Capital Improvements Reserve Sample Clauses

Capital Improvements Reserve. On or before September __, 2009, Borrower shall deposit $282,000 into the Capital Improvements Account for the purpose of establishing and maintaining a reserve (the “Capital Improvements Reserve”) for the completion of the Required Capital Improvements as required by this Agreement. Subject to Section 5.12(C), the funds contained in the Capital Improvements Reserve shall be utilized by Borrower solely for the Required Capital Improvements. So long as no Default or Event of Default exists at the time of any requested distribution of funds from the Capital Improvements Reserve, Lender shall make funds in the Capital Improvements Reserve available to Borrower subject to satisfaction of each of the following terms and conditions: (a) all Capital Improvements Reserve funds released by Lender to Borrower shall be used to pay for or reimburse Borrower for the reasonable expenses actually incurred and paid by Borrower for Required Capital Improvements; (b) Borrower shall have given Lender a Request for Release satisfactory to Lender; (c) disbursements from the Capital Improvements Reserve shall not be made more frequently than once per Loan Month; (d) each request for a disbursement shall be in an amount of not less than $10,000.00; and (e) upon request of Lender, Borrower shall also provide Lender with additional evidence reasonably satisfactory to Lender that Borrower is the owner or lessee of any capital improvements or equipment for which reimbursement is sought, free of any Liens (other than the first priority security interest in favor of Lender). Lender shall make each disbursement of the Capital Improvements Reserve funds within fifteen (15) days after satisfaction of all the conditions to that disbursement. If an Event of Default exists, Lender may apply the Capital Improvements Reserve funds, together with any interest accrued thereon, to Borrower’s Obligations in such order and priority as Lender may determine. Lender shall not make any disbursements from the Capital Expenditure Reserve to or for the benefit of Borrower until (i) Lender has approved the expenditures proposed by Borrower, (ii) all conditions to such disbursement have been satisfied and (iii) Borrower has provided Lender with all invoices, receipts, lien waivers and other documentation reasonably requested by Lender. If at any time Lender determines, in its reasonable discretion, that the amount in the Capital Improvements Reserve is insufficient for Borrower to complete the requested Re...
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Capital Improvements Reserve. By January 15, 2009, and by the fifteenth (15th) day of each January thereafter, Borrower shall deposit into a reserve with Collateral Agent (the "Capital Improvements Reserve") an amount equal to the positive difference between (1) $219,668 and (2) the sum of all expenditures by for capital improvements and replacements to the Project during the preceding calendar year which were approved in advance by Collateral Agent and not paid with disbursements from the Capital Improvements Reserve (provided that for the 2008 calendar year, such amount shall be pro-rated to reflect the portion of such calendar year during which the Loans were outstanding). All monies on deposit in the Capital Improvements Reserve shall be held by Collateral Agent, with interest in accordance with Section 5.8, in one or more Collateral Agent Accounts.
Sample 1
Capital Improvements Reserve. Borrower shall (i) complete all capital improvements indicated on Schedule 6.26 (the “Required Capital Improvements”), and (ii) shall expend at least $6,500,000.00 on capital improvements at the Premises. Borrower shall have the right to satisfy the requirements set forth in clause (i) and (ii) above, by depositing with Administrative Agent a reserve (the “Capital Improvements Reserve”) in an amount equal to the sum of (x) the cost to complete any Required Capital Improvements that have not yet been completed, as reasonably determined by Administrative Agent, plus (y) if Borrower has not expended at least $6,500,000.00 on capital improvements at the Premises as of such date, the difference between such amount and the amount actually expended by Borrower on capital improvements at the Premises (less any amounts deposited pursuant to (i) above). Provided that no Event of Default has occurred and is continuing, funds in the Capital Improvement Reserve shall be released to Borrower as the remaining Required Capital Improvements are completed and upon satisfaction by Borrower of the terms and conditions set forth in Section 1 and Section 4 of Exhibit F, provided, however, that paragraph 11 of Section 1 (regarding receipt by Lender of a date down endorsement from the Title Company) shall not be required for releases for Required Capital Improvements
Sample 1
Capital Improvements Reserve. A. Lender, in its discretion, may at any time or from time to time, require Borrower to pay to Lender, together with each monthly payment due under the Note, an amount (a “CIR Payment”) to be held as a reserve for capital improvements at the Properties. The CIR Payments shall be held by Lender in an interest-bearing escrow (the “CIR Escrow”). The escrow balance may be drawn on by Borrower not more often than monthly for capital improvement expenditures in connection with the Properties which have been approved by Lender or are required to be made by applicable Laws or are required to be made by any of the Senior Lenders or are required to be made under Leases previously approved by Lender, but in all cases pursuant to the provisions of subparagraph 4.2(B). The CIR Payments shall be set, from time to time, at a level reasonably determined by Lender based on Borrower’s capital improvement plans, the condition of the Properties, Lender’s inspection of the Properties and then-current architectural and engineering reports. Borrower shall, upon Lender’s request, promptly provide to Lender then-current architectural and engineering reports prepared by firms reasonably acceptable to Lender. To the extent that and for as long as Borrower maintains a fully-funded capital expenditure escrow with each of the Senior Lenders pursuant to the provisions of the Senior Loan Documents, a duplicative CIR Escrow with Lender will not be required.
Sample 1
Capital Improvements Reserve. (i) Commencing on the first day a monthly installment of principal and interest is due and payable under the Note and continuing on the first calendar day of each calendar month thereafter, Borrower shall deliver to Lender, together with the regular installments of principal and interest an amount (a “CIR Payment”) equal to $565.34. Each CIR Payment shall be deemed “Other Impositions” and “
Sample 1
Capital Improvements Reserve. (i) Commencing on the first day a monthly installment of principal and interest is due and payable under the Note and continuing on the first calendar day of each calendar month thereafter, Borrower shall deliver to Lender, together with the regular installments of principal and interest an amount (a "CIR Payment") equal to $2,925.00 of which $1,360.00 is allocated to Mortgaged Parcel 1 ("Parcel 1 CIR Funds") and $1,565.00 is allocated to Mortgaged Parcel 2 ("Parcel 2 CIR Funds"). Each CIR Payment shall be deemed "Other Impositions" and "
Sample 1
Capital Improvements Reserve. 2.5.1 During each Loan Year, Borrowers shall be obligated to spend with respect to the Projects, an amount (the “Required Amount”) equal to (a) for the period commencing on the Closing Date and ending on December 31, 2006 (the “Initial Capital Improvements Period”), the sum of $301.00 per rental unit at the Projects out of Operating Revenues; and (b) thereafter, for each twelve (12) month period during the Term commencing on January 1 and ending on December 31 of the each calendar year (each such twelve-month period, together with the Initial Capital Improvements Period, a “Capital Improvements Period”), $278.00 per rental unit at the Projects out of Operating Revenues. The Required Amount for each Capital Improvements Period shall be used to pay the costs of replacing furnishings, fixtures and equipment at the Projects and making such capital repairs and replacements to the Projects as are necessary to continue the present use thereof as a top quality apartment complex in good repair (excluding, however, the customary costs of ongoing maintenance at the Projects) (collectively, “Replacement Costs”). Expenditures for Replacement Costs shall be made subject to and in accordance with an annual budget prepared by Borrowers and reviewed and approved by Administrative Agent in accordance with this Agreement, or shall otherwise be made only with the prior written approval of Administrative Agent in its sole discretion. Borrowers shall submit to Administrative Agent no later than the fifteenth (15th) day of the last calendar month of each Capital Improvements Period a list of Replacement Costs expended during such Capital Improvements Period, together with reasonable supporting documentation therefor.
Sample 1
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Capital Improvements Reserve. (i) Commencing on the first day a monthly installment of principal and interest is due and payable under the Note and continuing on the first calendar day of each calendar month thereafter, Borrower shall deliver to Lender, together with the regular installments of principal and interest an amount (a "CIR Payment") equal to Six Hundred Ninety and 67/100 Dollars ($690.67) this Instrument. The CIR Payments will be placed in interest bearing deposits or accounts in the name of Lender or Lender's loan servicer at the same financial institution(s) as the other Funds (the "Other Impositions Account"), shall be held in accordance with the terms of paragraph 2 of this Instrument, and may be drawn on by Borrower for deferred maintenance and/or ongoing capital improvement expenditures in connection with the Property, pursuant to the terms set forth below in subparagraph 33(a)(ii). At Lender's discretion, the CIR Payments may be increased to reflect any increase in the "Consumer Price Index" published by the Bureau of Labor Statistics of the U.S. Department of Labor, All Items, U.S. city average, all urban consumers (presently denominated "CPI-U"), or a successor or substitute index appropriately adjusted (the "CPI"). In the event Lender shall elect not to increase the CIR Payment for any given year by the CPI, Lender, at its sole discretion, may during any subsequent year elect to increase the CIR Payment by the aggregate amount of CPI increases which Lender otherwise was entitled to make during the previous years in which it did not elect to make such increases.
Sample 1
Capital Improvements Reserve. Lessee shall be obligated to fund up to One Million Dollars ($1,000,000.00) of capital improvements at the Facility. Lessee shall establish on Lessor's behalf a capital improvements reserve of One Million Dollars ($1,000,000.00) with SouthTrust Bank of Alabama, N.A. ("SouthTrust") as Escrow Agent (the "Capital Improvements Reserve"), which shall be administered by Lessee and used for the benefit of the Premises. SouthTrust shall have a lien on this account as provided by the Assignment and Pledge of Deposit Account (Capital Improvements) between Lessor and SouthTrust.
Sample 1

Related to Capital Improvements Reserve

  • Capital Improvements Section 3.18 of Shareholder's Disclosure Memorandum describes all of the capital improvements or purchases or other capital expenditures (as determined in accordance with GAAP) which the Company has committed to or contracted for which have not been completed prior to the date hereof and the cost and expense reasonably estimated to complete such work and purchases.

  • Capital Improvements and Expansion Subject to Section 3.5(b), any site or Premises renovation, expansion or reduction plans and/or capital equipment expenditures with respect to the Practice shall be reviewed and approved by the Joint Planning Board and shall be based upon economic feasibility, productivity and then current market conditions in light of both the particular project and the Group as a whole.

  • Maintenance Repairs and Alterations 6.01 Tenant's Obligations to Repair ------------------------------ Tenant shall at its sole cost and expense, maintain in clean and safe condition, and make all repairs and replacements to the Premises and every part thereof, structural and non-structural, so as to keep, maintain and preserve the Premises in first class condition and repair, including, without limitation, the roof, the foundation, the heating, ventilation and air conditioning system ("HVAC"), elevators, if any, all plumbing and sewage facilities, fire sprinklers, electrical and lighting facilities, systems, appliances, and equipment within the Premises, fixtures, interior and exterior walls, floors, ceilings, windows, doors, entrances, all interior and exterior glass (including plate glass), and skylights located within the Premises, and all sidewalks, service areas, parking areas and landscaping comprising part of the Premises. All repairs and replacements required to be made by Tenant shall be made promptly with new materials of like kind and quality to those used in the original construction of the Premises. If the repair or replacement work affects the structural parts of the Premises, or if the estimated cost of any item or repair or replacement exceeds $10,000, then Tenant shall first obtain Landlord's written approval of the scope of work, plans therefor, and materials to be used. Any such work shall be performed by Landlord's contractor or by such contractor as Tenant may choose from an approved list to be submitted by Landlord. Landlord shall have the right to make any repairs or replacements which are not promptly made by Tenant and charge Tenant, as Additional Rent, for the cost thereof together with interest thereon at the Agreed Rate from the date of payment thereof by Landlord. Without limiting any of Tenant's obligations hereunder, during the Lease Term Tenant, at its expense, shall obtain and keep in force an HVAC service contract and a roof maintenance program satisfactory to Landlord. Tenant hereby waives the benefit of any statute now or hereafter in effect which would otherwise afford Tenant the right to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Premises in good condition, order and repair. Tenant specifically waives all rights it may have under Sections 1932(1), 1941 and 1942 of the California Civil Code, and any similar or successor statute or law. Notwithstanding anything to the contrary contained herein, Landlord shall exercise its rights under any guaranties or warranties relating to the original construction of the Premises if the need to make repairs arises due to a defect therein; provided, however, Landlord shall not have any liability or be required to expend any funds if such guaranties or warranties are not honored by the makers hereof.

  • Improvements; Alterations Improvements to the Premises shall be installed at Tenant’s expense only in accordance with plans and specifications which have been previously submitted to and approved in writing by Landlord, which approval shall be governed by the provisions set forth in this Section 8(a). No alterations or physical additions in or to the Premises may be made without Landlord’s prior written consent, which shall not be unreasonably withheld or delayed; however, Landlord may withhold its consent to any alteration or addition that would adversely affect (in the reasonable discretion of Landlord) the (1) Building’s Structure or the Building’s Systems (including the Building’s restrooms or mechanical rooms), (2) exterior appearance of the Building, (3) appearance of the Building’s common areas or elevator lobby areas, or (4) provision of services to other occupants of the Building. Tenant shall not paint or install lighting or decorations, signs, window or door lettering, or advertising media of any type visible from the exterior of the Premises without the prior written consent of Landlord, which consent may be withheld in Landlord’s sole and absolute discretion. All alterations, additions, and improvements shall be constructed, maintained, and used by Tenant, at its risk and expense, in accordance with all Laws; Landlord’s consent to or approval of any alterations, additions or improvements (or the plans therefor) shall not constitute a representation or warranty by Landlord, nor Landlord’s acceptance, that the same comply with sound architectural and/or engineering practices or with all applicable Laws, and Tenant shall be solely responsible for ensuring all such compliance.

  • Office Space, Equipment and Facilities Provide such office space, office equipment and office facilities as are adequate to fulfill the Adviser’s obligations hereunder.

  • Initial Improvements Subtenant may, at its option and subject to the provisions of the Prime Lease, including, without limitation, Article 8 thereof, complete certain initial improvements to prepare the Demised Premises for Subtenant’s occupancy thereof as described in the Work Letter Agreement attached hereto and made a part hereof as Exhibit B (the “Initial Improvements”), at Subtenant’s sole cost and expense without any contribution or improvement allowance from Sublandlord described in the Work Letter Agreement attached hereto and made a part hereof as Exhibit B); provided, however, Subtenant shall not make or permit anyone to make any Initial Improvements without the prior written consent of Sublandlord, which shall not be unreasonably withheld or delayed, and of Prime Landlord in accordance with the Prime Lease. In connection with the foregoing, Subtenant shall submit to Sublandlord, for prior written approval by Sublandlord, which shall not be unreasonably withheld or delayed, and Prime Landlord, complete plans and specifications for any and all Initial Improvements; including, without limitation, schematic designs and work drawings. Any and all costs and expenses associated with the acquisition of cabling, equipment, furniture, security systems, or other personal property for Subtenant or the Demised Premises or the installation or placement of any of the foregoing within the Demised Premises or with the project management for the performance of the Initial Improvements (collectively, “Subtenant’s Personal Property and Services”), shall be paid for by and be the sole responsibility of Subtenant. Sublandlord acknowledges and agrees that Subtenant shall not be required to remove any Initial Improvements upon the expiration or earlier termination of this Sublease unless the removal is required by Prime Landlord or Sublandlord is otherwise obligated to pay Prime Landlord the costs of any removal of any Initial Improvements pursuant to Section 8(e) of the Prime Lease.

  • Additional Improvements Common Area Operating Expenses shall not include Real Property Taxes specified in the tax assessor's records and work sheets as being caused by additional improvements placed upon the Industrial Center by other lessees or by Lessor for the exclusive enjoyment of such other lessees. Notwithstanding Paragraph 10.1 hereof, Lessee shall, however, pay to Lessor at the time Common Area Operating Expenses are payable under Paragraph 4.2, the entirety of any increase in Real Property Taxes if assessed solely by reason of Alterations, Trade Fixtures or Utility Installations placed upon the Premises by Lessee or at Lessee's request.

  • Maintenance Repairs Utility Installations Trade Fixtures and Alterations 7.1 Lessee's Obligations.

  • Maintenance and Repairs by Tenant Tenant, at its expense, shall --------------------------------- maintain and repair the interior of the Leased Premises, and all heating, air conditioning, ventilating, electrical, mechanical, sprinkler and plumbing systems, equipment, machinery or fixtures exclusively servicing the Leased Premises, together with all pipes, conduits, ducts and drains therefor. Furthermore Tenant, at its expense, shall replace any broken glass in the interior or exterior of the Leased Premises, and shall maintain and repair all entryway doors to the Leased Premises. Landlord shall assign to Tenant all assignable manufacturers' warranties with respect to equipment and fixtures installed in the Leased Premises. Tenant further agrees to keep the Leased Premises in good, tenantable, sanitary, sightly and clean condition and to keep all lobbies and entryways which are part of the Leased Premises clean and free from debris, refuse, obstructions or hazardous conditions. Tenant agrees to notify Landlord in the event an excessive amount of snow accumulates on the roof of the Leased Premises. Tenant shall be responsible for all maintenance or repairs wholly or partially (to the extent of Tenant's part) caused by the negligence or fault of Tenant or any of its agents, visitors or licensees, or by Tenant's breach of any provision of this Agreement. If Tenant does not make the repairs or perform the maintenance required hereunder in a prompt and adequate manner, then after notice to Tenant and opportunity cure as provided herein, Landlord may make such repairs or perform such maintenance and pay the costs thereof, and such costs shall be so much Additional Rent which shall become immediately due and payable by Tenant to Landlord.

  • Leasehold Improvements Except for Minor Work (as hereinafter defined), Tenant shall not construct any Leasehold Improvements or otherwise alter the Leased Premises without Landlord’s prior approval, and not until Landlord shall have first approved the plans and specifications therefor, which approvals shall not be unreasonably withheld. All such Leasehold Improvements and alterations (including Minor Work) shall be constructed and installed by Tenant at Tenant’s expense, using a licensed contractor first approved by Landlord (except such approval shall not be required for Minor Work), in substantial compliance with the approved plans and specifications therefor (if such plans and specifications are required hereunder) and in strict accordance with all Laws and Private Restrictions. All such construction and installation shall be done in a good and workmanlike manner using new materials (or such other materials as Landlord shall expressly permit in writing) of good quality. Tenant shall not commence construction of any Leasehold Improvements or alterations until (i) all required governmental approvals and permits shall have been obtained, (ii) all requirements regarding insurance imposed by this Lease shall have been satisfied, and (iii) Tenant shall have given Landlord at least five (5) days’ prior written notice of its intention to commence such construction. The term “Minor Work,” as used herein, shall mean any construction or Leasehold Improvements or alteration of the Leased Premises not involving any structural change or change in the character of the improvements, and involving a cost of less than one hundred thousand dollars ($100,000), provided that, for purposes of determining such cost, multiple construction or alteration projects shall be aggregated to the extent they are related to each other, whether undertaken simultaneously or sequentially. Landlord shall respond to Tenant’s requests for approval under this Paragraph 5.1 promptly (and immediately in the event of emergency) and in any event within fifteen (15) business days after receipt of such request. All Leasehold Improvements shall remain the property of Tenant during the Lease Term but shall not be damaged, altered or removed from the Leased Premises. At the expiration or sooner termination of the Lease Term, all Leasehold Improvements shall be surrendered to Landlord as a part of the realty and shall then become Landlord’s property, and Landlord shall have no obligation to reimburse Tenant for all or any portion of the value or cost thereof; provided, however, that if Landlord shall require Tenant to remove any Leasehold Improvements in accordance with the provisions of Paragraph 15.1, then Tenant shall so remove such Leasehold Improvements prior to the expiration or sooner termination of the Lease Term.

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