Common use of Tenant Reserves Clause in Contracts

Tenant Reserves. The security for the Mortgage Loan will include cash reserves equaling all anticipated Property tenant improvements, leasing commissions and capital expenditures for the initial three-year term, as determined by Lender. Upon any extension of the term of the Mortgage Loan as provided above, Borrower shall continue to maintain such reserves during the extension term in such amounts as may be required by Lender in its sole discretion. The reserves will be held by Lender in an interest-bearing account with all interest credited monthly to the Lock-box (as defined below) and will be released during the Term for approved funding of Property tenant improvements, leasing commissions and capital expenditures. Deferred Maintenance. A reserve will be established for up-front deferred maintenance and environmental matters in an amount equal to 125% of the costs and expenses associated therewith, as estimated in the third-party reports obtained by Lender as part of its due diligence review or as otherwise determined by Lender in its sole discretion. Upon any extension of the term of the Mortgage Loan as provided above, Borrower shall continue to maintain such reserve during the extension term in such amount as may be required by Lender in its sole discretion. Taxes & Insurance. A reserve in an interest-bearing account will be established at closing and funded monthly at 1/12th the annual amount estimated for taxes and insurance. All taxes due within 60 days of closing shall be paid at closing.

Tenant Reserves. The security for the Mortgage Loan will include cash reserves equaling all anticipated Property tenant improvements, leasing commissions and capital expenditures for the initial three-year term, as determined by Lender. Upon any extension of the term of the Mortgage Loan as provided above, Borrower shall continue to maintain such reserves during the extension term in such amounts as may be required by Lender in its sole discretion. The reserves will be held by Lender in Lend▇▇ ▇▇ an interest-bearing account with all interest credited monthly to the Lock-box (as defined below) and will be released during the Term for approved funding of Property tenant improvements, leasing commissions and capital expenditures. Deferred Maintenance. A reserve will be established for up-front deferred maintenance and environmental matters in an amount equal to 125% of the costs and expenses associated therewith, as estimated in the third-party reports obtained by Lender as Lend▇▇ ▇▇ part of its due diligence review or as otherwise determined by Lender in its sole discretion. Upon any extension of the term of the Mortgage Loan as provided above, Borrower shall continue to maintain such reserve during the extension term in such amount as may be required by Lender in its sole discretion. Taxes & Insurance. A reserve in an interest-bearing account will be established at closing and funded monthly at 1/12th the annual amount estimated for taxes and insurance. All taxes due within 60 days of closing shall be paid at closing.