Common use of Joint Checks for Periodic Disbursements Clause in Contracts

Joint Checks for Periodic Disbursements. Lender may, upon Borrower’s written request, issue joint checks, payable to Borrower and the applicable supplier, materialman, mechanic, contractor, subcontractor, or other similar party, if: the cost of the Replacement, Repair, or Restoration item exceeds the Replacement Threshold, the Repair Threshold, or the Restoration Threshold, as applicable, and the contractor performing such Replacement, Repair, or Restoration requires periodic payments pursuant to the terms of the applicable written contract; the contract for such Replacement, Repair, or Restoration item requires payment upon completion of the applicable portion of the work; Borrower makes the disbursement request after completion of the applicable portion of the work required to be completed under such contract; the materials for which the request for disbursement has been made are on site at the Mortgaged Property and are properly secured or installed; Lender determines that the remaining funds in the Reserve/Escrow Account are sufficient to pay the cost of the Replacement, Repair, or Restoration item, as applicable, and the then-current estimated cost of completing all remaining Required Replacements, Restoration, or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously approved by Lender; each supplier, materialman, mechanic, contractor, subcontractor, or other similar party receiving payments shall have provided, if requested in writing by Lender, a waiver of liens with respect to amounts which have been previously paid to them; and all other conditions for disbursement have been satisfied.

Joint Checks for Periodic Disbursements. Lender may, upon Borrower’s written request, issue joint checks, payable to Borrower and the applicable supplier, materialman, mechanic, contractor, subcontractor, or other similar party, if: the cost of the Replacement, Repair, or Restoration item exceeds the Replacement Threshold, the Repair Threshold, or the Restoration Threshold, as applicable, and the contractor performing such Replacement, Repair, or Restoration requires periodic payments pursuant to the terms of the applicable written contract; the contract for such Replacement, Repair, or Restoration item requires payment upon completion of the applicable portion of the work; Borrower makes the disbursement request after completion of the applicable portion of the work required to be completed under such contract; the materials for which the request for disbursement has been made are on site at the Mortgaged Property and are properly secured or installed; Lender determines that the remaining funds in the Reserve/Escrow Account are sufficient to pay the cost of the Replacement, Repair, or Restoration item, as applicable, and the then-current estimated cost of completing all remaining Required Replacements, Restoration, or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously approved by Lender; each supplier, materialman, mechanic, contractor, subcontractor, or other similar party receiving payments shall have provided, if requested in writing by Lender, a waiver of liens with respect to amounts which have been previously paid to them; and all other conditions for disbursement have been satisfied. Replacements and Repairs Other than Required Replacements or Required Repairs.

Joint Checks for Periodic Disbursements. Lender may, upon BorrowerXxxxxxxx’s written request, issue joint checks, payable to Borrower and the applicable supplier, materialman, mechanic, contractor, subcontractor, or other similar party, if: the cost of the Replacement, Repair, or Restoration item exceeds the Replacement Threshold, the Repair Threshold, or the Restoration Threshold, as applicable, and the contractor performing such Replacement, Repair, or Restoration requires periodic payments pursuant to the terms of the applicable written contract; the contract for such Replacement, Repair, or Restoration item requires payment upon completion of the applicable portion of the work; Borrower makes the disbursement request after completion of the applicable portion of the work required to be completed under such contract; the materials for which the request for disbursement has been made are on site at the Mortgaged Property and are properly secured or installed; Lender determines that the remaining funds in the Reserve/Escrow Account are sufficient to pay the cost of the Replacement, Repair, or Restoration item, as applicable, and the then-current estimated cost of completing all remaining Required Replacements, Restoration, or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously approved by Lender; each supplier, materialman, mechanic, contractor, subcontractor, or other similar party receiving payments shall have provided, if requested in writing by LenderXxxxxx, a waiver of liens with respect to amounts which have been previously paid to them; and all other conditions for disbursement have been satisfied. Replacements and Repairs Other than Required Replacements or Required Repairs.

Joint Checks for Periodic Disbursements. Lender may, upon BorrowerIDOT Guarantor’s written request, issue joint checks, payable to Borrower IDOT Guarantor and the applicable supplier, materialman, mechanic, contractor, subcontractor, or other similar party, if: the cost of the Replacement, Repair, Replacement or Restoration item Repair exceeds the Replacement Threshold, Threshold or the Repair Threshold, or the Restoration Threshold, as applicable, and the contractor performing such Replacement, Repair, Replacement or Restoration Repair requires periodic payments pursuant to the terms of the applicable written contract; the contract for such Replacement, Repair, Repair or Restoration item Replacement requires payment upon completion of the applicable portion of the work; Borrower IDOT Guarantor makes the disbursement request after completion of the applicable portion of the work required to be completed under such contract; the materials for which the request for disbursement has been made are on site at the Mortgaged Property and are properly secured or installed; Lender determines that the remaining funds in the Reserve/Replacement Reserve Account designated for such Replacement, or in the Repairs Escrow Account designated for such Repair, as applicable, are sufficient to pay the cost of the Replacement, Repair, or Restoration item, as applicable, such costs and the then-current estimated cost of completing all remaining Required Replacements, Restoration, Replacements or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower IDOT Guarantor Requested Replacements, Borrower IDOT Guarantor Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously approved by Lender; each supplier, materialman, mechanic, contractor, subcontractor, or other similar party receiving payments shall have provided, if requested in writing by Lender, a waiver of liens with respect to amounts which have been previously paid to them; and all other conditions for disbursement have been satisfied. Replacements and Repairs Other than Required Replacements or Required Repairs. IDOT Guarantor Requested Replacements and IDOT Guarantor Requested Repairs. IDOT Guarantor may submit a disbursement request from the Replacement Reserve Account or the Repairs Escrow Account to reimburse IDOT Guarantor for any IDOT Guarantor Requested Replacement or IDOT Guarantor Requested Repair. The disbursement request must be in writing and include an explanation for such request. Lender shall make disbursements for IDOT Guarantor Requested Replacements or IDOT Guarantor Requested Repairs if: they are of the type intended to be covered by the Replacement Reserve Account or the Repairs Escrow Account, as applicable; the costs are commercially reasonable; the amount of funds in the Replacement Reserve Account or Repairs Escrow Account, as applicable, is sufficient to pay such costs and the then-current estimated cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair Cost), as applicable, and any other IDOT Guarantor Requested Replacements, IDOT Guarantor Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously approved by Lender; and all conditions for disbursement from the Replacement Reserve Account or Repairs Escrow Account, as applicable, have been satisfied. Nothing in this Loan Agreement shall limit Lender’s right to require an additional deposit to the Replacement Reserve Account or an increase to the Monthly Replacement Reserve Deposit in connection with any such IDOT Guarantor Requested Replacements, or an additional deposit to the Repairs Escrow Account for any such IDOT Guarantor Requested Repairs. Additional Lender Replacements and Additional Lender Repairs. Lender may require, as set forth in Section 6.2(iii), Section 6.3(ooo), or otherwise from time to time, upon written notice to IDOT Guarantor, that IDOT Guarantor make Additional Lender Replacements or Additional Lender Repairs. Lender shall make disbursements from the Replacement Reserve Account for Additional Lender Replacements or from the Repairs Escrow Account for Additional Lender Repairs, as applicable, if: the costs are commercially reasonable; the amount of funds in the Replacement Reserve Account or the Repairs Escrow Account, as applicable, is sufficient to pay such costs and the then-current estimated cost of completing all remaining Required Replacements or Required Repairs (at the Maximum Repair Cost), as applicable, and any other IDOT Guarantor Requested Replacements, IDOT Guarantor Requested Repairs, Additional Lender Replacements or Additional Lender Repairs that have been previously approved by Lender; and all conditions for disbursement from the Replacement Reserve Account or Repairs Escrow Account, as applicable, have been satisfied. Nothing in this Loan Agreement shall limit Lender’s right to require an additional deposit to the Replacement Reserve Account or an increase to the Monthly Replacement Reserve Deposit for any such Additional Lender Replacements or an additional deposit to the Repairs Escrow Account for any such Additional Lender Repair.

Joint Checks for Periodic Disbursements. Lender may, upon Borrower’s written request, issue joint checks, payable to Borrower (or Master Lessee, as directed by Borrower) and the applicable supplier, materialman, mechanic, contractor, subcontractor, or other similar party, if: the cost of the Replacement, Repair, or Restoration item exceeds the Replacement Threshold, the Repair Threshold, or the Restoration Threshold, as applicable, and the contractor performing such Replacement, Repair, or Restoration requires periodic payments pursuant to the terms of the applicable written contract; the contract for such Replacement, Repair, or Restoration item requires payment upon completion of the applicable portion of the work; Borrower (or Master Lessee, as directed by Borrower) makes the disbursement request after completion of the applicable portion of the work required to be completed under such contract; the materials for which the request for disbursement has been made are on site at the Mortgaged Property and are properly secured or installed; Lender determines that the remaining funds in the Reserve/Escrow Account are sufficient to pay the cost of the Replacement, Repair, or Restoration item, as applicable, and the then-current estimated cost of completing all remaining Required Replacements, Restoration, or Required Repairs (at the Maximum Repair Cost), as applicable, and any other Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements, or Additional Lender Repairs that have been previously approved by Lender; each supplier, materialman, mechanic, contractor, subcontractor, or other similar party receiving payments shall have provided, if requested in writing by Lender, a waiver of liens with respect to amounts which have been previously paid to them; and all other conditions for disbursement have been satisfied. Replacements and Repairs Other than Required Replacements or Required Repairs.