Repair Escrow Sample Clauses
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Repair Escrow. To ensure completion of required repairs that are to be completed by the Grantee, at Closing the Grantee shall deliver to HUD:
a. LETTERS OF CREDIT (LOCS): A minimum of two (2), and a maximum of four (4) unconditional, irrevocable and non-documentary Letter of Credits (LOCs): which total $674,383, and which shall remain in effect and may be drawn on by HUD for at least thirty (30) months, six (6) months past the deadline for repairs stated above, from the date of this Use Agreement, and at least one (1) of the LOC’s (the final LOC) must be equal to ten percent (10%) of the total amount of the LOC requirement, or two and one-half percent (2.5%) of the total estimated repair cost identified on the 9552. Each LOC must have an expiration date that extends beyond HUD’s repair completion date by at least six (6) months. LOCs may be returned as the Grantee completes repairs and HUD has inspected and accepted the repairs, with the exception of the final LOC, which will be held for six (6) months past the deadline for the completion for repairs.;
b. A cash escrow in the amount of $ , to be held by HUD in a non-interest bearing escrow account. The cash escrow will be returned to the Grantee after repairs have been satisfactorily completed, except for ten
Repair Escrow. [INSERT THE FOLLLOWING IF THERE ARE REPAIRS AND AN ESCROW WILL BE COLLECTED]: A separate escrow account will be established in the amount of________________ Dollars ($ ) (the "Repair Escrow"). The Repair Escrow is to be used by New Borrower for those repairs (the "Repairs") required by Freddie Mac to be made to the Property as described in the Repair Escrow Agreement. The Repair Escrow will be funded and serviced in accordance with the terms and provisions of the Repair Escrow Agreement, to be executed by New Borrower on the date of this Agreement. All Repairs for which funds are escrowed must be satisfactorily completed within __________ (______) days after the execution of the Repair Escrow Agreement. Any funds remaining in the Repair Escrow after the Repairs have been completed in accordance with the terms of the Repair Escrow Agreement will be returned to New Borrower.
Repair Escrow. The caulking, positioning and flashing of certain windows in the Building must be corrected to be in accordance with the manufacturer's installation specifications, and certain pitch pockets in the roof of the Building must be corrected (the "Repair Work"). To ensure that Seller causes the Repair Work to be completed after the Closing Date, TWENTY FIVE THOUSAND DOLLARS ($25,000.00) of the Purchase Price shall be retained in escrow with the Title Insurer at Closing. The money will be held in escrow until the Repair Work is completed to the reasonable satisfaction of Purchaser, at which time Purchaser will sign any documents required by Title Insurer to release the money to Seller.
Repair Escrow. Repair Escrows shall be established in an amount totaling $750,831.25 to ensure completion of the work to the Project set forth on the Repair/Reserve Schedule attached hereto as Exhibit B. Such work must be completed within 365 days after the Closing. BMFLP shall hold the Repair Escrows pursuant to the Repair Escrow Agreements to be executed at the Closing.
Repair Escrow. At Closing, Transferors shall deposit into an escrow account with Escrow Agent (the “Repair Escrow”) an amount equal to one hundred twenty percent (120%) of the estimated cost of completing the Required Repairs, as determined by Transferee in its reasonable discretion, pursuant to an escrow agreement (the “Repair Escrow Agreement”) in the form attached hereto as Schedule 5.6.
Repair Escrow. If Repairs are required as a condition of Closing Purchaser shall provide assurance at Closing that the Repairs will be completed. The Purchaser must submit either a LOC or Cash Escrow, the choice of which shall be at HUD’s sole discretion.