Common use of Amount of Disbursements Clause in Contracts

Amount of Disbursements. In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration (including Lender’s reasonable third party costs and expenses), as certified by the Casualty Consultant, minus the Restoration Retainage. “Restoration Retainage” means an amount equal to the greater of (i) ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, and (ii) the amount actually held back by the applicable Individual Borrower from contractors, subcontractors and material suppliers engaged in the Restoration. The Restoration Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions of this Section 3.2 and that all approvals necessary for the re-occupancy and use of the affected Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Restoration Retainage, provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or material supplier engaged in the Restoration as of the date upon which either (i) the Casualty Consultant certifies to Lender that the contractor, subcontractor or material supplier has satisfactorily completed all work and has supplied all materials in accordance with the provisions of that contractor’s, subcontractor’s or material supplier’s contract, or (ii) the applicable contractor, subcontractor or material supplier delivers to Lender lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or material supplier as may be reasonably requested by Lender or by the Title Company. If required by Lender, the release of any such portion of the Restoration Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or material supplier.

Amount of Disbursements. In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration (including Lender’s reasonable third party costs and expenses), as certified by the Casualty Consultant, minus the Restoration Retainage. “Restoration Retainage” means an amount equal to the greater of (i) ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, and (ii) the amount actually held back by the applicable Individual Borrower from contractors, subcontractors and material suppliers materialmen engaged in the Restoration. The Restoration Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions of this Section 3.2 and that all approvals necessary for the re-occupancy and use of the affected Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Restoration Retainage, ; provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or material supplier engaged in the Restoration as of the date upon which either (i) the Casualty Consultant certifies to Lender that the contractor, subcontractor or material supplier has satisfactorily completed all work and has supplied all materials in accordance with the provisions of that contractor’s, subcontractor’s or material supplier’s contract, or (ii) the applicable contractor, subcontractor or material supplier delivers to Lender lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or material supplier as may be reasonably requested by Lender or by the Title Company. If required by Lender, the release of any such portion of the Restoration Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or material supplier.

Amount of Disbursements. In no event Disbursements for the payment of costs of labor, materials, and services supplied for the Restoration shall Lender be obligated to make disbursements of made by Lender, not more frequently than twice per calendar month (except as otherwise specifically provided in Section 2(i) hereof), upon compliance by Borrower with the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part Disbursement Procedures after actual commencement of the Restoration (including for work actually completed during the preceding period or as otherwise approved by Lender in its sole and absolute discretion. From time to time, Borrower shall submit a Request for Disbursement to Lender requesting a Disbursement for the payment of costs of labor, materials, and services supplied or, subject to the approval of the Lender’s reasonable third party , to be supplied, for the Restoration or for the payment of other costs and expenses)expenses incident thereto, as certified and specified in the Approved Construction Budget. All costs for which a Disbursement is requested shall be evidenced by invoices or other documentation acceptable to Lender submitted with the Casualty Consultant, minus Request for Disbursement. Lender may require an inspection of and favorable report on the Restoration Retainage. “Restoration Retainage” means an amount equal to the greater of (i) ten percent (10%) and review of the costs actually incurred Request for work in place as part Disbursement by Lender's Engineer prior to making any Disbursement. Prior to each Disbursement, Borrower shall have furnished to Lender and Lender shall have received and approved all of the Restorationdocuments, as certified by materials and information required pursuant to this Schedule 1, including without limitation, the Casualty ConsultantRequest for Disbursement, the Project Summary, the Project Budget Reallocation Request, if applicable, and the change orders contained therein (iiif applicable) and the amount actually held back by the applicable Individual Borrower from contractors, subcontractors and material suppliers engaged in the Restorationprojected disbursement schedule. The Restoration Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions Disbursements for payment of this Section 3.2 and that all approvals necessary for the re-occupancy and use of the affected Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will shall not exceed the aggregate of (a) the costs of labor, materials, and services incorporated (or, as approved by the Lender, to be paid in full out of incorporated) into the Restoration Retainagein a manner acceptable to Lender, provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or material supplier engaged in the Restoration as of the date upon which either plus (ib) the Casualty Consultant certifies to Lender that the contractor, subcontractor or material supplier has satisfactorily completed all work and has supplied all materials in accordance with the provisions of that contractor’s, subcontractor’s or material supplier’s contract, or (ii) the applicable contractor, subcontractor or material supplier delivers to Lender lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or material supplier as may be reasonably requested by Lender or by the Title Company. If required if approved by Lender, the release purchase price of any such portion of all uninstalled materials to be utilized in the Restoration Retainage shall be approved by stored at the surety companyHotel, or elsewhere with the written consent of, and in a manner acceptable to, Lender, less (c) retainage, if any, which has issued a as set forth in Section 6 hereof, and less (d) all prior Disbursements for payment or performance bond of costs of labor, materials, and services with respect to the contractorRestoration. Each Request for Disbursement shall be submitted by Borrower to Lender a reasonable time (but not less than five Business Days) prior to the date on which a Disbursement is desired by Borrower, subcontractor or material supplierand Lender shall make such Disbursement no later than five Business Days after receipt of a complete Request for Disbursement, subject to Lender's determination that the Request for Disbursement satisfies the requirements set forth herein.

Amount of Disbursements. In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration (including Lender’s reasonable third party costs and expenses), as certified by the Casualty Consultant, minus the Restoration Retainage. “Restoration Retainage” means an amount equal to the greater of (i) ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, and (ii) the amount actually held back by the applicable Individual Borrower from contractors, subcontractors and material suppliers engaged in the Restoration. The Restoration Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been substantially completed in accordance with the provisions of this Section 3.2 and that all approvals necessary for the re-occupancy and use of the affected Property have been obtained from all appropriate Governmental Authorities, and Lender receives evidence reasonably satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Restoration Retainage, provided, however, that Lender will release the portion of the Restoration Retainage being held with respect to any contractor, subcontractor or material supplier engaged in the Restoration as of the date upon which either (i) the Casualty Consultant certifies to Lender that the contractor, subcontractor or material supplier has satisfactorily completed all work and has supplied all materials in accordance with the provisions of that contractor’s's, subcontractor’s 's or material supplier’s contract, or (ii) the applicable contractor, subcontractor or material supplier delivers to Lender lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or material supplier as may be reasonably requested by Lender or by the Title Company. If required by Lender, the release of any such portion of the Restoration Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or material supplier.