Common use of Release of Required Repairs Funds Clause in Contracts

Release of Required Repairs Funds. Lender shall cause to be disbursed to Borrower the Required Repairs Funds from the Required Repairs 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 submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, 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 to be funded by the requested disbursement, and (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officer’s Certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (d) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (f) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs 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 make disbursements from the Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount if the total amount in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed to Borrower the disburse Required Repairs Funds from to Borrower out of the Required Repairs Account from time to timepay for the costs of the Required Repairs (other than the ADA Repairs, for which disbursements of Required Repairs Funds shall not be available), within ten (10) Business Days after the delivery by Borrower to Lender of a request therefor (but not more frequently often than once per month), in any thirty (30) day period, upon satisfaction by Borrower increments of each of the following conditions: (a) Borrower shall submit a written request for payment to Lender at least fifteen $10,000 (15) Business Days prior to or a lesser amount if the date on which Borrower requests such payment be made and specifies total amount in the Required Repairs to be paidAccount is less than $10,000, (b) on in which case only one disbursement of the date such request is received by Lender and on amount remaining in the date such payment is to account shall be made), no Default or Event of Default accompanied by the following items (which items shall exist be in form and remain uncured, substance reasonably satisfactory to Lender): (ci) Lender shall have received an Officer’s Certificate (iA) stating that all the Required Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person vendor that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person vendor has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such vendor, less any applicable retention amount, for work completed through the date of the relevant invoice from such vendor, (D) stating that the Required Repairs (or relevant portion thereof) to be accompanied by lien waivers funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables with respect to Required Repairs (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (ii) as to any completed Required Repair in excess of $50,000 a copy of any license, permit or other evidence of payment reasonably satisfactory approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (diii) copies of appropriate lien waivers (or conditional lien waivers) (in either case with respect to a Required Repair in excess of $10,000), (iv) at Lender’s option, but no more frequently than once per calendar quarter, a title search for the applicable Individual Property on which Required Repairs are being performed indicating that the such Individual Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fv) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of a Required Repair (other than an ADA Repair) in accordance with this Section 6.2, Lender shall direct Servicer to release any portion of the remaining Required Repairs Funds in excess of the aggregate estimated cost as set forth on Schedule II of all Required Repairs (other than ADA Repairs) not then complete in accordance with this Section 6.2, multiplied by one hundred ten percent (110%). Upon the completion of all Required Repairs (other than the ADA Repairs) in accordance with this Section 6.2, Lender shall direct Servicer to release any remaining Required Repairs Funds, if any, in the Required Repairs Account to Borrower. In addition to the foregoing, to the extent an Individual Property has been released from the Lien under the Loan Documents in accordance with the terms hereof, the Required Repairs Funds, if any, related to such released Individual Property shall promptly be required to make disbursements released from the Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (to Borrower free and clear of any Lien or a lesser amount if continuing security interest under the total amount in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2Loan Documents.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed disburse Required Repairs Funds to Borrower out of the Required Repairs Funds from Account, within twenty (20) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least Ten Thousand Dollars ($10,000) (or a lesser amount if the total amount in the Required Repairs Account from time to timeis less than Ten Thousand Dollars ($10,000), but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the following conditions: (a) Borrower amount remaining in the account shall submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 accompanied by the following items (which items shall exist be in form and remain uncured, substance satisfactory to Lender): (ci) Lender shall have received an Officer’s Certificate (iA) stating that all the Required Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (ii) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to Lender, (div) at Lender’s option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fv) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of all Required Repairs in accordance with this Section 6.2, Lender shall not be required direct Servicer to make disbursements from the release any remaining Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrower.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause to be disbursed to Borrower the disburse Required Repairs Funds from the Required Repairs 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 submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, 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 to be funded by the requested disbursement, and (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officer’s Certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (d) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost out of the Required Repairs exceeds $100,000, Lender shall have received a report satisfactory Reserve Account within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in its reasonable discretion from an architect or engineer approved by Lender in respect increments of such architect or engineer’s inspection of that portion of the Required Repairs for which a disbursement is requested, and (f) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs 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 make disbursements from the Required Repairs Account unless such requested disbursement is in an amount greater than at least $5,000 10,000 (or a lesser amount if the total amount in the Required Repairs Reserve Account is less than $5,00010,000, in which case only one disbursement of the amount remaining in the account shall be made), provided that: (i) and such disbursement is for a Required Repair; (ii) the request for disbursement is accompanied by the following items (which items shall be made only upon satisfaction in form and substance satisfactory to Lender): (A) an Officer’s Certificate from Borrower (1) stating that such disbursement is for a Required Repair, and a description thereof, (2) stating that all Required Repairs that are the subject of the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (3) identifying each condition contained Person that supplied materials or labor in connection with the Required Repairs that are the subject of the requested disbursement, (4) stating that each such Person has been paid in full the Required Repairs that are the subject of the requested disbursement, and (5) stating that the Required Repairs that are the subject of the requested disbursement have not been the subject of a previous disbursement, (B) a copy of any license, permit or other approval required by any Governmental Authority in connection with the Required Repairs and not previously delivered to Lender, (C) copies of appropriate lien waivers or other evidence of payment satisfactory to Lender, (D) at Lender’s option, a title search for the applicable Individual Property indicating that such Individual Property is free from all Liens, claims and other encumbrances not previously approved by Lender, and (E) such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs that are the subject of the requested disbursement have been completed and fully paid for; and (iii) if such disbursement request is for $20,000 or more, Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Required Repairs. Upon Borrower’s completion of all Required Repairs in accordance with this Section 7.1.216.3, Lender shall deposit any remaining Required Repairs Funds into the Holding Account for application pursuant to Section 3.1.6(a).

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed disburse Required Repairs Funds to Borrower Borrowers out of the Required Repairs Funds from Account, within ten (10) days after the delivery by Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Account from time to timeis less than $10,000, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the following conditionsamount remaining in the account shall be made) provided that: (ai) Borrower shall submit a written such disbursement is for Required Repairs; (ii) the request for payment to Lender at least fifteen disbursement is accompanied by (15A) Business Days prior to the date on which Borrower 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 from Borrowers (i1) stating that the items to be funded by the requested disbursement are for Required Repairs, and a description thereof, (2) stating that all Required Table of Contents Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (ii3) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iii4) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (5) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (6) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (7) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (B) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (C) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to Lender, (dD) at Lender’s option, a title search for the applicable Property indicating that the such Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fE) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to BorrowerBorrowers. If such disbursement request is for $30,000 or more, Lender shall not be required to make disbursements from have (if it desires) verified (by an inspection conducted at Borrowers’ expense) performance of the work associated with such Required Repairs. Upon Borrowers’ completion of all Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount accordance with this Section 6.2, Lender shall promptly direct Servicer to release any remaining Required Repairs Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrowers.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed disburse Required Repairs Funds to Borrower out of the Required Repairs Funds from Account, within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Account from time to timeis less than $10,000, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the amount remaining in the account shall be made), accompanied by the following conditions: items (awhich items shall be in form and substance reasonably satisfactory to Lender): (i) Borrower shall submit a written request for payment to Lender at least fifteen an Officer's Certificate (15A) Business Days prior to the date on which Borrower requests such payment be made and specifies stating that the Required Repairs to be paid, (bor relevant portion thereof) 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 to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (ii) as to any completed Required Repair a copy of any license, permit or other approval · by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to Lender, (div) at Lender’s 's option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fv) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower's completion of all Required Repairs in accordance with this Section 6.2, Lender shall not be required direct Servicer to make disbursements from the release any remaining Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrower.

Release of Required Repairs Funds. (a) Lender shall cause direct Servicer to be disbursed to Borrower disburse the Required Repairs Funds from to Borrower out of the Required Repairs 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 conditionsconditions with respect to each such disbursement: (ai) Borrower shall submit a written request for payment to Lender at least fifteen thirty (1530) Business Days days prior to the date on which Borrower requests such payment be made and specifies made, which request shall specify 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, ; and (ciii) Lender shall have received (1) an Officer’s 's Certificate from Borrower (iA) stating that all Required Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officer’s Certificate (D) stating that the Required Repairs to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repairs Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (2) a copy of any license, permit or other approval by any Governmental Authority required in connection with the Required Repairs and not previously delivered to Lender, (3) lien waivers or other evidence of payment reasonably satisfactory to Lender, (d4) at Lender’s 's option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (f5) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs 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 Required Repairs Funds more frequently than once each calendar month, and Lender shall not be required to make disbursements from the Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 10,000 (or a lesser amount if the total amount in the Required Repairs Account is less than $5,00010,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction ). Upon Borrower's completion of each condition contained all Required Repairs in accordance with this Section 7.1.26.2, Lender shall direct Servicer to release any remaining Required Repairs Funds, if any, in the Required Repairs Account to Borrower.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed disburse Required Repairs Funds to Borrower Borrowers out of the Required Repairs Funds from Account, within ten (10) days after the delivery by Borrowers to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Account from time to timeis less than $10,000, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the following conditionsamount remaining in the account shall be made) provided that: (ai) Borrower shall submit a written such disbursement is for Required Repairs; (ii) the request for payment to Lender at least fifteen disbursement is accompanied by (15A) Business Days prior to the date on which Borrower 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 from Borrowers (i1) stating that the items to be funded by the requested disbursement are for Required Repairs, and a description thereof, (2) stating that all Required Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (ii3) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iii4) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (5) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (6) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (7) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (B) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (C) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to Lender, (dD) at Lender’s option, a title search for the applicable Property indicating that the such Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fE) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to BorrowerBorrowers. If such disbursement request is for $30,000 or more, Lender shall not be required to make disbursements from have (if it desires) verified (by an inspection conducted at Borrowers’ expense) performance of the work associated with such Required Repairs. Upon Borrowers’ completion of all Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount accordance with this Section 6.2, Lender shall promptly direct Servicer to release any remaining Required Repairs Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrowers.

Release of Required Repairs Funds. Lender Provided no Event of Default is continuing, Administrative Agent shall cause direct the Cash Management Bank to be disbursed disburse Required Repairs Funds to Borrower out of the Required Repairs Funds from Reserve Account, within twenty (20) days after the delivery by Borrower to Administrative Agent of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Reserve Account from time to timeis less than $10,000, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the following conditions: (a) Borrower amount remaining in the account shall submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 accompanied by the following items (which items shall exist be in form and remain uncured, substance satisfactory to Administrative Agent): (ci) Lender shall have received an Officer’s Certificate (iA) stating that all the Required Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repairs Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (ii) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Administrative Agent, (iii) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to LenderAdministrative Agent, (div) at LenderAdministrative Agent’s option, for Required Repairs in excess of $25,000 a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requestedAdministrative Agent, and (fv) Lender shall have received such other evidence as Lender Administrative Agent shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to make disbursements from the Upon Borrower’s completion of all Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount accordance with this Section 16.4, Administrative Agent shall direct the Cash Management Bank to release any remaining Required Repairs Funds, if the total amount any, in the Required Repairs Reserve Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrower.

Release of Required Repairs Funds. (a) Lender shall cause direct Servicer to be disbursed to Borrower disburse the Required Repairs Funds from to the applicable Borrower out of the Required Repairs Account from time to time, but not more frequently than once in any thirty (30) day period, upon satisfaction by such Borrower of each of the following conditionsconditions with respect to each such disbursement: (ai) the applicable Borrower shall submit a written request for payment to Lender at least fifteen ten (1510) Business Days days prior to the date on which such Borrower requests such payment be made and specifies made, which request shall specify 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, ; and (ciii) Lender shall have received (1) an Officer’s 's Certificate from such Borrower (iA) stating that all Required Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officer’s Certificate (D) stating that the Required Repairs to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (2) a copy of any license, permit or other approval by any Governmental Authority required in connection with the Required Repairs and not previously delivered to Lender, (3) lien waivers or other evidence of payment reasonably satisfactory to Lender, (d4) at Lender’s 's option, a title search for the applicable Property indicating that the such Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (f5) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs 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 make disbursements from the disburse Required Repairs Account unless Funds more frequently than once each calendar month on the same day of such requested disbursement is month as any other Reserve Funds are being disbursed in an amount greater than $5,000 (accordance with the terms hereof, and the aggregate funding of Reserve Funds in any month shall equal or a lesser amount exceed the Minimum Disbursement Amount. Upon the completion of all Required Repairs for all Properties in accordance with this Section 6.2, Lender shall direct Servicer to release any remaining Required Repairs Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrowers.

Release of Required Repairs Funds. Lender shall cause to be disbursed to Borrower the Required Repairs Funds from the Required Repairs Account from time to timeProvided no monetary Default, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower material non-monetary Default of each of the following conditions: (a) Borrower shall submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 Agent has notified Borrowers or Event of Default shall exist and remain uncured, Agent shall disburse Required Repairs Funds to Borrowers out of the Required Repairs Account, within twenty (c20) Lender days after the delivery by Borrowers to Agent of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Account is less than $10,000, in which case only one disbursement of the amount remaining in the account shall have received be made), accompanied by the following items (which items shall be in form and substance satisfactory to Agent): (i) an Officer’s Certificate (iA) stating that all the Required Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding costs of Required Repairs (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (ii) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Agent, (iii) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to LenderAgent, (div) at LenderAgent’s option, a title search for the applicable Property indicating that the such Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requestedAgent, and (fv) Lender shall have received such other evidence as Lender Agent shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to BorrowerBorrowers. Lender shall not be required to make disbursements from the Upon Borrowers’ completion of all Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount accordance with this Section 6.2, Agent shall release any remaining Required Repairs Funds, if the total amount any, in the Required Repairs Account is to Borrowers. In addition to the foregoing, with respect to Required Repairs marked “Yes” in column H of Schedule II, if, within 45 days after the date hereof, Borrowers provide backup to Agent that, in Agent’s reasonable discretion, evidences that the applicable Required Repair will be completed in accordance with the terms of this Section 6.2 for less than $5,000the cost estimate for such Required Repair set forth on Schedule II, in which case only one disbursement so long as no Event of Default has occurred and is continuing, Agent shall release to Borrowers the difference between the original cost estimate to complete the applicable Required Repair and the amount remaining in Agent reasonably determines is required to complete the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2Required Repair.

Release of Required Repairs Funds. Lender shall cause to be disbursed to Borrower the Required Repairs Funds from the Required Repairs 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 submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 Legal Requirements, 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 (iii) stating that each such Person has been paid in full or will be paid in full upon such disbursement, such Officer’s Certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Lender, (d) at Lender’s option, a title search for the such Individual Property indicating that the such Individual Property is free from all liens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (f) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs 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 make disbursements from the Required Repairs Account with respect to any Individual Property unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount if the total amount in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed disburse Required Repairs Funds to Borrower out of the Required Repairs Funds from Account, within twenty (20) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Account from time to timeis less than $10,000, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the following conditions: (a) Borrower amount remaining in the account shall submit a written request for payment to Lender at least fifteen (15) Business Days prior to the date on which Borrower 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 accompanied by the following items (which items shall exist be in form and remain uncured, substance satisfactory to Lender): (ci) Lender shall have received an Officer’s Certificate (iA) stating that all the Required Repairs (or relevant portion thereof) to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (iiB) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iiiC) stating that each such Person has been paid in full or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (D) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement, (E) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (F) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (ii) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (iii) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to Lender, (div) at Lender’s option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fv) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. Upon Borrower’s completion of all Required Repairs in accordance with this Section 6.2, Lender shall not be required direct Servicer to make disbursements from the release any remaining Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrower.

Release of Required Repairs Funds. Provided no Event of Default is continuing, Lender shall cause direct Servicer to be disbursed disburse Required Repairs Funds to Borrower out of the Required Repairs Funds from Account, within ten (10) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $10,000 (or a lesser amount if the total amount in the Required Repairs Account from time to timeis less than $10,000, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each which case only one disbursement of the following conditionsamount remaining in the account shall be made) provided that: (ai) Borrower shall submit a written such disbursement is for Required Repairs; (ii) the request for payment to Lender at least fifteen disbursement is accompanied by (15A) Business Days prior to the date on which Borrower 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 from Borrower (i1) stating that the items to be funded by the requested disbursement are for Required Repairs, and a description thereof, (2) stating that all Required Repairs to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, 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, (ii3) identifying each Person that supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement, and (iii4) stating that each such Person has been paid in full not more than sixty (60) days prior to the disbursement request or will be paid in full upon such disbursement, or if such Officer’s Certificate payment is a progress payment, that such payment represents full payment to such Person, less any applicable retention amount, for work completed through the date of the relevant invoice from such Person, (5) stating that the Required Repairs (or relevant portion thereof) to be accompanied funded have not been the subject of a previous disbursement from any Account or included in any previous disbursement of Operating Expenses or Capital Expenditures, (6) stating that all previous disbursements of Required Repair Funds have been used to pay the previously identified Required Repairs, and (7) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full other than any applicable retention amount, (B) as to any completed Required Repair a copy of any license, permit or other approval by any Governmental Authority required, if any, in connection with the Required Repairs and not previously delivered to Lender, (C) copies of appropriate lien waivers (or conditional lien waivers) or other evidence of payment reasonably satisfactory to Lender, (dD) at Lender’s option, a title search for the Property indicating that the Property is free from all liensLiens, claims and other encumbrances not previously approved by Lender, (e) at Lender’s option, if the cost of the Required Repairs exceeds $100,000, 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 that portion of the Required Repairs for which a disbursement is requested, and (fE) Lender shall have received such other evidence as Lender shall reasonably request to demonstrate that the Required Repairs to be funded by the requested disbursement have been completed (or completed to the extent of the requested payment) and are paid for or will be paid upon such disbursement to Borrower. If such disbursement request is for $20,000 or more, Lender shall not be required to make disbursements from have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Required Repairs. Upon Borrower’s completion of all Required Repairs Account unless such requested disbursement is in an amount greater than $5,000 (or a lesser amount accordance with this Section 6.2, Lender shall direct Servicer to release any remaining Required Repairs Funds, if the total amount any, in the Required Repairs Account is less than $5,000, in which case only one disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2to Borrower.