Renovation Costs. For any Property, the aggregate of the costs estimated to be incurred by the applicable Borrower with respect to the renovation of such Property, as demonstrated in a certificate certified by a Responsible Officer of the Borrower Representative delivered to and approved by the Valuation Agent and the Agent as provided in Section 2.6 of the Valuation Agent Agreement; provided that the Agent and the Lenders shall have a right to request recalculation of the Renovation Costs in any case where any of them considers the assessment thereof not reasonably satisfactory. For the avoidance of doubt, Renovation Costs do not include any fees, costs or expenses associated with any ongoing recurring repairs or maintenance to any Property. Renovation Standards: Those maintenance, repairs, improvements and installations that are necessary (i) for a Property to conform to applicable material requirements of Applicable Law and not deviate materially from local rental market standards for the area in which such Property is located and (ii) for a Property to conform to Requirements for Existing Housing One to Four Family Units (4905.1) or Minimum Property Standard for One and Two Family Dwellings (200.926) as applicable, as published by the U.S. Department of Housing and Urban Development.
Renovation Costs. The Seller shall be responsible for the payment of any repair or renovation costs the Seller elects to perform on the Property prior to the Closing Date; provided, however, the Seller shall have no obligation to undertake any renovation of the Property prior to Closing. The Purchaser shall be responsible for the payment of all costs and expenses incurred in connection with the operation and ownership of the Property including, without limitation, any repair or renovation costs performed on the Property on or after the Closing Date. During the period occurring on and after the Effective Date to the Closing Date, the Seller shall not commence any repair to, or renovation of, any Property with an expected cost in excess of $5,000.00 without the prior written approval of the Purchaser.
Renovation Costs. The above property requires certain renovations to convert it to a basement suite. As per the attached quote, the Investor will also supply the funds necessary to complete these renovations.
Renovation Costs. Seller shall be responsible for the payment of any repair or renovation costs Seller elects to perform on the Property prior to the Closing Date (provided however, Seller shall have no obligation to undertake any renovation of the Property prior to Closing). Purchaser shall be responsible for the payment of all costs and expenses incurred in connection with the operation and ownership of the Property including, without limitation, any repair or renovation costs performed on the Property on or after the Closing Date, provided however, that for any Property where the tenant vacates the Property within 6 months of the Closing Date and the aggregate cost of repair, maintenance, renovation and capital expenses associated with the turnover of such Property is necessary to return such Property to good repair consistent with the Renovation Standards exceeds $5,000, Seller shall reimburse the Purchaser from available funds in the related Seller Indemnity Escrow for the aggregate cost of all such repair, maintenance, renovation and capital expenses less $2,500.00; provided, however, if a tenant vacates a Property within 6 months of the Closing Date, funds reasonably related to such repairs on the related Property will be retained in the aplicable Seller Indemnity Escrow until the repairs have been completed. For purposes of illustration only, in the event Purchaser’s actual reasonable out of pocket costs for repair of an individual Property upon the vacating of such individual Property by the tenant in occupancy on the Closing Date is in the amount of $6,000, Purchaser shall only be entitled to reimbursement from the applicable Seller Indemnity Escrow in the amount of $3,500. On and after the Effective Date to the Closing Date, Seller shall not commence any repair to, or renovation of, any Property with an expected cost in excess of $5,000.00 without the prior written approval of Purchaser. “Renovation Standards” means the maintenance, repairs, improvements and installations that (i) are necessary for a Property to conform to applicable material legal requirements and (ii) do not deviate materially from local rental market standards for the area in which such Property is located.
Renovation Costs. For purposes of clarification and in order to avoid uncertainty or ambiguity, it is hereby expressly stipulated, understood and acknowledged that Tenant shall be required to perform this Lease including without limitation all of its Obligations and, in connection therewith, shall be solely responsible for causing the Renovation Work to be completed in accordance with the provisions hereof and shall bear, at its sole cost, expense and risk, all of the Renovation Costs incurred in connection with the completion of the Renovation Work, including any construction or other cost overruns of any kind which exceed budgeted amounts.
Renovation Costs. Xxxxxx will reimburse the City fifty percent (50%) of the costs paid by the City, up to $1,000,000, for the purpose of repairing, reconstructing, and renovating the Theater, including (a) addressing life safety code violations, (b) historical preservation/restoration, and (c) modernizing the Theater to bring it up to modern building and accessibility standards. (collectively, “Renovation Costs”). The City shall provide Rivers with an accounting of its Renovation Costs upon the completion of the renovation work but prior to the issuance of a Certificate of Occupancy for the Theater. The City’s accounting of its Acquisition Costs and Renovation Costs shall include construction contracts, professional service agreements, invoices, purchase orders, as well as any other documentation that Rivers may reasonably request. All reimbursement payments to the City will be made by Xxxxxx no later than 60 days after receipt of a payment demand by the City accompanied by the necessary accounting records, which must include proof of payment by the City. The final amounts to be paid by Xxxxxx as reimbursement for the Acquisition Costs and the Renovation Costs shall in no instance exceed funds paid for those same purposes by the City.
Renovation Costs. For any Property, the aggregate of the costs estimated to be incurred by the applicable Borrower with respect to the renovation of such Property, as demonstrated in a certificate certified by a Responsible Officer of the Borrower Representative delivered to and approved by the Valuation Agent and the Agent as provided in Section 2.6 of the Valuation Agent Agreement; provided that the Agent and the Lenders shall have a right to request recalculation of the Renovation Costs in any case where any of them considers the assessment thereof not reasonably satisfactory. For the avoidance of doubt, Renovation Costs do not include any fees, costs or expenses associated with any ongoing recurring repairs or maintenance to any Property.
