Common use of Lock Box Agreement Clause in Contracts

Lock Box Agreement. Borrower hereby acknowledges and confirms that (a) Borrower has established the Restricted Account, (b) the Lock-Box and Restricted Account are subject to the sole dominion, control and discretion of Lender, subject, upon execution and delivery of the Lock-Box Agreement, to the terms, covenants and conditions of the Lock-Box Agreement, (c) either (i) each resident under a Resident Agreement is currently depositing all Rents for which the resident is liable into the Lock-Box, or (ii) Borrower has delivered to the residents under the Resident Agreements at the Projects (and will deliver to any future residents under the Resident Agreements at the Projects) an instruction letter (a "Payment Direction Letter") or a properly coded invoice pursuant to which such residents have been and will be instructed to deposit into the Lock-Box all Rents due under their respective Resident Agreements, (d) in the event the Lock-Box is changed or if otherwise required by Lender, Borrower will execute a new Payment Direction Letter with respect to such new Lock-Box and deliver such new Payment Direction Letter to the residents under Resident Agreements at the Projects or will change the applicable coding on invoices to cause all Rents to be deposited in the new Lock-Box, (e) Lender shall have the sole right to make and to direct withdrawals from the Lock-Box and Restricted Account in accordance with the terms and conditions of this Agreement and the Lock-Box Agreement, and (f) neither Borrower nor any other person claiming on behalf of or through Borrower shall have any right or authority, whether express or implied, to make use of or withdraw any amounts on deposit in the Lock-Box or Restricted Account. Borrower agrees that throughout the term of the Project Loans all residents of the Projects will be instructed to deposit into the Lock-Box all Rents due under their respective Resident Agreements.

Lock Box Agreement. Borrower hereby acknowledges The Borrower, each Originator and confirms that (a) Borrower has established the Restricted Servicer shall enter into a Lock-Box Agreement with Wachovia with respect to each Lock-Box Account, (b) and shall instruct all Obligors to deposit all Collections to the Lock-Box Accounts and Restricted Account are subject each Lock-Box Bank to deposit all Collections to the sole dominionCollection Account, control except as specifically provided below with respect to the account at US Bank. The Borrower will not give any contrary or conflicting instructions, and discretion of Lender, subjectwill, upon execution the request of Servicer or the Administrator, confirm such instructions by Servicer or take such other action as may be reasonably required to give effect to 24 such instructions. Notwithstanding the foregoing, Collections received into any Lock-Box Account may, until the Administrator provides notice to the contrary to the Servicer, be used in accordance with the provisions of Section 8.2(b). The parties acknowledge that ▇▇▇▇▇▇ has a lock-box with US Bank at its location in Edina, Minnesota (the “US Bank Lock-Box”) into which certain Collections of the Receivables are directed, and delivery that US Bank has declined to enter into a Lock-Box Agreement. In connection therewith the Loan Parties agree as follows: (i) immediately following the date hereof, but no later than the date of the first Advance hereunder, the Loan Parties will (A) give notice (with copy to the Administrator) to US Bank to change the name on the US Bank Lock-Box and its related account to “▇▇▇▇▇▇ Collections Limited Partnership, as servicer,” and (B) cause all funds in such account that constitute Collections to be transferred to one of the Lock-Box AgreementAccounts at Wachovia on the date of receipt in the US Bank Lock-Box; and (ii) no later than 60 days following the date hereof, to the termsLoan Parties will either (A) negotiate, covenants execute and conditions of the deliver a Lock-Box Agreement, (c) either (i) each resident under a Resident Agreement is currently depositing all Rents for which with US Bank with respect to the resident is liable into the US Bank Lock-BoxBox in substantially the form of Exhibit A-1 hereof with such changes as may be approved by the Administrator in its sole discretion, or (iiB) Borrower has delivered cause all Obligors who have been delivering Collections to the residents under the Resident Agreements at the Projects (and will deliver to any future residents under the Resident Agreements at the Projects) an instruction letter (a "Payment Direction Letter") or a properly coded invoice pursuant to which such residents have been and will be instructed to deposit into the US Bank Lock-Box all Rents due under their respective Resident Agreements, (d) in the event the Lock-Box is changed or if otherwise required by Lender, Borrower will execute a new Payment Direction Letter with respect to such new Lock-Box and deliver such new Payment Direction Letter Collections to the residents under Resident Agreements at the Projects or will change the applicable coding on invoices to cause all Rents to be deposited in the new Lock-Box, (e) Lender shall have the sole right to make and to direct withdrawals from the Lock-Box and Restricted Account in accordance with the terms and conditions of this Agreement and the Lock-Box Agreement, and (f) neither Borrower nor any other person claiming on behalf of or through Borrower shall have any right or authority, whether express or implied, to make use of or withdraw any amounts on deposit in the either an existing Wachovia Lock-Box or Restricted Account. Borrower agrees that throughout a new lock-box and lock-box account established with Wachovia (which new lock-box and account shall be made subject to the term of the Project Loans all residents of the Projects will Letter Agreement and shall thereafter be instructed deemed to deposit into the be a “Lock-Box all Rents due under their respective Resident AgreementsAccount”).