Common use of PCR Clause in Contracts

PCR. (a) Within ninety (90) days from the date hereof, New Borrower shall commence, and provide Lender with satisfactory evidence of such commencement of, the Immediate Needs described in the PCR (the “Immediate Needs”). If all of such Immediate Needs cannot be completed within said 90-day period despite diligent efforts by New Borrower to achieve the same, then and in such event, the time period to complete any then remaining and outstanding Immediate Needs shall be extended so long as New Borrower continues to use diligent efforts to complete or cause the completion of any such remaining Immediate Repairs, but in no event shall such extended period exceed a period of six (6) months from the date hereof. Upon completion of the Immediate Needs, New Borrower shall pay for a Lender approved inspection company (“Inspector”) to inspect the Project to determine if the Immediate Repairs have been timely and fully completed. If the Immediate Repairs have not been timely and fully completed, the Inspector shall provide a written report regarding the status of the Immediate Needs and shall specifically outline the work necessary to complete the Immediate Needs and a time frame for doing so. New Borrower shall complete the Immediate Needs set forth in the Inspector’s report within the time frame set forth in the Report or New Borrower shall be in default hereunder, whereupon, Lender, in addition to all other rights and remedies for default under the Loan Documents, shall have the right, but not the obligation, to use the funds being held in any of the escrow accounts being held by Lender to complete the Immediate Needs. (b) In addition to repairing and /or replacing the Immediate Needs listed in the PCR, New Borrower shall repair and/or replace or New Borrower shall cause the repair or replacement of the items set forth on the Replacement Reserve Study in the PCR within the time frames set forth on such Replacement Reserve Study. New Borrower shall promptly upon completion provide satisfactory evidence to Lender of the full and timely repair and/or replacement of such items. Failure to fully and timely complete such repairs and/or replacements shall constitute a default under the Loan Documents

PCR. 7.1 The Tenant agrees to pay 50% of the external costs reasonably incurred by the Landlord in preparing the premises condition report (aor PCR, as defined in the Lease) Within ninety (90) days from which is to be prepared during the Landlord’s due diligence investigations and annexed to the Lease. The Tenant shall make such payment to the Landlord on the date hereof, New Borrower shall commence, that is 10 Working Days following the later of the Commencement Date and provide Lender with satisfactory evidence delivery to the Tenant of a valid GST invoice for such commencement of, the Immediate Needs described in the PCR (the “Immediate Needs”). If all of such Immediate Needs cannot be completed within said 90-day period despite diligent efforts by New Borrower to achieve the same, then and in such event, the time period to complete any then remaining and outstanding Immediate Needs shall be extended so long as New Borrower continues to use diligent efforts to complete or cause the completion of any such remaining Immediate Repairs, but in no event shall such extended period exceed a period of six (6) months from the date hereof. Upon sum. 7.2 Following completion of the Immediate NeedsSeismic Works, New Borrower shall pay for a Lender approved inspection company (“Inspector”) to inspect the Project to determine if the Immediate Repairs have been timely and fully completed. If the Immediate Repairs have not been timely and fully completedBuilding Works and/or Asbestos Works, the Inspector Landlord shall be entitled to prepare a new premises condition report annexure as it relates to those improvements respectively affected by the Seismic Works, Building Works and/or Asbestos Works. The Landlord shall provide a written copy of any new premises condition report regarding to the status Tenant for approval, such approval not to be unreasonably withheld or delayed provided that the Tenant's approval shall be deemed to have been given where the Tenant has not disputed the contents of the Immediate Needs and shall specifically outline the work necessary to complete the Immediate Needs and a time frame for doing so. New Borrower shall complete the Immediate Needs set forth in the Inspector’s new premises condition report within 5 Business Days of receipt of the time frame set forth same. If any such annexures are prepared, they shall (following approval or deemed approval by the Tenant in accordance with this clause 7.2) be deemed to be annexed to and form part of the Report or New Borrower Lease (and the Landlord shall be in default hereunder, whereupon, Lender, in addition entitled to all other rights and remedies for default under require that the Loan Documents, shall have the right, but not the obligation, Lease be formally varied to use the funds being held in any includes such annexures). The Tenant agrees to pay 50% of the escrow accounts being held external costs reasonably incurred by Lender to complete the Immediate Needs. (b) In addition to repairing and /or replacing the Immediate Needs listed Landlord in the PCR, New Borrower preparing any new premises condition report annexures. The Tenant shall repair and/or replace or New Borrower shall cause the repair or replacement pay half of the items set forth on reasonable costs incurred by the Replacement Reserve Study Landlord in obtaining the PCR within the time frames set forth on such Replacement Reserve Study. New Borrower shall promptly upon completion provide satisfactory evidence to Lender 10 Business Days of the full and timely repair and/or replacement receipt of such items. Failure to fully and timely complete such repairs and/or replacements shall constitute a default under the Loan Documentsvalid tax invoice.