Common use of Property Condition Reports Clause in Contracts

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

Appears in 2 contracts

Samples: Loan Agreement (Emeritus Corp\wa\), Loan Agreement (Grubb & Ellis Healthcare REIT II, Inc.)

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Property Condition Reports. Lender shall have received and approved a property condition reports report with respect to each FacilityFacility 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 defects defect in each of the Facilitiesany Facility, and (B) describe the condition of each Facility and identify defects and all reasonably necessary or prudent repairs and/or replacements.

Appears in 2 contracts

Samples: Loan Agreement (Emeritus Corp\wa\), Loan Agreement (Emeritus Corp\wa\)

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