Immediate Repairs. If it is outside of normal business hours and a reason- able person would determine that there is a substantial and immediate risk of bodily injury or property damage if the structural component failure is left alone, it is the contract holder’s responsibility to mitigate the damag- es by implementing temporary fixes to allow licensed contractors to repair issues on a regular time frame. The Contract will apply up to $500 worth of temporary repairs towards the applicable deductible on any claim where substantial and immediate risk existed so long as all receipts for the temporary work are delivered with your claims procedure documents. Any time an incident outside of coverage is reported to RWS by the contract holder. In the event of a “non-claim,” whereby a contractor is requested and the structural component failure is not covered by the Con- tract, the trip charge from the contractor will be payable by the contract holder. RWS claims represen- tatives are well-trained and will do everything within their power to ensure the right contractor is dispatched the first time. However, the ultimate determination of whether to request service and by what type of contrac- tor is up to the contract holder. Should the trade of the contractor requested not be the trade necessary to fix a covered issue, it will be treated as a “non-claim.” Acronym used to describe Residential Warranty Services, Inc., your contract provider.
Immediate Repairs. Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to promptly perform (or cause the performance of) the Immediate Repairs. Upon Lxxxxx’s request, Borrower shall (or shall cause Mortgage Borrower to) provide evidence reasonably acceptable to Lender of the completion of such Immediate Repairs.
Immediate Repairs. Borrower shall use commercially reasonable efforts to promptly perform (or cause the performance of) the Immediate Repairs. Upon Lxxxxx’s request, Borrower shall provide evidence reasonably acceptable to Lender of the completion of such Immediate Repairs.
Immediate Repairs. 6.1 At Closing, Seller deposited the sum of Seventy-Eight Five Hundred and No/100 Dollars ($78,500.00) into an escrow with Escrow Agent (as defined in the Contract) (the “Immediate Needs Repair Escrow”) as security for any immediate needs repairs that are required at the Property. Within sixty (60) days from the date of this Agreement, Seller, at Seller’s sole cost and expense, shall repair the immediate repair issues identified on Exhibit “A” attached hereto and incorporated herein (the “Immediate Repairs”). Upon completion of any Immediate Repairs by Seller to Purchaser’s commercially reasonable satisfaction, the funds deposited in the Immediate Needs Repair Escrow relating to the completed repair shall be immediately released by Escrow Agent to Seller.
Immediate Repairs. Sellers shall fully repair or remediate the conditions necessitating immediate repairs or remediation, as applicable, at the Hotel Assets described in Exhibits A-15 (Fairfield Inn & Suites Atlanta Vinings, GA), A-25 (Hampton Inn Chattanooga, TN), A-49 (Holiday Inn Charleston, SC), and A-51 (Homewood Suites Boston Peabody, MA), and shall bring the affected rooms and public spaces at such Hotel Assets back in service prior to Closing, provided that Purchaser’s inspector shall have the right to inspect any required work, and Seller shall provide Purchaser with reasonable evidence of expenditures for such required work no later than December 15, 2014. In the event that Purchaser disputes Sellers’ full remediation for any such Hotel Asset, Sellers and Purchaser shall use good faith efforts to come to agreement with respect to such remediation, but if Sellers and Purchaser cannot come to agreement, such dispute shall be settled through “baseball style” arbitration, as set forth in Schedule 6. If Purchaser does not initiate the arbitration process set forth on Schedule 6 to dispute the full remediation of the conditions at any Hotel Asset on or prior to January 22, 2015, such Hotel Asset shall be deemed to be fully remediated for purposes of this Section 12.9 and Sellers shall no longer have any obligation to make any other repairs or perform any remediation to such Hotel Asset pursuant to this Section 12.9. For the avoidance of doubt, the expenditures required to remediate the conditions at the Hotel Asset described in Exhibit A-49 (Holiday Inn Charleston, SC) shall not be included in the capital expenditures required pursuant to Sections 12.1.1 through 12.1.4.
Immediate Repairs. Borrower shall perform, or shall cause the applicable Tenant to perform, the repairs at the Property as set forth on Schedule I hereto (such repairs hereinafter referred to as “Immediate Repairs”) in good and workmanlike manner and in accordance with Applicable Laws on or prior to the date occurring six (6) months after the date hereof; provided that, Lender may, in its sole discretion, extend the respective deadlines for performance of such Immediate Repairs by written notice to Borrower.
Immediate Repairs. (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 hereto.
Immediate Repairs. In addition to any Repairs required to be completed pursuant to a Repair and Escrow Agreement, Fxxxxxx Mac may in its discretion also require a Borrower to make immediate Repairs to a Property depending upon the condition of such Property within a period of time prior to the Origination Date. Any immediate Repairs and the timeframe within which such immediate Repairs must be completed will be set forth in the Commitment.
Immediate Repairs. (a) Simultaneously with the execution hereof, New Borrower shall deposit with Lender the sum of One Hundred Nine Thousand Four Hundred Fifty and 00/100 Dollars ($109,450.00) (the “Immediate Repair Deposit”) representing 110% of the estimated costs to repair non-deferrable items (i) A-3; (ii) B-1; (iii) C-1; and (iv) I-1 (the “Required Repairs”) described on Exhibit E to the PCA. Lender shall deposit the Immediate Repair Deposit in a Subaccount (the “Immediate Repair Reserve Subaccount”). Provided that no Default or Event of Default (as such terms are defined in the Loan Agreement) has occurred and is continuing, Lender shall disburse the funds in the Immediate Repair Reserve Subaccount to Borrower in accordance with the same procedure for which Lender shall disburse funds to Borrower that are in the Capital Reserve Subaccount pursuant to Section 3.4 of the Loan Agreement or the Rollover Reserve Subaccount pursuant to Section 3.5 of the Loan Agreement, and as if the Required Repairs are Approved Capital Expenses under Section 3.4 of the Loan Agreement or Approved Leasing Expenses under Section 3.5 of the Loan Agreement. The Immediate Repair Reserve Subaccount shall be treated as a Subaccount and one of the Cash Management Accounts for all purposes under Section 3.10 and any other applicable provision of the Loan Agreement and the other Loan Documents.
(b) New Borrower shall use diligent efforts to complete or cause to be completed, and provide Lender with satisfactory evidence of such completion of, the Immediate Repairs by no later than one hundred eighty days (180) days from the date hereof (the “Immediate Repair Period”); provided, however, if all Immediate Repairs cannot be completed within the Immediate Repair Period despite diligent efforts by New Borrower to achieve the same, then and in such event the time period to complete any such remaining and outstanding Immediate Repairs shall be extended so long as New Borrower continues to use diligent efforts to complete or cause the completion of any such remaining Immediate Repairs. Upon completion of the Immediate Repairs, New Borrower shall pay for a Lender approved inspection company (“Inspector”) to inspect the Project to determine if the Immediate Repairs have been timely and fully completed. If the Immediate Repairs have not been timely and fully completed, the Inspector shall provide a written report regarding the status of the Immediate Repairs and shall specifically outline the work necessary to ...
Immediate Repairs. Borrowers shall promptly commence the Immediate Repairs and shall complete the same prior to September 1, 2013.
