Security; Establishment of Funds. (a) The Loan shall be secured by the Mortgage creating a first lien on the Project, the Assignment of Leases and Rents and the other Loan Documents. Borrower agrees to establish the following reserves with Lender, to be held by Lender as further security for the Loan:
Security; Establishment of Funds. . . . 18 Section 3.2 Pledge and Grant of Security Interest . . . 19 Section 3.3
Security; Establishment of Funds. The Loan shall be secured by the Mortgages creating a first lien on the Projects, the Assignment of Leases and Rents and the other Loan Documents.
Security; Establishment of Funds. The Loan -------------------------------- shall be evidenced by the Note of Borrower, in the original principal amount of the Loan. The Loan shall be secured by the Mortgages creating a first lien on the Properties, the Assignment of Leases and Rents and the other Loan Documents. As further security for the Loan, Borrower agrees to establish the following reserves with Lender, to be held by Lender as security for the Loan: (a)
Security; Establishment of Funds. (a) The Loan shall be secured by the Mortgage creating a first lien on the Project, the Assignment of Leases and Rents and the other Loan Documents. Borrower agrees to establish the following reserves with Lender, to be held by Lender as further security for the Loan: (i) on the Closing Date, Borrower shall deposit with Lender the amount of $0 (the "REQUIRED REPAIR FUND") which shall be held by Lender for the completion of the required repairs set forth on SCHEDULE II annexed hereto on or before six (6) months
Security; Establishment of Funds. (a) The Guaranty shall be secured by the Mortgage creating a first lien on the Project, the Assignment of Leases and Rents and the other Loan Documents. Borrower agrees to establish the following reserves with Lender, to be held by Lender as further security for the Loan:
Security; Establishment of Funds. (a) The Loan shall be secured by the Mortgage creating a first lien on the Project, the Assignment of Leases and Rents and the other Loan Documents. Borrower agrees to establish the following reserves with Lender, to be held by Lender as further security for the Loan: (i) on the Closing Date, Borrower shall deposit with Lender the amount of $114,375.00 (the "REQUIRED REPAIR FUND") which shall be held by Lender for the completion of the required repairs set forth on SCHEDULE II annexed hereto on or before six (6) months from the date hereof; and (ii) Borrower shall deposit with Lender on the day of each calendar month a scheduled payment is due the amount of $3,905.00 which shall be held by Lender for replacements and repairs required to be made to the Project during the calendar year (the "REPLACEMENT ESCROW FUND").
Security; Establishment of Funds. (a) The Loan shall be secured by the Mortgage creating a first lien on the Project, the Assignment of Leases and Rents and the other Loan Documents. As further security for the Loan, Borrower agrees to establish the following reserves with Lender, to be held by Lender as security for the Loan: (i) Borrower shall deposit with Lender the amount of $269,563.00 (or a lower amount if approved by Lender prior to closing, based on verification by Lender and Lender’s engineers of completion of a portion of the required repairs prior to Closing) (the “Required Repair Fund”) to perform the required repairs set forth on Schedule II annexed hereto by the deadlines set forth in such Schedule (which deadlines shall in no event be later than six (6) months from the date hereof); and (ii) Borrower shall deposit with Lender the amount of $50,000.00 at closing, and shall pay to Lender on the day of each calendar month a scheduled payment is due the amount of $10,000.00 until a balance of $300,000.00 is reached, at which time monthly payments will be suspended until the balance falls below $300,000.00, upon which event monthly payments of $10,000.00 will be made until the balance is restored to $300,000.00, for replacements and repairs and capital improvements required to be made to the Project during the calendar year and for tenant improvement and leasing commission obligations and other lease rollover costs incurred following the date hereof (the “Replacement and Rollover Escrow Fund”). Failure by Borrower to maintain the Replacement and Rollover Escrow Fund at a level initially or subsequently required by Lender is and shall be an Event of Default under the Loan Documents.
Security; Establishment of Funds. (a) The Loan shall be secured by the Mortgage creating a first lien on the Project, the Assignment of Leases and Rents and other Loan Documents. Borrower agrees to establish the following reserves with Lender, to be held by Lender as further security for the Loan: (i) on the Closing Date, Borrower shall deposit with Lender the amount of $15,594.00 (the "REQUIRED REPAIR FUND") which shall be held by Lender for the completion of the required repairs set forth on SCHEDULE II annexed hereto on or before six (6) months from the date hereof; (ii) Borrower shall deposit with Lender on the first day of each calendar month a scheduled payment is due the amount of $570.00 which shall be held by Lender for replacements and repairs required to be made to the Project during the calendar year (the "REPLACEMENT ESCROW FUND"); and (iii) Borrower shall deposit with Lender (A) on the Closing Date the amount of $40,000.00, and (B) on the first day of each calendar month a scheduled payment is due the amount of $2,835.00, all of which shall be held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof (the "ROLLOVER ESCROW FUND").
Security; Establishment of Funds
