Common use of Immediate Repair Funds Clause in Contracts

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I hereto. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).

Immediate Repair Funds. (a) Borrower shall perform or cause to be performed the repairs at the each Individual Property as set forth on Schedule I II hereto (all such repairs are hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before (i) ninety (90) days following the respective deadline Closing Date for each repair listed under “Reserve for Immediate Repairs” as set forth on Schedule I II hereto, subject to Force Majeure and (ii) one hundred eighty (180) days following the Closing Date for each repair listed under “Reserve for Short Term Repairs” as set forth on Schedule II hereto, subject to Force Majeure. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) an amount equal to $1,812,989, such amount representing 125% of the amount set forth on such Schedule I hereto to perform estimated costs of the Immediate Repairs. In the event that a Borrower Immediate Repair Period shall occur, Borrower shall, within five (5) Business Days of such occurrence, deposit into the Immediate Repair Account an amount equal to the amount of the outstanding immediate repairs as reasonably determined by Lender with respect to the Waived Immediate Repair Property that relates to such Borrower Immediate Repair Period. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment reasonably satisfactory to Lender; (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000100,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion title search for the applicable Individual Property indicating that the applicable Individual Property is free from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairsall liens, claims and other encumbrances (other than Permitted Encumbrances); and (viv) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). (c) Any Immediate Repair Funds remaining on deposit in the Immediate Repair Account after the Debt has been paid in full shall be paid (a) to Mezzanine A Lender to be held by Mezzanine A Lender pursuant to the Mezzanine A Loan Agreement for the same purposes as those described in this Section 8.1, (b) if the Mezzanine A Loan is no longer outstanding, but the Mezzanine B Loan is outstanding, to Mezzanine B Lender to be held by Mezzanine B Lender pursuant to the Mezzanine B Loan Agreement for the same purposes as those described in this Section 8.1, (c) if the Mezzanine A Loan and Mezzanine B Loan are no longer outstanding, but the Mezzanine C Loan is outstanding, to Mezzanine C Lender to be held by Mezzanine C Lender pursuant to the Mezzanine C Loan Agreement for the same purposes as those described in this Section 8.1, or (d) if none of the Mezzanine A Loan, Mezzanine B Loan or Mezzanine C Loan is then outstanding, to Borrower. (d) Unless an Event of Default has occurred and is continuing, any Immediate Repair Funds remaining on deposit in the Immediate Repair Reserve after completion (in Lender’s reasonable judgment) of all Immediate Repairs shall be deposited by Lender in the Cash Management Account.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I Exhibit B hereto (all such repairs are hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I heretoExhibit B hereto (or, if no deadline is set forth, within ninety (90) days after the Closing Date). On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) the an amount set forth on such Schedule I hereto equal to perform the Immediate Repairs$0. Amounts deposited pursuant to this Section 8.1 7.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, Lender shall have received a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I 8.1 hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I 8.1 hereto. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I 8.1 hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).

Immediate Repair Funds. (a) Borrower shall perform the repairs at the each Individual Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I hereto. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment reasonably satisfactory to Lender; (iv) at Lender’s option, a title search for the applicable Individual Property indicating that the such Individual Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,00050,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).

Immediate Repair Funds. (a) Borrower Borrowers shall perform the repairs at the Property Properties as set forth on Schedule I Schedules I-A through I-C hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the following respective deadline for deadlines, in each repair as instance, subject to force majeure: (i) the items set forth on Schedule I heretoI-A shall be completed within a reasonable period of time following the Closing Date, (ii) the items on Schedule I-B shall be completed within 30 days of the Closing Date (unless such time period has otherwise been extended by Lender) and (iii) the items on Schedule I-C shall be completed within 6 months of the Closing Date (unless such time period has otherwise been extended by Lender). On the Closing Date, Borrower Borrowers shall deposit into an Eligible Account held by with Lender or Servicer (the “Immediate Repair Account”) the amount amounts set forth on such Schedule I Schedules I-B and I-C hereto to perform the Immediate Repairs. Repairs shown on such Schedules I-B and I-C. Amounts deposited pursuant to this Section 8.1 8.3 are referred to herein as the “Immediate Repair Funds”. Notwithstanding the foregoing, with respect to the roof replacement shown on Schedule I-C for the Property located at 00000 Xxxxxxx Xxxxxx in Sterling Heights, Michigan, Borrowers shall not be required to perform such roof replacement if, within 45 days of the Closing Date, Borrowers provide Lender with (i) a letter from a licensed roofing consultant, in form reasonably satisfactory to Lender, indicating that the useful life of the existing roof is at least 3 years and (ii) evidence satisfactory to Lender that the active roof leaks have been repaired (collectively, the “Michigan Roof Conditions”). Upon satisfaction of the Michigan Roof Conditions, Lender shall disburse to Borrowers any remaining Immediate Repair Funds on deposit that are allocable to the subject roof replacement. (b) Provided no Event of Default has occurred and is continuing, Lender shall disburse Immediate Repairs Funds to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least Borrowers within ten (10) days prior to after the date on delivery by Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least the Minimum Disbursement Amount (or a lesser amount if the total amount of Immediate Repair Funds is less than the Minimum Disbursement Amount, in which Borrower requests such payment be made and specifies case only one disbursement of the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to amount remaining shall be made), no Event of Default accompanied by the following items (which items shall exist be in form and remain uncured; substance satisfactory to Lender): (iiii) Lender shall have received a certificate from Borrower an Officer’s Certificate (A) stating that all the Immediate Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsApplicable Law, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Immediate Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, and (E) stating that all previous disbursements of for Immediate Repairs have been used to pay the previously identified Immediate Repairs, (ii) as to any completed Immediate Repair, a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Immediate Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers, invoices and/or ) or other evidence of payment satisfactory to Lender; , or other evidence of payment satisfactory to Lender, (iv) at Lender’s option, a title search for the such Property indicating that the such Property is free from all liensLiens, claims and other encumbrances other than Permitted Encumbrances; , (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000250,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; such Immediate Repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Immediate Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to BorrowerBorrowers. Upon Borrowers’ completion of all Immediate Repairs in accordance with this Section 8.3 and provided no Event of Default has occurred and continuing, Lender shall not be required to disburse promptly release any remaining Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount Funds, if the total Immediate Repair Funds is less than the Minimum Disbursement Amountany, in which case only one disbursement of the amount remaining in the account shall be made)to Borrowers.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I 4.5 hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I 4.5 hereto; provided that, Lender may, in its sole discretion, extend the respective deadlines for performance of such Immediate Repairs by written notice to Borrower. On the Closing Effective Date, Borrower shall deposit into an Eligible Account held by with Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto sum of $201,547 to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 5.5 are referred to herein as the “Immediate Repair Funds”. All Immediate Repair Funds shall be held by Lender or Servicer in an Eligible Account (the “Immediate Repair Reserve Account”). (b) Provided no Default has occurred and is continuing, Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by to Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least within ten (10) days prior Business Days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), accompanied by the date on following items (which Borrower requests such payment items shall be made in form and specifies the Immediate Repairs substance satisfactory to be paid; Lender): (iii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower an Officer’s Certificate (A) stating that all the Immediate Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsApplicable Law, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Immediate Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, and (E) stating that all previous disbursements of for Immediate Repairs have been used to pay the previously identified Immediate Repairs, (ii) as to any completed Immediate Repair, a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Immediate Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers, invoices and/or ) or other evidence of payment satisfactory to Lender; , (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances other than Permitted Encumbrances; those approved by Lender, (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000150,000 (other than cosmetic or non-structural Repairs), Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; such Immediate Repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Immediate Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of all Immediate Repairs in accordance with this Section 4.5 and provided no Default has occurred and continuing, Lender shall not be required to disburse release any remaining Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount Funds, if the total Immediate Repair Funds is less than the Minimum Disbursement Amountany, in which case only one disbursement of the amount remaining in the account shall be made)to Borrower.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I II hereto (all such repairs are hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before (i) three (3) months following the respective deadline for each repair Closing Date with respect to the items identified as “Immediate Repairs” on Schedule II attached hereto and (ii) one (1) year following the Closing Date with respect to the items identified as “Immediate Repair Remaining Costs” as set forth on Schedule I II attached hereto. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer Cash Management Bank (the “Immediate Repair Account”) an amount equal to $7,630,065, such amount representing 115% of the amount set forth on such Schedule I hereto to perform estimated costs of the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse cause the disbursement to Borrower of the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority Authority, if any, required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement (or for ongoing work, such Person has been or will be paid upon such disbursement for the work identified in such certificate from Borrower with respect to such disbursement), such certificate to be accompanied by by, as applicable, partial (with respect to such ongoing work) or complete lien waivers, invoices and/or other evidence of payment reasonably satisfactory to Lender; (iv) at Lender’s option, if (A) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is less than $5,000,000 and the cost of the Immediate Repairs exceeds $25,000 or (B) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is equal to or greater than $5,000,000 and the cost of the Immediate Repairs exceeds $100,000, a title search for the applicable Individual Property indicating that the applicable Individual Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if (A) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is less than $5,000,000 and the cost of the Immediate Repairs exceeds $25,00025,000 or (B) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is equal to or greater than $5,000,000 and the cost of the Immediate Repairs exceeds $100,000, Lender shall have received a report reasonably satisfactory to Lender in its reasonable discretion from an architect or engineer reasonably approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and (or, if the work is ongoing, are paid for or will be paid upon such disbursement to Borrowerin the process of being completed). Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). Following the completion of all Immediate Repairs as reasonably determined by Lender, so long as no Event of Default has occurred and is continuing, Lender shall cause any Immediate Repair Funds remaining in the Immediate Repair Account to be deposited into the Cash Management Account to be applied in accordance with Section 9.3 hereof.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (all such repairs are hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I heretohereto (as such deadlines may be extended by Lender in its reasonable discretion). On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Immediate Repair Account”) an amount equal to $194,552.50, such amount representing 125% of the amount set forth on such Schedule I hereto to perform estimated costs of the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsRepairs (if any is required), (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment reasonably satisfactory to Lender; (iv) at Lender’s option, if the cost of the Immediate Repairs exceeds $150,000, a title search for the applicable Individual Property indicating that the applicable Individual Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000150,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).

Immediate Repair Funds. (a) Borrower shall perform the repairs and work at the Property as set forth on Schedule I hereto (all such repairs and work are hereinafter referred to as “"Immediate Repairs”") and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I heretohereto (as such deadlines may be extended by Lender in its sole discretion). On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “"Immediate Repair Account”") an amount equal to $269,788.00, such amount representing 115% of the amount set forth on such Schedule I hereto to perform estimated costs of the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “"Immediate Repair Funds”". (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental 41458-112/Patuxent Crossing (MD) and Coliseum Marketplace (VA) Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s 's option, if the cost of the Immediate Repairs exceeds $150,000.00, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s 's option, if the cost of the Immediate Repairs exceeds $25,000150,000.00, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender Xxxxxx in respect of such architect or engineer’s 's inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). Upon the completion of all Immediate Repairs in accordance with this Section 8.1, Lender shall release any remaining Immediate Repairs Funds, if any, in the Immediate Repair Account to Borrower.

Immediate Repair Funds. (a) Borrower shall perform (or cause the performance of) the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I hereto; provided that, Lender may, in its sole discretion, extend the respective deadlines for performance of such Immediate Repairs by written notice to Borrower. On the Closing Date, Borrower shall deposit into an Eligible Account held by with Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 8.3 are referred to herein as the “Immediate Repair Funds”. All Immediate Repair Funds shall be held by Lender or Servicer in an Eligible Account (the “Immediate Repair Reserve Account”). (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, Provided no Event of Default shall exist has occurred and remain uncured; (iii) is continuing, Lender shall have received disburse Immediate Repair Funds to Borrower within fifteen (15) Business Days after the delivery by Borrower to Lender of a certificate from Borrower request therefor (but not more often than once per month), in increments of at least the Minimum Disbursement Amount (or a lesser amount if the total amount of Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining shall be made), accompanied by the following items (which items shall be in form and substance satisfactory to Lender): (i) an Officer’s Certificate (A) stating that all the Immediate Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsApplicable Law, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Immediate Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, and (E) stating that all previous disbursements of for Immediate Repairs have been used to pay the previously identified Immediate Repairs, (ii) as to any completed Immediate Repair, a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Immediate Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers, invoices and/or ) or other evidence of payment or entitlement to payment satisfactory to Lender; , (iv) at Lender’s option, if the cost of the Immediate Repairs exceeds $100,000 and, in Lender’s sole judgment, any nonpayment thereof may give rise to a lien on the Property, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances other than Permitted Encumbrances; , (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,00025,000 and their nature is such that inspection of such Immediate Repairs by an architect or engineer is reasonably beneficial to Lender to ensure the satisfactory completion of same, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; such Immediate Repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Immediate Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of all Immediate Repairs in accordance with this Section 8.3 and provided no Event of Default has occurred and continuing, Lender shall not be required to disburse release any remaining Immediate Repair Funds more frequently than once each calendar month nor in an amount less than Funds, if any, to or at the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement direction of the amount remaining in the account shall be made)Borrower.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the one (1) year anniversary of the date of this Agreement; provided that, Lender may, in its sole discretion, extend the respective deadline deadlines for each repair as set forth on Schedule I heretoperformance of such Immediate Repairs by written notice to Borrower. On the Closing Date, Borrower shall deposit into an Eligible Account held by with Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 8.3 are referred to herein as the “Immediate Repair Funds”. (b) Provided no Event of Default has occurred and is continuing, Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by to Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least within ten (10) days prior after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least the date on Minimum Disbursement Amount (or a lesser amount if the total amount of Immediate Repair Funds is less than the Minimum Disbursement Amount, in which Borrower requests such payment be made and specifies case only one disbursement of the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to amount remaining shall be made), no Event of Default accompanied by the following items (which items shall exist be in form and remain uncured; substance satisfactory to Lender): (iiii) Lender shall have received a certificate from Borrower an Officer’s Certificate (A) stating that all the Immediate Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsApplicable Law, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Immediate Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, and (E) stating that all previous disbursements of for Immediate Repairs have been used to pay the previously identified Immediate Repairs, (ii) as to any completed Immediate Repair, a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Immediate Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers, invoices and/or ) or other evidence of payment satisfactory to Lender; , (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances other than Permitted Encumbrances; , (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; such Immediate Repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Immediate Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of all Immediate Repairs in accordance with this Section 8.3 and provided no Event of Default has occurred and continuing, Lender shall not be required to disburse release any remaining Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount Funds, if the total Immediate Repair Funds is less than the Minimum Disbursement Amountany, in which case only one disbursement of the amount remaining in the account shall be made)to Borrower.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I hereto. On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer Cash Management Bank (the “Immediate Repair Account”) an amount equal to $529,901.00, such amount representing 110% of the amount set forth on such Schedule I hereto to perform estimated costs of the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse cause the disbursement to Borrower of the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority Authority, if any, required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement (or for ongoing work, such Person has been or will be paid upon such disbursement for the work identified in such certificate from Borrower with respect to such disbursement), such certificate to be accompanied by by, as applicable, partial (with respect to such ongoing work) or complete lien waivers, invoices and/or other evidence of payment reasonably satisfactory to Lender; (iv) at Lender’s option, if (A) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is less than $5,000,000.00 and the cost of the Immediate Repairs exceeds $250,000.00 or (B) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is equal to or greater than $5,000,000.00 and the cost of the Immediate Repairs exceeds $500,000.00, a title search for the applicable Individual Property indicating that the applicable Individual Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s option, if (A) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is less than $5,000,000.00 and the cost of the Immediate Repairs exceeds $25,000250,000.00 or (B) the Allocated Loan Amount of the Individual Property to which such Immediate Repair relates is equal to or greater than $5,000,000.00 and the cost of the Immediate Repairs exceeds $500,000.00, Lender shall have received a report reasonably satisfactory to Lender in its reasonable discretion from an architect or engineer reasonably approved by Lender in respect of such architect or engineer’s inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and (or, if the work is ongoing, are paid for or will be paid upon such disbursement to Borrowerin the process of being completed). Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). Following the completion of all Immediate Repairs as reasonably determined by Lender, so long as no Event of Default has occurred and is continuing, Lender shall cause any Immediate Repair Funds remaining in the Immediate Repair Account to be deposited into the Cash Management Account to be applied in accordance with Section 9.3 hereof.

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I hereto; provided that, Lender may, in its sole discretion, extend the respective deadlines for performance of such Immediate Repairs by written notice to Borrower. On the Closing Date, Borrower shall deposit into an Eligible Account held by with Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 8.3 are referred to herein as the “Immediate Repair Funds”. (b) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, Provided no Event of Default shall exist has occurred and remain uncured; (iii) is continuing, Lender shall have received disburse Immediate Repair Funds to Borrower within fifteen (15) Business Days after the delivery by Borrower to Lender of a certificate from Disbursement Request Form together with Lender’s then standard reserve disbursement schedule (but not more often than once per month), in increments of at least the Minimum Disbursement Amount (or a lesser amount if the total amount of Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining shall be made). Additionally, with respect to any disbursement that is $500,000 or more, in connection with any invoice relating to such disbursement that is greater than $100,000, Borrower shall also provide the following items (which items shall be in form and substance satisfactory to Lender): (i) an Officer’s Certificate (A) stating that all the Immediate Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsApplicable Law, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Immediate Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, and (E) stating that all previous disbursements of for Immediate Repairs have been used to pay the previously identified Immediate Repairs, (ii) as to any completed Immediate Repair, a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Immediate Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers, invoices and/or ) or other evidence of payment satisfactory to Lender; , (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances other than Permitted Encumbrances; , (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; such Immediate Repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Immediate Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).

Immediate Repair Funds. (a) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I hereto; provided that, Lender may, in its sole discretion, extend the respective deadlines for performance of such Immediate Repairs by written notice to Borrower. On the Closing Date, Borrower shall deposit into an Eligible Account held by with Lender or Servicer (the “Immediate Repair Account”) the amount set forth on such Schedule I hereto to perform the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 8.3 are referred to herein as the “Immediate Repair Funds”. All Immediate Repair Funds shall be held by Lender or Servicer in an Eligible Account (the “Immediate Repair Reserve Account”). (b) Provided no Event of Default has occurred and is continuing, Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by to Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least within ten (10) days prior after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least the date on Minimum Disbursement Amount (or a lesser amount if the total amount of Immediate Repair Funds is less than the Minimum Disbursement Amount, in which Borrower requests such payment be made and specifies case only one disbursement of the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to amount remaining shall be made), no Event of Default accompanied by the following items (which items shall exist be in form and remain uncured; substance reasonably satisfactory to Lender): (iiii) Lender shall have received a certificate from Borrower an Officer’s Certificate (A) stating that all the Immediate Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate RepairsApplicable Law, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Immediate Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, and (E) stating that all previous disbursements of for Immediate Repairs have been used to pay the previously identified Immediate Repairs, (ii) as to any completed Immediate Repair, a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Immediate Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers, invoices and/or ) or other evidence of payment satisfactory to Lender; , (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; , (v) at Lender’s option, if the cost of the Immediate Repairs exceeds $25,000100,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs; such Immediate Repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Immediate Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of all Immediate Repairs in accordance with this Section 8.3 and provided no Event of Default has occurred and continuing, Lender shall not be required to disburse release any remaining Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount Funds, if the total Immediate Repair Funds is less than the Minimum Disbursement Amountany, in which case only one disbursement of the amount remaining in the account shall be made)to Borrower.

Immediate Repair Funds. (a1) Borrower shall perform the repairs at the Property as set forth on Schedule I hereto (all such repairs are hereinafter referred to as “"Immediate Repairs”") and shall complete each of the Immediate Repairs on or before the respective deadline for each repair as set forth on Schedule I heretohereto (as such deadlines may be extended by Lender in its sole discretion). On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “"Immediate Repair Account”") an amount equal to $201,250, such amount representing 115% of the amount set forth on such Schedule I hereto to perform estimated costs of the Immediate Repairs. Amounts deposited pursuant to this Section 8.1 are referred to herein as the “"Immediate Repair Funds”". (b2) Lender shall disburse to Borrower the Immediate Repair Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Immediate Repairs to be paid; (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured; (iii) Lender shall have received a certificate from Borrower (A) stating that all Immediate Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required in connection with the Immediate Repairs, (B) identifying each Person that supplied materials or labor in connection with the Immediate Repairs to be funded by the requested disbursement, and (C) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers, invoices and/or other evidence of payment satisfactory to Lender; (iv) at Lender’s 's option, if the cost of the LOAN AGREEMENT – Page 85 41458-110/JANAF Shopping Yard (VA) Immediate Repairs exceeds $150,000.00, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances other than Permitted Encumbrances; (v) at Lender’s 's option, if the cost of the Immediate Repairs exceeds $25,000150,000.00, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s 's inspection of the required repairs; and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Immediate Repairs to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Immediate Repair Funds more frequently than once each calendar month nor in an amount less than the Minimum Disbursement Amount (or a lesser amount if the total Immediate Repair Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made). Upon the completion of all Immediate Repairs in accordance with this Section 8.1, Lender shall release any remaining Immediate Repairs Funds, if any, in the Immediate Repair Account to Borrower.