Required Repairs Clause Samples
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Required Repairs. On the Commencement Date, Tenant shall deposit with Landlord the sum of Four Hundred Eighty-Two Thousand Two Hundred Sixty-Five and No/00 Dollars ($482,265.00) (or deliver a Letter of Credit as defined in Section 30.06(d) in such amount, which Letter of Credit shall be held and disbursed in the same manner as described in Section 30.05 hereof with respect to the Letter of Credit for the Required Repairs), to complete each item of the repairs relating to the Property Locations described on Exhibit I (the “Required Repairs”) and Landlord shall hold or cause the Mortgagee to hold such amount for Tenant’s benefit in an interest-bearing account (which may be a book entry subaccount) (the “Required Repairs Subaccount”); all interest thereon shall accrue for the benefit of Tenant. Tenant shall complete the Required Repairs at the applicable Property Location on or before the deadline for such Required Repairs as set forth in Exhibit I. Landlord shall disburse or cause the Mortgagee to disburse the funds held in the Required Repairs Subaccount to Tenant, within fifteen (15) days after the delivery by Tenant to Landlord of a request therefor, in an amount greater than Twenty-Five Thousand Dollars ($25,000) (or a lesser amount if the total amount in the Required Repair Subaccount is less than Twenty-Five Thousand Dollars ($25,000), in which case only one disbursement of the amount remaining in the account shall be made), accompanied by the following items: (a) a certificate signed by an officer of Tenant: (i) stating that the Required Repair which is the subject of the requested disbursement has been completed, (ii) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof, and (iii) stating that each such Person supplying materials or labor has been or, upon receipt of the requested disbursement, will be paid in full with respect to the portion of the Required Repairs which is the subject of the requested disbursement; (b) copies of appropriate lien waivers, to the extent applicable, or other evidence of payment reasonably satisfactory to Landlord; and (c) if requested by Landlord’s Mortgagee, a title search for such Property Location indicating that such Property Location is free from all liens, claims and other encumbrances not previously approved by Landlord. Landlord shall be obligated to make (or cause Mortgagee to make) disbursements from the Required Repair Subaccount with respect to a Property L...
Required Repairs. Borrower shall make the repairs and improvements to the Property set forth on Schedule I and as more particularly described in the Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as “Required Repairs”). Borrower shall complete the Required Repairs in a good and workmanlike manner on or before the date that is twelve (12) months from the date hereof or within such other time frame for completion specifically set forth on Schedule I attached hereto.
Required Repairs. (a) Borrower shall make the repairs and improvements to the Property set forth on Schedule I and as more particularly described in the Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as “Required Repairs”). Borrower shall complete the Required Repairs in a good and workmanlike manner on or before the date that is twelve (12) months from the date hereof or within such other time frame for completion specifically set forth on Schedule I.
(b) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent to fund the Required Repairs (the “Required Repair Account”) into which Borrower shall deposit on the date hereof the amount of $0, which amount equals 125% of the estimated cost for the completion of the Required Repairs. Amounts so deposited shall hereinafter be referred to as the "Required Repair Funds.”
Required Repairs. Borrower shall, or shall cause Mortgage Borrower to, perform the Required Repairs and PIP Requirements (as defined in the Mortgage Loan Agreement), in accordance with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement.
Required Repairs. Borrower shall perform the repairs and other work at the Properties as set forth on Schedule II (such repairs and other work hereinafter referred to as “Required Repairs”) and shall complete each of the Required Repairs on or before the respective deadline for each repair as set forth on Schedule II.
Required Repairs. Borrower shall make the repairs and improvements to each Individual Property set forth on Schedule 9.1 and as more particularly described in the Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as “Required Repairs”). All Required Repairs (other than the Secondary Containment Required ▇▇▇▇▇▇▇▇.▇▇.▇▇▇▇▇▇▇▇ 133 Repairs and the Required Repairs related to the completion of the façade repairs at the Individual Property commonly known as The ▇▇▇▇▇▇▇▇▇ Hotel and provided that the failure to complete such Required Repair does not endanger any tenant, patron or other occupant of the Individual Property or the general public) shall be completed within twelve (12) months (the “Required Repair Deadline”) of the Closing Date; provided, however, if Borrower shall have been unable to complete such Required Repair by the Required Repair Deadline, Borrower shall have the right, without the consent of Lender, to extend the Required Repair Deadline to the First Required Repair Extended Deadline and further to the Final Required Repair Extended Deadline, as applicable, provided that the following conditions are satisfied: Lender shall have received a certificate executed by an officer of Borrower certifying that Borrower has used commercially reasonable efforts to complete such Required Repair by the Required Repair Deadline and that the failure to complete such Required Repair does not endanger any tenant, patron or other occupant of the Individual Property or the general public and does not materially and adversely affect the value of the Individual Property; provided, however, further, in the event that Borrower shall have been unable to complete such Required Repair by the Final Required Repair Extended Deadline, the Final Required Repair Extended Deadline may, with the prior written consent of Lender, be further extended to a date determined by Lender. The Required Repair related to the completion of the façade repairs at the Individual Property commonly known as The ▇▇▇▇▇▇▇▇▇ Hotel shall be completed within twenty-four (24) months of the Closing Date (“▇▇▇▇▇▇▇▇▇ Façade Required Repair Deadline”); provided, however, if Borrower shall have been unable to complete such Required Repair by the ▇▇▇▇▇▇▇▇▇ Façade Required Repair Deadline, the ▇▇▇▇▇▇▇▇▇ Façade Required Repair Deadline may, with the prior written consent of Lender, be extended to a date determined by Lender. If the failure to complete any Require...
Required Repairs. 80 Section 9.2 Replacements .......................................................................... 80 Section 9.3
Required Repairs. Borrower shall perform all of the repairs (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, (ii) in a Lien-free, good and workmanlike manner and (iii) prior to the date set forth on Schedule 5.1.32 with respect to such Required Repairs (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to the Required Repair Deadline.
Required Repairs. Original Borrower has timely and fully completed the Required Repairs described in and required by the terms of Section 3.2.2 of and Schedule 2 to the Loan Agreement (as defined in Exhibit B attached hereto), and has provided Original Lender or Lender with evidence of such completion.
Required Repairs. DEPOSITS. Borrower shall perform the repairs at the Property set forth on SCHEDULE 2 annexed hereto (the "Required Repairs"). Borrower shall complete each of the Required Repairs on or before the deadline for same set forth on SCHEDULE 2. On the Closing Date, Borrower shall deposit with Lender the amount set forth on SCHEDULE 2 hereto to perform the Required Repairs for the Property. Amounts so deposited with Lender (the "Required Repair Fund") shall be held by Lender in an account (the "Required Repair Account") in Lender's name at a financial institution selected by Lender in its sole discretion and shall be invested in Permitted Investments.