Common use of Required Repair Fund Clause in Contracts

Required Repair Fund. Borrower shall perform the repairs at the Properties, as more particularly set forth on Schedule 7.1.1 attached hereto (such repairs hereinafter referred to as "REQUIRED REPAIRS"). Borrower shall complete the Required Repairs on or before the required deadline for each repair as set forth on Schedule 7.1.1 attached hereto. It shall be an Event of Default under this Agreement if (a) Borrower does not complete the Required Repairs at each Individual Property by the required deadline for each repair as set forth on Schedule 7.1.1 attached hereto, or (b) Borrower does not satisfy each condition contained in Section 7.1.2 hereof. Upon the occurrence of an Event of Default, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs at one or more of the Properties or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender's right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents.

Required Repair Fund. Borrower shall perform the repairs at the Properties, as more particularly set forth on Schedule 7.1.1 attached III hereto (such repairs hereinafter referred to as "REQUIRED REPAIRSRequired Repairs"). Borrower shall complete the Required Repairs on or before the required deadline for each repair as set forth on Schedule 7.1.1 attached heretodate which is three hundred sixty five (365) days from the date hereof. It shall be an Event of Default under this Agreement if (a) Borrower does not complete the Required Repairs at each Individual Property by within three hundred sixty five (365) days from the required deadline for each repair as set forth on Schedule 7.1.1 attached heretodate hereof, or (b) Borrower does not satisfy each condition contained in Section 7.1.2 hereof. Upon the occurrence of an Event of Default, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs at one or more of the Properties or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender's right to withdraw and apply Required Repair Funds shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents.