Common use of Property Condition Reports Clause in Contracts

Property Condition Reports. Lender shall have received and approved a property condition report with respect to each Facility prepared by an architect or engineer approved by Lender, which shall, at a minimum, (A) demonstrate the absence of any structural or otherwise potentially hazardous defect in any Facility, and (B) describe the condition of each Facility and identify defects and all reasonably necessary or prudent repairs and/or replacements.

Property Condition Reports. Lender shall have received and approved a property condition report reports with respect to each Facility prepared by an architect or engineer approved by LenderFacility, which shall, at a minimum, (A) demonstrate the absence of any structural or otherwise potentially hazardous defect defects in any Facilityeach of the Facilities, and (B) describe the condition of each Facility and identify defects and all reasonably necessary or prudent repairs and/or replacements.