Common use of Release of Tax Funds Clause in Contracts

Release of Tax Funds. Provided no Event of Default is continuing, Lender shall disburse Tax Funds in the Tax Subaccount to Borrower to timely pay, or to reimburse Borrower for payments of, Property Taxes; provided that: (i) such disbursement is for Property Taxes then due and payable by Borrower, (ii) the request for disbursement is accompanied by (A) an Officer’s Certificate from Borrower (1) stating that the items to be funded by the requested disbursement are Property Taxes then due and payable, and describing such Property Taxes and (2) stating that the Property Taxes to be funded from the disbursement in question have not been the subject of a previous disbursement and (iii) if all or any portion of such disbursement will be used to fund Property Taxes in an amount greater than $5,000 for any individual Property, Borrower has delivered to Lender copies of any invoices, bills or statements related to the Property Taxes for any such Property that are requested by Lender. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default exists, the Tax Funds reserved for any Property shall be released upon a permitted sale and release of such Property in accordance with the terms hereof.

Release of Tax Funds. Provided no Event of Default has occurred and is continuing, Lender shall disburse shall, no more frequently than once per month, release the Tax Funds in the Tax Subaccount to Borrower to timely pay, or Account to reimburse Borrower for payments ofof Property Taxes made by Borrower upon not less than ten (10) Business Days after delivery by Borrower to Lender of written notice of request for reimbursement, including evidence of such payment and accompanied by a certificate from an office of Borrower stating, at a minimum, that the Property Taxes; provided thatTaxes were due and payable and have been paid by Xxxxxxxx and a description thereof, which notice is reasonably acceptable to Lender. Examples of acceptable evidence include: (i) such disbursement is for Property Taxes then due and payable by Borrower, a copy of the applicable tax bill together with a copy of check or electronic confirmation of payment being rendered; (ii) a tax receipt from the request for disbursement is accompanied by (A) an Officer’s Certificate from Borrower (1) stating that Governmental Authority showing the items to be funded by the requested disbursement are Property Taxes then amounts due and payable, and describing such Property Taxes and (2) stating that the Property Taxes to be funded from the disbursement in question have not been the subject amount of a previous disbursement and payment rendered; (iii) if all a report generated by a third party tax vendor showing the amounts due and the amount of payment rendered or any portion of such disbursement will be used to fund Property Taxes in an amount greater than $5,000 for any individual Property, Borrower has delivered (iv) other evidence acceptable to Lender copies of any invoices, bills or statements related to the Property Taxes for any such Property that are requested by Lenderin its sole discretion. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, Lender shall, in its sole discretion, return any excess to Borrower or, at Borrower’s election (to the extent written notice of such election is received by Xxxxxx before Xxxxxx makes its determination to reimburse or credit such amount), credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default existshas occurred and is continuing, the Tax Funds reserved for any Property shall be released upon within ten (10) Business Days of (i) a permitted sale and release of such a Property in accordance with the terms conditions of Section 2.5 or (ii) a Substitution of the applicable Property with a Substitute Property in accordance with the conditions of Section 2.4.3(a) hereof.

Release of Tax Funds. Provided no Event of Default is continuingcontinuing and Borrower has not made (or has revoked) any election under Section 6.1.1(b), Lender Administrative Agent shall direct the Paying Agent to disburse Tax Funds in the Tax Subaccount to Borrower to timely pay, or to reimburse 128 Borrower for payments of, Property Taxes; provided that: (i) such disbursement is for Property Taxes then due and payable by Borrower, (ii) the request for disbursement is accompanied by (A) an Officer’s Certificate from Borrower (1) stating that the items to be funded by the requested disbursement are Property Taxes then due and payable, and describing such Property Taxes and (2) stating that the Property Taxes to be funded from the disbursement in question have not been the subject of a previous disbursement and (iii) if all or any portion of such disbursement will be used to fund Property Taxes in an amount greater than $5,000 for any individual Property, Borrower has delivered to Lender Administrative Agent copies of any invoices, bills or statements related to the Property Taxes for any such Property that are requested by LenderAdministrative Agent. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, Lender Administrative Agent shall, in its sole discretion, direct the Paying Agent to return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Subaccount after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default exists, the Tax Funds reserved for any Property shall be released upon a permitted sale and release of such Property in accordance with the terms hereof.

Release of Tax Funds. Provided no Event Borrower shall, in accordance with the provisions of Default Section 4.1.2, be required to pay all Taxes prior to the date such Taxes become delinquent. From time to time Manager as agent of Borrower shall be entitled to disbursements of Tax Funds made in accordance with the provisions of the Cash Management Agreement. In the event that Borrower shall not have paid or caused to be paid the Taxes relating to an Individual Property prior to the date that is continuingten (10) days before such Taxes shall become delinquent, but provided that Lender has not received a notice from Borrower stating that such Taxes are being contested and a copy of all items required to be delivered to permit such a contest hereunder (in which case Lender shall withhold payment of such Taxes in accordance with the terms of this Agreement), Lender shall disburse have the right to apply the Tax Funds in to payments of Taxes relating to the Tax Subaccount applicable Individual Property. In making any payment relating to Borrower Taxes, Lender may do so according to timely payany xxxx, statement or to reimburse Borrower for payments of, Property Taxes; provided that: (i) such disbursement is for Property Taxes then due and payable by Borrower, (ii) the request for disbursement is accompanied by (A) an Officer’s Certificate from Borrower (1) stating that the items to be funded by the requested disbursement are Property Taxes then due and payable, and describing such Property Taxes and (2) stating that the Property Taxes to be funded estimate procured from the disbursement in question have not been appropriate public office (with respect to Taxes) without inquiry into the subject of a previous disbursement and (iii) if all or any portion accuracy of such disbursement will be used to fund Property Taxes in an amount greater than $5,000 for any individual Propertyxxxx, Borrower has delivered to Lender copies statement or estimate or into the validity of any invoicestax, bills assessment, sale, forfeiture, tax lien or statements related to the Property Taxes for any such Property that are requested by Lendertitle or claim thereof. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, Lender shall, in its sole discretionat the request of Borrower which may be made on the first (1st) Business Day of each Fiscal Quarter, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Subaccount after the Obligations have Debt has been paid in full shall be returned to Borrower. Provided no Default In the event Lender releases an Individual Property as a result of the exercise of Borrower's rights under Section 11.28 or Event Section 11.29 hereof, Agent shall, simultaneous to the release of Default existsthe Liens of the Loan Documents with respect to such Individual Property, deliver, or cause the delivery, to Borrower from the Tax Funds an amount equal to the Tax Funds deposited by Borrower into the Tax Account with respect to such Individual Property (to the extent such Tax Funds are in excess of the Tax Funds that will be required to be reserved for in the Tax Account with respect to any Property shall be released upon a permitted sale and release of such Substitute Property in accordance connection with the terms a substitution pursuant to Section 11.29 hereof).