Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted: (i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement. (ii) Any repairs or replacements made in connection with the replacement of tangible Personalty. (iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement. (iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c). (v) Property Improvement Alterations, provided that each of the following conditions is satisfied: (A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information: (1) The expected start date and completion date of the Property Improvement Alterations. (2) A description of the anticipated Property Improvement Alterations to be made. (3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A). (B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date. (C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following: (1) An adverse effect on any Major Building System. (2) A change in residential unit configurations on a permanent basis. (3) An increase or decrease in the total number of residential units. (4) The demolition of any existing Improvements. (5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 12 contracts
Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
Appears in 10 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
Appears in 9 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Alterations Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Alterations Notice (e.g., renovations changed to renovate common areas but Property Improvement Alterations Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Alterations Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building SystemSystems.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents. (F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
Appears in 4 contracts
Samples: Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Independence Realty Trust, Inc), Multifamily Loan and Security Agreement (Independence Realty Trust, Inc)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
Appears in 4 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
. (2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (Strategic Student & Senior Housing Trust, Inc.), Multifamily Loan and Security Agreement (Strategic Student & Senior Housing Trust, Inc.), Multifamily Loan and Security Agreement (Strategic Student & Senior Housing Trust, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) In the event Property Improvement Alterations have commenced on the Mortgaged Property, Borrower will deliver to Lender, upon Lender’s request, the Certificate of Completion together with such additional information as Lender may request within a timely manner.
(K) At no time during the term of the Mortgage may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
(vii) Reserved.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.), Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) Reserved.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT III, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Xxxxxx, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Xxxxxx’s security or Xxxxxx’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Xxxxxx in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Xxxxxx’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) In the event Property Improvement Alterations have commenced on the Mortgaged Property, Borrower will deliver to Lender, upon Xxxxxx’s request, the Certificate of Completion together with such additional information as Lender may request within a timely manner.
(K) At no time during the term of the Mortgage may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) Reserved
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Xxxxxx in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all the following to Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule IV or Schedule V, as applicable (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers’ certifications.
(H) Borrower must deliver to Lender within 10 days of Xxxxxx’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Xxxxxx’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) If the Loan Amount is $25,000,000 or more, or if the Mortgage is part of a crossed pool of Loans with an aggregate balance of $25,000,000 or more, then at no time during the term of the Loan may any outstanding amounts expended by Borrower for services and/or materials in connection with Property Improvement Alterations that are then due and payable exceed 10% of the Loan Amount.
(vi) through (viii) are reserved.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Alterations Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Alterations Notice (e.g., renovations changed to renovate common areas but Property Improvement Alterations Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Alterations Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building SystemSystems.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule 1 to this Rider (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (KBS Strategic Opportunity REIT II, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Alterations Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Alterations Notice (e.g., renovations changed to renovate common areas but Property Improvement Alterations Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Alterations Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building SystemSystems.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule 1 to this Rider (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) In the event Property Improvement Alterations have commenced on the Mortgaged Property, Borrower will deliver to Lender, upon Lender’s request, the Certificate of Completion together with such additional information as Lender may request within a timely manner.
(K) At no time during the term of the Mortgage may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) outstanding for services and/or materials that are then due and payable exceed $3,581,500.00; provided that at no time will such amount exceed the Property Improvement Total Amount.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Independence Realty Trust, Inc)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Continuing Covenant Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or and replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Funding Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Funding Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Funding Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) : An adverse effect on any Major Building System.
(2) . A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 1 contract
Samples: Continuing Covenant Agreement
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
(vii) Reserved.
(viii) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT III, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
(vii) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (New England Realty Associates Limited Partnership)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.. Multifamily Loan and Security Agreement – Seniors Housing Page 24
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 1 contract
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(vi) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section Ssection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
(vii) Reserved.
(viii) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any Repairs or Capital Replacements repairs or replacements capital improvements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Alterations Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Alterations Notice (e.g., renovations changed to renovate common areas but Property Improvement Alterations Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Alterations Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building SystemSystems, except as permitted by Section 5.25(b).
(2) A change in residential dwelling unit configurations on a permanent basisbasis with respect to more than 10% of the residential dwelling units located at the Mortgaged Property.
(3) An aggregate increase of more than 10% or decrease of more than 3% in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule 1 to this Rider (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days Business Days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) In the event Property Improvement Alterations have commenced on the Mortgaged Property, Borrower will deliver to Lender, upon Lender’s request, the Certificate of Completion together with such additional information as Lender may request within a timely manner.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.. Multifamily Loan and Security Agreement Page 27 (Park at Kensington)
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) Reserved.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(vi) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Inland Residential Properties Trust, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(vi) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) then outstanding for services and/or materials that are then due and payable exceed 10% of the original principal loan amount; provided that at no time will such amount exceed the Property Improvement Total Amount.
(vi) Reserved.
(vii) Reserved.
(viii) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
. (B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) In the event Property Improvement Alterations have commenced on the Mortgaged Property, Borrower will deliver to Lender, upon Lender’s request, the Certificate of Completion together with such additional information as Lender may request within a timely manner.
(vi) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs or replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas but Property Improvement Notice only described renovations to the residential unit bathrooms), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) Reserved.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Exhibit O (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Lender’s request, and in a timely manner, the Certificate of Completion together with such additional information as Lender may request.
(K) At no time during the term of the Loan may any outstanding amounts expended by Borrower for services and/or materials in connection with Property Improvement Alterations that are then due and payable exceed 10% of the original principal loan amount.
(vi) Reserved.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreementIntentionally Omitted.
(iv) Any repairs or replacements in connection with making an individual unit a Residential Unit or a Home Site ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas the Home Sites but Property Improvement Notice only described renovations to the residential unit bathroomsclubhouse), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit Residential Unit configurations on a permanent basisbasis (if any) or a change to any Home Site that would decrease the size of the Manufactured Home or RV Home (as applicable) that can be placed thereon (e.g., change from a Home Site that accommodates a multi-section Manufactured Home to a single-wide Manufactured Home).
(3) An increase or decrease in the total number of residential unitsResidential Units (if any) or Home Sites.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units Residential Units (if any) or Home Sites or a temporary obstruction of tenants’ access to units Residential Units (if any) or Home Sites without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) Reserved.
Appears in 1 contract
Alteration of Mortgaged Property. Borrower will not (and will not permit any tenant or other Person to) remove, demolish demolish, or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreement.
(ii) Any repairs or replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs or replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.Reserved
(iv) Any repairs or replacements in connection with making an individual unit a Residential Unit or a Home Site ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If any changes to Property Improvement Alterations as described in the Property Improvement Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Notice (e.g., renovations changed to renovate common areas the Home Sites but Property Improvement Notice only described renovations to the residential unit bathroomsclubhouse), then Borrower must submit a new Property Improvement Notice to Lender in accordance with this Section 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building System.
(2) A change in residential unit Residential Unit configurations on a permanent basisbasis (if any) or a change to any Home Site that would decrease the size of the Manufactured Home or RV Home (as applicable) that can be placed on such Home Site (e.g., change from a Home Site that accommodates a multi-section Manufactured Home to a single-wide Manufactured Home).
(3) An increase or decrease in the total number of residential unitsResidential Units (if any) or Home Sites.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units Residential Units (if any) or Home Sites or a temporary obstruction of tenants’ access to units Residential Units (if any) or Home Sites without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) Reserved
(E) Reserved
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule III.
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineer certifications.
(H) Borrower must deliver to Lender within 10 days of Xxxxxx’s request a written status update on the Property Improvement Alterations.
(I) Reserved
(J) If Borrower has commenced Property Improvement Alterations on the Mortgaged Property, then Borrower will deliver to Lender, upon Xxxxxx’s request, and in a timely manner, Borrower’s Certificate of Property Improvement Alterations - Incomplete, in the form attached as Schedule IV, or Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule V, as applicable, together with such additional information as Lender may request.
(K) If the Loan Amount is $25,000,000 or more, or if the Mortgage is part of a crossed pool of Loans with an aggregate balance of $25,000,000 or more, then at no time during the term of the Loan may any outstanding amounts expended by Borrower for services and/or materials in connection with Property Improvement Alterations that are then due and payable exceed 10% of the Loan Amount.
(vi) Reserved
(vii) Reserved
(viii) Reserved
J. Sections 6.10(l) (Xxxxxx’s Right to Apply Insurance Proceeds to Indebtedness), and 6.11(d) (Right to Apply Condemnation Proceeds to Indebtedness) are amended to replace all references to the term “residential units” with “combined Residential Units and Home Sites”.
K. Section 6.15 is deleted and replaced with the following:
Appears in 1 contract
Samples: Loan Agreement
Alteration of Mortgaged Property. Borrower will give Notice to Lender of and, unless otherwise directed in writing by Lender, will appear in and defend any action or proceeding purporting to affect the Mortgaged Property, Lender’s security or Lender’s rights under this Loan Agreement. Borrower will not (and will not permit any tenant or other Person to) remove, demolish or alter the Mortgaged Property or any part of the Mortgaged Property, including any removal, demolition or alteration occurring in connection with a rehabilitation of all or part of the Mortgaged Property, except that each of the following is permitted:
(i) Repairs or Capital Replacements in accordance with the terms and conditions of this Loan Agreementpursuant to Sections 4.03 or 4.04.
(ii) Any repairs Repairs or replacements Capital Replacements made in connection with the replacement of tangible Personalty.
(iii) If Borrower is a cooperative housing corporation or association, repairs Repairs or replacements Capital Replacements to the extent permitted with respect to individual dwelling units under the form of a proprietary lease or occupancy agreement.
(iv) Any repairs Repairs or replacements Capital Replacements in connection with making an individual unit ready for a new occupant or pursuant to Sections 6.09(a) and (c).
(v) Property Improvement Alterations, provided that each of the following conditions is satisfied:
(A) At least 30 days prior to the commencement of any Property Improvement Alterations, Borrower must submit to Lender a Property Improvement Notice. The Property Improvement Notice must include all of the following information:
(1) The expected start date and completion date of the Property Improvement Alterations.
(2) A description of the anticipated Property Improvement Alterations to be made.
(3) The projected budget of the Property Improvement Alterations and the source of funding. If In the event any changes to Property Improvement Alterations as described in the Property Improvement Alterations Notice are made that extend beyond the overall scope and intent of the Property Improvement Alterations set forth in the Property Improvement Alterations Notice (e.g., renovations changed to renovate common areas but Property Improvement Alterations Notice only described renovations to the residential dwelling unit bathrooms), then Borrower must submit a new Property Improvement Alterations Notice to Lender in accordance with this Section subsection 6.09(e)(v)(A).
(B) The Property Improvement Alterations may not be commenced within 12 months prior to the Maturity Date without prior written consent of the Lender and must be completed at least 6 months prior to the Maturity Date.
(C) Neither the performance nor completion of the Property Improvement Alterations may result in any of the following:
(1) An adverse effect on any Major Building SystemSystems.
(2) A change in residential dwelling unit configurations on a permanent basis.
(3) An increase or decrease in the total number of residential dwelling units.
(4) The demolition of any existing Improvements.
(5) A permanent obstruction of tenants’ access to units or a temporary obstruction of tenants’ access to units without a reasonable alternative access provided during the period of renovation which causes the obstruction.
(D) The cost of the Property Improvement Alterations made to residential dwelling units during the term of the Mortgage must not exceed the Property Improvement Total Amount.
(E) The Leases used to calculate Minimum Occupancy for use in Section 6.09(e)(v)(I) must meet all of the following conditions:
(1) The Leases are with tenants that are not Affiliates of Borrower or Guarantor (except as otherwise expressly agreed by Lender in writing).
(2) The Leases are on arms’ length terms and conditions.
(3) The Leases otherwise satisfy the requirements of the Loan Documents.
(F) The Property Improvement Alterations must be completed in accordance with Section 6.14 and any reference to Repairs in Sections 6.06 and 6.14 will be deemed to include Property Improvement Alterations.
(G) Upon completion of the applicable Property Improvement Alterations, Borrower must provide all of the following to the Lender:
(1) Borrower’s Certificate of Property Improvement Alterations Completion, in the form attached as Schedule 1 to this Rider (“Certificate of Completion”).
(2) Any other certificates or approval, acceptance or compliance required by Lender, including certificates of occupancy, from any Governmental Authority having jurisdiction over the Mortgaged Property and the Property Improvement Alterations and professional engineers certifications.
(H) Borrower must deliver to Lender within 10 days of Lender’s request a written status update on the Property Improvement Alterations.
(I) While Property Improvement Alterations that result in individual residential dwelling units not being available for leasing are ongoing, if a Rent Schedule shows that the occupancy of the Mortgaged Property has decreased to less than the Minimum Occupancy, Borrower must take each of the following actions:
(1) Complete all pending Property Improvement Alterations to such individual residential dwelling units in a timely manner until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(2) Suspend any additional Property Improvement Alterations which would cause residential dwelling units to be unavailable for leasing until the Mortgaged Property satisfies the Minimum Occupancy requirement.
(J) In the event Property Improvement Alterations have commenced on the Mortgaged Property, Borrower will deliver to Lender, upon Lender’s request, the Certificate of Completion together with such additional information as Lender may request within a timely manner.
(K) At no time during the term of the Mortgage may the Property Improvement Total Amount (including any amounts expended by Borrower on Property Improvement Alterations for Non-Residential Units) outstanding for services and/or materials that are then due and payable exceed $2,800,000.00; provided that at no time will such amount exceed the Property Improvement Total Amount.
B. The following definitions are added to Article XII:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
