Physical Needs Assessment. If, in connection with any inspection of the Mortgaged Property, Lender determines that the condition of the Mortgaged Property has deteriorated since the Effective Date, Lender may obtain, at Borrower’s expense, a physical needs assessment of the Mortgaged Property. Lender’s right to obtain a physical needs assessment pursuant to this Section 6.03(c) shall be in addition to any other rights available to Lender under this Loan Agreement in connection with any such deterioration. Any such inspection or physical needs assessment may result in Lender requiring Additional Lender Repairs or Additional Lender Replacements as further described in Section 13.02(a)(9)(B).
Physical Needs Assessment. If the Development involves rehabilitation of existing units, the Sponsor shall provide a post-rehabilitation physical needs assessment acceptable to the Department, in accordance with instructions provided by the Department.
Physical Needs Assessment. The Borrower shall conduct, or caused to be conducted, a physical needs assessment on the Development once every five (5) years form the date that the Construction of the Development is completed. The Borrower shall comply with all HUD requirements for conducting and documenting the physical needs assessment and shall provide the County with a copy of all documentation related to each physical needs assessment conducted, or caused to be conducted, by the Borrower.
Physical Needs Assessment. Tenant shall, commencing twenty (20) years after the Commencement Date, perform a physical needs assessment of the Improvements; such assessment shall be undertaken in order to determine the physical condition of the Improvements and assess the need to make necessary capital improvement or repairs to the Improvements (the “Physical Needs Assessment”). Prior to the requirement to perform the Physical Needs Assessment, Tenant shall send a notice to Landlord, which notice shall set forth a schedule for the completion of the Physical Needs Assessment along with a detailed punch-list of the items required to be inspected by the Physical Needs Assessment (the “PNA Plan”). Tenant shall notify Landlord of the name and address of the engineer that will undertake the Physical Needs Assessment along with a document outlining the schedule for the completion of the Physical Needs Assessment. Landlord shall have business days to return comment on the PNA Plan. Failure to return comments shall result in the acceptance by Landlord of the PNA Plan (the “PNA Comment Period”). Within business days of PNA Comment Period, Tenant shall cause its selected engineer to perform the Physical Needs Assessment in accordance with the final PNA Plan. Upon the completion by Xxxxxx’s engineer of the Physical Needs Assessment, which completion shall occur within calendar days from the expiration of the PNA Comment Period, Tenant shall cause a copy of the Physical Needs Assessment to be sent to Landlord. Landlord shall review the Physical Needs Assessment report and within business days from the receipt of said report send a list of the required repairs to the Improvements (the “PNA Repairs”). The cost of conducting the Physical Needs Assessment and the cost of making the PNA Repairs shall be the sole responsibility of Tenant; failure to undertake the completion of the Physical Needs Assessment and the PNA Repairs shall be an Event of Default under this Lease.
Physical Needs Assessment. If the Affordable Housing Development involves rehabilitation of existing units, the Sponsor shall provide a physical needs assessment acceptable to the Department, in accordance with instructions provided by the Department. AHSC Loan - Rental Affordable Housing Development NOFA Date: 01/30/15 Rev. Date: 10/22/15 Prep Date:
Physical Needs Assessment. City may require a physical needs assessment for the Project conducted by a consultant acceptable to City, and if First Community Housing Loan Agreement T-26686/1010369 9/24/2013 additional capital improvements or rehabilitation or replacement of capital improvements is called for by the assessment, the City may require a plan for capital improvements and additional deposits into Replacement Reserve.
Physical Needs Assessment. If the Affordable Housing Development involves rehabilitation of existing units, the Sponsor shall provide a physical needs assessment acceptable to the Department, in accordance with instructions provided by the Department.
