TI Reserve Clause Samples

TI Reserve. (a) As additional security for the Loan, on the date hereof Borrower has established, and Borrower shall maintain at all times while any portion of the Loan remains outstanding, a TI Costs reserve (the "TI Reserve") with Lender for payment of TI Costs in the amount of One Million One Hundred Seventy-Five Thousand and 00/100 Dollars ($1,175,000.00), which amount shall be reduced proportionately with reductions in the Indebtedness upon the transfer or Release of a Property in accordance with the terms of the this Agreement and the other Loan Documents. Borrower hereby agrees to pay all TI Costs with respect to each Property (without regard to the amount of money then available in the TI Reserve). So long as no Event of Default hereunder or under the other Loan Documents has occurred and is continuing, all sums in the TI Reserve shall be held by Lender to pay TI Costs. Provided that (i) Lender has received written notice from Borrower requesting funds from the TI Reserve at least ten (10) Business Days prior to the due date of any requested disbursement relating to TI Costs, or if Borrower makes timely payment therefor, not more than forty-five (45) days after Borrower has made such payment, (ii) no Event of Default has occurred and is continuing, (iii) Borrower furnishes Lender with a written disbursement request for the payment or reimbursement of such TI Costs, not more frequently than once every ninety (90) day period, (iv) there are sufficient funds available in the TI Reserve with respect to Borrower's disbursement request, (v) Borrower shall have theretofore complied with the requirements of the Mortgages relative to (1) new leases, licenses and/or occupancy agreements with respect to the Properties and (2) the performance of improvements and alterations to the Properties, (vi) Borrower shall have theretofore furnished Lender with reasonably satisfactory evidence of the progress and/or completion of tenant improvement work, the cost of tenant improvement work, reasonably satisfactory evidence that any and all completed tenant improvement work complies with law, lien waivers for lienable work, copies of bills, invoices and other reasonable documentation as may be required by Lender to substantiate the use of such funds and establish that the TI Costs that are the subject of such disbursement request represent completed or partially completed tenant improvement work performed at all or any portion of the Property, and (vii) Borrower has replenished the T...