Renovation Standards definition

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Renovation Standards means the maintenance, repairs, improvements and installations that are necessary (i) for a Property to conform to applicable material Legal Requirements and not deviate materially from local rental market standards for the area in which such Property is located, (ii) for a Property to conform to Requirements for Existing Housing One to Four Family Units (4905.1) or Minimum Property Standard for One and Two Family Dwellings (200.926) as applicable, as published by the U.S. Department of Housing and Urban Development, and (iii) to complete necessary maintenance, repairs, improvements and installations identified in the Scheduled Renovation Work for a Non-Stabilized Property.

Renovation Standards. Those maintenance, repairs, improvements and installations that are necessary (i) for a Property to conform to the requirements of Applicable Law and not deviate materially from local rental market standards for the area in which such Property is located and (ii) for a Property to conform to Requirements for Existing Housing One to Four Family Units (4905.1) or Minimum Property Standard for One and Two Family Dwellings (200.926) as applicable, as published by the U.S. Department of Housing and Urban Development.

Examples of Renovation Standards in a sentence

The Property satisfies the Renovation Standards and all renovations thereto have been conducted in accordance with applicable Legal Requirements, in all material respects.
Except for the Designated Renovation Properties, if the Property is then subject to an Eligible Lease, or if the Property is a Vacant Property previously subject to an Eligible Lease, at the commencement of such Eligible Lease, such Property satisfied the Renovation Standards and all renovations thereto were conducted in accordance with applicable Legal Requirements, in all material respects.
If the Property is then subject to an Eligible Lease, or if the Property is a Vacant Property previously subject to an Eligible Lease, at the commencement of such Eligible Lease, such Property satisfied the Renovation Standards and all renovations thereto were conducted in accordance with applicable Legal Requirements, in all material respects.
If any such sample shows that any of such sampled Financed Properties are not then in compliance with the Renovation Standards, the Administrative Agent or the Majority Lenders may cause the Diligence Agent to subsequently inspect all or a larger sample of the Financed Properties in the Sample Pool to confirm compliance for such Financed Properties with the Renovation Standards.
Except if the Property is a Carry-Over Property, the Property satisfies the Renovation Standards and all renovations thereto have been conducted in accordance with applicable Legal Requirements, in all material respects.
The Administrative Agent or the Majority Lenders shall cause the Diligence Agent to inspect a sample of up to ten percent (10%) by number of each Sample Pool for purposes of verifying compliance with the Renovation Standards, such sample to be selected by the Diligence Agent.
With respect to each Property then subject to an Eligible Lease and each Vacant Property previously subject to an Eligible Lease, at the commencement of such Eligible Lease, such Property satisfied the Renovation Standards and all renovations thereto were conducted in accordance with applicable Legal Requirements, in all material respects.
Except if the Property is a Carry-Over Property or a Vacant Property, the Property satisfies the Renovation Standards and all renovations thereto have been conducted in accordance with applicable Legal Requirements, in all material respects.
If, in the aggregate, greater than 5% of all sampled Financed Properties (with a minimum of two hundred (200) Financed Properties) are not then in compliance with the Renovation Standards in all material respects, the Administrative Agent or the Majority Lenders may cause the Diligence Agent to inspect all or a larger sample of all Financed Properties to confirm such compliance with the Renovation Standards going forward.
In connection with obtaining the BPO Value for any Property or Properties, the Administrative Agent will cause the Diligence Agent to inspect such Non-Stabilized Properties and review the Proposed Scheduled Renovation Work to determine if the proposed schedule of repairs, installations, renovations, rehabilitation and other capital expenditures and the amounts budgeted thereto are sufficient to bring such Non-Stabilized Properties into compliance with the Renovation Standards.

More Definitions of Renovation Standards

Renovation Standards means the maintenance, repairs, improvements and installations that are necessary (i) for a REO Property to conform to applicable material Requirements of Law and not deviate materially (in a negative way) from local rental market standards for the area in which such REO Property is located and (ii) for a REO Property to conform to Requirements for Existing Housing One to Four Family Units (4905.1) or Minimum Property Standard for One and Two Family Dwellings (200.926) as applicable, as published by the United States Department of Housing and Urban Development.

Renovation Standards means such requirements for the performance of maintenance, repairs, improvements and installations that are necessary for a Mortgaged Property to conform to applicable legal requirements and to cause such Mortgaged Property to be in a safe and habitable condition.

Renovation Standards means the maintenance, repairs, improvements and installations that are necessary for a Property to conform to applicable material Legal Requirements and not deviate materially from local rental market standards for the area in which such Property is located. “Rents” means, with respect to each Property, all rents and rent equivalents and any fees, payments or other compensation from any Tenant (except for security deposits or unearned amounts remitted by a prospective tenant to Borrower and held in escrow to reserve a Property; provided, that such amounts shall constitute Rent or Rents when they are earned, and may be retained, by Borrower and applied as rents or rent equivalents). “Repayment Date” means the date of a prepayment of the Loan pursuant to the provisions of Section 2.4. “Replaced Property” means either an Affected Property that is replaced with a Substitute Property under Section 2.4.3(a). “Replacement Management Agreement” means, collectively, (a) either (i) a management agreement with a Qualified Manager, substantially in the same form and substance as the Existing Management Agreement or (ii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, that with respect to this clause (ii), (x) if such management agreement provides for the payment of management fees in excess of those fees provided for under the Existing Management Agreement, then Borrower shall have obtained a Rating Agency Confirmation with respect to such increase in management fees and (y) otherwise Lender, at its option, may require that Borrower obtain a Rating Agency Confirmation with respect to such management agreement, and (b) an assignment of management agreement and subordination of management fees substantially in the form of the Assignment of Management Agreement described in clause (i) of the definition thereof dated as of the date hereof (or such other form and substance reasonably acceptable to Lender and the Qualified Manager), each as it may be amended, restated, replaced, supplemented or otherwise modified from time to time. “Request for Release” means a request for release of a Property in connection with any Transfer of a Property, substantially in the form attached hereto as Exhibit D. “Request for Release of a Disqualified Property” means a request for payoff and release of a Disqualified Property in accordance with Section 2.4.3(a), substantially in the form at...

Renovation Standards means (i) conformity of a Property to applicable Legal Requirements and to applicable building codes for the relevant Market in which such Property is located and (ii) conformity to the Manager’s internal policies and procedures for property rehabilitation and to all internal quality control requirements set forth in written documentation provided to the Administrative Agent prior to the Closing Date, as may be updated from time to time by written notice to the Administrative Agent (unless the Administrative Agent shall reasonably object to the proposed updates within five (5) Business Days of receipt).