Required Repair Clause Samples

The Required Repair clause obligates a party, typically the seller or landlord, to address and fix specific defects or damages identified in a property or asset. In practice, this clause outlines the types of repairs that must be completed, sets deadlines for their completion, and may specify standards or methods for the repairs. Its core function is to ensure that the property meets agreed-upon conditions before transfer or continued use, thereby protecting the interests of the receiving party and preventing disputes over property condition.
Required Repair. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement. (b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Required Repair Fund pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement or (ii) the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Required Repair Fund in Section 7.1 of the Mortgage Loan Agreement.
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Required Repair. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement. (b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Required Repair Fund pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement, Mezzanine A Lender waives the requirements of section 7.1 of the Mezzanine A Loan Agreement, Mezzanine B Lender waives the requirements of section 7.1 of the Mezzanine B Loan Agreement, Mezzanine C Lender waives the requirements of section 7.1 of the Mezzanine C Loan Agreement and Mezzanine D Lender waives the requirements of section 7.1 of the Mezzanine D Loan Agreement or (ii) the Mortgage Loan, the Mezzanine A Loan, the Mezzanine B Loan, the Mezzanine C Loan and the Mezzanine D Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Required Repair Fund in Section 7.1 of the Mortgage Loan Agreement.
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Required Repair. Lessee shall, at its own cost and expense, complete all repair and maintenance work to the Required Repair Facility set forth on Schedule 9.4 attached hereto (the “Required Repair Work”) in good and workmanlike manner and otherwise in the manner required pursuant to the terms of this Article IX and Article X on or before the applicable date specified in Schedule 9.4 for the completion of such Required Repair Work. Upon completion of the Required Repair Work, Lessee shall provide to Lessor copies of all paid invoices, receipts or other commercially reasonable evidence or supporting information as is customary to evidence the expenditures relating to the completion of such Required Repair Work, along with an Officer’s Certificate certifying that such Required Repair Work has been completed, and to the extent applicable, affidavits, lien waivers or other evidence reasonably satisfactory to Lessor showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Leased Property of the Required Repair Facility have been (or upon receipt of a sum certain will be) paid all amounts due for labor and materials furnished to the Leased Property of such Required Repair Facility subject to Lessee’s right to contest such amounts pursuant to the terms of Article XII below.
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Required Repair. Lessee shall, at its own cost and expense, complete all repair and maintenance work to the Required Repair Facility set forth on Schedule 9.4 attached hereto (the “Required Repair Work”) in good and workmanlike manner and otherwise in the manner required pursuant to the terms of this Article IX and Article X on or before the applicable date specified in Schedule 9.4 for the completion of such Required Repair Work. Upon completion of the Required Repair Work, Lessee shall provide to Lessor copies of all paid invoices, receipts or other commercially reasonable evidence or supporting information as is customary to evidence the expenditures relating to the completion of such Required Repair Work, along with an Officer’s Certificate certifying that such Required Repair Work has been completed, and to the extent applicable, affidavits, lien waivers or other evidence reasonably satisfactory to Lessor showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Leased Property of the Required Repair Facility have been (or upon receipt of a sum certain will be) paid all amounts due for labor and materials furnished to the Leased Property of such Required Repair Facility subject to Lessee’s right to contest such amounts pursuant to the terms of Article XII below. 9.5 [Intentionally Omitted] 9.6 Inspections; Due Diligence Fee. Without limiting Lessor’s rights pursuant to Section 9.3.2 or Section 26.1 hereof, from time to time during the Term, Lessor and its agents shall have the right to inspect the Leased Property of each Facility and all systems contained therein at any reasonable time to determine Lessee’s compliance with its obligations under this Lease. Lessee shall pay to Lessor all reasonable out-of-pocket costs incurred by Lessor on account of such inspections within thirty (30) days following its receipt of Lessor’s invoice therefore, and the same shall be deemed an Additional Charge hereunder; provided, however, that if Lessor makes more than one such inspection of any Facility during any two (2) consecutive Lease Year period, Lessee shall only be required to pay to Lessor Lessor’s reasonable out-of-pocket costs incurred on account of Lessor’s first such inspection during such two (2) consecutive Lease Year period. ARTICLE X. 10.1 Construction of Capital Additions and Other Alterations to the Leased Property. Without the prior...
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Required Repair. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.1 of the Mortgage Loan Agreement. (b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Required Repair Fund pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement and Mezzanine A Lender waives the requirements of section 7.1 of the Mezzanine A Loan Agreement or (ii) the Mortgage Loan and the Mezzanine A Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Required Repair Fund in Section 7.1 of the Mortgage Loan Agreement.
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Related to Required Repair

  • Required Repairs (a) Borrower shall make the repairs and improvements to the Property set forth on Schedule 9.1 and as more particularly described in the Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as "Required Repairs"). Borrower shall complete the Required Repairs in a good and workmanlike manner on or before the date that is twelve (12) months from the Closing Date or within such other time frame for completion specifically set forth on Schedule 9.1. (b) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender's agent to fund the Required Repairs (the "Required Repair Account") into which Borrower shall deposit on the date hereof the amount of $596,250.00, which amount equals one hundred twenty-five percent (125%) of the estimated cost for the completion of the Required Repairs. Amounts so deposited shall hereinafter be referred to as the "Required Repair Funds". (c) Upon the earliest to occur of (i) the timely completion of all Required Repairs and any Additional Required Repairs, if any, in accordance with the requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in full of the Debt or (iii) the earlier release of the Lien of the Mortgage (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, provided no Event of Default is then continuing, all amounts remaining on deposit, if any, in the Required Repair Account shall be returned to Borrower.

  • Release of Required Repair Funds Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account from time to time upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least fifteen (15) days prior to the date on which Borrower requests such payment be made and specifies the Required Repairs to be paid, (ii) 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, (iii) Lender shall have received a certificate from Borrower (A) stating that all Required Repairs at the Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such 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, (B) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at the Property to be funded by the requested disbursement under a contract in excess of $50,000, and (C) stating that each Person who has supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (iv) 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, and (v) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs at the 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 Repair Account with respect to the Property more than once each calendar month and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

  • Good Repair The Borrower will, and will cause each of its Subsidiaries to, ensure that its material properties and equipment used or useful in its business in whomsoever's possession they may be, are kept in good repair, working order and condition, normal wear and tear excepted, and that from time to time there are made in such properties and equipment all needful and proper repairs, renewals, replacements, extensions, additions, betterments and improvements, thereto, to the extent and in the manner customary for companies in similar businesses.

  • Alterations and Repairs Lessee shall not make or permit to be made any other alterations, additions, improvements, or changes (collectively, “Alterations”), in the premises, without Lessor’s prior written approval, which approval Lessor may withhold in Lessor’s sole discretion. Subject to the services to be rendered by Lessor as set forth in the Schedule, Lessee shall, at Lessee’s expense, keep the premises generally consistent with the standard maintained by other tenants of premises in the Building during the tenancy. If Lessee does not make repairs promptly and adequately, Lessor may, but need not, make repairs, and Lessee shall pay promptly the reasonable cost thereof. At any time or times, Lessor, either voluntarily or pursuant to governmental requirement, may, at Lessor’s expense, make repairs, alterations, or improvements in or to the Building or any part thereof, including the premises, and, during such operations Lessor may close entrances, doors, corridors, elevators, or other facilities, all without any liability to Lessee or deduction of rent by reason of interference, inconvenience, or annoyance; provided that Lessee shall have access to the premises sufficient for conduct of Lessee’s business. Lessor shall not be liable to Lessee for any expense, injury, loss, or damage resulting from work done in or upon, or the use of, any adjacent or nearby building, land, street, or alley, provided that Lessor makes a reasonable effort to minimize the disruption to Lessee’s business. In the event Lessee requests that repairs, alterations, decorating, or other work in the premises be made during periods other than ordinary business hours, Lessee shall pay Lessor for overtime and other additional expenses incurred because of such request.

  • Maintenance, Alteration and Repair (a) Resident is responsible for and agrees to take good care of the premises, fixtures and all common areas. Resident may not remove any of Owner’s property and will not perform any repairs, upgrades, painting, wallpapering, electric changes or other alterations of the premises without prior written consent from Owner. Resident will be responsible for damage from waste stoppages caused by foreign or improper objects or improper use in lines serving bathrooms, damage to fixtures, appliances, doors, windows, screens, damage from water faucets left on or from doors left open, and repairs or replacements to alarm devices necessitated by misuse or damage by Resident and/or guests. Extraordinary appliances or furnishings such as satellite dishes, hot tubs, pool tables, water beds or high utility- consuming devices may not be installed or placed on the premises or anywhere at the Property without Owner’s prior written consent, in its sole discretion. (b) In the case of a malfunction of any utilities or damage by fire, water or similar cause, or any water leak, suspected mold or microbial growth, electrical problem, broken glass, broken lock or any other condition that Resident reasonably believes poses a hazard to health and safety, Resident must promptly notify Owner in writing. Owner will act with reasonable time and diligence in making repairs and reconnections; Resident may not withhold or reduce payment of rent or other charges during such time. Maintenance and repair requested by Resident will generally be performed between 8am and 8pm, unless the work is considered an emergency, in which case work may take place at any time. Owner may temporarily disconnect equipment or utilities to avoid property damage and/or to perform repairs requiring such interruption, in Owner’s sole discretion. Owner will not be liable for any inconvenience, discomfort, disruption or interference with Resident use of the premises because of ongoing repairs, alterations or improvements to the Property or any apartment. (c) Following move-in, Resident is responsible for providing and changing all light bulbs and batteries (for smoke detectors and remote controls) in the assigned apartment. A written maintenance report requesting assistance in changing these items may be submitted for maintenance staff assistance, with extra charges payable by Resident as applicable per Owner’s published rates. From time to time, maintenance staff may enter the assigned apartment with or without notice to inspect and change furnace filters and to provide pest control.