Common use of Release of Required Repair Funds Clause in Contracts

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten (10) Business Days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (c) Lender shall have received an Officer’s Certificate (i) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (ii) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual Property to be funded by the requested disbursement, and

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (iA) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual the Property to be funded by the requested disbursement under a contract in excess of $50,000, and (C) stating that each Person who has supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement has been paid in full or will be paid in full upon such disbursement, andsuch certificate to be accompanied by lien waivers or other evidence of payment satisfactory to 55

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (iA) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (ii) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual Property to be funded by the requested disbursement, and59

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (c) Lender shall have received an Officer’s Officers’ Certificate (i) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been been, or will be, following such disbursement, completed in good and workmanlike manner and in material accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (ii) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual Property to be funded by the requested disbursement, andthen being funded,

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (iA) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual the Property to be funded by the requested disbursementdisbursement under a contract in excess of $50,000, andand (C) stating that each Person who has 62

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (c) Lender shall have received an Officer’s Officers’ Certificate (i) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (ii) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual Property to be funded by the requested disbursement, andand (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officers’ Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (d) at Lender’s option, a title search for the Property indicating that the Property is free from all liens,

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (iA) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual the Property to be funded by the requested disbursement, and61

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (iA) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual the Property to be funded by the requested disbursement under a contract in excess of $50,000, and (C) stating that each Person who has supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement has been paid in full or will be paid in full upon such disbursement, andsuch

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Property Manager on behalf of Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (ior the Property Manager on behalf of Borrower) (A) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual the Property to be funded by the requested disbursement, andbe

Release of Required Repair Funds. Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (ai) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten fifteen (1015) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Required Repairs to be paid, (bii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (ciii) Lender shall have received an Officer’s Certificate a certificate from Borrower (iA) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at such Individual the Property to be funded by the requested disbursementdisbursement under a contract in excess of $50,000, andand (C) stating that each Person who has 58

Release of Required Repair Funds. After Borrower's initial deposit into the Required Repair Account pursuant to SECTION 7.2.1, Lender shall disburse to Borrower (or to Operating Lessee, if so directed by Borrower) the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, time upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall, or shall cause Operating Lessee to, submit a written request for payment to Lender at least ten (10) Business Days days prior to the date on which Borrower or Operating Lessee, as applicable, requests such payment be made and specifies the Property Required Repairs to be paid, ; (b) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, ; (c) Lender shall have received an Officer’s Certificate a certificate from Borrower (i) stating that all Property Required Repairs at the applicable Individual Property to be funded by the prior requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such Officer’s Certificate to be accompanied by a copy of (ii) any license, permit or other approval by any Governmental Authority required to commence and/or complete the Property Required RepairsRepairs to be funded by the requested disbursement have been obtained, (iiiii) identifying each Person that supplied will supply materials or labor in connection with the Property Required Repairs to be performed at such Individual Property and to be funded by the requested disbursement, anddisbursement and including copies of invoices or statements from each such Person setting forth the -105-