Deposit of Required Repair Funds. Borrower shall perform the repairs at the Individual Property as more particularly set forth on Schedule II hereto (such repairs hereinafter referred to as “Required Repairs”) and shall complete each of the Required Repairs on or before the respective deadline for each repair as set forth on Schedule II. On the Closing Date, Borrower shall deposit with Agent the amount for the Individual Property set forth on such Schedule II hereto to perform the Required Repairs for the Individual Property. Amounts deposited pursuant to this Section 6.1.1 are referred to herein as the “Required Repair Funds.”
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Required Repairs”) and, subject to Force Majeure (provided no such Force Majeure causes an event of default under the Franchise Agreement), shall complete each of the Required Repairs on or before the respective deadline for each repair as set forth on Schedule I hereof. On the Closing Date, Borrower has deposited with Lender the sum of THREE THOUSAND SEVEN HUNDRED FIFTY AND NO/100 Dollars ($3,750) which amount is one hundred and twenty-five percent (125%) of the cost to perform such Required Repairs as set forth on Schedule I hereto in order to perform the Required Repairs. Amounts deposited pursuant to this Section
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Individual Properties as set forth on Schedule II hereto (such repairs hereinafter referred to as “Required Repairs”). Borrower shall complete each of the Required Repairs on or before the deadline, if any, for each repair as set forth on Schedule II. On the Closing Date, Borrower shall deposit with Cash Management Bank Three Hundred Fifty Thousand and No/100 Dollars ($350,000) to perform the specified Required Repair at the Drake Swissôtel (such amount so deposited shall hereinafter be referred to as the “Required Repair Funds”).
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Property as set forth on Schedule II hereto (such repairs hereinafter referred to as "Required Repairs") and shall complete each of the Required Repairs on or before the respective deadline for each repair as set forth on Schedule II. On the Closing Date, Borrower shall deposit with Lender the amount set forth on such Schedule II hereto to perform the Required Repairs. Amounts deposited pursuant to this Section 6.1.1 are referred to herein as the "Required Repair Funds."
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Property as set forth on Schedule II hereto (such repairs hereinafter referred to as "REQUIRED REPAIRS") and shall complete each of the Required Repairs on or before the respective deadline for each repair as set forth on Schedule II. On the Closing Date, Borrower shall deposit with Lender the amount that is one hundred and twenty-five percent (125%) of the cost to perform such Required Repairs as set forth on Schedule II hereto to perform the Required Repairs. Amounts deposited pursuant to this Section 6.1.1 are referred to herein as the "REQUIRED REPAIR FUNDS."
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Property as more particularly set forth on Schedule II hereto (such repairs, collectively, the
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Property as more particularly set forth on Schedule II hereto (such repairs, collectively, the “Required Repairs”), and shall complete each of the Required Repairs on or before the respective deadline as set forth on Schedule II. On the Closing Date, Borrower shall deposit with Lender Seven Hundred Sixty-Three Thousand Four Hundred and No/100 Dollars ($763,400.00), an amount equal to one hundred ten percent (110%) of the estimated cost to perform the Required Repairs as set forth on Schedule II. Amounts deposited pursuant to this Section 6.1.1 are referred to herein as the “Required Repair Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Required Repair Account.”
Deposit of Required Repair Funds. 76 6.1.2 Release of Required Repair Funds 76 Section 6.2 Tax Funds 77 6.2.1 Deposits of Tax Funds 77 6.2.2 Release of Tax Funds 77 Section 6.3 Insurance Funds 77 6.3.1 Deposits of Insurance Funds 77 6.3.2 Release of Insurance Funds 78 Section 6.4 FF&E Expenditure Funds 78 6.4.1 Deposits of FF&E Expenditure Funds 78 6.4.2 Release of FF&E Expenditure Funds 78 Section 6.5 Franchise Funds 80 Section 6.6 [Intentionally Omitted] 80 Section 6.7 [Intentionally Omitted] 80 Section 6.8 Application of Reserve Funds 80 Section 6.9 Security Interest in Reserve Funds and Interest on Reserve Funds 80 6.9.1 Grant of Security Interest 80 6.9.2 Interest on Reserve Funds 80 6.9.3 Income Taxes 81 6.9.4 Prohibition Against Further Encumbrance 81 6.9.5 Reserve Fund Indemnification 81 6.9.6 Reserve Fund Fees and Expenses 81 VII. PROPERTY MANAGEMENT 81 Section 7.1 The Management Agreement 81 Section 7.2 Prohibition Against Termination or Modification 82 Section 7.3 Replacement of Manager 82 VIII. PERMITTED TRANSFERS 82
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Individual Properties as set forth on SCHEDULE II hereto (such repairs hereinafter referred to as "REQUIRED REPAIRS") within one (1) year of the Closing Date. On the Closing Date, Borrower shall deposit with Cash Management Bank One Million Two Hundred Twenty Eight Thousand Eight Hundred Seventy Five and No/100 Dollars ($1,228,875.00) to perform the Required Repairs (such amount so deposited shall hereinafter be referred to as the "REQUIRED REPAIR FUNDS").
Deposit of Required Repair Funds. Borrower shall perform the repairs at the Property as set forth on Schedule II hereto (such repairs hereinafter referred to as "Required Repairs") and shall complete each of the Required Repairs on or before the respective deadline for each repair as set forth on Schedule II. On the Closing Date, Borrower shall deposit with Agent the amount set forth on such Schedule II hereto to perform the Required Repairs. Amounts deposited pursuant to this Section 6.1.1 are referred to herein as the "Required Repair Funds".
