Common use of Alterations to the Mortgaged Properties Clause in Contracts

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of bedrooms in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or 5%)or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $250,000 2,000, but in any event, costs in excess of $350,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “"Alterations”") to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily manufactured housing facility community in substantially the same manner in which it is being operated on the date such property Mortgaged Property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in material interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rentrent due to such Alterations, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreementcommencement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s 's prior written consent to construct a single or related series of Alterations with respect to the any Mortgaged Property (i) costing in the aggregate in excess of $500,000 or (ii) having a material adverse effect on the lesser of (i) five percent (5%) of the Allocable Facility Amount use or operation of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct commence the Alterations with respect to such Mortgaged Property costing in excess of $100,000250,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s 's routine maintenance and repair maintenance, repair, replacement, renovation or restoration of the Mortgaged Properties as required by the Loan DocumentsDocuments or, if such Alterations are emergency in nature, in which case the Borrower shall give notice to Lender as promptly as reasonably practical.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Borrower Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the LenderXxxxxx Xxx; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender Xxxxxx Mae if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the LenderLoan Servicer’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $250,000 2,000, but in any event, costs in excess of $350,000 and the Borrower must give prior written notice to the Lender Loan Servicer of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, Master Reimbursement Agreement Mid-America conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Borrower Documents.

Alterations to the Mortgaged Properties. Except as otherwise --------------------------------------- provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “"Alterations”") to the Mortgaged Property which it owns without the prior consent ----------- of the Lender; provided, however, that in any case, no such Alteration shall be -------- ------- made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx abate the payment of all or any portion of their rent, or (iii) such Alteration sxxx Xlteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s 's prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s 's routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the applicable Loan Documents, the Borrower and IDOT Guarantor shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility Multifamily Residential Property in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases (or Residential Agreements, if applicable) would be permitted to terminate their Leases (or Residential Agreements, if applicable) or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the unless required by law or court order, Borrower or IDOT Guarantor must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such of, with respect to any Mortgaged Property and (ii) Property, $250,000 and the 500,000. Borrower or IDOT Guarantor must give prior written notice to the Lender of its intent to construct any Alterations required by law or court order (regardless of cost) or Alterations with respect to such Mortgaged Property costing in excess of $100,000200,000 (the Lender shall be deemed to have received such notice from Borrower or IDOT Guarantor with respect to any Alteration costing in excess of $200,000 up to and including $500,000 if Borrower includes such Alteration in the budget for the applicable fiscal year required to be delivered by Borrower or IDOT Guarantor pursuant to Section 6.03(h)); provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower or IDOT Guarantor as part of the Borrower’s or IDOT Guarantor’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents. Borrower or IDOT Guarantor may, on an annual basis, obtain the prior consent of Lender to undertake, during a fiscal year, Alterations that require Lender’s consent pursuant to this Section 6.09 by including in the annual budget for such fiscal year delivered by Borrower or IDOT Guarantor pursuant to Section 6.03 the following information: (A) the identity of the Mortgaged Property or Properties affected by such Alterations, a description of the Alterations to be undertaken, a proposed time schedule for the performance of such Alterations, and a description of the expenses shown in the annual budget that pertain to such Alterations; (B) a description of the number of units that will be affected by such Alterations, the time period that any or all of such units will not be available for occupancy, and an estimate of the loss revenue that will result therefrom; and (C) a request, in writing that Lender consent, in advance, to the undertaking of such specified Alterations. Within twenty (20) days after receipt of any such request, Lender shall approve or disapprove such request in writing and, if Lender disapproves such request, it will provide Borrower or IDOT Guarantor with a brief statement of the reasons for such disapproval. If Lender does not either approve or disapprove such request within such twenty (20) day period, such request shall be deemed approved.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (ia) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily manufactured housing facility community in substantially the same manner in which it is being operated on the date such property Mortgaged Property became Collateral, (iib) the construction of such Alteration could reasonably be expected to result in material interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rentrent due to such Alterations, or (iiic) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreementcommencement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct a single or related series of Alterations with respect to the any Mortgaged Property (i) costing in the aggregate in excess of $500,000 or (ii) having a material adverse effect on the lesser of (i) five percent (5%) of the Allocable Facility Amount use or operation of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct commence the Alterations with respect to such Mortgaged Property costing in excess of $100,000250,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair maintenance, repair, replacement, renovation or restoration of the Mortgaged Properties as required by the Loan DocumentsDocuments or, if such Alterations are emergency in nature, in which case Borrower shall give notice to Lender as promptly as reasonably practical.

Alterations to the Mortgaged Properties. Except as otherwise provided in the applicable Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the LenderXxxxxx Xxx; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender Xxxxxx Mae if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility Multifamily Residential Property in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases (or Residential Agreements, if applicable) would be permitted to terminate their Leases (or Residential Agreements, if applicable) or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration exceeds $250,000 per year and will be completed in more than 12 months from the date of commencement or in the last year six months of the Term of this Agreement. Notwithstanding the foregoing, the unless required by law or court order, Borrower must obtain the LenderXxxxxx Mae’s prior written consent to construct Alterations costing in excess of, with respect to the any Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) Property, $250,000 and the 500,000 per year. Borrower must give prior written notice to the Lender Xxxxxx Xxx of its intent to construct any Alterations required by law or court order (regardless of cost) or Alterations with respect to such Mortgaged Property costing in excess of $100,000250,000 per year; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents. Borrower may, on an annual basis, obtain the prior consent of Xxxxxx Mae to undertake, during a fiscal year, Alterations that require Xxxxxx Mae’s consent pursuant to this Section 6.09 by requesting such consent in writing and by including in such written request the following information: (A) the identity of the Mortgaged Property or Properties affected by such Alterations, a description of the Alterations to be undertaken, and a description of the expenses that pertain to such Alterations; (B) a description of the number of units that will be affected by such Alterations, and (C) a request, in writing that Xxxxxx Mae consent, in advance, to the undertaking of such specified Alterations. Upon request by Xxxxxx Xxx in its evaluation of any such request, Borrower will provide a proposed time schedule for the performance of selected Alterations and the time period that any or all of such units will not be available for occupancy and an estimate of the lost revenue that will result therefrom. Within twenty (20) days after receipt of any such request, Xxxxxx Mae shall approve or disapprove such request in writing and, if Xxxxxx Xxx disapproves such request, it will provide Borrower with a brief statement of the reasons for such disapproval. If Xxxxxx Mae does not either approve or disapprove such request within such twenty (20) day period, such request shall be deemed approved. Xxxxxx Xxx agrees and acknowledges that any and all Alterations undertaken prior to the Effective Date are hereby deemed approved, notwithstanding any failure of a Borrower to comply with the requirements set forth above.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower Party shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower Party must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $250,000 2,000, but in any event, costs in excess of $350,000 and the Borrower Party must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower Party as part of the BorrowerBorrower Party’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower Party shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”"ALTERATIONS") to the Mortgaged Property which it owns without the prior consent of the Lender; providedPROVIDED, howeverHOWEVER, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx abate the payment of all or any portion of their rent, or (iii) such Alteration Xxxxration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower Party must obtain the Lender’s 's prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $250,000 2,000, but in any event, costs in excess of $350,000 and the Borrower Party must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower Party as part of the Borrower’s Borrower Party's routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Borrower Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property and per occurrence, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Borrower Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to materially and adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations (other than scheduled repairs and maintenance to existing improvements) with respect to the any Mortgaged Property costing in excess of the lesser of (iA) five ten percent (510%) of the Allocable Facility Amount of such Mortgaged Property and or (iiB) $250,000 500,000, and the Borrower must give prior written notice to the Lender of its intent to construct Alterations (other than scheduled repairs and maintenance to existing improvements) with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by or contemplated under the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (ia) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (iib) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iiic) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property multiplied by $2,000, but in any event, costs in excess of $350,000 and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower Party shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, ,that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or 5%)or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower Party must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $250,000 2,000, but in any event, costs in excess of $350,000 and the Borrower Party must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower Party as part of the BorrowerBorrower Party’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise --------------------------------------- provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “"Alterations”") to the Mortgaged Property which it owns without the prior consent ----------- of the Lender; provided, however, that in any case, no such Alteration shall be -------- ------- made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s 's prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s 's routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the applicable Loan Documents, the Borrower and IDOT Guarantor shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility Multifamily Residential Property in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases (or Residential Agreements, if applicable) would be permitted to terminate their Leases (or Residential Agreements, if applicable) or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration exceeds $250,000 per year and will be completed in more than 12 months from the date of commencement or in the last year six months of the Term of this Agreement, inclusive of Extensions of the Loan secured by the Collateral Pool of which such Mortgaged Property is a component. Notwithstanding the foregoing, the unless required by law or court order, Borrower or IDOT Guarantor must obtain the Lender’s prior written consent to construct Alterations costing in excess of, with respect to the any Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) Property, $250,000 and the 500,000 per year. Borrower or IDOT Guarantor must give prior written notice to the Lender of its intent to construct any Alterations required by law or court order (regardless of cost) or Alterations with respect to such Mortgaged Property costing in excess of $100,000250,000 per year (the Lender shall be deemed to have received such notice from Borrower or IDOT Guarantor with respect to any Alteration costing in excess of $250,000 up to and including $500,000 if Borrower includes such Alteration in the budget for the applicable fiscal year required to be delivered by Borrower or IDOT Guarantor pursuant to Section 6.03 (h)); provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower or IDOT Guarantor as part of the Borrower’s or IDOT Guarantor’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents. Borrower or IDOT Guarantor may, on an annual basis, obtain the prior consent of Lender to undertake, during a fiscal year, Alterations that require Lender’s consent pursuant to this Section 6.09 by including in the annual budget for such fiscal year delivered by Borrower or IDOT Guarantor pursuant to Section 6.03 the following information: (A) the identity of the Mortgaged Property or Properties affected by such Alterations, a description of the Alterations to be undertaken, and a description of the expenses shown in the annual budget that pertain to such Alterations; (B) a description of the number of units that will be affected by such Alterations, and (C) a request, in writing that Lender consent, in advance, to the undertaking of such specified Alterations. Upon request by Lender in its evaluation of any such request, Borrower or IDOT Guarantor will provide a proposed time schedule for the performance of selected Alterations and the time period that any or all of such units will not be available for occupancy and an estimate of the lost revenue that will result therefrom. Within twenty (20) days after receipt of any such request, Lender shall approve or disapprove such request in writing and, if Lender disapproves such request, it will provide Borrower or IDOT Guarantor with a brief statement of the reasons for such disapproval. If Lender does not either approve or disapprove such request within such twenty (20) day period, such request shall be deemed approved. Lender agrees and acknowledges that any and all Alterations undertaken prior to the Amended and Restated Agreement Closing Date are hereby deemed approved, notwithstanding any failure of a Borrower or IDOT Guarantor to comply with the requirements set forth above.

Alterations to the Mortgaged Properties. (a) Except as otherwise provided in the Loan DocumentsCompletion/Repair and Security Agreement and Replacement Reserve Agreement, the each Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility Senior Housing Facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,500, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to materially and adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will is anticipated to be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations (other than scheduled repairs and maintenance to existing improvements) with respect to the any Mortgaged Property costing in excess of the lesser of (iA) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and Property, or (iiB) $250,000 2,000 per unit for each unit at such Mortgaged Property, or (C) $1,000,000, and the Borrower must give prior written notice to the Lender of its intent to construct Alterations (other than scheduled repairs and maintenance to existing improvements) with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by or contemplated under the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $250,000 2,000, but in any event, costs in excess of $350,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000150,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower Owner shall have the right to undertake any alteration, improvement, demolition, removal removal, or construction (collectively, “Alterations”) to the any Mortgaged Property which it owns without the prior consent of the LenderXxxxxx Mae; provided, however, that in any case, no such Alteration Alterations shall be made to any Mortgaged Property without the prior written consent of the Lender Xxxxxx Xxx if (i) such Alteration could Alterations would reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility Multifamily Residential Property in substantially the same manner in which it is being operated on the Effective Date or in relation to any Substitute Mortgaged Property on the date such property became Collateral, (ii) the construction of such Alteration Alterations could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) % or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration Alterations will be completed in more than 12 months from the date of commencement or in the last year of the Term term of this Agreementthe applicable Collateral Pool Loan. Notwithstanding the foregoing, the Borrower must obtain the LenderXxxxxx Mae’s prior written consent (which shall not be unreasonably withheld or delayed) to construct Alterations with respect to the Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000350,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required under this Agreement or by the Loan Documents or repairs or capital improvements specifically required under any Loan Documents.. Master Credit Facility Agreement Jupiter EQR Credit Facility

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake undertake, or permit to be undertaken, any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns Properties without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration when completed could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility Senior Housing Facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Lender acknowledges that Borrower may request consent to perform an Expansion (as defined in the Expansion Security Agreement) to the Mortgaged Property known as Heartsfield at Easton, pursuant to the terms of the Expansion Security Agreement. In the event such request is made and such consent is granted, Borrower agrees to execute and deliver the Expansion Security Agreement and to cause Key Principal to execute and deliver the Expansion Guaranty. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property multiplied by $3,000, but in any event, costs in excess of $500,000 within a Calendar Year and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided250,000. For purposes of this Section 8.09, howeverthe defined term Alterations is not intended to include any (i) routine maintenance, that routine repairs or routine capital expenditures or (ii) repairs or capital expenditures specified in the preceding requirements shall not be applicable to Alterations made, conducted Completion Repair and Security Agreement or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan DocumentsReplacement Reserve Agreement.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 fifteen (15) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance maintenance, and repair or replacement of obsolete equipment of the Mortgaged Properties as required by the Loan Documents. Notwithstanding anything contained in this paragraph, in the event that the cost of an Alteration is less than $100,000 for any Mortgaged Property and such Alteration shall take place in the last year of the Term of this Agreement, the Borrower shall not be required to request the prior written consent of Lender prior to making such Alteration.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 fifteen (15) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance maintenance, and repair or replacement of obsolete equipment of the Mortgaged Properties as required by the Loan Documents.. Notwithstanding anything contained in this paragraph, in the event that the cost of an Alteration is less than $100,000 for any Mortgaged Property and such Alteration shall take place in the last year of the Term of this Agreement, the Borrower shall not be required to request the prior written consent of Lender prior to making such Alteration. Master Credit Facility Agreement Camden 2009

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “"Alterations”") to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s 's prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s 's routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of Master Credit Facility Agreement Camden 2008 their rent, or (iii) such Alteration will be completed in more than 12 fifteen (15) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance maintenance, and repair or replacement of obsolete equipment of the Mortgaged Properties as required by the Loan Documents. Notwithstanding anything contained in this paragraph, in the event that the cost of an Alteration is less than $100,000 for any Mortgaged Property and such Alteration shall take place in the last year of the Term of this Agreement, the Borrower shall not be required to request the prior written consent of Lender prior to making such Alteration.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to materially and adversely affect the value of such Mortgaged Property or its operation as a Colonial/PNC ARCS — Master Credit Facility Agreement multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations (other than scheduled repairs and maintenance to existing improvements) with respect to the any Mortgaged Property costing in excess of the lesser of (iA) five ten percent (510%) of the Allocable Facility Amount of such Mortgaged Property and (iiB) $250,000 500,000, and the Borrower must give prior written notice to the Lender of its intent to construct Alterations (other than scheduled repairs and maintenance to existing improvements) with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by or contemplated under the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “"Alterations”") to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily manufactured housing facility community in substantially the same manner in which it is being operated on the date such property Mortgaged Property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in material interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx abate the payment of all or any portion of their rentrent due to such Altxxxxxons, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreementcommencement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s 's prior written consent to construct a single or related series of Alterations with respect to the any Mortgaged Property (i) costing in the aggregate in excess of $500,000 or (ii) having a material adverse effect on the lesser of (i) five percent (5%) of the Allocable Facility Amount use or operation of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct commence the Alterations with respect to such Mortgaged Property costing in excess of $100,000250,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s 's routine maintenance and repair maintenance, repair, replacement, renovation or restoration of the Mortgaged Properties as required by the Loan DocumentsDocuments or, if such Alterations are emergency in nature, in which case the Borrower shall give notice to Lender as promptly as reasonably practical.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake undertake, or cause to be undertaken, any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it Borrower owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i25) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily seniors housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii26) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases Resident Agreements would be permitted to terminate their Leases Resident Agreements or to axxxx the payment of all or any portion of their rent, or (iii27) such Alteration will be completed in more than 12 twelve (12) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing having a cost in excess of, with respect to any Mortgaged Property, $250,000 (or having a cost in excess of $1,000,000 with respect to all Mortgaged Properties in the lesser of aggregate over any twelve (i12) five percent (5%month period) of the Allocable Facility Amount of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such any Mortgaged Property costing having a cost in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “"Alterations”") to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five ten percent (510%) or more of the Leases Resident Agreements would be permitted to terminate their Leases Resident Agreements or to axxxx xxxxx the payment of all or any portion of their rent, or (iii) such Alteration will be completed in more than 12 months from the date of commencement or in the last year of the Term of this Agreementcommencement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s 's prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of the lesser of (i) five percent (5%) of the Allocable Facility Amount of such Mortgaged Property and (ii) $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000500,000 or (ii) having a material effect on the use or operation of such Mortgaged Property; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s 's routine maintenance and repair of the Mortgaged Properties as required by the Loan Documents.

Alterations to the Mortgaged Properties. Except as otherwise provided in the Loan Documents, the Borrower shall have the right to undertake any alteration, improvement, demolition, removal or construction (collectively, “Alterations”) to the Mortgaged Property which it owns without the prior consent of the Lender; provided, however, that in any case, no such Alteration shall be made to any Mortgaged Property without the prior written consent of the Lender if (i1) such Alteration could reasonably be expected to adversely affect the value of such Mortgaged Property or its operation as a multifamily housing facility in substantially the same manner in which it is being operated on the date such property became Collateral, (ii2) the construction of such Alteration could reasonably be expected to result in interference to the occupancy of tenants of such Mortgaged Property such that tenants in occupancy with respect to five percent (5%) or more of the Leases would be permitted to terminate their Leases or to axxxx xxxxx the payment of all or any portion of their rent, or (iii3) such Master Credit Facility Agreement Camden 2008 Alteration will be completed in more than 12 fifteen (15) months from the date of commencement or in the last year of the Term of this Agreement. Notwithstanding the foregoing, the Borrower must obtain the Lender’s prior written consent to construct Alterations with respect to the Mortgaged Property costing in excess of, with respect to any Mortgaged Property, the number of the lesser of (i) five percent (5%) of the Allocable Facility Amount of units in such Mortgaged Property and (ii) multiplied by $2,000, but in any event, costs in excess of $250,000 and the Borrower must give prior written notice to the Lender of its intent to construct Alterations with respect to such Mortgaged Property costing in excess of $100,000; provided, however, that the preceding requirements shall not be applicable to Alterations made, conducted or undertaken by the Borrower as part of the Borrower’s routine maintenance maintenance, and repair or replacement of obsolete equipment of the Mortgaged Properties as required by the Loan Documents. Notwithstanding anything contained in this paragraph, in the event that the cost of an Alteration is less than $100,000 for any Mortgaged Property and such Alteration shall take place in the last year of the Term of this Agreement, the Borrower shall not be required to request the prior written consent of Lender prior to making such Alteration.