AG 2002 11 18 (Regular) - Laserfiche WebLink

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3. Pursuant to the Incentive Grant Agreement, Borrower is entitled to receive grants relating to the Property (the "Grants") thereunder fi:om Municipality paid annually in arrears in quarterly installments equal to 66.7% of the sales tax generated by each of the Tenants (as defined in the Loan Agreement) for the applicable calendar quarter. It being understood that the Grants expressly exclude any grants payable to the Other Parties (as defined in Exhibit B) or relating to property other than the Property (collectively, the "Other Grants"). The Grant most recently paid to Borrower's predecessor-in-interest was paid on August 23, 2002, and was in amounts equal to $200,150.04 from the City and $487,386.50 from the County. Borrower's predecessor-in-interest was paid the first Grant payable under the Incentive Grant Agreement in October of 2001 and Borrower is scheduled to be paid the last Grant payable under the Incentive Grant Agreement for the first calendar quarter of 2006 sometime during the second calendar quarter of 2006. 4. Other than the Municipality's obligation with respect to the Grants and the Other Grants, no party to the Incentive Grant Agreement has any outstanding financial obligations thereunder and Borrower has no outstanding financial obligations thereunder for the term of the Incentive Grant Agreement. 5. Pursuant to Section 7(j) of the Incentive Grant Agreement, Municipality hereby grants its consent to Borrower's collateral assignment of Borrower's rights, title, and interest in, to, and ,under the Incentive Grant Agreement (and the benefits conferred thereby) to Lender in connection with the Loan and Municipality further consents and agrees that in the event Lender (or its designee or nominee) takes title to the Property as a result of Lender's exercise of its remedies under the Loan Agreement and/or the Security Instrument (including without limitation, by way of the power of sale rights granted Lender under the Security Instrument, foreclosure, deed in lieu of foreclosure or otherwise), such party shall be entitled to all of the rights and benefits of Borrower (but not of the Other Parties) under the Incentive Grant Agreement, including, without limitation, the right to receive the Grants (but not the Other Grants). 6. Borrower hereby instructs Municipality (and Municipality hereby agrees) to pay each of the Grants payable to Borrower on and after the date hereof to the following account at the following address (or such other account or address as may be designated by Lender in writing to Municipality in accordance with the terms and conditions of the Loan Agreement): Account Number: TO BE SUPPLIED BY BORROWER Account Name: Concord Mills Mall Limited Partnership for the sole and exclusive benefit of JPMorgan Chase Bank and Commerzbank AG, New York Branch, together with their respective successors and assigns, as secured parties Account Address: United States Post Office Box 402242, Atlanta, Georgia 30384-2242 Borrower and Municipality hereby acknowledge and agree that these instructions are irrevocable without Lender's prior written consent but shall be deemed automatically rescinded upon full payment of the Loan. 2xo2497.03 I141: CH