Common use of Repair and Replacement Clause in Contracts

Repair and Replacement. To the extent not contrary to applicable law, the Charter School and, to the extent such Net Proceeds are within its control, the Foundation, shall cause such Net Proceeds to be deposited in a separate trust fund held by the Foundation. Except as set forth in Subsection (c) of this Section 7.3 hereof, all Net Proceeds of any insurance, performance bonds, or condemnation awards owed to either the Charter School or the Foundation shall be applied to the prompt repair, restoration, modification, improvement, or replacement of the Facility or the Improvements, as the case may be, by the Charter School upon receipt of requisitions acceptable to the Foundation setting forth: (i) the requisition number; (ii) the name and address of the person, firm, or corporation to whom payment is due or has been made; (iii) the amount to be paid or reimbursed; and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Foundation shall cooperate with the Charter School in the administration of such fund and shall not unreasonably withhold its approval of requisitions under this Section. Any repair, restoration, modification, improvement, or replacement of the Facility or Improvements paid for in whole or in part out of Net Proceeds of the Charter School’s Insurance shall be the property of the Foundation, subject to this Lease, and shall be included as part of the Facility or the Improvements under this Lease.

Repair and Replacement. To the extent not contrary to applicable law, the Charter School and, to the extent such Net Proceeds are within its control, the Foundation, shall cause such Net Proceeds to be deposited in a separate trust fund held by the Foundation. Except as set forth in Subsection (c) of this Section 7.3 hereof, all Net Proceeds of any insurance, performance bonds, or condemnation awards owed to either the Charter School or the Foundation shall be applied to the prompt repair, restoration, modification, improvement, or replacement of the Facility or the ImprovementsFacility, as the case may be, by the Charter School upon receipt of requisitions acceptable to the Foundation setting forth: : (i) the requisition number; (ii) the name and address of the person, firm, or corporation to whom payment is due or has been made; (iii) the amount to be paid or reimbursed; and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Foundation shall cooperate with the Charter School in the administration of such fund and shall not unreasonably withhold its approval of requisitions under this Section. Any repair, restoration, modification, improvement, or replacement of the Facility or Improvements paid for in whole or in part out of Net Proceeds of the Charter School’s Insurance insurance as described in Section 7.4 shall be the property of the Foundation, subject to this LeaseAgreement, and shall be included as part of the Facility or the Improvements under this LeaseAgreement.

Repair and Replacement. To the extent not contrary to applicable New Mexico law, the Charter School and, to the extent such Net Proceeds are within its control, the Foundation, Foundation shall cause such Net Proceeds to be deposited in a separate trust fund held by the Foundation. Except as set forth in Subsection (c) of this Section 7.3 hereof, all Net Proceeds of any insurance, performance bonds, or condemnation awards owed to either the Charter School or the Foundation shall be applied to the prompt repair, restoration, modification, improvement, or replacement of the Facility or the ImprovementsSchool Facility, as the case may be, by the Charter School upon receipt of requisitions acceptable to the Foundation setting forth: (i) the requisition number; (ii) the name and address of the person, firm, or corporation to whom payment is due or has been made; (iii) the amount to be paid or reimbursed; and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx bill or a statement of account for such obligation. The Foundation shall cooperate with the Charter School in the administration of such fund and shall not unreasonably withhold its approval of requisitions under this Section. Any repair, restoration, modification, improvement, or replacement of the School Facility or Improvements paid for in whole or in part out of Net Proceeds of the Charter School’s Insurance insurance as described in Section 7.4 hereof shall be the property of the Foundation, subject to this LeaseAgreement, and shall be included as part of the School Facility or the Improvements under this LeaseAgreement.

Repair and Replacement. To the extent not contrary to applicable law, the Charter School and, to the extent such Net Proceeds are within its control, the FoundationLessor, shall cause such Net Proceeds to be deposited in a separate trust fund held by the FoundationLessor. Except as set forth in Subsection (c) of this Section 7.3 hereof, all Net Proceeds of any insurance, performance bonds, or condemnation awards owed to either the Charter School or the Foundation Lessor shall be applied to the prompt repair, restoration, modification, improvement, or replacement of the Facility Property or the Improvements, as the case may be, by the Charter School upon receipt of requisitions acceptable to the Foundation Lessor setting forth: (i) the requisition number; (ii) the name and address of the person, firm, or corporation to whom payment is due or has been made; (iii) the amount to be paid or reimbursed; and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx bill or a statement of account for such obligation. The Foundation Lessor shall cooperate with the Charter School in the administration of such fund and shall not unreasonably withhold its approval of requisitions under this Section. Any repair, restoration, modification, improvement, or replacement of the Facility Property or Improvements paid for in whole or in part out of Net Proceeds of the Charter School’s Insurance shall be the property of the FoundationLessor, subject to this Lease, and shall be included as part of the Facility Property or the Improvements under this Lease.

Repair and Replacement. To the extent not contrary to applicable New Mexico law, the Charter School and, to the extent such Net Proceeds are within its control, and further subject to the Foundation’s obligations under the Loan Agreement and Mortgage, Foundation shall cause such Net Proceeds to be deposited in a separate trust fund held by the Foundation. Except as set forth in Subsection (c) of this Section 7.3 hereof, all Net Proceeds of any insurance, performance bonds, or condemnation awards owed to either the Charter School or the Foundation shall be applied to the prompt repair, restoration, modification, improvement, or replacement of the Facility or the ImprovementsSchool Facility, as the case may be, by the Charter School upon receipt of requisitions acceptable to the Foundation setting forth: : (i) the requisition number; (ii) the name and address of the person, firm, or corporation to whom payment is due or has been made; (iii) the amount to be paid or reimbursed; (iv) conditional or unconditional lien waivers; and (ivv) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Foundation shall cooperate with the Charter School in the administration of such fund and shall not unreasonably withhold its approval of requisitions under this Section. Any repair, restoration, modification, improvement, or replacement of the School Facility or Improvements paid for in whole or in part out of Net Proceeds of the Charter School’s Insurance insurance as described in Section 7.6 hereof shall be the property of the Foundation, subject to this LeaseAgreement, and shall be included as part of the School Facility or the Improvements under this LeaseAgreement.