Common use of HUD Cap Ex Account Clause in Contracts

HUD Cap Ex Account. Sublessor and Landlord, jointly and severally, represent and warrant to Sublessee that the balance in the capital improvements reserve account required to be maintained under the documents evidencing the HUD Loan relating to the Leased Premises (the "HUD Cap Ex Account") as of the Execution Date is $435,000.00 (the “HUD Cap Ex Balance”). From and after the Commencement Date, Sublessee shall pay as Additional Rent due hereunder to Sublessor or the servicer of the HUD loan, as applicable, the required monthly payment to the HUD Cap Ex Account in the amount of $3,000.00. From time to time in Sublessee's discretion, Sublessee shall submit all HUD required documentation of work performed and amounts incurred for qualifying expenditures in connection with the Leased Premises in support of a request for reimbursement from the HUD Cap Ex Account. Sublessor and Landlord agree to cooperate in good faith and use commercially reasonable efforts to timely obtain HUD approval of reimbursement from the HUD Cap Ex Account relating to such HUD submission, including, but not limited to, submitting such additional documents required by HUD. Upon HUD approval and reimbursement for qualifying expenditures, Sublessor or Landlord, as applicable, shall within five (5) business days pay to Sublessee the amount received by Sublessor or Landlord, as applicable, from the HUD Cap Ex Account for such qualifying expenditures submitted, and if any such payment from the HUD Cap Ex Account is not timely paid as set forth above, such delinquent amount shall be accessed payment premium in the amount of eight percent (8%) of said delinquency, as liquidated damages and not as a penalty, it being agreed that said premium amount represents a reasonable estimate of the probable damages to Sublessee as a result of such timely failure to pay, and Sublessor and Landlord hereby each waives any and all rights to contest or bring an action with respect to such required payment and premium. In addition, Sublessor and Landlord agree that in the event the HUD reserves being paid monthly by Sublessee hereunder meet the total maximum HUD reserves required by HUD, Sublessee shall not be required to pay any additional monthly HUD reserves under this Sublease.

HUD Cap Ex Account. Sublessor and Landlord, jointly and severally, represent and warrant to Sublessee that the balance in the capital improvements reserve account required to be maintained under the documents evidencing the HUD Loan relating to the Leased Premises (the "“HUD Cap Ex Account"”) as of the Execution Date is $435,000.00 216,192.65 (the “HUD Cap Ex Balance”). From and after the Commencement Date, Sublessee shall pay as Additional Rent due hereunder to Sublessor or the servicer of the HUD loan, as applicable, the required monthly payment to the HUD Cap Ex Account in the amount of $3,000.003,541.67. From time to time in Sublessee's ’s discretion, Sublessee shall submit all HUD required documentation of work performed and amounts incurred for qualifying expenditures in connection with the Leased Premises in support of a request for reimbursement from the HUD Cap Ex Account. Sublessor and Landlord agree to cooperate in good faith and use commercially reasonable efforts to timely obtain HUD approval of reimbursement from the HUD Cap Ex Account relating to such HUD submission, including, but not limited to, submitting such additional documents required by HUD. Upon HUD approval and reimbursement for qualifying expenditures, Sublessor or Landlord, as applicable, jointly and severally, shall within five (5) business days pay to Sublessee the amount received by Sublessor or Landlord, as applicable, from the HUD Cap Ex Account for such qualifying expenditures submitted, and if any such payment from the HUD Cap Ex Account is not timely paid as set forth above, such delinquent amount shall be accessed payment premium in the amount of eight percent (8%) of said delinquency, as liquidated damages and not as a penalty, it being agreed that said premium amount represents a reasonable estimate of the probable damages to Sublessee as a result of such timely failure to pay, and Sublessor and Landlord hereby each waives any and all rights to contest or bring an action with respect to such required payment and premium. In addition, Sublessor and Landlord agree that in the event the HUD reserves being paid monthly by Sublessee hereunder meet the total maximum HUD reserves required by HUD, Sublessee shall not be required to pay any additional monthly HUD reserves under this Sublease.

HUD Cap Ex Account. Sublessor and Landlord, jointly and severally, represent and warrant to Sublessee that the balance in the capital improvements reserve account required to be maintained under the documents evidencing the HUD Loan relating to the Leased Premises (the "HUD Cap Ex Account") as of the Execution Date is $435,000.00 417,032.00 (the “HUD Cap Ex Balance”). From and after the Commencement Date, Sublessee shall pay as Additional Rent due hereunder to Sublessor or the servicer of the HUD loan, as applicable, the required monthly payment to the HUD Cap Ex Account in the amount of $3,000.005,528.00. From time to time in Sublessee's ’s discretion, Sublessee shall submit all HUD required documentation of work performed and amounts incurred for qualifying expenditures in connection with the Leased Premises in support of a request for reimbursement from the HUD Cap Ex Account. Sublessor and Landlord agree to cooperate in good faith and use commercially reasonable efforts to timely obtain HUD approval of reimbursement from the HUD Cap Ex Account relating to such HUD submission, including, but not limited to, submitting such additional documents required by HUD. Upon HUD approval and reimbursement for qualifying expenditures, Sublessor or Landlord, as applicable, jointly and severally, shall within five (5) business days pay to Sublessee the amount received by Sublessor or Landlord, as applicable, from the HUD Cap Ex Account for such qualifying expenditures submitted, and if any such payment from the HUD Cap Ex Account is not timely paid as set forth above, such delinquent amount shall be accessed payment premium in the amount of eight percent (8%) of said delinquency, as liquidated damages and not as a penalty, it being agreed that said premium amount represents a reasonable estimate of the probable damages to Sublessee as a result of such timely failure to pay, and Sublessor and Landlord hereby each waives any and all rights to contest or bring an action with respect to such required payment and premium. In addition, Sublessor and Landlord agree that in the event the HUD reserves being paid monthly by Sublessee hereunder meet the total maximum HUD reserves required by HUD, Sublessee shall not be required to pay any additional monthly HUD reserves under this Sublease.

HUD Cap Ex Account. Sublessor and Landlord, jointly and severally, represent and warrant to Sublessee that the balance in the capital improvements reserve account required to be maintained under the documents evidencing the HUD Loan relating to the Leased Premises (the "“HUD Cap Ex Account"”) as of the Execution Date is $435,000.00 208,523.68 (the “HUD Cap Ex Balance”). From and after the Commencement Date, Sublessee shall pay as Additional Rent due hereunder to Sublessor or the servicer of the HUD loan, as applicable, the required monthly payment to the HUD Cap Ex Account in the amount of $3,000.003,416.66. From time to time in Sublessee's ’s discretion, Sublessee shall submit all HUD required documentation of work performed and amounts incurred for qualifying expenditures in connection with the Leased Premises in support of a request for reimbursement from the HUD Cap Ex Account. Sublessor and Landlord agree to cooperate in good faith and use commercially reasonable efforts to timely obtain HUD approval of reimbursement from the HUD Cap Ex Account relating to such HUD submission, including, but not limited to, submitting such additional documents required by HUD. Upon HUD approval and reimbursement for qualifying expenditures, Sublessor or Landlord, as applicable, jointly and severally, shall within five (5) business days pay to Sublessee the amount received by Sublessor or Landlord, as applicable, from the HUD Cap Ex Account for such qualifying expenditures submitted, and if any such payment from the HUD Cap Ex Account is not timely paid as set forth above, such delinquent amount shall be accessed payment premium in the amount of eight percent (8%) of said delinquency, as liquidated damages and not as a penalty, it being agreed that said premium amount represents a reasonable estimate of the probable damages to Sublessee as a result of such timely failure to pay, and Sublessor and Landlord hereby each waives any and all rights to contest or bring an action with respect to such required payment and premium. In addition, Sublessor and Landlord agree that in the event the HUD reserves being paid monthly by Sublessee hereunder meet the total maximum HUD reserves required by HUD, Sublessee shall not be required to pay any additional monthly HUD reserves under this Sublease.