Rehabilitation Fees Sample Clauses
The Rehabilitation Fees clause defines the obligations and procedures related to costs incurred for restoring or repairing property, equipment, or land to its original or agreed-upon condition after use or damage. Typically, this clause specifies who is responsible for paying these fees, under what circumstances they are triggered, and the process for assessing and invoicing the costs. Its core practical function is to allocate financial responsibility for rehabilitation, ensuring that any necessary restoration is completed and that the party responsible for causing damage or requiring restoration bears the associated costs.
Rehabilitation Fees. In the event the Company acquires ownership of distressed real property, whether through foreclosure or otherwise, the Company may decide to rehabilitate the property to lease and/or sell. To rehabilitate the property, the Company will primarily retain the services of ▇▇▇▇▇▇ Professional Holdings, Inc., an Idaho corporation (“▇▇▇▇▇▇ Professional Holdings”). ▇▇▇▇▇▇ Professional Holdings is an Affiliate of the Manager, and is licensed, bonded, and insured as a general contractor in Washington. Notwithstanding the foregoing, the Company may, at its sole discretion, retain the services of a third-party general contractor, and such cost of rehabilitation will be an expense to the Company.
Rehabilitation Fees. In the event the Company acquires ownership of distressed real property, the Company may decide to rehabilitate the property to lease and/or sell. To rehabilitate the property, the Company will primarily retain the services of ▇▇▇▇▇▇ Professional Holdings, Inc., an Idaho corporation (“▇▇▇▇▇▇ Professional Holdings”). ▇▇▇▇▇▇ Professional Holdings is an Affiliate of the Manager, and is licensed, bonded, and insured as a general contractor in Washington. ▇▇▇▇▇▇ Professional Holdings will provide general construction services to the Company, including repairing, renovation, or improvement of the property, and shall be entitled to a fee based on the prevailing industry rate, as agreed between the Manager and ▇▇▇▇▇▇ Professional Holdings. Notwithstanding the foregoing, the Company may, at its sole discretion, retain the services of a third-party general contractor, and such cost of rehabilitation will be an expense to the Company.