Common use of IMMEDIATE RESPONSE REQUIRED Clause in Contracts

IMMEDIATE RESPONSE REQUIRED. FAILURE TO RESPOND TO THIS REQUEST FOR APPROVAL WITHIN TEN (10) DAYS AFTER LENDER’S RECEIPT SHALL CONSTITUTE DEEMED APPROVAL BY LENDER” prominently displayed in bold, all caps and fourteen (14) point or larger font and such request for approval is accompanied by the applicable proposed Annual Budget and such other documents and information as Borrower believes in good faith are reasonably required for Lender to adequately evaluate such request and (2) Lender fails to approve or object to the proposed Annual Budget, or request additional documents and information reasonably required for Lender to adequately evaluate such request, within ten (10) days after Lender’s receipt of the second request for approval.