Common use of Ongoing Capital Improvements Clause in Contracts

Ongoing Capital Improvements. Except as set forth on Exhibit S attached hereto, there are no capital improvement projects which exceed Ten Thousand Dollars ($10,000.00) currently ongoing at the Property other than routine repairs and maintenance. To Seller’s Knowledge, any and all construction contracts or development agreements in an amount in excess of Ten Thousand Dollars ($10,000.00) for the performance of any capital improvement projects other than those set forth on Exhibit S, have been terminated or with applicable lien releases and paid in full, and there are no material amounts remaining to be paid under any such contract or agreement.

Ongoing Capital Improvements. Except as set forth on Exhibit S attached heretohereto (the “Renovation Work”), there are no capital improvement projects which exceed Ten Thousand Dollars ($10,000.00) currently ongoing at the Property other than routine repairs and maintenance. To Seller’s Knowledge, there are no disputes between Seller and any contractor or subcontractor with respect to any portion or phase of the Renovation Work. To Seller’s Knowledge, any and all construction contracts or development agreements in an amount in excess of Ten Thousand Dollars ($10,000.00) for the performance of any capital improvement projects other than those set forth on Exhibit S, have been terminated or with applicable lien releases and paid in full, and there are no material amounts remaining to be paid under any such contract or agreement.