TO BORROWER AND LENDER, A STATEMENT (EACH, A "PAYMENT DATE STATEMENT") NO LATER
THAN THE BUSINESS DAY PRIOR TO SUCH PAYMENT DATE WITH RESPECT TO EACH OF THE
ITEMS BELOW, SETTING FORTH THE FOLLOWING:
(I)
THE AGGREGATE DEPOSITS TO THE COLLECTION ACCOUNT DURING THE RELATED
COLLECTION PERIOD FOR EACH TYPE OF DEPOSIT UNDER THIS AGREEMENT AND THE OPENING
AND CLOSING BALANCES IN THE COLLECTION ACCOUNT;
(II)
THE AMOUNT OF INTEREST THEN DUE AND PAYABLE ON THE NOTE WITH RESPECT TO
THE INTEREST ACCRUAL PERIOD (INCLUDING THE APPLICABLE NUMBER OF DAYS AND
INTEREST RATE WHICH WERE APPLIED IN DETERMINING SUCH AMOUNT);
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(III)
THE AMOUNT OF THE EXIT FEE, THE EXTENSION FEE OR THE PREPAYMENT FEE, IF
ANY, THEN DUE AND PAYABLE;
(IV)
THE AMOUNT OF ANY EXPENSES PAYABLE TO LENDER AND ANY OUTSTANDING
INDEMNIFICATION PAYMENT TO WHICH AN INDEMNIFIED PARTY IS THEN ENTITLED UNDER
THIS AGREEMENT;
(V)
THE FOLLOWING INFORMATION WITH RESPECT TO THE PRINCIPAL INDEBTEDNESS IN A
FORMAT REASONABLY ACCEPTABLE TO LENDER:
(1) THE PRINCIPAL INDEBTEDNESS AS OF
THE PRECEDING PAYMENT DATE, (2) ANY PRINCIPAL PAYABLE TO LENDER PURSUANT TO
SECTIONS 2.6, 2.7 OR 2.12 ON SUCH PAYMENT DATE, AND (3) THE PRINCIPAL
INDEBTEDNESS ON THE CURRENT PAYMENT DATE (TAKING INTO ACCOUNT SUCH PAYMENTS);
AND
(VI)
THE AMOUNT WITHDRAWN FROM OR REMITTED TO EACH ACCOUNT OF THE RESERVE
ACCOUNT IN ACCORDANCE WITH SECTIONS 2.12 AND 2.13 AND THE AMOUNT REMITTED TO
BORROWER.
(E)
INTENTIONALLY OMITTED.
(F)
LOSS PROCEEDS.
IN THE EVENT OF A CASUALTY OR TAKING WITH RESPECT
TO THE MORTGAGED PROPERTY, UNLESS PURSUANT TO SECTION 5.1(X) OF THIS AGREEMENT,
THE LOSS PROCEEDS ARE TO BE MADE AVAILABLE TO BORROWER FOR RESTORATION, ALL OF
BORROWER'S INTEREST IN LOSS PROCEEDS SHALL BE PAID DIRECTLY TO THE COLLECTION
ACCOUNT.
IF THE LOSS PROCEEDS ARE TO BE MADE AVAILABLE FOR RESTORATION PURSUANT
TO THIS AGREEMENT, SUCH LOSS PROCEEDS SHALL BE HELD BY LENDER IN A SEGREGATED
INTEREST-BEARING ELIGIBLE ACCOUNT IN THE NAME OF LENDER AND UNDER THE SOLE
DOMINION AND CONTROL OF LENDER TO BE OPENED (IF NOT PREVIOUSLY OPENED AND
MAINTAINED BY THE COLLECTION ACCOUNT BANK UNDER THE COLLECTION ACCOUNT AGREEMENT
BY THE LENDER) BY LENDER AT A FINANCIAL INSTITUTION SELECTED BY LENDER (THE
"LOSS PROCEEDS ACCOUNT").
FUNDS ON DEPOSIT IN THE LOSS PROCEEDS ACCOUNT SHALL
BE INVESTED IN PERMITTED INVESTMENTS IN THE SAME MANNER AND SUBJECT TO THE SAME
RESTRICTIONS AS SET FORTH IN SECTION 2.12(C) WITH RESPECT TO THE COLLECTION
ACCOUNT (EXCEPT THAT THE MATURITY SHALL BE NOT LATER THAN AS NECESSARY TO
SATISFY ANY SCHEDULE OF DISTRIBUTIONS FOR RESTORATION REQUIRED OR APPROVED BY
LENDER).
IF ANY LOSS PROCEEDS ARE RECEIVED BY BORROWER, SUCH LOSS PROCEEDS
SHALL BE RECEIVED IN TRUST FOR LENDER, SHALL BE SEGREGATED FROM OTHER FUNDS OF
BORROWER, AND SHALL BE FORTHWITH PAID TO LENDER TO THE EXTENT NECESSARY TO
COMPLY WITH THIS AGREEMENT.
Section 2.13.
Reserve Accounts.
(A)
DEFERRED MAINTENANCE ESCROW ACCOUNT AND REPLACEMENT RESERVE
ACCOUNT.
(I)
ON OR BEFORE THE CLOSING DATE, LENDER SHALL ESTABLISH ON BEHALF OF THE
BORROWER AND MAINTAIN WITH