Common use of Required Repair Fund Clause in Contracts

Required Repair Fund. (a) Borrowers shall cause Mortgage Borrowers 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)(A) Mortgage Lender waives the requirements of Mortgage Borrowers to maintain the Required Repair Fund and the Required Repair Account pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement, (B) First Mezzanine Lender waives the requirements of First Mezzanine Borrowers to maintain the Required Repair Fund and the Required Repair Account pursuant to the terms of Section 7.1 of the First Mezzanine Loan Agreement and (C) Second Mezzanine Lender waives the requirements of Second Mezzanine Borrowers to maintain the Required Repair Fund and the Required Repair Account pursuant to the terms of Section 7.1 of the Second Mezzanine Loan Agreement; or (ii) the Mortgage Loan, the First Mezzanine Loan and the Second Mezzanine Loan have been repaid in full (without a prepayment of the Loan in full), Lender shall have the right to require Borrowers to establish and maintain an escrow that would operate in the same manner as the Required Repair Fund and the Required Repair Account in Section 7.1 of the Mortgage Loan Agreement and the provisions of Section 7.1 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference; provided, however, that all references to “Borrowers,” “Lender” and “Event of Default” therein shall be deemed references to Borrowers, Lender and Event of Default as defined herein.

Required Repair Fund. (a) Borrowers shall cause Mortgage Borrowers 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)(A) Mortgage Lender waives the requirements of Mortgage Borrowers to maintain the Required Repair Fund and the Required Repair Account pursuant to the terms of Section 7.1 of the Mortgage Loan Agreement, Agreement and (B) First Mezzanine Lender waives the requirements of First Mezzanine Borrowers to maintain the Required Repair Fund and the Required Repair Account pursuant to the terms of Section 7.1 of the First Mezzanine Loan Agreement and (C) Second Mezzanine Lender waives the requirements of Second Mezzanine Borrowers to maintain the Required Repair Fund and the Required Repair Account pursuant to the terms of Section 7.1 of the Second Mezzanine Loan Agreement; or (ii) the Mortgage Loan, the First Mezzanine Loan and the Second First Mezzanine Loan have been repaid in full (without a prepayment of the Loan in full), Lender shall have the right to require Borrowers to establish and maintain an escrow that would operate in the same manner as the Required Repair Fund and the Required Repair Account in Section 7.1 of the Mortgage Loan Agreement and the provisions of Section 7.1 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference; provided, however, that all references to “Borrowers,” “Lender” and “Event of Default” therein shall be deemed references to Borrowers, Lender and Event of Default as defined herein.