Replacements and Repairs Sample Clauses

Replacements and Repairs. Pursuant to the Annual Budget and when applicable, Property Manager shall make or cause to be made all ordinary or emergency repairs and replacements necessary to preserve the Premises in its present condition, in all material respects, and for the operating efficiency thereof. Property Manager shall also perform all alterations required to comply with any lease requirements, work with municipalities to comply with any code or lender requirements, attend lender inspections and assist with the lender reserve requirement processes.

Replacements and Repairs. (a) Based on the results outlined in certain engineering and building condition reports delivered to Lender in connection with the making of the Loan, Lender hereby requires and Borrower hereby agrees, that Borrower shall perform, or cause to be performed, each of the following in accordance with the terms of this Agreement: (i) capital repairs, replacements and improvements necessary to keep the Property in good order and repair and in a good marketable condition or prevent deterioration of the Property, including but not limited to the performance of work to the roofs, chimneys, gutters, downspouts, paving, curbs, ramps, driveways, balconies, porches, patios, exterior walls, exterior doors and door ways, windows, elevators and mechanical and HVAC equipment (such items are referred to collectively as the "Replacements"); and (ii) those repairs and improvements to the Property described on Exhibit A attached to this Agreement and made a part hereof (the "Repairs"). (b) If at any time during the term of the Loan, Lender determines that repairs and improvements not listed on Exhibit A and not intended to be covered by the Replacement Reserve (defined below) (the "Additional Repairs") or additional Replacements not intended to be covered by the Completion/Repair Reserve (defined below) (the "Additional Replacements") are advisable to keep the Property in good order and repair and in a good marketable condition, or prevent deterioration of the Property, or if any major building systems or components (for example, roof, HVAC system) will reach the end of its useful life within two (2) years of the date of any inspection by Lender, Lender may send Borrower written notice of the need for making such Additional Repairs or Additional Replacements. Borrower shall commence making such Additional Repairs or Additional Replacements in accordance with all the requirements of this Agreement within thirty (30) days after written request by Lender, except that Borrower understands that reimbursement from the Completion/Repair Reserve or the Replacement Reserve, as applicable, shall not be made unless Lender has agreed to such reimbursement pursuant to the terms of this Agreement. Except for this Section 1.1(b), all references in this Agreement to "Repairs" and "Replacements" shall include the "Additional Repairs" and the "Additional Replacements", respectively.