Tenant Direction Letter means a notice, substantially in the form of Exhibit A attached hereto (or such other form as Borrower may proffer which is reasonably acceptable to Lender), to all tenants now or hereafter occupying space at each Individual Property directing them to pay all Rents and all other sums due under the Lease to which they are a party directly into the applicable Lockbox Account.
Examples of Tenant Direction Letter in a sentence
Borrower covenants and agrees to execute and deliver to Lender a Tenant Direction Letter for each new tenant at the Property within thirty (30) days after the execution of each new Lease for premises at the Property.
Borrower shall cause any Rents which are paid to Borrower or Manager via wire or other electronic means to be deposited directly into a Rent Deposit Account or the Collection Account and, without limitation of the foregoing, Borrower shall notify and advise each current and future Tenant to send all payments of Rent pursuant to an instruction letter in the form of Exhibit D attached hereto (a Tenant Direction Letter).
Without the consent of Lender, neither Borrower nor Manager shall terminate, amend, revoke or modify any Tenant Direction Letter in any manner whatsoever, or direct or cause any Tenant to pay any amount in any manner other than as provided in the related Tenant Direction Letter.
Lender will hold the Tenant Direction Letters in escrow; provided, however, upon the occurrence of a Lockbox Trigger, Lender shall have the right to deliver a Tenant Direction Letter to each tenant at the Property.
A form of such Tenant Direction Letter is attached hereto as Schedule I; Borrower shall, at any time and from time to time as requested by Lender, execute and deliver to Lender a new Tenant Direction Letter in order to reflect changes to Lenders servicing agent and/or the Lockbox Account set forth in the form.