Renovation Standards definition

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.
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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.
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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.
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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.

  • 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.

  • 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 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.

  • 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.

  • 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.

  • 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.

  • 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.


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.
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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).
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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.
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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...
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Related to Renovation Standards

  • Generally applicable environmental radiation standards means standards issued by the U.S. Environmental Protection Agency (EPA) under the authority of the Atomic Energy Act of 1954, as amended, that impose limits on radiation exposures or levels, or concentrations or quantities of radioactive material, in the general environment outside the boundaries of locations under the control of persons possessing or using radioactive material.

  • Emission standard means specified limitations on the discharge of air contaminants into the atmosphere.

  • Design Standards means the standards developed as a requirement of the Programmatic Agreement

  • Renovation means altering a facility or one or more facility components in any way, including the stripping or removal of RACM from a facility component. Operations in which load-supporting structural members are wrecked or taken out are demolitions.

  • Modernization means the replacement and upgrading of existing facilities which increases the productive input or output, updates the technology or substantially lowers the unit cost of the operation. Modernization may result from the construction, alteration or installation of buildings, structures, fixed machinery or equipment. It shall not be for the purpose of reconditioning, refurbishing, or repairing.

  • Major renovation means the renovation of a building where:

  • Applicable Standards means the requirements and guidelines of NERC, the Applicable Regional Entity, and the Control Area in which the Customer Facility is electrically located; the PJM Manuals; and Applicable Technical Requirements and Standards.

  • Project Operational Manual means the Project Operational Manual, to be adopted in accordance with Section 6.01 (a) of this Agreement, giving details of guidelines and procedures agreed with the Association for the implementation, supervision, and monitoring and evaluation, of the Project, and the procurement procedures and guidelines for Sub-Projects, as same may be amended from time to time in agreement with the Association, and such term includes any schedules to the Project Operational Manual;

  • SAFE Rules and Regulations means collectively, the Circular 37 and any other applicable SAFE rules and regulations.

  • Technical Standards means the technical standards set out in paragraph 2.4 of the Order Form;

  • Remodeling means the alteration, construction or remodeling of partitions, hallways, stairways and means of egress, the replacement, relocation or reconstruction of heating, ventilating and sanitary equipment.

  • Alterations means all changes, additions, improvements or repairs to, all alterations, reconstructions, renewals, replacements or removals of and all substitutions or replacements for any of the Improvements or Equipment, both interior and exterior, structural and non-structural, and ordinary and extraordinary.

  • Base Building shall include the structural portions of the Building, the public restrooms and the Building mechanical, electrical and plumbing systems and equipment located in the internal core of the Building on the floor or floors on which the Premises are located. Tenant shall promptly provide Landlord with copies of any notices it receives regarding an alleged violation of Law. Tenant shall comply with the rules and regulations of the Building attached as Exhibit E and such other reasonable rules and regulations adopted by Landlord from time to time, including rules and regulations for the performance of Alterations (defined in Section 9).

  • Tenant Improvements Defined in Exhibit B, if any.

  • public open space means the securing of an area of a site at grade or street level which is acceptable to the City and is appropriately landscaped for the use and enjoyment of the public during reasonable hours.

  • Pretreatment standards means all applicable Federal rules and regulations implementing Section 307 of the Act, as well as any nonconflicting State or local standards. In cases of conflicting standards or regulations, the more stringent thereof shall be applied.

  • Plans and Specifications means the plans, drawings and specifications reasonably necessary to properly assess and review proposed Work prior to issuance of any approval that may be required under this Agreement;

  • Operational Manual means the manual referred to in Section 3.03 of this Agreement;

  • Uniform standard means a standard adopted by the commission for a product line, pursuant to article VII of this compact, and shall include all of the product requirements in aggregate; provided, that each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading, or ambiguous provisions in a product and the form of the product made available to the public shall not be unfair, inequitable, or against public policy as determined by the commission.

  • Building Plans means the general building plans in respect of the Development or in respect of any part or parts of the Development prepared by the Authorized Person and approved by the Building Authority and includes any amendments thereto from time to time approved by the Building Authority;

  • Tenant Improvement Work means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

  • Service Level Standards has the meaning ascribed thereto in Section 2.1 hereof.

  • Technical standard means a document that specifies design, predicted performance and operation and maintenance specifications for a material, device or method.

  • Municipal Systems Act means the Local Government: Municipal Systems Act, 2000 (Act No. 32 of 2000);

  • Cosmetic means surgery, procedures or treatment and other services performed primarily to enhance or improve appearance, including but not limited to, and except as otherwise required by state or federal law, those surgeries, procedures, treatments and other services performed in the absence of a functional impairment of a body part or organ as documented in the medical record, even if such services will improve emotional, psychological or mental condition or function.

  • Base Building Work means the base building work for the Building as described in this Manual.