Additional TI/LC Advances. Upon the satisfaction (or waiver in writing by Note B-2 Lender) of the conditions pursuant to Section 2.1.6 and this Section 2.1.7, Note B-2 Lender shall make to Borrower advances for payment of tenant improvement expenses and leasing commissions incurred by Borrower pursuant to the ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ Lease (each, a “TI/LC Advance”) in the aggregate amount of up to Twenty-One Million Two Hundred Five Thousand Four Hundred Seventy-Three and 12/100 Dollars ($21,205,473.12) (the “TI/LC Maximum Advance Amount”). Each TI/LC Advance shall be considered an advance of the Loan, shall be added to the unpaid principal balance of the Loan as of the day such advance is made and shall be evidenced by Note B-2, and repayment thereof, together with interest thereon, shall be secured by the Mortgage and other collateral given for the Loan. The following conditions apply to each TI/LC Advance:
Appears in 2 contracts
Sources: Loan Agreement (MPG Office Trust, Inc.), Loan Agreement (Maguire Properties Inc)