Common use of Repair fund Clause in Contracts

Repair fund. 7.1 The Tenant agrees that the Repair Fund belongs to the Landlord and will be held in the Landlord's name. 7.2 The Landlord may use some or all of the Repair Fund (and any interest that has accrued in respect of the Repair Fund) if it incurs any expense or loss as a result of the Tenant failing to comply with the Tied Repairing Obligations. 7.3 Any part of the Repair Fund which the Landlord uses will not be treated as rent (to protect the Landlord's right to re-enter the Property) and none of the Landlord's rights under this lease will be otherwise affected. 7.4 At the end or sooner determination of the Term, the Landlord will as soon as reasonably practicable repay the Repair Fund with accrued interest to the Tenant, but the Landlord will be entitled to: 7.4.1 deduct any money owed to it or expense or loss it incurs or will incur because the Tenant has failed to comply with its Tied Repairing Obligations; and 7.4.2 keep the Repair Fund until it can accurately assess the amount due to it under paragraph 7.4.1 of this part 6 of schedule 4. 7.5 If the Landlord sells the Landlord's Interest, it will pay the Repair Fund to whoever buys the Property. The buyer of the Property will continue to hold the Repair Fund on the terms of paragraph 7 of this part 6 of schedule 4. 7.6 When from time to time the Tenant carries out and completes its Tied Repairing Obligations, it shall be entitled to ask the Landlord in writing to release an amount from the Repair Fund equivalent to the value of the Repair Fund or (if lower) the value of the works which it has carried out at the Property, and provided that: 7.6.1 the amount that the Tenant has requested from the Repair Fund is not less than £1,000; 7.6.2 the Tenant has made no more than two other requests for a release of the Repair Fund within the previous 12 month period;

Repair fund. 7.1 The Tenant agrees that the Repair Fund belongs to the Landlord and will be held in the Landlord's name. 7.2 The Landlord may use some or all of the Repair Fund (and any interest that has accrued in respect of the Repair Fund) if it incurs any expense or loss as a result of the Tenant failing to comply with the Tied Repairing Obligations. 7.3 Any part of the Repair Fund which the Landlord uses will not be treated as rent (to protect the Landlord's right to re-enter the Property) and none of the Landlord's rights under this lease will be otherwise affected. 7.4 At the end or sooner determination of the Term, the Landlord will as soon as reasonably practicable repay the Repair Fund with accrued interest to the Tenant, but the Landlord will be entitled to: 7.4.1 deduct any money owed to it or expense or loss it incurs or will incur because the Tenant has failed to comply with its Tied Repairing Obligations; and 7.4.2 keep the Repair Fund until it can accurately assess the amount due to it under paragraph 7.4.1 of this part 6 of schedule 4. 7.5 If the Landlord sells the Landlord's Interest, it will pay the Repair Fund to whoever buys the Property. The buyer of the Property will continue to hold the Repair Fund on the terms of paragraph 7 0 of this part 6 of schedule 4. 7.6 When from time to time the Tenant carries out and completes its Tied Repairing Obligations, it shall be entitled to ask the Landlord in writing to release an amount from the Repair Fund equivalent to the value of the Repair Fund or (if lower) the value of the works which it has carried out at the Property, and provided that: 7.6.1 the amount that the Tenant has requested from the Repair Fund is not less than £1,000; 7.6.2 the Tenant has made no more than two other requests for a release of the Repair Fund within the previous 12 month period;

Repair fund. 7.1 The Tenant agrees that the Repair Fund belongs to the Landlord and will be held in the Landlord's name. 7.2 The Landlord may use some or all of the Repair Fund (and any interest that has accrued in respect of the Repair Fund) if it incurs any expense or loss as a result of the Tenant failing to comply with the Tied Repairing Obligations. 7.3 Any part of the Repair Fund which the Landlord uses will not be treated as rent (to protect the Landlord's right to re-enter the Property) and none of the Landlord's rights under this lease will be otherwise affected. 7.4 At the end or sooner determination of the Term, the Landlord will as soon as reasonably practicable repay the Repair Fund with accrued interest to the Tenant, but the Landlord will be entitled to: 7.4.1 deduct any money owed to it or expense or loss it incurs or will incur because the Tenant has failed to comply with its Tied Repairing Obligations; and 7.4.2 keep the Repair Fund until it can accurately assess the amount due to it under paragraph 7.4.1 of this part 6 of schedule 43. 7.5 If the Landlord sells the Landlord's Interest, it will pay the Repair Fund to whoever buys the Property. The buyer of the Property will continue to hold the Repair Fund on the terms of paragraph 7 of this part 6 of schedule 43. 7.6 When from time to time the Tenant carries out and completes its Tied Repairing Obligations, it shall be entitled to ask the Landlord in writing to release an amount from the Repair Fund equivalent to the value of the Repair Fund or (if lower) the value of the works which it has carried out at the Property, and provided that: 7.6.1 the amount that the Tenant has requested from the Repair Fund is not less than £1,000; 7.6.2 the Tenant has made no more than two other requests for a release of the Repair Fund within the previous 12 month period; 7.6.3 the Tenant has provided the Landlord with costed invoices (or such other supplementary documentation as the Landlord may reasonably request) relating to the works that it has carried out pursuant to its Tied Repairing Obligations; 7.6.4 the Landlord has approved (acting reasonably) any such costed invoices and supplementary evidence provided pursuant to paragraph 7.6.3 of this part 6 of schedule 3 (with an approval, or as the case may be, a reason for rejection to be given by the Landlord within 28 days of receipt of such invoices and supplementary evidence), then the Landlord will make a payment to the Tenant from the Repair Fund as soon as reasonably practicable. 7.7 If: 7.7.1 the Tenant requests that the Landlord releases some or all of the Repair Fund in accordance with the provisions of paragraph 7.6 of this part 6 of schedule 3; and 7.7.2 the value of the works for which payment from the Repair Fund is requested exceeds the value of the Repair Fund at the point at which such request is made, then the Tenant shall be solely liable to meet any shortfall between the cost of the works and the amount of the Repair Fund.

Repair fund. 7.1 5.1 The Tenant agrees that the Repair Fund belongs to the Landlord and will be held in the Landlord's name. 7.2 5.2 The Landlord may use some or all of the Repair Fund (and any interest that has accrued in respect of the Repair Fund) if it incurs any expense or loss as a result of the Tenant failing to comply with the Tied Repairing Obligations. 7.3 5.3 Any part of the Repair Fund which the Landlord uses will not be treated as rent (to protect the Landlord's right to re-enter the Property) and none of the Landlord's rights under this lease will be otherwise affected. 7.4 5.4 At the end or sooner determination of the Term, the Landlord will as soon as reasonably practicable repay the Repair Fund with accrued interest to the Tenant, but the Landlord will be entitled to: 7.4.1 5.4.1 deduct any money owed to it or expense or loss it incurs or will incur because the Tenant has failed to comply with its Tied Repairing Obligations; and 7.4.2 5.4.2 keep the Repair Fund until it can accurately assess the amount due to it under paragraph 7.4.1 5.4.1 of this part 6 of schedule 4. 7.5 5.5 If the Landlord sells the Landlord's Interest, it will pay the Repair Fund to whoever buys the Property. The buyer of the Property will continue to hold the Repair Fund on the terms of paragraph 7 5 of this part 6 of schedule 4. 7.6 5.6 When from time to time the Tenant carries out and completes its Tied Repairing Obligations, it shall be entitled to ask the Landlord in writing to release an amount from the Repair Fund equivalent to the value of the Repair Fund or (if lower) the value of the works which it has carried out at the Property, and provided that: 7.6.1 5.6.1 the amount that the Tenant has requested from the Repair Fund is not less than £1,000; 7.6.2 5.6.2 the Tenant has made no more than two other requests for a release of the Repair Fund within the previous 12 month period;

Repair fund. 7.1 5.1 The Tenant agrees that the Repair Fund belongs to the Landlord and will be held in the Landlord's name. 7.2 5.2 The Landlord may use some or all of the Repair Fund (and any interest that has accrued in respect of the Repair Fund) if it incurs any expense or loss as a result of the Tenant failing to comply with the Tied Repairing Obligations. 7.3 5.3 Any part of the Repair Fund which the Landlord uses will not be treated as rent (to protect the Landlord's right to re-enter the Property) and none of the Landlord's rights under this lease will be otherwise affected. 7.4 5.4 At the end or sooner determination of the Term, the Landlord will as soon as reasonably practicable repay the Repair Fund with accrued interest to the Tenant, but the Landlord will be entitled to: 7.4.1 5.4.1 deduct any money owed to it or expense or loss it incurs or will incur because the Tenant has failed to comply with its Tied Repairing Obligations; and 7.4.2 5.4.2 keep the Repair Fund until it can accurately assess the amount due to it under paragraph 7.4.1 5.4.1 of this part 6 of schedule 4. 7.5 5.5 If the Landlord sells the Landlord's Interest, it will pay the Repair Fund to whoever buys the Property. The buyer of the Property will continue to hold the Repair Fund on the terms of paragraph 7 0 of this part 6 of schedule 4. 7.6 5.6 When from time to time the Tenant carries out and completes its Tied Repairing Obligations, it shall be entitled to ask the Landlord in writing to release an amount from the Repair Fund equivalent to the value of the Repair Fund or (if lower) the value of the works which it has carried out at the Property, and provided that: 7.6.1 5.6.1 the amount that the Tenant has requested from the Repair Fund is not less than £1,000; 7.6.2 5.6.2 the Tenant has made no more than two other requests for a release of the Repair Fund within the previous 12 month period;