Common use of Releases for Tenant Improvements Clause in Contracts

Releases for Tenant Improvements. For each disbursement request relating to Tenant Improvements, as applicable: (i) Borrower’s request shall specify the Tenant Improvement costs for which such disbursement is requested; (ii) Agent shall have received and, to the extent required hereby, approved (or have been deemed to have approved) the Lease in respect of which Borrower is obligated to complete the Tenant Improvements for which such disbursement is requested; (iii) Agent shall have received a certificate from Borrower (A) certifying that all Tenant Improvements at the Property to be funded by the requested disbursement have been completed or are in the process of being performed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations (provided if any Rollover Funds are disbursed in connection with an invoice for work that shall not have been completed prior to the disbursement, then Borrower shall not be entitled to any additional disbursements of Rollover Funds until such time as the work described in such invoice shall have been completed), (B) identifying any general contractor that supplied materials or labor in connection with the Tenant Improvements to be funded by the requested disbursement, and (C) certifying that each such Person has been paid in full, or upon such disbursement will be paid in full, with respect to the Tenant Improvements to be funded by the requested disbursement for all amounts then invoiced by and due and owing to such Person, and, at Agent’s option if the cost of any individual Tenant Improvement exceeds $50,000, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to Agent; (iv) at Agent’s option, if the disbursement of Rollover Funds is in excess of $500,000, Agent shall have received a title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by Agent; and (v) Agent shall have received such other evidence as Agent shall reasonably request that the Tenant Improvements at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid for upon such disbursement to Borrower. The requirements set forth in clauses (i) – (v) of this Section 6.5.2(a) are collectively referred to as the “Tenant Improvement Release Conditions”.

Releases for Tenant Improvements. For each disbursement request relating to Tenant Improvements, as applicable: (i) Borrower’s request shall specify the Tenant Improvement costs for which such disbursement is requested; (ii) Agent Lender shall have received and, to the extent required hereby, approved (or have been deemed to have approved) the Lease in respect of which Borrower is obligated to complete the Tenant Improvements for which such disbursement is requested; (iii) Agent Lender shall have received a certificate from Borrower (A) certifying that all Tenant Improvements at the Property to be funded by the requested disbursement have been completed or are in the process of being performed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations (provided if any Rollover Reserve Funds are disbursed in connection with an invoice for work that shall not have been completed prior to the disbursement, then Borrower shall not be entitled to any additional disbursements of Rollover Reserve Funds until such time as the work described in such invoice shall have been completed), and (B) identifying any general contractor certifying that each Person that supplied materials or labor in connection with the Tenant Improvements to be funded by the requested disbursement, and (C) certifying that each such Person disbursement has been paid in full, or upon such disbursement will be paid in full, with respect to the Tenant Improvements to be funded by the requested disbursement for all amounts then invoiced by and due and owing to such Person, and, at AgentLender’s option if the cost of any individual Tenant Improvement exceeds $50,000750,000.00, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to AgentLender; (iv) at AgentLender’s option, if the such disbursement of Rollover Lease Termination Funds is in excess of $500,000750,000.00, Agent Lender shall have received a title search for the applicable Property indicating that the such Property is free from all Liens, claims and other encumbrances not previously approved by AgentLender; and (v) Agent Lender shall have received such other evidence as Agent Lender shall reasonably request that the Tenant Improvements at the such Property to be funded by the requested disbursement have been completed and are paid for or will be paid for upon such disbursement to Borrower. The requirements set forth in clauses (i) – (v) of this Section 6.5.2(a6.6.2(a) are collectively referred to as the “Tenant Improvement Release Conditions”.

Releases for Tenant Improvements. For each disbursement request relating to Tenant Improvements, as applicable: (i) Borrower’s request shall specify the Tenant Improvement costs for which such disbursement is requested; (ii) Agent Lender shall have received and, to the extent required hereby, approved (or have been deemed to have approved) the Lease in respect of which Borrower is obligated to complete the Tenant Improvements for which such disbursement is requested; (iii) Agent Lender shall have received a certificate from Borrower (A) certifying that all Tenant Improvements at the applicable Property to be funded by the requested disbursement have been completed or are in the process of being performed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations (provided if any Rollover Reserve Funds are disbursed in connection with an invoice for work that shall not have been completed prior to the disbursement, then Borrower shall not be entitled to any additional disbursements of Rollover Reserve Funds until such time as the work described in such invoice shall have been completed), (B) identifying any general contractor each Person that supplied materials or labor in connection with the Tenant Improvements to be funded by the requested disbursement, and (C) certifying that each such Person has been paid in full, or upon such disbursement will be paid in full, with respect to the Tenant Improvements to be funded by the requested disbursement for all amounts then invoiced by and due and owing to such Person, and, at AgentLender’s option if the cost of any individual Tenant Improvement exceeds $50,000250,000.00, such certificate to be accompanied by lien waivers or other evidence of payment reasonably satisfactory to AgentLender; (iv) at AgentLender’s option, if the such disbursement of Rollover Lease Termination Funds is in excess of $500,000250,000.00, Agent Lender shall have received a title search for the applicable Property indicating that the such Property is free from all Liens, claims and other encumbrances not previously approved by AgentLender; and (v) Agent Lender shall have received such other evidence as Agent Lender shall reasonably request that the Tenant Improvements at the such Property to be funded by the requested disbursement have been completed and are paid for or will be paid for upon such disbursement to Borrower. The requirements set forth in clauses (i) – (v) of this Section 6.5.2(a) are collectively referred to as the “Tenant Improvement Release Conditions”.