Document ID: 15777

Text:
(b)Lender shall cause the disbursement to Borrower the Unfunded Obligations Funds (or portions thereof) upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and, if such request relates to a disbursement of Unfunded Obligations Funds for tenant improvements, leasing commissions, free rent obligations, such request shall provide evidence reasonably satisfactory to Lender that such for tenant improvements, leasing commissions and/or free rent obligations under the applicable Lease for which Borrower is requesting disbursement of Unfunded Obligations Funds has expired and/or have been paid to the Tenant, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) to the extent the amount of the requested disbursement for any item set forth on Schedule III (together with any previous disbursements for such item) exceeds the amount set forth on Schedule III, Lender shall have reasonably approved such disbursement; (iv) Lender shall have received a certificate from Borrower (A) stating that (I) with respect to disbursements of Unfunded Obligations Funds for credits for tenant improvements, all tenant improvements at the Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority, if any, required in connection with the tenant improvements and (II) with respect to disbursement of Unfunded Obligations Funds for free rent credits, the applicable rent credits and/or other credits under the Lease for which disbursement is sought by Borrower has expired and/or have been paid to Tenant, (B) with respect to disbursements of Unfunded Obligations Funds for credits for tenant improvements, identifying each Person that supplied materials or labor in connection with the tenant improvements to be funded by the requested disbursement and (C) with respect to disbursements of Unfunded Obligations Funds for credits for tenant improvements, stating that each such Person has been paid in full with respect to all amounts then due or will be paid in full with respect to all amounts then due upon such disbursement (or for ongoing work, such Person has been or will be paid upon such disbursement for the work identified in such certificate from Borrower with respect to such disbursement), such certificate to be accompanied by, as applicable, partial (with respect to such ongoing work) or complete lien waivers, invoices and/or other evidence of payment reasonably satisfactory to Lender; (v) at Lenders option, if the cost of the individual tenant improvement exceeds $100,000, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances, (vi) at Lenders option, if the cost of the individual tenant improvement exceeds $100,000, Lender shall have received a report reasonably satisfactory to Lender in its reasonable discretion from an architect or engineer reasonably approved by Lender in respect of such architect or engineers inspection of such tenant improvement, and (vii) Lender shall have received such other evidence as Lender shall reasonably request that the tenant improvements at the Property to be funded by the requested disbursement have been completed (to the extent applicable) and/or leasing commissions to be funded by the requested disbursement are due and payable and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Unfunded Obligations Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total amount of Unfunded Obligations Funds remaining, is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). Notwithstanding the foregoing if a Trigger Period exists, any disbursement of Unfunded Obligations Funds with respect to free rent credits shall instead of being disbursed to Borrower be deposited into the Cash Management Account for application in accordance with the Cash Management Agreement on the next Monthly Payment Date. Following the completion of all Unfunded Obligations as reasonably determined by Lender, so long as no Event of Default has occurred and is continuing, Lender shall cause any Unfunded Obligations Funds remaining in the Unfunded Obligations Account to be disbursed to Borrower.

Named Entities:
78
79
Rent
538
541
Principal
803
805
Title

Tokenized Text:
(
b
)
Lender
shall
cause
the
disbursement
to
Borrower
the
Unfunded
Obligations
Funds
(
or
portions
thereof
)
upon
satisfaction
by
Borrower
of
each
of
the
following
conditions
:
(
i
)
Borrower
shall
submit
a
request
for
payment
to
Lender
at
least
ten
(
10
)
days
prior
to
the
date
on
which
Borrower
requests
such
payment
be
made
and
,
if
such
request
relates
to
a
disbursement
of
Unfunded
Obligations
Funds
for
tenant
improvements
,
leasing
commissions
,
free
rent
obligations
,
such
request
shall
provide
evidence
reasonably
satisfactory
to
Lender
that
such
for
tenant
improvements
,
leasing
commissions
and
/
or
free
rent
obligations
under
the
applicable
Lease
for
which
Borrower
is
requesting
disbursement
of
Unfunded
Obligations
Funds
has
expired
and
/
or
have
been
paid
to
the
Tenant
,
(
ii
)
on
the
date
such
request
is
received
by
Lender
and
on
the
date
such
payment
is
to
be
made
,
no
Event
of
Default
shall
exist
and
remain
uncured
;
(
iii
)
to
the
extent
the
amount
of
the
requested
disbursement
for
any
item
set
forth
on
Schedule
III
(
together
with
any
previous
disbursements
for
such
item
)
exceeds
the
amount
set
forth
on
Schedule
III
,
Lender
shall
have
reasonably
approved
such
disbursement
;
(
iv
)
Lender
shall
have
received
a
certificate
from
Borrower
(
A
)
stating
that
(
I
)
with
respect
to
disbursements
of
Unfunded
Obligations
Funds
for
credits
for
tenant
improvements
,
all
tenant
improvements
at
the
Property
to
be
funded
by
the
requested
disbursement
have
been
completed
in
good
and
workmanlike
manner
and
in
accordance
with
all
applicable
federal
,
state
and
local
laws
,
rules
and
regulations
,
such
certificate
to
be
accompanied
by
a
copy
of
any
license
,
permit
or
other
approval
by
any
Governmental
Authority
,
if
any
,
required
in
connection
with
the
tenant
improvements
and
(
II
)
with
respect
to
disbursement
of
Unfunded
Obligations
Funds
for
free
rent
credits
,
the
applicable
rent
credits
and
/
or
other
credits
under
the
Lease
for
which
disbursement
is
sought
by
Borrower
has
expired
and
/
or
have
been
paid
to
Tenant
,
(
B
)
with
respect
to
disbursements
of
Unfunded
Obligations
Funds
for
credits
for
tenant
improvements
,
identifying
each
Person
that
supplied
materials
or
labor
in
connection
with
the
tenant
improvements
to
be
funded
by
the
requested
disbursement
and
(
C
)
with
respect
to
disbursements
of
Unfunded
Obligations
Funds
for
credits
for
tenant
improvements
,
stating
that
each
such
Person
has
been
paid
in
full
with
respect
to
all
amounts
then
due
or
will
be
paid
in
full
with
respect
to
all
amounts
then
due
upon
such
disbursement
(
or
for
ongoing
work
,
such
Person
has
been
or
will
be
paid
upon
such
disbursement
for
the
work
identified
in
such
certificate
from
Borrower
with
respect
to
such
disbursement
)
,
such
certificate
to
be
accompanied
by
,
as
applicable
,
partial
(
with
respect
to
such
ongoing
work
)
or
complete
lien
waivers
,
invoices
and
/
or
other
evidence
of
payment
reasonably
satisfactory
to
Lender
;
(
v
)
at
Lenders
option
,
if
the
cost
of
the
individual
tenant
improvement
exceeds
$
100
,
000
,
a
title
search
for
the
Property
indicating
that
the
Property
is
free
from
all
liens
,
claims
and
other
encumbrances
other
than
Permitted
Encumbrances
,
(
vi
)
at
Lenders
option
,
if
the
cost
of
the
individual
tenant
improvement
exceeds
$
100
,
000
,
Lender
shall
have
received
a
report
reasonably
satisfactory
to
Lender
in
its
reasonable
discretion
from
an
architect
or
engineer
reasonably
approved
by
Lender
in
respect
of
such
architect
or
engineers
inspection
of
such
tenant
improvement
,
and
(
vii
)
Lender
shall
have
received
such
other
evidence
as
Lender
shall
reasonably
request
that
the
tenant
improvements
at
the
Property
to
be
funded
by
the
requested
disbursement
have
been
completed
(
to
the
extent
applicable
)
and
/
or
leasing
commissions
to
be
funded
by
the
requested
disbursement
are
due
and
payable
and
are
paid
for
or
will
be
paid
upon
such
disbursement
to
Borrower
.
Lender
shall
not
be
required
to
disburse
Unfunded
Obligations
Funds
more
frequently
than
once
each
calendar
month
nor
in
an
amount
less
than
the
Minimum
Disbursement
Amount
(
or
a
lesser
amount
if
the
total
amount
of
Unfunded
Obligations
Funds
remaining
,
is
less
than
the
Minimum
Disbursement
Amount
,
in
which
case
only
one
disbursement
of
the
amount
remaining
in
the
account
shall
be
made
)
.
Notwithstanding
the
foregoing
if
a
Trigger
Period
exists
,
any
disbursement
of
Unfunded
Obligations
Funds
with
respect
to
free
rent
credits
shall
instead
of
being
disbursed
to
Borrower
be
deposited
into
the
Cash
Management
Account
for
application
in
accordance
with
the
Cash
Management
Agreement
on
the
next
Monthly
Payment
Date
.
Following
the
completion
of
all
Unfunded
Obligations
as
reasonably
determined
by
Lender
,
so
long
as
no
Event
of
Default
has
occurred
and
is
continuing
,
Lender
shall
cause
any
Unfunded
Obligations
Funds
remaining
in
the
Unfunded
Obligations
Account
to
be
disbursed
to
Borrower
.