in trust for the benefit of Mortgage Lender, which Property Accounts shall be under the sole dominion and control of Mortgage Lender. Each Property Account shall be entitled as set forth in the Property Account Agreement. Borrower hereby grants to Lender a first priority security interest in Borrower’s interest in each Property Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Lender a first priority security interest in the Property Accounts, including, without limitation, executing and filing UCC-1 Financing Statements and continuations thereof. Provided that no Event of Default has occurred and is continuing, at any time that is prior to a Cash Sweep Event or after a Cash Sweep Cure (a “Cash Sweep Period”), Mortgage Borrower shall have the sole right to make withdrawals from each Property Account, including, without limitation, the right to sweep the account on a daily basis. Upon the occurrence of a Cash Sweep Event (but prior to a Cash Sweep Cure) or during the continuance of an Event of Default, Mortgage Lender shall provide notice of such occurrence to the Property Account Bank, and, thereafter Mortgage Lender and Mortgage Servicer shall have the sole right to make withdrawals from each Property Account in accordance with the Mortgage Loan Agreement and the other Mortgage Loan Documents. All costs and expenses for establishing and maintaining the Property Accounts shall be paid by Mortgage Borrower. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, all monies now or hereafter deposited into the Property Accounts shall be deemed additional security for the Debt.
Property Account. 19 Section 3.1. Property Account..............................................................19
Property Account. (a) During the term of the Loan, Borrower shall cause Mortgage Borrower to comply with all of its obligations under Section 3.1 of the Mortgage Loan Agreement, whether or not the Mortgage Loan Agreement continues to be in full force and effect between Mortgage Borrower and Mortgage Lender.
Property Account. Operating expenses of the Property shall be paid by the Property Manager from an account established in a financial institution approved by Owner to process funds as described in Section 2.7 (the "Property Account")
Property Account. Property Manager, on behalf of Owner, shall promptly deposit all Monthly Gross Collections from each Property in a single interest-bearing bank account in Owner's name at a federally-insured banking institution (such account hereinafter referred to as the "Property Account") in a manner to indicate the custodial nature thereof, such account to be the same account as referenced in the Other Agreement as the "Property Account". The funds in the Property Account shall not be commingled with any funds of Property Manager. The Property Account shall be used to pay for all obligations and expenditures necessarily incurred for and on account of the Owner in the management and operation of the Property in accordance with the Operating Plan and Section 3.2, including without limitation, insurance premiums, taxes, supplies, repairs, maintenance, mortgage payments, if any, improvements and such other expenses and obligations as have been provided for in this Agreement or the Operating Plan. All disbursements of funds shall be substantiated by appropriate records and accounting procedures. Owner shall be responsible for providing funds or causing funds to be provided necessary for the Property Account to meet, on a timely basis, the cash requirements for the proper operation of the Properties. Property Manager, from time to time as directed by Owner, shall (i) remit to Owner all cash in the Property Account and (ii) deliver to Owner true and correct copies of all records relating to the Property Account (all of which records are acknowledged to be Owner's property). Property Manager shall not be obligated to make any advance to or for the account of Owner or to pay any sums, except out of funds held in any account maintained under this Section 3.9, nor shall Property Manager be obligated to incur any liability or obligation for the account of Owner without assurance that the necessary funds for the discharge thereof will be provided.
Property Account. Development Manager also shall establish and maintain in a banking or other financial institution approved by Owner or set forth in the Business Plan from time to time throughout the Term of this Agreement, a separate bank or similar account in the name of Owner to process funds as described in Section 3.8 (the "Property Account"). Development Manager shall be entitled to make withdrawals from, or draw checks upon, the Property Account to pay operating expenses of the Property in accordance with the terms and conditions of this Agreement.
Property Account. (a) During the term of the Loan, Borrower shall exercise any rights it may have under the JV Agreement to cause Mortgage Borrower to establish and maintain any property accounts (a “Property Account”) required under the Mortgage Loan Documents and to comply with all provisions under the Mortgage Loan Documents relating thereto.
Property Account. 7 QUORUM.......................................................................7
