Required Repairs. Borrower shall perform all of the repairs (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, (ii) in a Lien-free, good and workmanlike manner and (iii) prior to the date set forth on Schedule 5.1.32 with respect to such Required Repairs (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to the Required Repair Deadline.
Appears in 2 contracts
Samples: Loan Agreement (Excel Trust, L.P.), Loan Agreement (Excel Trust, L.P.)
Required Repairs. Borrower On the Commencement Date, Tenant shall perform all deposit with Landlord the sum of Four Hundred Eighty-Two Thousand Two Hundred Sixty-Five and No/00 Dollars ($482,265.00) (or deliver a Letter of Credit as defined in Section 30.06(d) in such amount, which Letter of Credit shall be held and disbursed in the same manner as described in Section 30.05 hereof with respect to the Letter of Credit for the Required Repairs), to complete each item of the repairs relating to the Property Locations described on Exhibit I (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) and Landlord shall hold or cause the Mortgagee to hold such amount for Tenant’s benefit in an interest-bearing account (which may be a book entry subaccount) (the “Required Repairs Subaccount”); all interest thereon shall accrue for the benefit of Tenant. Tenant shall complete the Required Repairs at the applicable Property Location on or before the deadline for such Required Repairs as set forth in Exhibit I. Landlord shall disburse or cause the Mortgagee to disburse the funds held in the Required Repairs Subaccount to Tenant, within fifteen (15) days after the delivery by Tenant to Landlord of a request therefor, in an amount greater than Twenty-Five Thousand Dollars ($25,000) (or a lesser amount if the total amount in the Required Repair Subaccount is less than Twenty-Five Thousand Dollars ($25,000), in which case only one disbursement of the amount remaining in the account shall be made), accompanied by the following items: (a) a certificate signed by an officer of Tenant: (i) in compliance with all applicable Legal Requirementsstating that the Required Repair which is the subject of the requested disbursement has been completed, (ii) identifying each Person that supplied materials or labor in a Lien-freeconnection with such Required Repairs or any portion thereof, good and workmanlike manner and (iii) prior to stating that each such Person supplying materials or labor has been or, upon receipt of the date set forth on Schedule 5.1.32 requested disbursement, will be paid in full with respect to such the portion of the Required Repairs which is the subject of the requested disbursement; (each such date, a “Required Repair Deadline”). It shall constitute an Event b) copies of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoingappropriate lien waivers, to the extent any Required Repair applicable, or other evidence of payment reasonably satisfactory to Landlord; and (c) if requested by Landlord’s Mortgagee, a title search for such Property Location indicating that such Property Location is the responsibility of a Tenant pursuant to a Leasefree from all liens, Borrower claims and other encumbrances not previously approved by Landlord. Landlord shall be obligated only to use commercially reasonably efforts make (or cause Mortgagee to have such Tenant complete such Required Repair on or prior to make) disbursements from the Required Repair DeadlineSubaccount with respect to a Property Location in the amount allocated for such Property Location set forth in Exhibit I (even if the cost to complete such work is less than the amount set forth in Exhibit I) but Landlord shall not be obligated to make (or cause Mortgagee to make) disbursements in excess of the amount allocated for Property Location as set forth in Exhibit I. If Tenant does not complete the Required Repairs at the applicable Property Location by the required deadline for such Required Repairs, then Landlord may apply such funds to completion of such Required Repairs. Upon Tenant’s completion of all Required Repairs in accordance with this Section, Landlord shall release or cause Mortgagee to release any funds remaining in the Required Repairs Subaccount, if any, to Tenant.
Appears in 2 contracts
Samples: Master Lease (Spirit Finance Corp), Master Lease (Spirit Finance Corp)
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 9.1 and as more particularly described in the Property Condition Reports 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 $0.00. 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgage (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 2 contracts
Samples: Loan Agreement (Griffin Capital Essential Asset REIT II, Inc.), Loan Agreement (Griffin Capital Essential Asset REIT, Inc.)
Required Repairs. (a) Borrower shall perform all of make the repairs (on an Individual and improvements to the Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgage (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 2 contracts
Samples: Loan Agreement (MVP REIT II, Inc.), Loan Agreement (MVP REIT, Inc.)
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $21,562.50, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgages (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 1 contract
Required Repairs. (a) Subject to Lender making applicable Reserve Funds available therefor, Borrower shall perform all of make the repairs to the Property set forth in the columns labeled “Immediate” and “Year 1” on Schedule I attached hereto and made a part hereof (on an Individual Property by Individual Property basis) at the applicable Individual Properties, but excluding in all event Item 6 thereof relating to Façade Repairs and as more particularly set forth on Schedule 5.1.32 hereto described in the Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, (ii) ). Borrower shall complete the Required Repairs in a Lien-free, good and workmanlike manner and (iii) prior to on or before the date that is eighteen (18) months from the Closing Date or within such other time frame for completion specifically set forth on Schedule 5.1.32 I.
(b) Borrower shall establish on the Closing Date an Eligible Account with respect Lender or Lender’s agent to such fund the Required Repairs (each such date, a the “Required Repair DeadlineAccount”) into which Borrower shall deposit on the Closing Date the amount of $2,040,735.00, which amount equals one hundred ten percent (110%) of the estimated cost for the completion of the Required Repairs. Amounts so deposited shall hereinafter be referred to as the “Required Repair Funds”. Upon the earlier of (1) Borrower’s completion of all Required Repairs in accordance with the terms hereof (provided Borrower has supplied Lender with evidence reasonably satisfactory to Lender of payment of all Required Repairs). It shall constitute an , so long as no Event of Default if is then continuing or (2) payment in full by Borrower does not complete each of all sums evidenced by the Note (other than obligations of Borrower which survive repayment of the Loan such as indemnification obligations) and secured by the Mortgage, Lender shall disburse to Borrower all remaining Required Repair by the applicable Required Repair Deadline, provided thatFunds, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to the Required Repair Deadlineany.
Appears in 1 contract
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $71,062.50, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgages (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 1 contract
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $55,250.00, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgages (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 1 contract
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $149,937.50, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgages (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 1 contract
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $16,250.00, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgages (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 1 contract
Required Repairs. Borrower On the Commencement Date, Tenant shall perform all deposit with Landlord the sum of [ ][To be updated on the Effective Date], to complete each item of the repairs relating to the Property Locations described on Exhibit I (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) and Landlord shall hold or cause the Mortgagee to hold such amount for Tenant’s benefit in an interest-bearing account (which may be a book entry subaccount) (the “Required Repairs Subaccount”); all interest thereon shall accrue for the benefit of Tenant. Tenant shall complete the Required Repairs at the applicable Property Location on or before the deadline for such Required Repairs as set forth in Exhibit I [To be updated on the Effective Date]. Landlord shall disburse or cause the Mortgagee to disburse the funds held in the Required Repairs Subaccount to Tenant, within fifteen (15) days after the delivery by Tenant to Landlord of a request therefor, in an amount greater than $25,000 (or a lesser amount if the total amount in the Required Repair Subaccount is less than $25,000, in which case only one disbursement of the amount remaining in the account shall be made), accompanied by the following items: (a) a certificate signed by an officer of Tenant: (i) in compliance with all applicable Legal Requirementsstating that the Required Repair which is the subject of the requested disbursement has been completed, (ii) identifying each Person that supplied materials or labor in a Lien-freeconnection with such Required Repairs or any portion thereof, good and workmanlike manner and (iii) prior to stating that each such Person supplying materials or labor has been or, upon receipt of the date set forth on Schedule 5.1.32 requested disbursement, will be paid in full with respect to such the portion of the Required Repairs which is the subject of the requested disbursement; (each such date, a “Required Repair Deadline”). It shall constitute an Event b) copies of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoingappropriate lien waivers, to the extent any Required Repair applicable, or other evidence of payment reasonably satisfactory to Landlord; and (c) if requested by Landlord’s Lender, a title search for such Property Location indicating that such Property Location is the responsibility of a Tenant pursuant to a Leasefree from all liens, Borrower claims and other encumbrances not previously approved by Landlord. Landlord shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to make disbursements from the Required Repair DeadlineSubaccount with respect to a Property Location in the amount allocated for such Property Location set forth in Exhibit I (even if the cost to complete such work is less than the amount set forth in Exhibit I) but Landlord shall not be obligated to make disbursements in excess of the amount allocated for Property Location as set forth in Exhibit I. If Tenant does not complete the Required Repairs at the applicable Property Location by the required deadline for such Required Repairs, then Landlord may apply such funds to completion of such Required Repairs. Upon Tenant’s completion of all Required Repairs in accordance with this Section, Landlord shall release or cause Mortgagee to release any funds remaining in the Required Repairs Subaccount, if any, to Tenant.
Appears in 1 contract
Required Repairs. (a) Borrower shall perform all of make the repairs (on an and improvements to each Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $123,281.00, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth on Schedule 5.1.32 earlier release of the Lien of the Mortgages (and all related obligations) in accordance with respect to such Required Repairs (each such datethe terms of this Agreement and the other Loan Documents, a “Required Repair Deadline”). It shall constitute an provided no Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadlineis then continuing, provided thatall amounts remaining on deposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be returned to Borrower.
Appears in 1 contract
Required Repairs. Borrower On the Commencement Date, Tenant shall perform all deposit with Landlord the sum of Four Hundred Fifty Nine Thousand Nine Hundred Three and NO/00 Dollars ($459,903.00) (or deliver a Letter of Credit as defined in Section 30.06(d) in such amount, which Letter of Credit shall be held and disbursed in the same manner as described in Section 30.05 hereof with respect to the Letter of Credit for the Required Repairs), to complete each item of the repairs relating to the Property Locations described on Exhibit I (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) and Landlord shall hold or cause the Mortgagee to hold such amount for Tenant’s benefit in an interest-bearing account (which may be a book entry subaccount) (the “Required Repairs Subaccount”); all interest thereon shall accrue for the benefit of Tenant. Tenant shall complete the Required Repairs at the applicable Property Location on or before the deadline for such Required Repairs as set forth in Exhibit I. Landlord shall disburse or cause the Mortgagee to disburse the funds held in the Required Repairs Subaccount to Tenant, within fifteen (15) days after the delivery by Tenant to Landlord of a request therefor, in an amount greater than Twenty-Five Thousand Dollars ($25,000) (or a lesser amount if the total amount in the Required Repair Subaccount is less than Twenty-Five Thousand Dollars ($25,000), in which case only one disbursement of the amount remaining in the account shall be made), accompanied by the following items: (a) a certificate signed by an officer of Tenant: (i) in compliance with all applicable Legal Requirementsstating that the Required Repair which is the subject of the requested disbursement has been completed, (ii) identifying each Person that supplied materials or labor in a Lien-freeconnection with such Required Repairs or any portion thereof, good and workmanlike manner and (iii) prior to stating that each such Person supplying materials or labor has been or, upon receipt of the date set forth on Schedule 5.1.32 requested disbursement, will be paid in full with respect to such the portion of the Required Repairs which is the subject of the requested disbursement; (each such date, a “Required Repair Deadline”). It shall constitute an Event b) copies of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoingappropriate lien waivers, to the extent any Required Repair applicable, or other evidence of payment reasonably satisfactory to Landlord; and (c) if requested by Xxxxxxxx’s Mortgagee, a title search for such Property Location indicating that such Property Location is the responsibility of a Tenant pursuant to a Leasefree from all liens, Borrower claims and other encumbrances not previously approved by Landlord. Landlord shall be obligated only to use commercially reasonably efforts make (or cause Mortgagee to have such Tenant complete such Required Repair on or prior to make) disbursements from the Required Repair DeadlineSubaccount with respect to a Property Location in the amount allocated for such Property Location set forth in Exhibit I (even if the cost to complete such work is less than the amount set forth in Exhibit I) but Landlord shall not be obligated to make (or cause Mortgagee to make) disbursements in excess of the amount allocated for Property Location as set forth in Exhibit I. If Tenant does not complete the Required Repairs at the applicable Property Location by the required deadline for such Required Repairs, then Landlord may apply such funds to completion of such Required Repairs. Upon Tenant’s completion of all Required Repairs in accordance with this Section, Landlord shall release or cause Mortgagee to release any funds remaining in the Required Repairs Subaccount, if any, to Tenant.
Appears in 1 contract
Samples: Master Lease (Spirit Finance Corp)
Required Repairs. Borrower (a) Tenant shall perform all of the repairs actions (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, (ii) in a Lien-free, good and workmanlike manner and (iii) prior to the date set forth on Schedule 5.1.32 with respect to such Required Repairs (each such dateeach, a “Required Repair DeadlineRepair”)) set forth on Exhibit F hereto in compliance with the conditions set forth in Paragraph 13(b) hereof and provide Landlord with documentation, reasonably satisfactory to Landlord, of the lien free completion of the activities listed on such schedule within one hundred twenty (120) days after the date hereof. It Such documentation shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, includinginclude, without limitation, if caused copies of all relevant reports, contracts, lien waivers, agreements and, where appropriate, photographic evidence documenting the completed obligations, and all other documents and information reasonably required by delays due Landlord or Lender in connection therewith. Tenant shall pay all costs associated with the obligations set forth in this Paragraph 34. Upon receipt of written notice from Landlord that Tenant has failed to weather or force majeuretimely complete any Required Repair, Tenant shall have thirty (30) days to cure such failure at which point such failure shall be deemed to be an Event of Default; provided, however, that in the event Tenant hall have commenced and shall be diligently pursuing a cure of such failure, such Required Repair Deadline thirty (30) day cure period shall be automatically extended solely as to such Required Repair to permit Borrower allow Tenant to complete such cure; provided further, however, that in no event shall the period during which Tenant may perform the Required Repair so long Repairs, as Borrower is at all times thereafter diligently and expeditiously proceeding the same may be extended, exceed one hundred eighty (180) days.
(b) Upon execution of this Lease, Tenant shall deposit with Landlord’s Lender, if requested, an escrow equal to complete 125% of the sameestimated cost of completing the Required Repairs. Notwithstanding If Tenant fails to perform the foregoingRequired Repairs within the time period set forth in Paragraph 34(a) above, Landlord may, upon request to Lender, draw against such escrow to pay the cost of completing the Required Repairs pursuant to the extent any Lender’s standard disbursement requirements. If Tenant performs such Required Repair is Repairs, Landlord will request a draw against the responsibility escrow from Lender upon receipt from Tenant of a Tenant pursuant draw request, together with any supporting information required to a Lease, Borrower process the draw request. Any balance held in escrow shall be obligated only refunded to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to upon completion of the Required Repair DeadlineRepairs.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Lincoln Educational Services Corp)
Required Repairs. (a) Borrower shall, or shall cause Xxxxxx Mortgage Borrower to perform all of the repairs (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 7.1.1 hereto (such repairs hereinafter collectively referred to as “Required Repairs”). Subject to Unavoidable Delays, Borrower shall, or shall cause Xxxxxx Mortgage Borrower to complete the Required Repairs within the time frames set forth on Schedule 7.1.1 hereto. It shall be an Event of Default under this Agreement if subject to Unavoidable Delays, Borrower or Xxxxxx Mortgage Borrower do not complete the Required Repairs at each Individual Property by the required dates. Upon the occurrence of such an Event of Default, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may, subject to the terms and provisions of the Xxxxxx Loan Documents, 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. On the Closing Date, Borrower shall deposit with Lender the amount for each Individual Property set forth on such Schedule 7.1.1 hereto to perform the Required Repairs for such Individual Property multiplied by one hundred twenty-five percent (125%) (or a Letter of Credit in lieu thereof). Amounts so deposited with Lender (or the proceeds of any Letter of Credit delivered in lieu thereof) shall be held by Lender in accordance with Section 7.5 hereof. Amounts so deposited (and the proceeds of any Letter of Credit delivered pursuant to this Section 7.1.1) shall hereinafter be referred to as Borrower’s “Required Repair Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Required Repair Account.”
(b) Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account from time to time, but not more frequently than once in any thirty (30) day period, upon satisfaction by Borrower of each of the following conditions: (a) Borrower shall submit a written request for payment to Lender at least thirty (30) days prior to the date on which Borrower request such payment be made and specifies the Required Repairs to be paid, (b) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, (c) Lender shall have received an Officer’s Certificate (i) stating that all Required Repairs at the applicable Individual Property to be funded by the requested disbursement have been completed in compliance good and workmanlike manner (or any materials to be reimbursed by the requested disbursement are on site at the Individual Property and are properly secured or in a bonded warehouse or have been installed in the Individual Property) and in accordance with all applicable Legal Requirements, such Officer’s 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, (ii) identifying each Person that supplied materials or labor in a Lien-freeconnection with the Required Repairs performed at such Individual Property to be funded by the requested disbursement, good and workmanlike manner and (iii) prior stating that each such Person has been paid in full or will be paid in full upon such disbursement (except for customary retainage), such Officer’s Certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender from each Person receiving $50,000 or more in payment, (d) at Lender’s option, a title search for such Individual Property indicating that such Individual Property is free from all liens, claims and other encumbrances not previously Table of Contents approved by Lender which are not Permitted Encumbrances, and (e) Lender shall have received such other evidence as Lender shall reasonably request that the date set forth Required Repairs at such Individual Property to be funded by the requested disbursement have been completed (or any materials to be reimbursed by the requested disbursement are on Schedule 5.1.32 site at the Individual Property and are properly secured or in a bonded warehouse or have been installed in the Individual Property) and are paid for or will be paid upon such disbursement to Borrower (except for customary retainage). Lender shall not be required to make disbursements from the Required Repair Account with respect to any Individual Property unless such requested disbursement is in an amount greater than $25,000 (or a lesser amount if the total amount in the Required Repair Account is less than $25,000, in which case only one (1) disbursement of the amount remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2 in all material respects. Provided no Event of Default has occurred and is continuing, any funds remaining in the Required Repairs Account after completion of all Required Repairs and the delivery of evidence thereof in accordance with the terms and conditions of this Agreement will be disbursed to Borrower. In the event Borrower delivers a Letter of Credit to Lender in lieu of depositing cash into the Required Repair Account, provided Borrower delivers evidence reasonably acceptable to Lender that certain of the applicable Required Repairs have been completed in a good and xxxxxxx-like-manner and such Required Repairs (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Leasepaid for in full, Borrower shall be obligated only permitted to use commercially reasonably efforts deliver a replacement Letter of Credit in an amount equal to have such Tenant complete such 125% of the then remaining outstanding Required Repair on or prior Repairs in substitution for the Letter of Creditor previously delivered to the Required Repair DeadlineLender.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Wyndham International Inc)
Required Repairs. Within ninety (90) days (or such shorter time period as is specified on Exhibit F) after the date hereof, Borrower shall perform all provide Agent with reasonably satisfactory evidence that the repairs listed on Exhibit F attached hereto have been completed. Notwithstanding the foregoing,(i) Borrowers shall not be required to complete any of the repairs for the Park Manor Project except for the railings, water heater and ADA compliance items listed as the seventh, eighth and ninth items on Exhibit F for the Park Manor Project (on the "Deferred Repairs") until the earlier of (A) ninety (90) days following the denial (and the expiration or waiver of all appeal rights, if any) of the currently pending application for a CON to expand the Park Manor Project (the "Expansion CON"), (B) the date of completion of the expansion and related alterations made in connection with the Expansion CON, or (C) one (1) year after the date of hereof; provided, however, if within one (l) year after the date hereof, Borrowers notify Agent that the Expansion CON has been approved and Borrower intends to commence construction of the expansion and related alterations but that such construction is not anticipated to be complete within such one (1) year period, Agent's consent shall not be unreasonably withheld to an Individual Property by Individual Property basisextension of the one (1) at year period, with such extension to coincide with the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, timeline for completion of the expansion and related alterations under the Expansion CON; and (ii) in Borrowers shall not be required to complete the ADA compliance items listed as the second item on Exhibit F for the Desert Terrace Project until Borrowers renovate the applicable areas of the Desert Terrace Project and provided that such ADA compliance items must be completed at the time of such renovation. Nothing herein shall be deemed a Lien-free, good and workmanlike manner and (iii) prior consent by Agent of any alteration being done to the date set forth on Schedule 5.1.32 Park Manor Project or the Desert Terrace Project or an approval of the Expansion CON nor shall anything herein constitute a waiver of any restrictions, conditions or obligation imposed in the Loan Documents with respect to such Required Repairs any alterations to Improvements or any changes to any CON or other Governmental Approvals or Licenses for any of the Projects. Borrowers shall provide Agent with notice of the status of approval of the Expansion CON six (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by 6) months after the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to the Required Repair Deadlinedate hereof.
Appears in 1 contract
Samples: Loan Agreement (Ensign Group, Inc)
Required Repairs. Borrower shall perform all of the repairs (on an Individual Property by Individual Property basis) at the applicable Individual Propertiesits Property, as more particularly set forth on Schedule 5.1.32 hereto II hereto, all as recommend by Lender's engineering and environmental consultants, (such repairs hereinafter referred to as “"Property Required Repairs”"). As to those items which indicate "Soil Remediation" on Schedule II: (a) Borrower shall not have to perform same if the "Test Borings" shown on Schedule II are satisfactory to Lender and its consultants (iin which case the amounts reserved for Soil Remediation shall be returned to Borrower if no Event of Default then exists) in compliance with all applicable Legal Requirements, (ii) in a Lien-free, good and workmanlike manner and (iiib) prior to if the date set forth on Schedule 5.1.32 with respect to such Test Borings are not satisfactory, the Soil Remediation shall consist of those items required by Lender and its consultants. Borrowers shall complete the Property Required Repairs (each such dateon or before June 1, a “Required Repair Deadline”)1999. It shall constitute be an Event of Default under this Agreement if Borrower does (i) Borrowers do not complete the Property Required Repairs at each Individual Property by such required deadline, and (ii) Borrowers do not satisfy each condition contained in Section 7.1.2 hereof. Upon the occurrence of such an Event of Default, Lender, at its option, may withdraw all Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to Funds from the Required Repair DeadlineSub-Account and Lender may apply such funds either to completion of the Property Required Repairs at one or more of the Property 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. The charges of Lender's engineering and environmental consultants shall be paid by Borrower.
Appears in 1 contract
Required Repairs. (a) Borrower shall perform all of make the repairs (on an Individual and improvements to the Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto 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 $0.00, 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 compliance accordance with all applicable Legal Requirementsthe requirements of this Agreement, as verified by Lender in its reasonable discretion, and provided no Event of Default is then continuing, (ii) the payment in a Lien-free, good and workmanlike manner and full of the Debt or (iii) prior to the date set forth 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, all amounts remaining on Schedule 5.1.32 with respect to such Required Repairs (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided thatdeposit, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadlineany, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to in the Required Repair DeadlineAccount shall be promptly returned to Borrower.
Appears in 1 contract