DEFINED BELOW), LANDLORD SHALL DISBURSE OR CAUSE THE MORTGAGEE TO DISBURSE FUNDS
HELD IN THE RESERVE SUBACCOUNT FOR MAINTENANCE EXPENSES TO TENANT WITHIN FIFTEEN
(15) DAYS AFTER THE DELIVERY BY TENANT TO LANDLORD OF A REQUEST THEREFOR, IN AN
AMOUNT GREATER THAN TWENTY FIVE THOUSAND DOLLARS ($25,000) (OR A LESSER AMOUNT
IF THE TOTAL AMOUNT IN THE MAINTENANCE RESERVE IS LESS THAN TWENTY FIVE THOUSAND
DOLLARS ($25,000), IN WHICH CASE ONLY ONE SUCH DISBURSEMENT AS TO THAT
PARTICULAR MAINTENANCE EXPENSE SHALL BE MADE), PROVIDED THAT THE REQUEST FOR
DISBURSEMENT IS ACCOMPANIED BY: (A) A CERTIFICATE SIGNED BY AN OFFICER OF
TENANT: (I) STATING THAT THE MAINTENANCE WHICH IS THE SUBJECT OF THE REQUESTED
DISBURSEMENT HAS BEEN COMPLETED, (II) IDENTIFYING EACH PERSON THAT SUPPLIED
MATERIALS OR LABOR IN CONNECTION WITH SUCH MAINTENANCE OR ANY PORTION THEREOF,
AND (III) STATING THAT EACH SUCH PERSON SUPPLYING MATERIALS OR LABOR HAS BEEN
OR, UPON RECEIPT OF THE REQUESTED DISBURSEMENT, WILL BE PAID IN FULL WITH
RESPECT TO THE PORTION OF THE MAINTENANCE WHICH IS THE SUBJECT OF THE REQUESTED
DISBURSEMENT; (B) COPIES OF APPROPRIATE LIEN WAIVERS, TO THE EXTENT APPLICABLE,
OR OTHER EVIDENCE OF PAYMENT REASONABLY SATISFACTORY TO LANDLORD; AND (C) IF
REQUESTED BY LANDLORD'S MORTGAGEE, A TITLE SEARCH FOR SUCH PROPERTY LOCATION
INDICATING THAT SUCH PROPERTY LOCATION IS FREE FROM ALL LIENS, CLAIMS AND OTHER
ENCUMBRANCES NOT PREVIOUSLY APPROVED BY LANDLORD.
30.04
RESERVE REVERSAL EVENT. UPON A RESERVE REVERSAL EVENT, NO FURTHER
RESERVES SHALL BE REQUIRED AND ANY RESERVES AND/OR LETTER OF CREDIT (AS DEFINED
IN SECTION 30.06(D) BELOW) HELD BY LANDLORD OR MORTGAGEE SHALL BE IMMEDIATELY
RELEASED AND/OR RETURNED, AS THE CASE MAY BE, TO TENANT.
30.05
LETTER OF CREDIT. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
IN THIS ARTICLE 30 OR SECTION 9.05, AT TENANT'S OPTION, IN LIEU OF THE
REQUIREMENTS SET FORTH HEREIN WITH RESPECT TO TENANT'S OBLIGATION TO MAKE
DEPOSITS INTO ONE OR MORE RESERVE SUBACCOUNTS, TENANT MAY DELIVER A LETTER OF
CREDIT OR LETTERS OF CREDIT, TO LANDLORD IN AN AMOUNT OR AMOUNTS EQUAL TO THE
AGGREGATE AMOUNT WHICH TENANT WOULD OTHERWISE BE REQUIRED TO DEPOSIT FOR
IMPOSITIONS, INSURANCE PREMIUMS, OVERLEASE RENTS AND/OR MAINTENANCE EXPENSES,
OVER THE ENSUING TWELVE (12) MONTH PERIOD, AND/OR REQUIRED REPAIRS, WHEREUPON
LANDLORD SHALL REMIT OR CAUSE MORTGAGEE TO REMIT THE RESERVES THEN ON DEPOSIT,
IF ANY, IN THE APPLICABLE RESERVE SUBACCOUNT TO TENANT. IN THE EVENT THAT TENANT
DELIVERS A LETTER OF CREDIT OR LETTERS OF CREDIT FOR IMPOSITIONS, INSURANCE
PREMIUMS, THE OVERLEASE RENTS, MAINTENANCE EXPENSES AND/OR REQUIRED REPAIRS,
TENANT SHALL BE RESPONSIBLE FOR THE PAYMENT OF SUCH ITEM AND LANDLORD SHALL NOT
BE RESPONSIBLE THEREFOR. TENANT SHALL PROVIDE LANDLORD WITH NOTICE OF ANY
INCREASES (OR DECREASES) IN THE AGGREGATE PAYMENTS OVER THE ENSUING TWELVE (12)
MONTH PERIOD FOR IMPOSITIONS, INSURANCE PREMIUMS, OVERLEASE RENTS AND/OR
MAINTENANCE EXPENSES, AS THE CASE MAY BE, NOT LESS THAN FORTY-FIVE (45) DAYS
PRIOR TO THE DATE ANY SUCH INCREASE (OR DECREASE) IS FIRST DUE AND PAYABLE, AND
THE APPLICABLE LETTER OF CREDIT SHALL BE INCREASED (OR DECREASED) BY