Release of Capital Expenditure Funds. (a) Lender shall direct Agent to disburse Capital Expenditure Funds only for Capital Expenditures Work. (b) Lender shall direct Agent to disburse to Borrower the Capital Expenditure Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures Work to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Capital Expenditures Work, (B) stating that all Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed to date in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures Work, (C) identifying each Person that supplied materials or labor in connection with the Capital Expenditures Work to be funded by the requested disbursement, and (D) stating that each such Person has been paid amounts then due or will be paid such amount upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (iv) at Lender’s option, a title search for the Individual Property at which such Capital Expenditures Work are being performed indicating that such Individual Property is free from all Liens, claims and other encumbrances not previously approved by Lender.
Appears in 1 contract
Release of Capital Expenditure Funds. (a) Lender shall direct Agent to disburse Capital Expenditure Funds only for Capital Expenditures WorkExpenditures.
(b) Lender shall direct Agent to disburse to Borrower the Capital Expenditure Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures Work to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncureduncured and Lender shall not have exercised its right to cause the Borrower to replace the Manager (if any) pursuant to Section 7.3 hereof, provided, that, the condition set forth in this clause (ii) below shall not be applicable in the event that the Capital Expenditure for which a request for payment has been submitted relates to the installation, maintenance or improvement of fire or smoke alarms, sprinklers or other life safety systems, (iii) Lender shall have received a certificate from Borrower an Officer’s Certificate (A) stating that the items to be funded by the requested disbursement are Capital Expenditures WorkExpenditures, (B) stating that all Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed completed or, subject to date clause (D) below, performed, in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate Officer’s Certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures WorkExpenditures, (C) identifying each Person that supplied materials or labor in connection with the Capital Expenditures Work to be funded by the requested disbursement, and (D) stating that each such Person has been paid amounts then due in full or will be paid in full upon such amount disbursement for all costs relating to such Capital Expenditure as of the date identified in such Certificate, or in the event that the cost of the Capital Expenditure to be funded by the requested disbursement is in excess of $250,000 and the underlying contract requires payment before such Capital Expenditure is fully completed, stating that such Person has been paid in full or will be paid in full for the work performed upon such disbursement, such certificate Officer’s Certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (iv) at Lender’s option, if the cost of any individual Capital Expenditure exceeds One Million Dollars ($1,000,000), a title search for the Individual Property at which such Capital Expenditures Work are being performed indicating that such Individual the Property is free from all Liens, claims and other encumbrances not previously approved by Lender, (v) at Lender’s option, if the cost of any individual Capital Expenditure exceeds One Million and No/100 Dollars ($1,000,000), Lender shall have received a report reasonably satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Capital Expenditures at the Property to be funded by the requested disbursement have been completed or, subject to clause (D) above, performed, and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Capital Expenditure Funds more frequently than once each calendar month, unless such requested disbursement is in an amount greater than the Minimum Disbursement Amount (or a lesser amount if the total amount of Capital Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).
(c) Nothing in this Section 6.4.2 shall (i) make Lender responsible for making or completing the Capital Expenditures Work; (ii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditures Work; (iii) obligate Lender to proceed with the Capital Expenditures Work; or (iv) obligate Lender to demand from Borrower additional sums to complete any Capital Expenditures Work.
(d) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties to enter onto the Property (upon prior notice, except in an emergency, during normal business hours and subject to the rights of Tenants under their Leases) to inspect the progress of any Capital Expenditures Work and all materials being used in connection therewith and to examine all plans and shop drawings relating to such Capital Expenditures Work. Borrower shall use commercially reasonable efforts to cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other Persons described above in connection with inspections described in this Section 6.4.2(d).
(e) If a disbursement will exceed One Million and No/100 Dollars ($1,000,000), Lender may require an inspection of the Property at Borrower’s expense prior to making a disbursement of Capital Expenditure Funds in order to verify completion of the Capital Expenditures Work for which reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect reasonably acceptable to Lender prior to the disbursement of Capital Expenditure Funds. Borrower shall pay the reasonable, out of pocket costs and expenses actually incurred by Lender in connection with such inspection required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect. Any Capital Expenditure Funds remaining after the occurrence of a Defeasance Event or the Debt has been paid in full shall be returned to Borrower.
(f) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with Capital Expenditures Work. All such policies shall be in form and amount reasonably satisfactory to Lender.
Appears in 1 contract
Release of Capital Expenditure Funds. (a) Lender shall direct Agent to disburse Capital Expenditure Funds only for Capital Expenditures WorkExpenditures.
(b) Lender shall direct Agent to disburse to Borrower the Capital Expenditure Funds upon within five (5) business days after satisfaction by Borrower of each of the following conditions: :
(i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures Work to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Capital Expenditures WorkExpenditures, (B) stating that all Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed to date completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures WorkExpenditures, (C) identifying each Person that supplied materials or labor in connection with the Capital Expenditures Work to be funded by the requested disbursement, and (D) stating that each such Person has been paid amounts then due in full or will be paid such amount in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (iv) at Lender’s 's option, a title search for the Individual Property at which such Capital Expenditures Work are being performed indicating that such Individual the Property is free from all Liens, claims and other encumbrances not previously approved by Lender, and (v) at Lender's option, if the cost of any individual Capital Expenditure exceeds $75,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer's inspection of the required repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Capital Expenditures at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Capital Expenditure Funds more frequently than once each calendar month, unless such requested disbursement is in an amount greater than the Minimum Disbursement Amount (or a lesser amount if the total amount of Capital Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).
(c) Nothing in this Section 6.4.2 shall (i) make Lender responsible for making or completing the Capital Expenditures Work; (ii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditures Work; (iii) obligate Lender to proceed with the Capital Expenditures Work; or (iv) obligate Lender to demand from Borrower additional sums to complete any Capital Expenditures Work.
(d) Borrower shall permit Lender and Lender's agents and representatives (including, without limitation, Lender's engineer, architect, or inspector) or third parties to enter onto the Property during normal business hours (subject to the rights of Tenants under their Leases), upon reasonable advance notice to Borrower, to inspect the progress of any Capital Expenditures Work and all materials being used in connection therewith and to examine all plans and shop drawings relating to such Capital Expenditures Work. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender's representatives or such other Persons described above in connection with inspections described in this Section 6.4.2(d).
(e) If a disbursement will exceed $75,000, Lender may require an inspection of the Property at Borrower's expense prior to making a disbursement of Capital Expenditure Funds in order to verify completion of the Capital Expenditures Work for which reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect acceptable to Lender prior to the disbursement of Capital Expenditure Funds. Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect.
(f) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen's compensation insurance, builder's risk, and public liability insurance and other insurance to the extent required under applicable law in connection with Capital Expenditures Work. All such policies shall be in form and amount reasonably satisfactory to Lender.
Appears in 1 contract
Samples: Loan Agreement (Corporate Property Associates 16 Global Inc)
Release of Capital Expenditure Funds. (a) Lender shall direct Agent to disburse Capital Expenditure Funds only for Capital Expenditures Work.
(b) Lender shall direct Agent to disburse to Borrower the Capital Expenditure Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures Work to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Capital Expenditures Work, (B) stating that all Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed to date in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures Work, (C) identifying each Person that supplied materials or labor in connection with the Capital Expenditures Work to be funded by the requested disbursement, and (D) stating that each such Person has been paid amounts then due or will be paid such amount upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (iv) at Lender’s option, a title search for the Individual Property at which such Capital Expenditures Work are being performed indicating that such Individual Property is free from all Liens, claims and other encumbrances not previously approved by Lender, (v) intentionally omitted, and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the portion of the Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed to date and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Capital Expenditure Funds more frequently than once each calendar month, unless such requested disbursement is in an amount greater than the Minimum Disbursement Amount (or a lesser amount if the total amount of Capital Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).
(c) Nothing in this Section 6.42 shall (i) make Lender responsible for making or completing the Capital Expenditures Work; (ii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditures Work; (iii) obligate Lender to proceed with the Capital Expenditures Work; or (iv) obligate Lender to demand from Borrower additional sums to complete any Capital Expenditures Work.
(d) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties to enter. onto the Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Capital Expenditures Work and all materials being used in connection therewith and to examine (if applicable) all plans and shop drawings relating to such Capital Expenditures Work. Prior to the occurrence of an Event of Default, such entry and inspection shall be conducted in a manner that minimizes any interference with Borrower’s business or the use and enjoyment of the Property by Borrower, Borrower’s tenants and Borrower’s tenants’ customers and guests. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other Persons described above in connection with inspections described in this Section 6.4.2(d).
(e) If a disbursement with respect to any Individual Property will exceed fifteen percent (15%) of the Allocated Loan Amount for such Individual Property, Lender may require an inspection of such Individual Property at Borrower’s expense prior to making a disbursement of Capital Expenditure Funds in connection therewith. Such entry and inspection shall be conducted in a manner that minimizes any interference with Borrower’s business or the use and enjoyment of the affected Individual Property by Borrower, Borrower’s tenants and Borrower’s tenants’ customers and guests. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect, engineer or consultant reasonably acceptable to Lender prior to the disbursement of such Capital Expenditure Funds. Borrower shall pay the reasonable out-of-pocket expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect, engineer or consultant.
(f) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with Capital Expenditures Work. All such policies shall be in form and amount reasonably satisfactory to Lender.
(g) In the event Lender releases an Individual Property (or assigns the Mortgage encumbering such Individual Property) as a result of the exercise of Borrower’s rights under Section 2.4, Section 2.5 or Section 11.29 hereof, Lender shall direct Agent, and Agent shall, promptly following the release of the Lien of the Mortgage (or the assignment of the Mortgage) with respect to such Individual Property, deliver, or cause the delivery, to Borrower from the Capital Expenditure Funds an amount equal to the Capital Expenditure Funds on deposit which are in excess of the Capital Expenditure Maximum Amount (as reduced due to such release), and the amount required to be deposited pursuant to Section 6.4.1 shall be reduced proportionately to reflect the reduced cubic footage of such released Individual Property.
Appears in 1 contract
Release of Capital Expenditure Funds. (a) Lender shall direct Agent to disburse Capital Expenditure Funds only for Capital Expenditures Work.
(b) Lender shall direct Agent to disburse to Borrower the Capital Expenditure Funds upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures Work to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Capital Expenditures Work, (B) stating that all Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed to date in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures Work, (C) identifying each Person that supplied materials or labor in connection with the Capital Expenditures Work to be funded by the requested disbursement, and (D) stating that each such Person has been paid amounts then due or will be paid such amount upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (iv) at Lender’s option, a title search for the Individual Property at which such Capital Expenditures Work are being performed indicating that such Individual Property is free from all Liens, claims and other encumbrances not previously approved by Lender, (v) intentionally omitted, and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the portion of the Capital Expenditures Work at the Property to be funded by the requested disbursement have been performed to date and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Capital Expenditure Funds more frequently than once each calendar month, unless such requested disbursement is in an amount greater than the Minimum Disbursement Amount (or a lesser amount if the total amount of Capital Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).
(c) Nothing in this Section 6.4.2 shall (i) make Lender responsible for making or completing the Capital Expenditures Work; (ii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditures Work; (iii) obligate Lender to proceed with the Capital Expenditures Work; or (iv) obligate Lender to demand from Borrower additional sums to complete any Capital Expenditures Work.
(d) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties to enter onto the Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Capital Expenditures Work and all materials being used in connection therewith and to examine (if applicable) all plans and shop drawings relating to such Capital Expenditures Work. Prior to the occurrence of an Event of Default, such entry and inspection shall be conducted in a manner that minimizes any interference with Borrower’s business or the use and enjoyment of the Property by Borrower, Borrower’s tenants and Borrower’s tenants’ customers and guests. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other Persons described above in connection with inspections described in this Section 6.4.2(d).
(e) If a disbursement with respect to any Individual Property will exceed fifteen percent (15%) of the Allocated Loan Amount for such Individual Property, Lender may require an inspection of such Individual Property at Borrower’s expense prior to making a disbursement of Capital Expenditure Funds in connection therewith. Such entry and inspection shall be conducted in a manner that minimizes any interference with Borrower’s business or the use and enjoyment of the affected Individual Property by Borrower, Borrower’s tenants and Borrower’s tenants’ customers and guests. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect, engineer or consultant reasonably acceptable to Lender prior to the disbursement of such Capital Expenditure Funds. Borrower shall pay the reasonable out-of-pocket expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect, engineer or consultant.
(f) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with Capital Expenditures Work. All such policies shall be in form and amount reasonably satisfactory to Lender.
(g) In the event Lender releases an Individual Property (or assigns the Mortgage encumbering such Individual Property) as a result of the exercise of Borrower’s rights under Section 2.4, Section 2.5 or Section 11.29 hereof, Lender shall direct Agent, and Agent shall, promptly following the release of the Lien of the Mortgage (or the assignment of the Mortgage) with respect to such Individual Property, deliver, or cause the delivery, to Borrower from the Capital Expenditure Funds an amount equal to the Capital Expenditure Funds on deposit which are in excess of the Capital Expenditure Maximum Amount (as reduced due to such release), and the amount required to be deposited pursuant to Section 6.4.1 shall be reduced proportionately to reflect the reduced cubic footage of such released Individual Property.
Appears in 1 contract
Release of Capital Expenditure Funds. (a) Lender shall direct Agent to disburse Capital Expenditure Funds only for Capital Expenditures WorkExpenditures.
(b) Lender shall direct Agent to disburse to Borrower the Capital Expenditure Funds upon satisfaction by the requesting Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least ten (10) days prior to the date on which Borrower requests such payment be made and specifies the Capital Expenditures Work to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower an Officer’s Certificate (A) stating that the items to be funded by the requested disbursement are Capital Expenditures WorkExpenditures, (B) stating that all Capital Expenditures Work at the applicable Individual Property to be funded by the requested disbursement have been performed to date completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, such certificate to be accompanied by a copy of any license, permit or other approval required by any Governmental Authority in connection with the Capital Expenditures WorkExpenditures, (C) identifying each Person the general contractor and material subcontractors and suppliers that supplied materials or labor in connection with the Capital Expenditures Work performed at such Individual Property to be funded by the requested disbursement, and (D) stating that each such Person has been paid amounts then due in full or will be paid such amount in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (iv) at Lender’s option, a title search for the such Individual Property at for which such Capital Expenditures Work Expenditure Funds are being performed disbursed indicating that such Individual Property is free from all Liens, claims and other encumbrances not previously approved by Lender, and (v) at Lender’s option, if the cost of any individual Capital Expenditure exceeds $500,000, Lender shall have received a report satisfactory to Lender in its reasonable discretion from an architect or engineer approved by Lender in respect of such architect or engineer’s inspection of the required repairs, and (vi) Lender shall have received such other evidence as Lender shall reasonably request that the Capital Expenditures at such Individual Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to disburse Capital Expenditure Funds more frequently than once each calendar month, or with respect to any Individual Property unless such requested disbursement is in an amount greater than the Minimum Disbursement Amount (or a lesser amount if the total amount of Capital Expenditure Funds is less than the Minimum Disbursement Amount, in which case only one disbursement of the amount remaining in the account shall be made).
(c) Nothing in this Section 6.4.2 shall (i) make Lender responsible for making or completing the Capital Expenditures Work; (ii) require Lender to expend funds in addition to the Capital Expenditure Funds to complete any Capital Expenditures Work; (iii) obligate Lender to proceed with the Capital Expenditures Work; or (iv) obligate Lender to demand from Borrower additional sums to complete any Capital Expenditures Work.
(d) Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties to enter onto the applicable Individual Property during normal business hours (subject to the rights of Tenants under their Leases) to inspect the progress of any Capital Expenditures Work and all materials being used in connection therewith and to examine all plans and shop drawings relating to such Capital Expenditures Work. Borrower shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other Persons described above in connection with inspections described in this Section 6.4.2(d).
(e) If a disbursement will exceed $[250,000], Lender may require an inspection of the applicable Individual Property at Borrower’s expense prior to making a disbursement of Capital Expenditure Funds in order to verify completion of the Capital Expenditures Work for which reimbursement is sought. Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect acceptable to Lender prior to the disbursement of Capital Expenditure Funds. Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional architect.
(f) In addition to any insurance required under the Loan Documents, Borrower shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with Capital Expenditures Work. All such policies shall be in form and amount reasonably satisfactory to Lender.
Appears in 1 contract
Samples: Loan Agreement (Wells Real Estate Investment Trust Inc)
