Common use of Disbursement of Proceeds Clause in Contracts

Disbursement of Proceeds. Any proceeds held by Lender or Borrower shall be paid out by Lender or Borrower from time to time for the reasonable costs of such reconstruction or repair; provided, however, that Lender shall disburse proceeds subject to the following requirements: (a) prior to commencement of restoration, (i) the architects, contracts, contractors, plans and specifications for the restoration shall have been approved by Lender, which approval shall not be unreasonably withheld or delayed and (ii) appropriate waivers of mechanics' and materialmen's liens shall have been filed; (b) Borrower shall have obtained and delivered to Lender copies of all necessary governmental and private approvals necessary to complete the reconstruction or repair, including building permits, licenses, conditional use permits and certificates of need; (c) at the time of any disbursement, subject to Section 6.12, no mechanics' or materialmen's liens shall have been filed against any of the Property and remain undischarged, unless a satisfactory bond shall have been posted in accordance with the laws of the State; (d) disbursements shall be made from time to time in an amount not exceeding the cost of the work completed since the last disbursement, upon receipt of (i) satisfactory evidence of the stage of completion, the estimated total cost of completion and performance of the work to date in a good and workmanlike manner in accordance with the contracts, plans and specifications, (ii) waivers of liens, (iii) a satisfactory bring down of title insurance and (iv) other evidence of cost and payment so that Lender and Lender Assignee can verify that the amounts disbursed from time to time are represented by work that is completed, in place and free and clear of mechanics' and materialmen's lien claims; (e) each request for disbursement shall be accompanied by a certificate of Xxxxxxxx, signed by a senior member or officer of Xxxxxxxx, describing the work for which payment is requested, stating the cost incurred in connection therewith, stating that Xxxxxxxx has not previously received payment for such work and, upon completion of the work, also stating that the work has been fully completed and complies with the applicable requirements of this Agreement; and (f) to the extent actually held by Xxxxxx and not a Lender Assignee, (1) the proceeds shall be held in a separate account and shall not be commingled with Xxxxxx's other funds, and (2) interest shall accrue on funds so held at the money market rate of interest and such interest shall constitute part of the proceeds.

Disbursement of Proceeds. Any proceeds held by Lender Landlord or Borrower Tenant shall be paid out by Lender Landlord or Borrower Tenant from time to time for the reasonable costs of such reconstruction or repair; provided, however, that Lender Landlord shall disburse proceeds subject to the following requirements: (ai) prior to commencement of restoration, (iA) the architects, contracts, contractors, plans and specifications for the restoration shall have been approved by LenderLandlord, which approval shall not be unreasonably withheld or delayed and (iiB) appropriate waivers of mechanics' and materialmen's liens shall have been filed; (b) Borrower shall have obtained and delivered to Lender copies of all necessary governmental and private approvals necessary to complete the reconstruction or repair, including building permits, licenses, conditional use permits and certificates of need; (cii) at the time of any disbursement, subject to Section 6.12Article 12, no mechanics' or materialmen's liens shall have been filed against any of the Leased Property and remain undischarged, unless a satisfactory bond shall have been posted in accordance with the laws of the State; (diii) disbursements shall be made from time to time as requested by Tenant, not more frequently than monthly, upon not less than 15 days' notice in an amount not exceeding the cost of the work completed since the last disbursement, upon receipt of (iA) satisfactory evidence of the stage of completion, the estimated total cost of completion and performance of the work to date in a good and workmanlike manner in accordance with the contracts, plans and specifications, (iiB) waivers of liens, (iiiC) a satisfactory bring down bringdown of title insurance and (ivD) other evidence of cost and payment so that Lender Landlord and Lender Assignee Facility Mortgagee can verify that the amounts disbursed from time to time are represented by work that is completed, in place and free and clear of mechanics' and materialmen's lien claims; (eiv) each request for disbursement shall be accompanied by a certificate of XxxxxxxxTenant, signed by the president or a senior member or officer vice president of XxxxxxxxTenant, describing the work for which payment is requested, stating the cost incurred in connection therewith, stating that Xxxxxxxx Tenant has not previously received payment for such work and, upon completion of the work, also stating that the work has been fully completed and complies with the applicable requirements of this Agreement; andLease; (fv) to the extent actually held by Xxxxxx Landlord and not by a Lender AssigneeFacility Mortgagee, (1) the proceeds shall be held in a separate account and shall not be commingled with XxxxxxLandlord's other funds, and (2) interest shall accrue on funds so held at the money market rate of interest and such interest shall constitute part of the proceeds.; and

Disbursement of Proceeds. Any proceeds held by Lender Landlord or Borrower Tenant shall be paid out by Lender Landlord or Borrower Tenant from time to time for the reasonable costs of such reconstruction or repair; provided, however, that Lender that, subject to the requirements of any Facility Mortgagee, Landlord shall disburse proceeds subject to the following requirements: (ai) prior to commencement of restoration, (iA) the architects, contracts, contractors, plans and specifications for the restoration shall have been approved by LenderLandlord, which approval shall not be unreasonably withheld or delayed and (iiB) appropriate waivers of mechanics' and materialmen's liens shall have been filed; (b) Borrower shall have obtained and delivered to Lender copies of all necessary governmental and private approvals necessary to complete the reconstruction or repair, including building permits, licenses, conditional use permits and certificates of need; (cii) at the time of any disbursement, subject to Section 6.12Article XIII, no mechanics' or materialmen's liens shall have been filed against any of the Leased Property and remain undischarged, unless a satisfactory bond shall have been posted in accordance with the laws of the Statestate in which the Leased Property is located; (diii) prior to completion of the restoration, Landlord shall be authorized to holdback, as a reserve against future disbursements, ten percent (10%) of such proceeds; (iv) if Landlord shall reasonably determine that the proceeds are not sufficient to cover the total cost of the restoration, Tenant shall be obligated to deposit with Landlord the amount of such shortfall immediately upon receiving written notice thereof from Landlord; (v) disbursements shall be made from time to time in an amount not exceeding the cost of the work completed since the last disbursement, upon receipt of (iA) satisfactory evidence evidence, of the stage of completion, the estimated total cost of completion and performance of the work to date in a good and workmanlike manner in accordance with the contracts, plans and specifications, (iiB) waivers of liens, (iiiC) a satisfactory bring bring-down of title insurance and (ivD) other evidence of cost and payment so that Lender Landlord and Lender Assignee Facility Mortgagee can verify that the amounts disbursed from time to time are represented by work that is completed, in place and free and clear of mechanics' and materialmen's lien claims; (evi) each request for disbursement shall be accompanied by a certificate of XxxxxxxxTenant, signed by the president or a senior member or officer vice president of XxxxxxxxTenant, describing the work for which payment is requested, stating the cost incurred in connection therewith, stating that Xxxxxxxx Tenant has not previously received payment for such work and, upon completion of the work, also stating that the work has been fully completed and complies with the applicable requirements of this Agreement; andLease; (fvii) to the extent actually held by Xxxxxx Landlord and not by a Lender AssigneeFacility Mortgagee, (1) the proceeds shall be held in a separate account and shall not be commingled with XxxxxxLandlord's other funds, and (2) interest shall accrue on funds so held at the money market rate of interest and such interest shall constitute part of the proceeds; and (viii) such other reasonable conditions as Landlord may reasonably impose, or such other conditions as may be required by a Facility Mortgagee, including, without limitation, payment by Tenant of reasonable costs of administration imposed by or on behalf of Facility Mortgagee should the proceeds be held by Facility Mortgagee.

Disbursement of Proceeds. Any proceeds held by Lender Landlord or Borrower Tenant shall be paid out by Lender Landlord or Borrower Tenant from time to time for the reasonable costs of such reconstruction or repair; providedPROVIDED, howeverHOWEVER, that Lender Landlord shall disburse proceeds subject to the following requirements: (a) prior to commencement of restoration, (i) the architects, contracts, contractors, plans and specifications for the restoration shall have been approved by LenderLandlord, which approval shall not be unreasonably withheld or delayed and (ii) appropriate waivers of mechanics' and materialmen's liens shall have been filed; (b) Borrower Tenant shall have obtained and delivered to Lender Landlord copies of all necessary governmental and private approvals necessary to complete the reconstruction or repair, including building permits, licenses, conditional use permits and certificates of need; (c) at the time of any disbursement, subject to Section 6.12Article 14, no mechanics' or materialmen's liens shall have been filed against any of the Property and remain undischarged, unless a satisfactory bond shall have been posted in accordance with the laws of the State; (d) disbursements shall be made from time to time in an amount not exceeding the cost of the work completed since the last disbursement, upon receipt of (i) satisfactory evidence of the stage of completion, the estimated total cost of completion and performance of the work to date in a good and workmanlike manner in accordance with the contracts, plans and specifications, (ii) waivers of liens, (iii) a satisfactory bring down of title insurance and (iv) other evidence of cost and payment so that Lender and Lender Assignee can verify that the amounts disbursed from time to time are represented by work that is completed, in place and free and clear of mechanics' and materialmen's lien claims; (e) each request for disbursement shall be accompanied by a certificate of Xxxxxxxx, signed by a senior member or officer of Xxxxxxxx, describing the work for which payment is requested, stating the cost incurred in connection therewith, stating that Xxxxxxxx has not previously received payment for such work and, upon completion of the work, also stating that the work has been fully completed and complies with the applicable requirements of this Agreement; and (f) to the extent actually held by Xxxxxx and not a Lender Assignee, (1) the proceeds shall be held in a separate account and shall not be commingled with Xxxxxx's other funds, and (2) interest shall accrue on funds so held at the money market rate of interest and such interest shall constitute part of the proceeds.

Disbursement of Proceeds. Any Subject to the terms of the Prime Lease, any proceeds held by Lender Landlord or Borrower Tenant shall be paid out by Lender Landlord or Borrower Tenant from time to time for the reasonable costs of such reconstruction or repair; provided, however, that Lender shall disburse proceeds subject to the following requirements: (ai) prior to commencement of restoration, (iA) the architects, contracts, contractors, plans and specifications for the restoration shall have been approved by LenderLandlord, which approval shall not be unreasonably withheld withheld, conditioned or delayed and (iiB) appropriate waivers of mechanics' and materialmen's liens shall have been filed, if permissible in the State; (b) Borrower shall have obtained and delivered to Lender copies of all necessary governmental and private approvals necessary to complete the reconstruction or repair, including building permits, licenses, conditional use permits and certificates of need; (cii) at the time of any disbursement, subject to Section 6.12Article XIII, no mechanics' or materialmen's liens shall have been filed against any of the Leased Property and remain undischarged, unless a satisfactory bond shall have been posted in accordance with the laws of the State; (diii) prior to completion of the restoration, Landlord shall be authorized to holdback, as a reserve against future disbursements, ten percent (10%) of such proceeds; (iv) if Landlord shall reasonably determine that the proceeds are not sufficient to cover the total cost of the restoration, Tenant shall be obligated to deposit with Landlord the amount of such shortfall immediately upon receiving written notice thereof from Landlord; (v) disbursements shall be made from time to time in an amount not exceeding the cost of the work completed since the last disbursement, upon receipt of (iA) satisfactory evidence evidence, of the stage of completion, the estimated total cost of completion and performance of the work to date in a good and workmanlike manner in accordance with the contracts, plans and specifications, (iiB) waivers of liens, (iiiC) a satisfactory bring bring-down of title insurance and (ivD) other evidence of cost and payment so that Lender Landlord and Lender Assignee Fee Mortgagee can verify that the amounts disbursed from time to time are represented by work that is completed, in place and free and clear of mechanics' and materialmen's lien claims; (evi) each request for disbursement shall be accompanied by a certificate of XxxxxxxxTenant, signed by the president or a senior member or officer vice president of XxxxxxxxTenant, describing the work for which payment is requested, stating the cost incurred in connection therewith, stating that Xxxxxxxx Tenant has not previously received payment for such work and, upon completion of the work, also stating that the work has been fully completed and complies with the applicable requirements of this Agreement; andthe Lease; (fvii) to the extent actually held by Xxxxxx Landlord and not a Lender Assigneeby the Fee Mortgagee, (1) the proceeds shall be held in a separate account and shall not be commingled with XxxxxxLandlord's other funds, and (2) interest shall accrue on funds so held at the money market rate of interest and such interest shall constitute part of the proceeds; and (viii) such other reasonable conditions as Landlord may reasonably impose, or such other conditions as may be required by the Fee Mortgagee, including, without limitation, payment by Tenant of reasonable costs of administration imposed by or on behalf of Fee Mortgagee should the proceeds be held by Fee Mortgagee.