Common use of Transfer of Reserve Funds under Mortgage Loan Clause in Contracts

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and cash management arrangements for the benefit of Lender substantially similar to the arrangements entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, Agreement which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower Borrowers shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower Borrowers shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into between Mortgage Borrowers and Mortgage Lender at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower Borrowers for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower Borrowers shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.86

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, Agreement which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into between Mortgage Borrower and Mortgage Lender at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, Agreement which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower Borrowers shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower Borrowers shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into between Mortgage Borrowers and Mortgage Lender at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower Borrowers for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower Borrowers shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VIIVI, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII VI (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower or Operating Lessee for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender and the Senior Mezzanine Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement or the Senior Mezzanine Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan and/or the Senior Mezzanine Loan is refinanced or paid off in full (without a repayment prepayment of the Loan, to the extent permitted hereunder) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement and the Senior Mezzanine Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into at the time of the closing of the Mortgage Loan and the Senior Mezzanine Loan), and, if any letters of credit have been substituted by Mortgage Borrower or Senior Mezzanine Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement and the Senior Mezzanine Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement and the Senior Mezzanine Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Propertyas applicable.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, Agreement which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters Letters of credit Credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters Letters of credit Credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, Agreement which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements agreement and a lockbox agreement for the benefit of Lender substantially similar to the arrangements Cash Management Agreement and the Lockbox Agreement entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan, to the extent permitted hereunder) and Reserve Funds that are required hereunder are not required under the a new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements Cash Management Agreement and the Lockbox Agreement, respectively, entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.

Transfer of Reserve Funds under Mortgage Loan. If Mortgage Lender waives any reserves or escrow accounts required in accordance with the terms of the Mortgage Loan Agreement, which reserves or escrow accounts are also required in accordance with the terms of this Article VII, or if the Mortgage Loan is refinanced or paid off in full (without a repayment prepayment of the Loan, to the extent permitted hereunder) and Reserve Funds that are required hereunder are not required under the new mortgage loan, if any, then Borrower shall cause any amounts that would have been deposited into any reserves or escrow accounts in accordance with the terms of the Mortgage Loan Agreement to be transferred to and deposited with Lender in accordance with the terms of this Article VII (and Borrower shall enter into property account agreements and a cash management arrangements and lockbox agreement for the benefit of Lender substantially similar to the arrangements arrangement entered into at the time of the closing of the Mortgage Loan), and, if any letters of credit have been substituted by Mortgage Borrower for any such reserves or escrows as may be specifically permitted by the Mortgage Loan Agreement, then Borrower shall also cause such letters of credit to be transferred (or replaced and delivered) to Lender to be held by Lender upon the same terms and provisions as set forth in the Mortgage Loan Agreement. In the event that a Minority Interest Property becomes a Non-Minority Property, any Reserve Fund (or portion thereof) attributable to such Individual Property shall thereafter be deemed to constitute a Reserve Fund (or portion thereof) attributable to a Non-Minority Property.