Grubb ellis g reit liquidating trust
Additionally, the Lenders for the first time took the position that because of an alleged failure of the borrowers to meet certain conditions set forth in the Lenders' Consent, the Lenders are now unwilling to fund tenant improvements at the agreed-upon increased levels (.
The Lenders have stated that they will not release any funds in respect of tenant improvement until they receive proof that the shortfall has been paid to the contractors.
In addition, Daymark notified the Lenders that a major tenant of Congress Center has demanded that its tenant improvements be provided, as required under its lease.
Another major tenant of Congress Center has indicated that it is evaluating its remedies as a result of the failure for their tenant improvements to be provided.
The Loan is currently not in arrears as to any amounts due thereunder.