Property Condition Assessment. Lender shall have received the Property Condition Assessment with respect to each Mortgaged Property prepared by the Engineer or another Person acceptable to the Lender, which Property Condition Assessment shall be acceptable to Lender in its sole and absolute discretion.
Property Condition Assessment. No later than March 31, 2014 (or such later date agreed to by SCP Agent in writing), the Borrower shall complete any remediation recommended in the property condition assessments delivered in accordance with subsection 2.1(j), in each case to the extent relating to non-cosmetic remediation identified to the Borrower by SCP Agent on or prior to the date of this Agreement.
Property Condition Assessment. If, in connection with any inspection of any Mortgaged Property, Lender determines that the condition of such Mortgaged Property has deteriorated (ordinary wear and tear excepted) since the Effective Date that such Mortgaged Property was added to the Collateral Pool, Lender may obtain, at Borrower’s expense, a property condition assessment of each Mortgaged Property. Lender’s right to obtain a property condition assessment pursuant to this Section 6.03(c) (Property Condition Assessment) shall be in addition to any other rights available to Lender under this Master Agreement in connection with any such deterioration. Any such inspection or property condition assessment may result in Lender requiring Additional Lender Repairs or Additional Lender Replacements as further described in Section 13.02(a)(9)(B) (Additional Lender Replacements and Additional Lender Repairs).
Property Condition Assessment. Complete description of property condition, repairs made during the reporting period, source of funding repair expenditures (operating expense or replacement reserve), comparison of activity to current property capital expenditure budget. Property should be inspected quarterly and a narrative provided describing overall condition and any conditions identified in the current inspection that warrant attention.
Property Condition Assessment. If, in connection with any inspection of the Mortgaged Property, Lender determines that the condition of the Mortgaged Property has deteriorated (ordinary wear and tear excepted) since the Effective Date, Lender may obtain, at Borrower’s expense, a property condition assessment of the Mortgaged Property. Lender’s right to obtain a property condition assessment pursuant to this Section 6.3(yyy) 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 property condition assessment may result in Lender requiring Additional Lender Repairs or Additional Lender Replacements as further described in Section 13.2(oooooo)(25)(D). - LEASES AND RENTS Representations and Warranties. The representations and warranties made by Borrower to Lender in this Section 7.1 are made as of the Effective Date and are true and correct except as disclosed on the Exceptions to Representations and Warranties Schedule. Prior Assignment of Rents. Borrower has not executed any: prior assignment of Rents (other than an assignment of Rents securing prior indebtedness that has been paid off and discharged or will be paid off and discharged with the proceeds of the Mortgage Loan); or instrument which would prevent Lender from exercising its rights under this Loan Agreement, the Security Instrument, or any other Loan Document. Prepaid Rents. Borrower has not accepted, and does not expect to receive prepayment of, any Rents for more than one (1) month for the Seniors Housing Facility Lease or more than two (2) months under any other Lease prior to the due dates of such Rents.
Property Condition Assessment. With no more than twelve (12) and no less than six (6) months remaining until the fifteenth (15th) anniversary of the Lease Agreement, a Property Condition Assessment report (PCA) shall be prepared, written and signed by a licensed professional engineer, retained by the Lessor, qualified to assess the condition of the Leased Premises and all Improvements, fixtures and equipment made a part thereto pursuant to the then- operative version of ASTM International Standard Designation E2018 as of the date the PCA is performed. If at that time, for any reason, ASTM International no longer publishes standards for conducting property condition assessments for commercial real estate in the United States, Lessor and Lessee shall mutually agree to adopt another similar standard of practice to be performed by qualified third Parties recognized and accepted by the commercial real estate industry in the United States. The PCA shall also include a pavement condition assessment performed in accordance with applicable FAA Advisory Circulars. Vehicular drives and parking areas should also be included in the assessment using prevailing industry standards as of the date of the assessment. Lessee shall reimburse the Lessor for all costs associated with the preparation of the PCA and Xxxxxx’s Remedy Plan within thirty (30) days of a receipt of an invoice.
Property Condition Assessment. At Lender’s discretion if determined that deferred maintenance at the Property exists, a property condition assessment for each proposed Primary Pledged Property in form and substance and prepared by an engineer reasonably acceptable to Lender, which has been ordered by Lender and is addressed to Lender.
Property Condition Assessment. Prior to the Closing Date, Seller shall cause to be completed the work and repairs set forth on Schedule 1 attached to this Fifth Amendment. If such work is not completed by Closing, Seller shall escrow at Closing funds necessary to complete such work and repairs.
Property Condition Assessment. Prior to the expiration of the Inspection Period, Buyer shall cause a property condition assessment to be performed by a professional commercial property inspector for each of the OCOM North Property and the OCOM South Property. Buyer shall provide to each respective Seller copies of the inspector’s report, which shall set forth in reasonable detail the results of such assessment and the inspector’s recommended repairs and maintenance, if any (the “Assessment Report”). The Assessment Report shall be mutually acceptable to Buyer and the respective Seller, which acceptance shall be acknowledged in writing by the respective Seller prior to the expiration of the Review Period. If Buyer fails to deliver the Assessment Report, or if the respective Seller declines or fails to provide acknowledgement of its acceptance of the Assessment Report, prior to the expiration of the Inspection Period, then this Agreement shall be deemed terminated, in which event the Initial Deposit shall automatically be refunded and returned forthwith to Buyer and, except as expressly set forth herein, neither party shall have any further liability or obligation to the other hereunder. If the Assessment Reports for the Property are accepted, such Assessment Reports shall be referenced in or attached as an exhibit to the Master Lease of the OCOM South Property or the Assignment and Assumption of Leases, Contracts and Security Deposits for the OCOM North Property, as applicable, and, subject to ordinary wear and tear and casualty damage, shall serve as conclusive evidence of the condition of the respective Property as of the Closing Date.
Property Condition Assessment. The Administrative Agent has contracted to have a property condition assessment performed in regard to each Casino Property. The Loan Parties hereby agree to permit reasonable access to each Casino Property to allow the preparation of such property condition assessment and to cooperate with the Administrative Agent and its representatives, as reasonably requested by the Administrative Agent and/or its representatives, in the conduct of such property condition assessment; provided such access shall be subject to the other terms and conditions applicable to the Administrative Agent's access to the Casino Properties as are set forth elsewhere in this Agreement and the Collateral Documents.
