Disbursement only for Completed Repairs. Disbursements shall be limited to Reserve Items that are fully completed and paid for in full by Borrower except to the extent permitted under Section 5.01(b) of this Loan Agreement. At no time shall Lender be obligated to pay amounts to Borrower in excess of the current balance in the applicable Reserve Account at the time of disbursement.
Appears in 2 contracts
Samples: Loan Agreement (Independence Realty Trust, Inc), Loan Agreement (Consolidated Capital Properties Iv)
Disbursement only for Completed Repairs. Disbursements shall be limited to Reserve Items that are fully completed and paid for in full by Borrower Borrower, except to the extent permitted under Section 5.01(b) of this Loan Agreement. At no time shall Lender be obligated to pay amounts to Borrower in excess of the current balance in the applicable Reserve Account at the time of disbursement.
Appears in 2 contracts
Samples: Loan Agreement (CNL Hotels & Resorts, Inc.), Mezzanine Loan Agreement (CNL Hotels & Resorts, Inc.)
Disbursement only for Completed Repairs. Disbursements shall be limited to Reserve Items that are fully completed and paid for in full by Borrower except to the extent permitted under Section 5.01(b5.0l(b) of this Loan AgreementAgreement and, in the case of Leasing Commissions, fully and unconditionally earned and paid in full by Borrower. At no time shall Lender be obligated to pay amounts to Borrower in excess of the current balance in the applicable Reserve Account at the time of disbursement.
Appears in 1 contract
Samples: Loan Agreement (Cole Credit Property Trust V, Inc.)
Disbursement only for Completed Repairs. Disbursements shall be limited to Reserve Items that are fully completed and paid for in full by Borrower Borrower, except to the extent permitted under Section 5.01(b) of this Loan Agreement, and, in the case of Leasing Commissions, fully and unconditionally earned and paid in full by Borrower. At no time shall Lender be obligated to pay amounts to Borrower in excess of the current balance in the applicable Reserve Account at the time of disbursement.
Appears in 1 contract
Samples: Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)
Disbursement only for Completed Repairs. Disbursements shall be limited to Reserve Items that are fully completed and paid for in full by Borrower except to the extent permitted under Section 5.01(b) of this Loan AgreementAgreement and, in the case of Leasing Commissions, fully and unconditionally earned and paid in full by Borrower. At no time shall Lender be obligated to pay amounts to Borrower in excess of the current balance in the applicable Reserve Account at the time of disbursement.
Appears in 1 contract
Samples: Loan Agreement (Cole Credit Property Trust V, Inc.)
Disbursement only for Completed Repairs. Disbursements shall be limited to Reserve Items that are fully completed and paid for in full by Borrower Borrower, except to the extent permitted under Section 5.01(b) of this Loan Agreement. At no time shall Lender be obligated to pay amounts to Borrower in excess of the current balance in the applicable Reserve Account at the time of disbursement.
Appears in 1 contract
