Common use of Property Account Clause in Contracts

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. (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 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 “[Name of the applicable Individual Borrower or Baltimore Owner] - JPMorgan Chase Bank, N.A./Bear Xxxxxxx Commercial Mortgage, Inc. - Property Account Agreement. Account.” Borrower and Baltimore Owner 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 perfected first priority security interest in the Property AccountsAccount, 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”)Cure, 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, Bank and thereafter Mortgage Lender and Mortgage Servicer shall have the sole right to make withdrawals from each the Property Account in accordance with the Mortgage Loan this 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 All monies now or hereafter deposited into the Property Accounts shall be deemed additional security for the Debt.