Common use of Immediate Repairs Reserve Clause in Contracts

Immediate Repairs Reserve. Prior to the execution of this Mortgage, Lender has caused the Property to be inspected and such inspection has revealed that the Property is in need of certain maintenance, repairs and/or remedial or corrective work. Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the amount of $49,325.00 (the “Immediate Repair Reserve”) by depositing such amount with Lender. Borrower shall cause each of the items described in that certain Property Condition Report (the “Deferred Maintenance”) to be completed, performed, remediated and corrected to the satisfaction of Lender and as necessary to bring the Property into compliance with all applicable laws, ordinances, rules and regulations on or before the expiration of six (6) months after the effective date hereof, as such time period may be extended by Lender in its sole discretion. So long as no Event of Default has occurred, all sums in the Immediate Repair Reserve shall be held by Lender in the Immediate Repair Reserve to pay the costs and expenses of completing the Deferred Maintenance. So long as no Default or Event of Default has occurred, Lender shall, to the extent funds are available for such purpose in the Immediate Repair Reserve, disburse to Borrower the amount paid or incurred by Borrower in completing, performing, remediating or correcting the Deferred Maintenance upon (a) the receipt by Lender of a written request from Borrower for disbursement from the Immediate Repair Reserve and a certification by Borrower in a form as may be required by Lender that the applicable item of Deferred Maintenance has been completed in accordance with the terms of this Mortgage, (b) delivery to Lender of invoices, receipts or other evidence satisfactory to Lender verifying the costs of the Deferred Maintenance to be reimbursed, (c) delivery to Lender of a certification from an inspecting architect, engineer or other consultant reasonably acceptable to Lender describing the completed work, verifying the completion of the work and the value of the completed work and, if applicable, certifying that the Property is, as a result of such work, in compliance with all applicable laws, ordinances, rules and regulations relating to the Deferred Maintenance so performed, and (d) delivery to Lender of affidavits, lien waivers or other evidence reasonably satisfactory to Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Property have been paid all amounts due for such labor and materials furnished to the Property. Lender shall not be required to make advances from the Immediate Repair Reserve more frequently than once in any thirty (30) day period. In making any payment from the Immediate Repair Reserve, Lender shall be entitled to rely on such request from Borrower without any inquiry into the accuracy, validity or contestability of any such amount. Borrower hereby grants to Lender a power-of-attorney, coupled with an interest, to cause the Deferred Maintenance to be completed, performed, remediated and corrected to the satisfaction of Lender upon Borrower’s failure to do so in accordance with the terms and conditions of this Section 3.4, and to apply the amounts on deposit in the Immediate Repair Reserve to the costs associated therewith, all as Lender may determine in its sole and absolute discretion but without obligation to do so.

Immediate Repairs Reserve. Prior to the execution of this Mortgage, Lender has caused the Property to be inspected and such inspection has revealed that the Property is in need of certain maintenance, repairs and/or remedial or corrective work. Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the amount of $49,325.00 112,500.00 (the “Immediate Repair Reserve”) by depositing such amount with Lender. Borrower shall cause each of the items described in that certain Property Condition Report (the “Deferred Maintenance”) to be completed, performed, remediated and corrected to the satisfaction of Lender and as necessary to bring the Property into compliance with all applicable laws, ordinances, rules and regulations on or before the expiration of six (6) months after the effective date hereof, as such time period may be extended by Lender in its sole discretion. So long as no Event of Default has occurred, all sums in the Immediate Repair Reserve shall be held by Lender in the Immediate Repair Reserve to pay the costs and expenses of completing the Deferred Maintenance. So long as no Default or Event of Default has occurred, Lender shall, to the extent funds are available for such purpose in the Immediate Repair Reserve, disburse to Borrower the amount paid or incurred by Borrower in completing, performing, remediating or correcting the Deferred Maintenance upon (a) the receipt by Lender of a written request from Borrower for disbursement from the Immediate Repair Reserve and a certification by Borrower in a form as may be required by Lender that the applicable item of Deferred Maintenance has been completed in accordance with the terms of this Mortgage, (b) delivery to Lender of invoices, receipts or other evidence satisfactory to Lender verifying the costs of the Deferred Maintenance to be reimbursed, (c) delivery to Lender of a certification from an inspecting architect, engineer or other consultant reasonably acceptable to Lender describing the completed work, verifying the completion of the work and the value of the completed work and, if applicable, certifying that the Property is, as a result of such work, in compliance with all applicable laws, ordinances, rules and regulations relating to the Deferred Maintenance so performed, and (d) delivery to Lender of affidavits, lien waivers or other evidence reasonably satisfactory to Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Property have been paid all amounts due for such labor and materials furnished to the Property. Lender shall not be required to make advances from the Immediate Repair Reserve more frequently than once in any thirty (30) day period. In making any payment from the Immediate Repair Reserve, Lender shall be entitled to rely on such request from Borrower without any inquiry into the accuracy, validity or contestability of any such amount. Borrower hereby grants to Lender a power-of-attorney, coupled with an interest, to cause the Deferred Maintenance to be completed, performed, remediated and corrected to the satisfaction of Lender upon Borrower’s failure to do so in accordance with the terms and conditions of this Section 3.4, and to apply the amounts on deposit in the Immediate Repair Reserve to the costs associated therewith, all as Lender may determine in its sole and absolute discretion but without obligation to do so.

Immediate Repairs Reserve. Prior to the execution of this Mortgage, Lender has caused the Property to be inspected and such inspection has revealed that the Property is in need of certain maintenance, repairs and/or remedial or corrective work. Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the amount of $49,325.00 10,000.00 (the “Immediate Repair Reserve”) by depositing such amount with Lender. Borrower shall cause each of the items described in that certain Property Condition Report (the “Deferred Maintenance”) to be completed, performed, remediated and corrected to the satisfaction of Lender and as necessary to bring the Property into compliance with all applicable laws, ordinances, rules and regulations on or before the expiration of six (6) months after the effective date hereof, as such time period may be extended by Lender in its sole discretion. So long as no Event of Default has occurred, all sums in the Immediate Repair Reserve shall be held by Lender in the Immediate Repair Reserve to pay the costs and expenses of completing the Deferred Maintenance. So long as no Default or Event of Default has occurred, Lender shall, to the extent funds are available for such purpose in the Immediate Repair Reserve, disburse to Borrower the amount paid or incurred by Borrower in completing, performing, remediating or correcting the Deferred Maintenance upon (a) the receipt by Lender of a written request from Borrower for disbursement from the Immediate Repair Reserve and a certification by Borrower in a form as may be required by Lender that the applicable item of Deferred Maintenance has been completed in accordance with the terms of this Mortgage, (b) delivery to Lender of invoices, receipts or other evidence satisfactory to Lender verifying the costs of the Deferred Maintenance to be reimbursed, (c) delivery to Lender of a certification from an inspecting architect, engineer or other consultant reasonably acceptable to Lender describing the completed work, verifying the completion of the work and the value of the completed work and, if applicable, certifying that the Property is, as a result of such work, in compliance with all applicable laws, ordinances, rules and regulations relating to the Deferred Maintenance so performed, and (d) delivery to Lender of affidavits, lien waivers or other evidence reasonably satisfactory to Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Property have been paid all amounts due for such labor and materials furnished to the Property. Lender shall not be required to make advances from the Immediate Repair Reserve more frequently than once in any thirty (30) day period. In making any payment from the Immediate Repair Reserve, Lender shall be entitled to rely on such request from Borrower without any inquiry into the accuracy, validity or contestability of any such amount. Borrower hereby grants to Lender a power-of-attorney, coupled with an interest, to cause the Deferred Maintenance to be completed, performed, remediated and corrected to the satisfaction of Lender upon Borrower’s failure to do so in accordance with the terms and conditions of this Section 3.4, and to apply the amounts on deposit in the Immediate Repair Reserve to the costs associated therewith, all as Lender may determine in its sole and absolute discretion but without obligation to do so.

Immediate Repairs Reserve. Prior (1) Each Borrower acknowledges that on or prior to the execution date hereof, the Administrative Agent (on behalf of this Mortgage, Lender the Lenders) has caused the Property each Project to be inspected and such inspection has revealed that the Property is certain Projects are in need of certain maintenance, repairs and/or remedial or corrective workwork (the "IMMEDIATE REPAIRS") as more particularly described on SCHEDULE 2.9 attached hereto. Contemporaneously On or prior to the date hereof, the Borrowers shall establish with the execution hereofAdministrative Agent or at a financial institution designated by the Administrative Agent (on behalf of the Lenders), Borrower has established with Lender a reserve in the amount of $49,325.00 220,709 (the “"IMMEDIATE REPAIRS RESERVE"). The Immediate Repair Repairs Reserve shall be in the name of and under the sole dominion and control of the Administrative Agent (on behalf of the Lenders), subject only to the Lenders' obligations hereunder to advance or otherwise make available funds therefrom in accordance with this Agreement, and the Borrowers shall have no authority or power to make withdrawals from the Immediate Repairs Reserve”) . The amount required to be deposited in the Immediate Repairs Reserve by depositing such the Borrowers shall be deposited on the Borrowers' behalf by the Lenders' funding of said amount with Lenderout of the proceeds of the Initial Advance on the date hereof. Borrower Borrowers shall cause each of the items described in that certain Property Condition Report (the “Deferred Maintenance”) Immediate Repairs to be completed, performed, remediated and corrected to the satisfaction of Lender the Administrative Agent (on behalf of the Lenders) and as necessary to bring the Property Project into compliance with all applicable laws, ordinances, rules and regulations on or before March 31, 2000. After March 31, 2000, the expiration Administrative Agent (on behalf of six the Lenders) shall not be obligated to release any funds on deposit in the Immediate Repairs Reserve prior to the repayment in full of the Loans and may apply such funds to either complete such Immediate Repairs or to satisfy Borrowers' obligations under the Loan Documents as determined by the Administrative Agent (6on behalf of the Lenders) months after the effective date hereof, as such time period may be extended by Lender in its sole discretion. . (2) So long as no Event of Default has occurredoccurred hereunder and is continuing, all sums in the Immediate Repair Repairs Reserve shall be held by Lender in the Immediate Repair Reserve Administrative Agent (on behalf of the Lenders) to pay the costs and expenses of completing the Deferred MaintenanceImmediate Repairs. The Immediate Repairs Reserve will be held by the Administrative Agent (on behalf of the Lenders) without interest and may be commingled with Lenders' own funds. Borrowers hereby grant to the Administrative Agent (on behalf of the Lenders) a security interest in the Immediate Repairs Reserve and in the event the Immediate Repairs Reserve is deposited with a financial institution other than the Administrative Agent, the Administrative Agent shall be a required signatory for such account. While an Event of Default or a Potential Default exists, the Administrative Agent shall not be obligated to permit advances to Borrowers of the Immediate Repairs Reserve, and while an Event of Default exists, the Administrative Agent shall be entitled, without notice to the Borrowers, to apply any funds in the Immediate Repair Reserve to satisfy Borrowers' obligations under the Loan Documents. (3) So long as no Default or Event of Default has occurred, Lender occurred and is continuing the Administrative Agent shall, to the extent that funds are available for such purpose in the Immediate Repair Repairs Reserve, disburse to Borrower the Borrowers the amount paid or incurred by Borrower the Borrowers in completing, performing, remediating or correcting the Deferred Maintenance Immediate Repairs upon (ai) the receipt by Lender the Administrative Agent of a written request from Borrower the Borrowers for disbursement from the Immediate Repair Reserve and a certification by Borrower in a form as may be required by Lender the Borrowers that the applicable item of Deferred Maintenance Immediate Repair has been completed in accordance with the terms of this Mortgage, Agreement; (bii) delivery to Lender the Administrative Agent of invoices, receipts or other evidence satisfactory to Lender the Administrative Agent (on behalf of the Lenders) verifying the costs of the Deferred Maintenance Immediate Repair to be reimbursed, reimbursed or paid; (ciii) delivery to Lender the Administrative Agent of a certification from an inspecting architect, engineer or other consultant reasonably acceptable to Lender the Administrative Agent describing the completed work, verifying the completion of the work and the value of the completed work and, if applicable, certifying that the Property applicable Project is, as a result of such work, in full compliance with all applicable laws, ordinances, rules and regulations relating to the Deferred Maintenance Immediate Repair so performed, and ; (div) delivery to Lender the Administrative Agent of title affidavits, title insurance endorsements, lien waivers or other evidence reasonably satisfactory to Lender the Administrative Agent (on behalf of the Lenders) showing or insuring that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Property any Project have been paid all amounts due for such labor and materials furnished to and confirming the Property. Lender first priority lien of the Mortgages. (4) The Administrative Agent shall not be required to make advances from the Immediate Repair Reserve more frequently than once in any thirty (30) day period. In making any payment disbursement from the Immediate Repair Reserve, Lender the Administrative Agent shall be entitled to rely on such request from Borrower the Borrowers without any inquiry into the accuracy, validity or contestability contestibility of any such amount. In no event shall any Borrower be entitled to reimbursement of any costs with respect to any item of Immediate Repair in excess of the applicable amount set forth in SCHEDULE 2.9 attached hereto. The Immediate Repairs Reserve is solely for the protection of the Administrative Agent (on behalf of the Lenders) and entails no responsibility on the Administrative Agent's part beyond the payment of costs and expenses described in this paragraph in accordance with the terms hereof and beyond the allowing of due credit for the sums actually received. In the event that the amounts on deposit in the Immediate Repairs Reserve are insufficient to pay the costs of the Immediate Repairs, the Borrowers shall immediately deposit with the Administrative Agent any such deficiency. The Borrowers hereby grants grant to Lender the Administrative Agent (on behalf of the Lenders) a power-of-power of attorney, coupled with an interest, to cause the Deferred Maintenance Immediate Repairs to be completed, performed, remediated and corrected to the satisfaction of Lender the Administrative Agent upon Borrower’s the Borrowers' failure to do so in accordance with the terms and conditions of this Section 3.4Agreement, and to apply the amounts on deposit in the Immediate Repair Repairs Reserve to the costs associated therewith, all as Lender the Administrative Agent may determine in its sole and absolute discretion but without obligation to do so.

Immediate Repairs Reserve. Prior to the execution of this MortgageDeed of Trust, Lender has caused the Property to be inspected and such inspection has revealed that the Property is in need of certain maintenance, repairs and/or remedial or corrective work. Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the amount of $49,325.00 190,060 (the “Immediate Repair Repairs Reserve”) by depositing such amount with Lender. Borrower shall cause each of the items described in that certain Property Condition Report (the “Deferred Maintenance”) to be completed, performed, remediated and corrected to the satisfaction of Lender and as necessary to bring the Property into compliance with all applicable laws, ordinances, rules and regulations on or before the expiration of six (6) months after the effective date hereof, as such time period may be extended by Lender in its sole discretion. So long as no Event of Default has occurred, all sums in the Immediate Repair Repairs Reserve shall be held by Lender in the Immediate Repair Repairs Reserve to pay the costs and expenses of completing the Deferred Maintenance. So long as no Default or Event of Default has occurred, Lender shall, to the extent funds are available for such purpose in the Immediate Repair Repairs Reserve, disburse to Borrower the amount paid or incurred by Borrower in completing, performing, remediating or correcting the Deferred Maintenance upon (a) the receipt by Lender of a written request from Borrower for disbursement from the Immediate Repair Repairs Reserve and a certification by Borrower in a form as may be required by Lender that the applicable item of Deferred Maintenance has been completed in accordance with the terms of this MortgageDeed of Trust, (b) delivery to Lender of invoices, receipts or other evidence satisfactory to Lender verifying the costs of the Deferred Maintenance to be reimbursed, (c) delivery to Lender of a certification from an inspecting architect, engineer or other consultant reasonably acceptable to Lender describing the completed work, verifying the completion of the work and the value of the completed work and, if applicable, certifying that the Property is, as a result of such work, in compliance with all applicable laws, ordinances, rules and regulations relating to the Deferred Maintenance so performed, and (d) delivery to Lender of affidavits, lien waivers or other evidence reasonably satisfactory to Lender showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished materials or labor to the Property have been paid all amounts due for such labor and materials furnished to the Property. Lender shall not be required to make advances from the Immediate Repair Repairs Reserve more frequently than once in any thirty (30) day period. In making any payment from the Immediate Repair Repairs Reserve, Lender shall be entitled to rely on such request from Borrower without any inquiry into the accuracy, validity or contestability of any such amount. Borrower hereby grants to Lender a power-of-attorney, coupled with an interest, to cause the Deferred Maintenance to be completed, performed, remediated and corrected to the satisfaction of Lender upon Borrower’s failure to do so in accordance with the terms and conditions of this Section 3.4, and to apply the amounts on deposit in the Immediate Repair Repairs Reserve to the costs associated therewith, all as Lender may determine in its sole and absolute discretion but without obligation to do so.