Common use of Required Repairs Reserves Clause in Contracts

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement). Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 I hereto as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “"Required Repairs Subaccount”"). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,00010,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s 's completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have has occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement). Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrowerfor.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs 2 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments amounts of at least $5,0005,000 (or such lesser amount equal to the remaining balance of the Required Repairs Subaccount), and, with respect to any particular disbursement for any portion of the Required Repairs, in an amount not to exceed the amount set forth on Schedule 2 with respect to such particular portion or item of the Required Repairs, provided that the request for disbursement is accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate in the form of Schedule 8 attached hereto; (Aii) certifying that the Required Repairs copies of appropriate Lien waivers or any portion thereof which are the subject other evidence of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor payment satisfactory to Lender in connection with any construction work associated with such Required Repairs or any portion thereof and Repairs; (Ciii) stating at Lender’s option, a title search for the applicable Individual Property indicating that it is free from all Liens not previously approved by Lender; (iv) if applicable, a copy of each such Person has been or, upon receipt of the requested disbursement, will License required to be paid in full obtained with respect to the portion of the Required Repairs which is the subject of the requested disbursement; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request in its reasonable discretion that the Required Repairs which are the subject of the requested disbursement have been completed and paid for for; and (or will be paid for vi) evidence satisfactory to Lender that sufficient funds remain in the Required Repairs Subaccount to complete the Required Repairs. Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such disbursement)Required Repairs. Any disbursement of more than $10,000 to pay (rather than reimburse) Required Repairs may, at Lender’s option, be made by joint check payable to Borrower and the payee of such Required Repairs. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower. 3.3

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) 15 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirementslaws, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens liens not previously approved by Lender; (iv) a copy of each License license required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s 's completion of all Required Repairs in accordance with this Section 3.2Section, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs sum of $132,375 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrowers (or at Borrower's direction, disburse directly to the payee of the subject Required Repairs (or portion thereof)), within fifteen (15) 10 days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) with respect to any disbursement that exceeds $50,000, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender a portion of the aggregate Initial Floating Rate Loan Advance in an amount set forth on Schedule 1 hereto as being required equal to complete the Required Repairs $1,600,000 and Lender shall cause such amount portion of the Initial Floating Rate Loan Advance to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release transfer any funds remaining in the Required Repairs Subaccount, if any, to Borrowerthe Capital Reserve Subaccount to be disbursed and applied in accordance with Section 3.4(a) hereof.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 2 hereto as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to BorrowerBorrowers, within fifteen (15) days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to LenderLender in its reasonable discretion): (i) an Officer’s Certificate Certificate, limited to the knowledge of Borrower (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to LenderLender in its reasonable discretion; (iii) if the amount requested to be disbursed is in excess of $75,000, at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the applicable Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers’ completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower shall ------------------------- deposit with Lender the aggregate amount set forth on Schedule 1 hereto 4 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “"Required Repairs Subaccount”Subaccount "). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) 15 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,0005,000 (or the remaining balance, whichever is less), accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that that, to the best of Borrower's knowledge, the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied contractor with whom Borrower has contracted for the supply of materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs 's option for requests in excess of the repairs exceed $250,00010,000, a title search for the applicable Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement). Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrowerfor.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,0005,000 (or such lesser amount equal to the remaining balance of the Required Repairs Subaccount), and, with respect to any particular disbursement for any portion of the Required Repairs, in an amount not to exceed the amount set forth on Schedule 1 with respect to such particular portion or item of the Required Repairs, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (ia) an Officer’s Certificate (Ai) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (Bii) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (Ciii) stating that each such Person 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; (iib) copies of appropriate Lien lien waivers or other evidence of payment satisfactory to Lender; (iiic) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (ivd) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (ve) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs $101,250 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrowers (or at Borrower's direction, disburse directly to the payee of the subject Required Repairs (or portion thereof)), within fifteen (15) 10 days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) with respect to any disbursement that exceeds $50,000, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount Sub account to Borrower, within fifteen (15) 15 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike worlananlike manner and in accordance with all applicable Legal Requirementslaws, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens liens not previously approved by Lender; (iv) a copy of each License license required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s 's completion of all Required Repairs in accordance with this Section 3.2Section, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) 15 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirementslaws, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens liens not previously approved by Lender; (iv) a copy of each License license required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement). Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrowerand

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen ten (1510) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrowershall be deposited by Lender into the Deposit Account (i.e. at the “top of the waterfall”) and applied by Lender in accordance with Section 3.11(a) hereof.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs $14,637.50 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrowers (or at Borrower's direction, disburse directly to the payee of the subject Required Repairs (or portion thereof)), within fifteen (15) 10 days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) with respect to any disbursement that exceeds $50,000, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto of $249,625.00 as being the amount required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount which shall bear interest, which interest earned shall become a part of such subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) 15 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been substantially completed in a good and workmanlike manner and in material accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs $91,526.14 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower (or at Borrower's direction, disburse directly to the payee of the subject Required Repairs (or portion thereof)), within fifteen (15) 10 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) with respect to any disbursement that exceeds $50,000, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s 's' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs (such amount is equal to 125% of the estimated cost to complete such Required Repairs) and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Event of Default shall have has occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers (which may be conditioned upon receipt of payment from the requested disbursement) or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (have been or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is then continuing, upon Borrower’s any amounts remaining in the Required Repairs Subaccount following the completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, be returned to Borrower.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs $0 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower (or at Borrower's direction, disburse directly to the payee of the subject Required Repairs (or portion thereof)), within fifteen (15) 10 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) with respect to any disbursement that exceeds $50,000, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s 's' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrower.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to BorrowerBorrowers, within fifteen (15) 15 days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to LenderLender (e.g., paid invoices or cancelled checks); (iii) if any individual disbursement is for $50,000 or more, at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the applicable Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers’ completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto as being required to complete the Required Repairs $275 and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”"REQUIRED REPAIRS SUBACCOUNT"). Provided no Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrowers (or at Borrower's direction, disburse directly to the payee of the subject Required Repairs (or portion thereof)), within fifteen (15) 10 days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) with respect to any disbursement that exceeds $50,000, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower Borrowers shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “"Required Repairs Subaccount”"). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to BorrowerBorrowers, within fifteen (15) 15 days after the delivery by Borrower Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s 's Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to LenderLender (e.g., paid invoices or cancelled checks); (iii) if any individual disbursement is for $50,000 or more, at Lender’s 's option, if the costs of the repairs exceed $250,000, a title search for the applicable Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s Borrowers' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to BorrowerBorrowers.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender the aggregate amount set forth on Schedule 1 hereto 2 as being required to complete the Required Repairs and Lender shall cause such amount to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have has occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000), accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof in any material respect and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement). Provided no Default or Event of Default shall have occurred and is continuing, upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrowerfor.

Required Repairs Reserves. On the date hereof, Borrower shall deposit with Lender a portion of the aggregate Initial Tranche B Loan Advance in an amount set forth on Schedule 1 hereto as being required equal to complete the Required Repairs $2,200,000 and Lender shall cause such amount portion of the Initial Tranche B Loan Advance to be transferred to a Subaccount (the “Required Repairs Subaccount”). Provided no Default or Event of Default shall have occurred and is then continuing, Lender shall disburse funds held in the Required Repairs Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000, accompanied by the following items (which items shall be in form and substance reasonably satisfactory to Lender): (i) an Officer’s Certificate (A) certifying that the Required Repairs or any portion thereof which are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (B) identifying Table of Contents each Person that supplied materials or labor in connection with such Required Repairs or any portion thereof and (C) stating that each such Person 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; (ii) copies of appropriate Lien waivers or other evidence of payment satisfactory to Lender; (iii) at Lender’s option, if the costs of the repairs exceed $250,000, a title search for the Property indicating that it is free from all Liens not previously approved by Lender; (iv) a copy of each License required to be obtained by Borrower with respect to the portion of the Required Repairs which is the subject of the requested disbursement; and (v) such other evidence as Lender shall reasonably request that the Required Repairs which are the subject of the requested disbursement have been completed and paid for (or will be paid for with such disbursement)for. Provided no Default or Event of Default shall have occurred and is continuing, upon Upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall release transfer any funds remaining in the Required Repairs Subaccount, if any, to Borrowerthe Capital Reserve Subaccount to be disbursed and applied in accordance with Section 3.4(a) hereof.