Common use of Disbursements From Replacement Reserve Fund Clause in Contracts

Disbursements From Replacement Reserve Fund. (a) Lender shall make disbursements from the Replacement Reserve Fund to reimburse Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Fund to reimburse Borrower for the costs of routine maintenance to an Individual Property or for costs which are to be reimbursed from the Required Repair Fund. Lender shall not be obligated to make disbursements from the Replacement Reserve Fund with respect to Replacements in excess of the amount allocated for Replacements on the then current Approved Annual Budget. (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Fund necessary to reimburse Borrower for the actual approved costs and Replacements upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(e)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Fund if a Default or an Event of Default exists. (c) Each request for disbursement from the Replacement Reserve Fund shall be in a form specified or approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed) and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which the disbursement is requested. With each request Borrower shall certify that, to the best of Borrower’s knowledge, all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the applicable Individual Property to which the Replacements are being provided. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided and, unless Lender has agreed to issue joint checks as described below in connection with a particular Replacement, each request shall include evidence satisfactory to Lender of payment of all such amounts. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Fund shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to each request for disbursement prior to submitting such request for disbursement from the Replacement Reserve Fund or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender’s disbursement from the Replacement Reserve Fund. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $25,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of Applicable Law and shall cover all work performed and materials supplied (including equipment and fixtures) for the applicable Individual Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract (and if such contract is for work the cost of which exceeds $25,000.00 and Lender has approved in writing in advance such contract), a request for reimbursement from the Replacement Reserve Fund may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the applicable Individual Property and are properly secured or have been installed in such Individual Property, (C) all other conditions in this Section 7.3 for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Fund are, in Lender’s judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Fund more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $25,000.

Disbursements From Replacement Reserve Fund. (a) Lender shall make disbursements from the Replacement Reserve Fund to reimburse pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Fund to reimburse Borrower for the costs of routine maintenance to an Individual Property Property, replacements of inventory or for costs which are to be reimbursed from the Required Repair Fund. Lender shall not be obligated to make disbursements from , the Replacement Vacant B Space Rollover Reserve Fund with respect to Replacements in excess of the amount allocated for Replacements on the then current Approved Annual Budgetor Rollover Reserve Fund. (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.216.4.2, disburse to Borrower amounts from the Replacement Reserve Fund necessary to reimburse Borrower pay for the actual approved costs and of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(e)16.4.2(e) hereof) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Fund if a Default or an Event of Default existsexists and is continuing. (c) Each request for disbursement from the Replacement Reserve Fund shall be in a form specified or approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed) and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which the such request for disbursement is requestedmade. With each request Borrower shall certify that, to the best of Borrower’s knowledge, that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the applicable Individual Property to which the Replacements are being provided. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided and, unless Lender has agreed to issue joint checks as described below in connection with a particular Replacement, each request shall include evidence satisfactory to Lender of payment of all such amounts. Except as provided in Section 7.3.2(e)16.4.2(e) hereof, each request for disbursement from the Replacement Reserve Fund shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion of the subject Replacement satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to each request for which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Fund or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender’s disbursement from the Replacement Reserve Fund. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than Twelve Thousand Five Hundred and 00/100 Dollars ($25,000 12,500.00) for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of Applicable Law applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the applicable Individual Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of a Replacement exceeds Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) and (ii) the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract (and if such contract is for work the cost of which exceeds $25,000.00 and Lender has approved in writing in advance such contract), a request for reimbursement from the Replacement Reserve Fund may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the applicable Individual Property and are properly secured or have been installed in such Individual Property, (C) all other conditions in this Section 7.3 Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Fund are, in Lender’s judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Fund more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than Twelve Thousand Five Hundred and 00/100 Dollars ($25,00012,500.00).

Disbursements From Replacement Reserve Fund. (ai) Funding Lender shall will make disbursements from the Replacement Reserve Fund to reimburse Borrower only for the costs reimbursement of the Replacements. actual cost of Capital Replacements performed by Xxxxxxxx, provided that all the conditions in this Section 4.04(f) have been satisfied, as determined by Funding Lender shall not be obligated to make disbursements from the Replacement Reserve Fund to reimburse Borrower for the costs of routine maintenance to an Individual Property or for costs which are to be reimbursed from the Required Repair Fund. Lender shall not be obligated to make disbursements from the Replacement Reserve Fund with respect to Replacements in excess of the amount allocated for Replacements on the then current Approved Annual BudgetFunding Xxxxxx’s Discretion. (bii) Borrower must submit to Funding Lender shall, upon written a request from Borrower and satisfaction for reimbursement that includes each of the requirements set forth in this Section 7.3.2following: (A) A detailed description of the Capital Replacement performed. (B) Evidence, disburse satisfactory to Borrower amounts from Funding Lender, that the Replacement Reserve Fund necessary to reimburse Borrower for the actual approved costs and Replacements upon completion cost of such Replacements Capital Replacement has been paid. (or, upon partial completion C) Borrower’s written representation and warranty that each Capital Replacement has been performed and/or installed on the Mortgaged Property in a good and workmanlike manner with suitable materials (or in the case of Replacements made pursuant a partial disbursement, performed and/or installed on the Mortgaged Property to Section 7.3.2(ean acceptable stage)) as determined by Lender. In no event shall Lender be obligated , in accordance with good building practices and does not violate any laws, ordinances, rules, regulations, restrictions, or building setback lines applicable to disburse funds from the Replacement Reserve Fund if a Default or an Event of Default existsMortgaged Property. (c) Each request for disbursement from the Replacement Reserve Fund shall be in a form specified or approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed) and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all If required by Funding Lender, Borrower must also submit lien waivers from each contractor and material supplier supplying labor or materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and for such Capital Replacement. (iv) Except for the cost of all contracted labor or other services applicable to each Replacement for which the disbursement is requested. With each request Borrower shall certify that, to the best of Borrower’s knowledge, all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the applicable Individual Property to which the Replacements are being provided. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided and, unless Lender has agreed to issue joint checks as described below in connection with a particular Replacement, each request shall include evidence satisfactory to Lender of payment of all such amounts. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Fund shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to each request for disbursement prior to submitting such request for disbursement from the Replacement Reserve Fund or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender’s final disbursement from the Replacement Reserve Fund. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $25,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform disbursement request must adhere to the requirements of Applicable Law Replacement Reserve Disbursement Timing and shall cover all work performed and materials supplied (including equipment and fixtures) for the applicable Individual Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, Amount Limitations set forth in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request)Section 1.03. (ev) If the contractor performing such Replacement requires periodic payments pursuant to terms No Event of Default has occurred and is continuing and there exists no condition, event, or act that would constitute a written contract default (and if such contract is for work the cost with or without Notice and/or lapse of which exceeds $25,000.00 and Lender has approved in writing in advance such contract), a request for reimbursement from the Replacement Reserve Fund may be made after completion of a portion of the work time) under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the applicable Individual Property and are properly secured this Continuing Covenant Agreement or have been installed in such Individual Property, (C) all any other conditions in this Section 7.3 for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Fund are, in Lender’s judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractorFinancing Document. (fvi) No Lien or claim based on furnishing labor or materials has been recorded, filed or asserted against the Mortgaged Property, unless Borrower has properly provided a bond or other security against loss in accordance with applicable law. (vii) Borrower shall not make a request has obtained all licenses, permits, and approvals of any Governmental Authority required for disbursement from the Replacement Reserve Fund more frequently than once in any calendar month Capital Replacements, and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $25,000if requested by Funding Lender, has submitted such items to Funding Lender.

Disbursements From Replacement Reserve Fund. (ai) Lender shall will make disbursements from the Replacement Reserve Fund to reimburse Borrower only for the costs reimbursement of the Replacements. Lender shall not be obligated to make disbursements from actual cost of Capital Replacements performed by Xxxxxxxx, provided that all the Replacement Reserve Fund to reimburse Borrower for the costs of routine maintenance to an Individual Property or for costs which are to be reimbursed from the Required Repair Fund. Lender shall not be obligated to make disbursements from the Replacement Reserve Fund with respect to Replacements conditions in excess of the amount allocated for Replacements on the then current Approved Annual Budgetthis Section 4.04(f) have been satisfied, as determined by Xxxxxx in Xxxxxx’s Discretion. (bii) Lender shall, upon written Borrower must submit to Xxxxxx a request from Borrower and satisfaction for reimbursement that includes each of the requirements set forth in this Section 7.3.2following: (A) A detailed description of the Capital Replacement performed. (B) Evidence, disburse satisfactory to Borrower amounts from Lender, that the Replacement Reserve Fund necessary to reimburse Borrower for the actual approved costs and Replacements upon completion cost of such Replacements Capital Replacement has been paid. (or, upon partial completion C) Borrower’s written representation and warranty that each Capital Replacement has been performed and/or installed on the Mortgaged Property in a good and workmanlike manner with suitable materials (or in the case of Replacements made pursuant a partial disbursement, performed and/or installed on the Mortgaged Property to Section 7.3.2(ean acceptable stage)) as determined by Lender. In no event shall Lender be obligated , in accordance with good building practices and does not violate any laws, ordinances, rules, regulations, restrictions, or building setback lines applicable to disburse funds from the Replacement Reserve Fund if a Default or an Event of Default existsMortgaged Property. (c) Each request for disbursement from the Replacement Reserve Fund shall be in a form specified or approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed) and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all If required by Xxxxxx, Borrower must also submit lien waivers from each contractor and material supplier supplying labor or materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and for such Capital Replacement. (iv) Except for the cost of all contracted labor or other services applicable to each Replacement for which the disbursement is requested. With each request Borrower shall certify that, to the best of Borrower’s knowledge, all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the applicable Individual Property to which the Replacements are being provided. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided and, unless Lender has agreed to issue joint checks as described below in connection with a particular Replacement, each request shall include evidence satisfactory to Lender of payment of all such amounts. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Fund shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to each request for disbursement prior to submitting such request for disbursement from the Replacement Reserve Fund or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender’s final disbursement from the Replacement Reserve Fund. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $25,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform disbursement request must adhere to the requirements of Applicable Law Replacement Reserve Disbursement Timing and shall cover all work performed and materials supplied (including equipment and fixtures) for the applicable Individual Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, Amount Limitations set forth in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request)Section 1.03. (ev) If No Event of Default has occurred and is continuing and there exists no condition, event, or act that would constitute a default (with or without Notice and/or lapse of time) under this Loan Agreement or any other Loan Document. (vi) No Lien or claim based on furnishing labor or materials has been recorded, filed or asserted against the contractor performing such Replacement requires periodic payments pursuant to terms Mortgaged Property, unless Borrower has properly provided a bond or other security against loss in accordance with applicable law. (vii) Borrower has obtained all licenses, permits, and approvals of a written contract (any Governmental Authority required for the Capital Replacements, and if such contract is for work the cost of which exceeds $25,000.00 and Lender has approved in writing in advance such contract), a request for reimbursement from the Replacement Reserve Fund may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the applicable Individual Property and are properly secured or have been installed in such Individual Property, (C) all other conditions in this Section 7.3 for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Fund are, in Lender’s judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required requested by Lender, each contractor or subcontractor receiving payments under has submitted such contract shall provide a waiver of lien with respect items to amounts which have been paid to that contractor or subcontractorLender. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Fund more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $25,000.