200507874 - Laserfiche WebLink

Browse

2005078'74 withdrawals from the Security Deposit Account must be approved by Lender. Manager shall collect all Rent and shall deposit such funds within one (1) Business Day after receipt thereof in the Rent Account, the name and address of the bank in which such account is located and the account number of which to be identified in writing by Manager to Lender. Borrower shall, or shall cause the Manager to, cause the Rent Account Bank to enter into a lckbox agreement in form and substance reasonably acceptable to Lender (the "Rent Account Agreeme nt "). Pursuant to the Rent Account Agreement, the bank in which the Rent Account is located (the "Rent Account Bank ") has been instructed that (a) prior to receipt of notice from bender (a "Sweep Notice ") that a Trigger Event has occurred, all funds deposited in the Rent Account shall be transferred to the Borrower Account not less often than one time per week, and (b) from and after the receipt of a Sweep Notice from Lender, all funds deposited in the Rent Account shall be automatically transferred through automatic clearing house funds or by Federal wire to the Central Account prior to 1:00 p.m. (New York City time) on each Business Day until receipt by such bank of notice from Lender revoking the Sweep Notice. Lender shall provide the Rent Account Bank with revocation of the Sweep Notice promptly upon the cure of each Trigger Event. Lender may elect to change the financial institution in which the Central Account shall be maintained; however, Lender shall give Borrower and the Rent Account Bank not fewer than five (5) Business Days' prior notice of such change. Neither Borrower nor Manager shall change the Rent Account Bank or the Rent Account without the prior written consent of Lender. All fees and charges of the bank(s) in which the Rent Account and the Central Account is located shall be paid by Borrower. Borrower grants to Lender an irrevocable power of attorney coupled with an interest for the purpose of executing any Lockbox Agreement in the event Borrower fails to deliver any executed Lockbox Agreement to Lender. Section 5.02. Establishment of Sub - Accounts. Lender has established the Central Account in the name of Lender, as secured party and Borrower has established the Rent Account in the joint names of Borrower and Lender. The Rent Account and the Central Account shall be under the sole dominion and control of Lender. From and after the occurrence of a Trigger Event, the Rent Account shall be under the control of Lender pursuant to Section 5.01 hereof and Borrower shall have no right of withdrawal from the Rent Account. Borrower hereby irrevocably directs and authorizes Lender to withdraw funds from the Central Account, all in accordance with the terms and conditions of this Security Instrument. Borrower shall have no right of withdrawal in respect of the Central Account or the Rent Account except as specifically provided herein. Each transfer of funds to be made hereunder shall be made only to the extent that funds are on deposit in the Central Account or the affected Sub - Account, and Lender shall have no responsibility to make additional funds available in the event that funds on deposit are insufficient. The Central Account shall contain the Basic Carrying Costs Sub - Account, the Debt Service Payment Sub - Account, the Recurring Replacement Reserve Sub - Account, the Operation and Maintenance Expense Sub - Account and the Mez Payment Sub- Account, each of which accounts shall be Eligible Accounts (each a "Sub- Account" and collectively, the "Sub- Accounts ") to which certain funds shall be allocated and from which disbursements shall be made pursuant to the terms of this Security Instrument. In addition, on the date hereof the Central Account shall also contain a Sub - Account entitled the "Engineering Escrow Sub - Account" which initially shall be funded with the Initial Engineering Deposit (representing sums applicable to certain engineering work as set forth on Exhibit D, attached hereto and made a part hereof (collectively, "Required Engine enng Work')). Disbursements from the Engineering Escrow Sub - Account shall be made in accordance with Section 5.12 hereof. Section 5.03. Intentionally Omitted. Section 5.04. Intentionally Omitted. Section 5.05. Monthly Funding of Sub - Accounts. On or before each Payment Date during the term of the Loan, commencing on the first (1 st) Payment Date occurring after the month in which the Loan is initially funded, Borrower shall pay, or cause to be paid by Federal wire or automatic clearing house funds to the Central Account, the Basic Carrying Costs Monthly Installment, the Required Debt Service Payment, the Recurring Replacement Reserve Monthly Installment, the Mez Payment Amount and all sums required to be deposited into the Operation and Maintenance Expense Sub - Account pursuant to clauses (a) through (g) of this Section 5.05 and all funds transferred or deposited into the Central Account shall be allocated among the Sub - Accounts as follows and in the following priority: 45