Common use of Performance of Replacements Clause in Contracts

Performance of Replacements. (a) Borrower shall make or cause Master Tenant to make Replacements when required in order to keep the Property in condition and repair consistent with other comparable properties in the same market segment in the metropolitan area in which the Property is located, the brand standards provided in the Franchise Agreement and to keep the Property or any portion thereof from deteriorating. Borrower shall complete or cause Master Tenant to complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement.

Appears in 3 contracts

Samples: Loan Agreement (Moody National REIT II, Inc.), Loan Agreement (Moody National REIT II, Inc.), Loan Agreement (Moody National REIT II, Inc.)

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Performance of Replacements. (a) Borrower shall, or shall make or cause the applicable Master Tenant to to, make Replacements when reasonably required in order to keep the each Individual Property in condition and repair substantially consistent with other comparable properties in the same comparable market segment in the general metropolitan or other regional area in which the respective Individual Property is located, the brand standards provided in the Franchise Agreement and to keep the each Individual Property or any portion thereof from deterioratingdeteriorating in any material respect. Borrower shall, or shall complete or cause the applicable Master Tenant to to, complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement.

Appears in 2 contracts

Samples: Loan Agreement (Lineage, Inc.), Loan Agreement (Lineage, Inc.)

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Performance of Replacements. (a) Borrower shall make or cause Master Tenant Lessee to make Replacements when required in order to keep the Property in condition and repair consistent with other comparable properties in the same market segment in the metropolitan area in which the Property is located, the brand standards provided in the Franchise Agreement and to keep the Property or any portion thereof from deteriorating. Borrower shall complete or cause Master Tenant Lessee to complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement.

Appears in 1 contract

Samples: Loan Agreement (Moody National REIT I, Inc.)

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