Common use of Xxxxxx’s Request Clause in Contracts

Xxxxxx’s Request. If Lender reasonably determines at any time or from time to time, that a Capital Replacement is necessary for the proper maintenance of the Mortgaged Property, it will so notify Borrower, in writing, requesting that Borrower obtain and submit to Lender bids for all labor and materials required in connection with such Capital Replacement. Borrower will submit such bids and a time schedule for completing each Capital Replacement to Lender within 30 days after Xxxxxxxx’s receipt of Xxxxxx’s Notice. Borrower will perform such Capital Replacement and request from Xxxxxx, in writing, reimbursement for such Capital Replacement. Xxxxxxxx’s request for reimbursement will include (1) a detailed description of the Capital Replacement performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been paid, and (2) if required by Xxxxxx, lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement.

Appears in 3 contracts

Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)

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Xxxxxx’s Request. If Lender reasonably determines at any time or from time to time, that a Capital Replacement is necessary for the proper maintenance of the Mortgaged Property, it will so notify Borrower, in writing, requesting that Borrower obtain and submit to Lender bids for all labor and materials required in connection with such Capital Replacement. Borrower will submit such bids and a time schedule for completing each Capital Replacement to Lender within 30 days after Xxxxxxxx’s receipt of Xxxxxx’s Notice. Borrower will perform such Capital Replacement and request from Xxxxxx, in writing, reimbursement or payment for such Capital Replacement. Xxxxxxxx’s request for reimbursement will include (1) a detailed description of the Capital Replacement performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been paid, and (2) if required by Xxxxxx, if the cost of such Capital Replacement has been paid, lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement.

Appears in 2 contracts

Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.), Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.)

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Xxxxxx’s Request. If Lender reasonably determines at any time or from time to time, that a Capital Replacement is necessary for the proper maintenance of the Mortgaged Property, it will so notify Borrower, in writing, provide Borrower with a Notice requesting that Borrower obtain and submit to Lender bids for all labor and materials required in connection with such Capital Replacement. Borrower will submit such bids and a time schedule for completing each Capital Replacement to Lender within 30 days after Xxxxxxxx’s receipt of Xxxxxx’s Notice. Borrower will perform such Capital Replacement and request from Xxxxxx, in writing, reimbursement for such Capital Replacement. Xxxxxxxx’s request for reimbursement will include (1) a detailed description of the Capital Replacement performed, together with evidence, satisfactory to Lender, that the cost of such Capital Replacement has been paid, and (2) if required by Xxxxxx, lien waivers from each contractor and material supplier supplying labor or materials for such Capital Replacement.

Appears in 1 contract

Samples: Multifamily Loan and Security Agreement

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