Environmental Reserve. On the Closing Date, Agent shall withhold $450,000 from the Loan to fund a reserve (the “Environmental Reserve”), which shall be designated for use by Borrowers to fund the costs of compliance with and completion of the Pasco VCP and the Port Angeles VCP (or the Mandated Plan). Agent shall hold $100,000 of the Environmental Reserve for the completion of the Pasco VCP and shall hold $350,000 of the Environmental Reserve for the completion of the Port Angeles VCP (or the Mandated Plan). Agent shall disburse funds held in the Environmental Reserve to Borrowers within ten (10) Business Days after the delivery by Borrower to Agent of a request therefor (but not more often than once per month), provided that (i) such disbursement is for costs incurred by Borrower (A) prior to the Closing Date in an amount not to exceed $75,000 and (B) after the Closing Date, in each case, to comply with its obligations under Section 5.40 (e) and (f); (ii) Agent shall have (if it desires) verified (by an inspection conducted at Borrowers’ expense) the performance of such work; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used to pay or reimburse Borrowers for costs incurred by Borrower to comply with its obligations under Section 5.40(e) and (f), (2) that the same has not been the subject of a previous disbursement from the Environmental Reserve or any other Reserve, (3) that all previous disbursements from the Environmental Reserve have been used for the purpose for which they were requested, and (4) no Default or Event of Default or DSCR Cash Management Period exists; and (B) invoices and/or other evidence of costs or payment satisfactory to Agent. Agent shall make $250,000 of the Environmental Reserve available to Borrowers for reimbursement for work conducted to satisfy the conditions in Section 5.40(e) and (f) and shall distribute the remaining $200,000 in the Environmental Reserve only upon the terms and conditions set forth below. Upon repayment in full of the Indebtedness and the satisfaction of all Obligations, the entire balance of the Environmental Reserve, if any, shall be disbursed to Borrower. Upon the confirmation from Agent’s environmental consultant, or other evidence satisfactory to Agent in its Permitted Discretion, that Borrower’s obligations under Section 5.40(e) or (f), as applicable, have been fully satisfied in Agent’s Permitted Discretion (which determination may be made based...
Environmental Reserve. (a) All environmental reserve (the “Environmental Reserve”) designated in the Plan of Subdivision as such shall be dedicated as environmental reserve pursuant to the Act, The Subdivision Regulations, 2014, The Dedicated Lands Regulations and the City acknowledges and agrees that the foregoing shall satisfy the obligations of the Developer under the Act with respect to environmental reserve.
Environmental Reserve. Prior to the execution of this Mortgage, Mortgagee has caused the Property to be inspected and such inspection has revealed that the Property is in need of certain environmental remediation. Contemporaneously with the execution hereof; Mortgagor has established with the Mortgagee a reserve for such environmental remediation (the "ENVIRONMENTAL RESERVE") in the amount of $33,600. Mortgagor shall cause (or cause Primary Tenant to cause) each of the items described in Exhibit C-3 attached hereto and made a part hereof (the "ENVIRONMENTAL REMEDIATION") to be completed, performed, remediated and corrected to the satisfaction of Mortgagee and as necessary to bring the Property into compliance with all applicable laws, ordinances, rules and regulations. Mortgagor shall diligently undertake and pursue to completion (or cause Primary Tenant to diligently undertake and pursue to completion) the Environmental Remediation. Mortgagee shall have the right to inspect the work from time to time, at Mortgagor's expense, to insure that the work is being completed in a good and workmanlike manner. So long as no Event of Default hereunder or under the other Loan Documents has occurred and is continuing, all sums in the Environmental Reserve shall be held by Mortgagee in the Environmental Reserve to pay the costs and expenses of completing the Environmental Remediation. So long as no default hereunder or under the other Loan Documents has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the Environmental Reserve, disburse to Mortgagor the amount paid or incurred by Mortgagor in completing, performing, remediating or correcting the Environmental Remediation upon (a) the receipt by Mortgagee of a written request from Mortgagor for disbursement from the Environmental Reserve and a certification by Mortgagor in the form annexed hereto as Exhibit B that the applicable item of Environmental Remediation has been completed in accordance with the terms of this Mortgage, (b) delivery to Mortgagee of invoices, receipts or other evidence reasonably satisfactory to Mortgagee verifying the costs of the Environmental Remediation to be reimbursed, (c) delivery to Mortgagee of a certification from an inspecting environmental engineer or other consultant reasonably acceptable to Mortgagee describing the completed work, verifying the completion of the work and, if applicable, certifying that the Property is, as a result of such work, in complianc...
Environmental Reserve. 50 9.6 Prepaid Rent Reserve......................................51
Environmental Reserve. (a) Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the amount of $300,000 (the "Environmental Reserve") by depositing such amount with Lender to fund potential remediation work as more particularly described in that certain Environmental Site Assessment dated July 24, 1998 and prepared by Dames and Xxxxx for Lender (the "Environmental Report"; such work, the "Environmental Work"), with respect to the Property located at 0000 Xxxxxx Xxxxxx, Lot # 43, Northridge, California (identified as Property # 101 on Exhibit A attached hereto) to be performed and completed to the satisfaction of Lender and as recommended in the Environmental Report.
Environmental Reserve. (f) Borrower shall comply with the terms and covenants set forth in Sections 5.31 and 5.32 hereof. Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent (the “Environmental Reserve Account”). The following subaccounts of the Environmental Reserve Account shall be maintained on a ledger entry basis: (i) a Ritz Carlton Environmental Reserve Subaccount and (ii) a Crowne Plaza Ravinia Environmental Reserve Subaccount. On the Closing Date, Borrower shall deposit the aggregate amount of $312,500.00 00000000.00.XXXXXXXX 143 (which amount represents one hundred twenty five (125)% of EBI’s aggregate cost estimate to complete the Further Investigations, Mitigation Work and Mitigation Monitoring at the Individual Properties commonly known as Ritz Carlton Atlanta and Crowne Plaza Ravinia) into the Environmental Reserve Account, with (A) $156,250.00 being deposited into the Ritz Carlton Environmental Reserve Subaccount, of which $118,750 shall be used to complete the Further Investigations and Mitigation Work at the Individual Property commonly known as the Xxxx- Xxxxxxx Atlanta (such amount, the “Ritz Carlton Investigation/Mitigation Funds”) and $37,500 shall be used to complete any recommended Mitigation Monitoring pursuant to Further Investigations at such Individual Property (such amounts, the “Ritz Carlton Monitoring Funds”) and (B) $156,250.00 being deposited into the Crowne Plaza Ravinia Environmental Reserve Subaccount of which $118,750 shall be used to complete the Further Investigations and Mitigation Work at the Individual Property commonly known as the Crowne Plaza Ravinia (such amount, the “Crowne Plaza Ravinia Investigation/Mitigation Funds”; together with the, Ritz Carlton Investigation/Mitigation Funds, collectively, the “Investigation/Mitigation Funds”) and $37,500 shall be used to complete any recommended Mitigation Monitoring pursuant to Further Investigations at such Individual Property (such amounts, the “Crowne Plaza Ravinia Monitoring Funds”; together with the Ritz Carlton Monitoring Funds, collectively, the “Monitoring Funds”). Amounts so deposited shall hereinafter be referred to as the “Environmental Reserve Funds.”
Environmental Reserve. (a) Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the amount of $12,650.00 (the “Environmental Reserve”) by depositing such amount with Existing Lender for the benefit of the holder of the A Note and the holder of the B Note to fund potential remediation work as more particularly described in that certain Environmental Site Assessment dated January 28, 2004 and prepared by ATC for New Lender (the “Environmental Report”; such work, the “Environmental Work”), with respect to the Property located at Home Depot and Home Depot Expo, Emeryville, California (identified as Property #’s CA0010598 and CA0010603, respectively on Exhibit A attached hereto) to be performed and completed to the satisfaction of Lender and as recommended in the Environmental Report.
Environmental Reserve. 43 LOAN AGREEMENT -------------- This LOAN AGREEMENT dated as of July ____, 2002, between [ * ] , a [ * ] limited liability company having its principal place of business at c/o Insignia Financial Group, Inc., 000 Xxxx Xxxxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 ("Borrower"), and XXXXXX BROTHERS HOLDINGS INC., a Delaware corporation, having an address at 000 Xxxx Xxxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 ("Lender").
Environmental Reserve. The sum of $106,250.00 shall be deposited at closing into the Environmental Reserve Account. Amounts shall be released from the Environmental Reserve Account as follows:
Environmental Reserve. Borrower shall place $195,000.00 into an Environmental Reserve Account with Lender, and will be held by Lender as a reserve to be drawn upon by Borrower, in accordance with the terms of Borrower’s agreement with Lender, as necessary, to satisfy any environmental remediation measures required by the RBS and/or the TCEQ.
