Common use of Required Repairs Clause in Contracts

Required Repairs. (a) Borrower shall make the repairs and improvements to the Property set forth on Schedule I and as more particularly described in the Physical Conditions 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 six (6) months from the date hereof or within such other time frame for completion specifically set forth on Schedule I. (b) If Borrower fails to complete the Required Repairs within six months, Borrower shall establish an Eligible Account with Lender or Lender's agent to fund the Required Repairs (the "REQUIRED REPAIR ACCOUNT") into which Borrower shall deposit an amount equal to 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."

Appears in 2 contracts

Samples: Loan Agreement (Inland Western Retail Real Estate Trust Inc), Loan Agreement (Inland Western Retail Real Estate Trust Inc)

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Required Repairs. (a) Borrower shall make the repairs and improvements to the each Individual Property set forth on Schedule I and as more particularly described in the applicable Physical Conditions Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as "REQUIRED REPAIRS"“Required Repairs”). Borrower shall complete the Required Repairs in a good and workmanlike manner on or before the date that is six twelve (612) months from the date hereof or within such other time frame for completion specifically set forth on Schedule I. (b) If Borrower fails to complete the Required Repairs within six months, Borrower shall establish on the date hereof an Eligible Account with Lender or Lender's ’s agent to fund the Required Repairs (the "REQUIRED REPAIR ACCOUNT"“Required Repair Account”) into which Borrower shall deposit an on the date hereof the amount equal to 125of $526,153.00, which amount equals 100% of the estimated cost for the completion of the Required Repairs. Amounts so deposited shall hereinafter be referred to as the "REQUIRED REPAIR FUNDS“Required Repair Funds."

Appears in 1 contract

Samples: Loan Agreement (Capital Lodging)

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Required Repairs. (a) Borrower shall make the repairs and improvements to the Property set forth on Schedule I and as more particularly described in the Physical Conditions Property Condition Report prepared in connection with the closing of the Loan (such repairs hereinafter referred to as "REQUIRED REPAIRS"“Required Repairs”). Borrower shall complete the Required Repairs in a good and workmanlike manner on or before the date that is six twelve (612) months from the date hereof or within such other time frame for completion specifically set forth on Schedule I. (b) If Borrower fails to complete the Required Repairs within six months, Borrower shall establish on the date hereof an Eligible Account with Lender or Lender's ’s agent to fund the Required Repairs (the "REQUIRED REPAIR ACCOUNT"“Required Repair Account”) into which Borrower shall deposit an on the date hereof the amount equal to of $0, which amount equals 125% of the estimated cost for the completion of the Required Repairs. Amounts so deposited shall hereinafter be referred to as the "REQUIRED REPAIR FUNDSRequired Repair Funds."

Appears in 1 contract

Samples: Loan Agreement (AmREIT, Inc.)

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