Common use of Completion of Renovations Clause in Contracts

Completion of Renovations. (lllll) In the event that Borrower shall undertake any Renovations to the Property pursuant to a PIP or otherwise, the Borrower shall (i) obtain the prior written approval of Agent (which approval may be withheld in its sole and absolute discretion) of such Renovation; (ii) cause the same to be performed diligently and promptly and to be commenced, performed and completed within the time limits set forth in the PIP (if applicable) and any Material Contract; (iii) cause to be obtained all governmental permits required for such Renovations; (iv) cause such Renovations to be constructed, performed and completed in compliance, in all material respects, with Applicable Law and all applicable requirements of the Manager and Franchisor, in a good and workmanlike manner, with materials of high quality, free of defects, and in accordance with the plans and specifications therefor and the PIP (if applicable), without substantial deviation therefrom unless approved by the Agent (which approval shall not be unreasonably withheld, conditioned or delayed) and by the Manager or Franchisor, as applicable; (v) cause such Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens; (vi) pay or cause to be paid all costs of such Renovations when due; (vii) subject to Borrower’s rights pursuant to §7.19(c), fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and material and services furnished in connection with such Renovations; and (viii) subject to Borrower’s rights pursuant to §7.19(c), promptly release and discharge, or cause to be released and discharged, all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with such Renovations.

Completion of Renovations. (llllla) In the event that Borrower or any Subsidiary Guarantor shall undertake any Renovations to the a Borrowing Base Property pursuant to a PIP or otherwise, the Borrower shall (i) obtain the prior written approval of Agent Agentthe Required Lenders (which approval may shall not be withheld in its sole and absolute discretionunreasonably withheld, conditioned or delayed) of such RenovationRenovation if the total budgeted cost for such Renovation (together with any related Renovations at such Borrowing Base Property) exceeds $500,000.00; (ii) cause the same to be performed diligently and promptly and to be commenced, performed and completed within the time limits set forth in the PIP (if applicable) and any Material Contract; (iii) cause to be obtained all governmental permits required for such Renovations; (iv) cause such Renovations to be constructed, performed and completed in compliance, in all material respects, with Applicable Law and all applicable requirements of the Manager and Franchisor, in a good and workmanlike manner, with materials of high quality, free of defects, and in accordance with the plans and specifications therefor and the PIP (if applicable), without substantial deviation therefrom unless approved by the Agent (which approval shall not be unreasonably withheld, conditioned or delayed) and by the Manager or Franchisor, as applicable; (v) cause such Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens; (vi) pay or cause to be paid all costs of such Renovations when due; (vii) subject to Borrower’s or Subsidiary Guarantor’s rights pursuant to §7.19(c), fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and material and services furnished in connection with such Renovations; and (viii) subject to Borrower’s or Subsidiary Guarantor’s rights pursuant to §7.19(c), promptly release and discharge, or cause to be released and discharged, all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with such Renovations.

Completion of Renovations. (llllla) In the event that Borrower or any Subsidiary Guarantor shall undertake any Renovations to the a Borrowing Base Property pursuant to a PIP or otherwise, the Borrower shall (i) obtain the prior written approval of Agent (which approval may shall not be withheld in its sole and absolute discretionunreasonably withheld, conditioned or delayed) of such RenovationRenovation if the total budgeted cost for such Renovation (together with any related Renovations at such Borrowing Base Property) exceeds $500,000.00; (ii) cause the same to be performed diligently and promptly and to be commenced, performed and completed within the time limits set forth in the PIP (if applicable) and any Material Contract; (iii) cause to be obtained all governmental permits required for such Renovations; (iv) cause such Renovations to be constructed, performed and completed in compliance, in all material respects, with Applicable Law and all applicable requirements of the Manager and Franchisor, in a good and workmanlike manner, with materials of high quality, free of defects, and in accordance with the plans and specifications therefor and the PIP (if applicable), without substantial deviation therefrom unless approved by the Agent (which approval shall not be unreasonably withheld, conditioned or delayed) and by the Manager or Franchisor, as applicable; (v) cause such Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens; (vi) pay or cause to be paid all costs of such Renovations when due; (vii) subject to Borrower’s or Subsidiary Guarantor’s rights pursuant to §7.19(c), fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and material and services furnished in connection with such Renovations; and (viii) subject to Borrower’s or Subsidiary Guarantor’s rights pursuant to §7.19(c), promptly release and discharge, or cause to be released and discharged, all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with such Renovations.

Completion of Renovations. (llllla) In the event that Borrower or any Subsidiary Guarantor shall undertake any Renovations to the Property pursuant to a PIP or otherwiseBorrowing Base Property, the Borrower shall (i) obtain the prior written approval of Agent (which approval may shall not be withheld in its sole and absolute discretionunreasonably withheld, conditioned or delayed) of such RenovationRenovation if the total budgeted cost for such Renovation (together with any related Renovations at such Borrowing Base Property) exceeds $1,000,000.00; (ii) use commercially reasonable efforts to cause the same to be performed diligently and promptly and to be commenced, performed and completed within the time limits set forth in the PIP (if applicable) and any Material Contract; (iii) cause to be obtained all governmental permits required for such Renovations; (iv) cause such Renovations to be constructed, performed and completed in compliance, in all material respects, with Applicable Law and all applicable requirements of any Manager or tenant to the Manager and Franchisorextent applicable, in a good and workmanlike manner, with materials of high quality, free of defects, and in accordance with the plans and specifications therefor and the PIP (if applicable)therefor, without substantial deviation therefrom unless approved by the Agent (which approval shall not be unreasonably withheld, conditioned or delayed) and by the Manager or Franchisortenant, as applicable to the extent applicable; and to the extent their respective approval is required; (v) subject to Section 7.19(c), cause such Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s liens and equitable liens; (vi) pay or cause to be paid all costs of such Renovations when due; (vii) subject to Borrower’s or Subsidiary Guarantor’s rights pursuant to §7.19(c), fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and material and services furnished in connection with such Renovations; and (viii) subject to Borrower’s or Subsidiary Guarantor’s rights pursuant to §7.19(c), promptly release and discharge, or cause to be released and discharged, all claims of stop notices, mechanic’s liens, materialman’s liens and equitable liens that may arise in connection with such Renovations; and (ix) cause such Renovations to be completed no later than the date that is six (6) months prior to the Maturity Date unless otherwise approved by the Agent.