Alterations and Expansions. During the continuance of any Event of Default, no Borrower or Property Owner shall perform or contract to perform any Capital Expenditures that are not consistent with the Approved Annual Budget. No Borrower or Property Owner shall perform or contract to perform any Material Alteration without the prior written consent of Lender, which consent (in the absence of an Event of Default) shall not be unreasonably withheld, conditioned or delayed. If Lender’s consent is requested hereunder with respect to a Material Alteration, Lender may retain a construction consultant to review such request and, if such request is granted, Lender may retain a construction consultant to inspect the work from time to time. Borrower shall, within 30 days of demand by Lender, reimburse Lender for the reasonable fees and disbursements of such consultant.
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Samples: Senior Mezzanine Loan Agreement (Gramercy Capital Corp), Loan Agreement (Gramercy Capital Corp), Senior Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Alterations and Expansions. During the continuance of any Event of Default, no Borrower or Property Owner shall perform or contract to perform any Capital Expenditures that are not consistent with the Approved Annual Budget. No Borrower or Property Owner shall perform or contract to perform any Material Alteration without the prior written consent of Lender, which consent (in the absence of an Event of Default) shall not be unreasonably withheld, conditioned or delayed. If Lender’s consent is requested hereunder with respect to a Material Alteration, Lender may retain a construction consultant to review such request and, if such request is granted, Lender may retain a construction consultant to inspect the work from time to time. Borrower shall, within 30 days of demand by Lender, reimburse Lender for the reasonable fees and disbursements of such consultant.
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