Renovations. It is specifically understood and agreed that has no obligation and has made no promises to alter, remodel, improve, renovate, repair or decorate the Premises or the Building, or any part thereof and that no representations respecting the condition of the Premises or the Building have been made by to except as specifically set forth herein or in the Work Letter. However, hereby acknowledges that is currently renovating or may during the Lease Term renovate, improve, alter, add to or modify (collectively, the “Renovations”) the Project (including, without limitation, the Common Areas), but expressly not including the Building (other than pursuant to the Work Letter). hereby agrees that such Renovations shall in no way constitute a constructive eviction of nor entitle to any abatement of Rent (except as specifically set forth in [Section 19.5.2] of this Lease). shall have no responsibility and shall not be liable to for any injury to or interference with ’s business arising from the Renovations, nor shall be entitled to any compensation or damages from for loss of the use of the whole or any part of the Premises or of ’s personal property or improvements resulting from the Renovations, or for any inconvenience or annoyance occasioned by such Renovations, provided that the foregoing shall not limit ’s liability, if any, pursuant to applicable law for personal injury and property damage to the extent caused by the gross negligence or willful misconduct of , its agents, employees or contractors. Notwithstanding anything in this [Section 29.30] to the contrary, shall use commercially reasonable efforts to perform all
Renovations. The Borrowers shall complete the Renovations (or otherwise resolve the items relating to the Renovations in a manner reasonably satisfactory to the Agent) on or before the Renovation Completion Date; provided, however that no Borrower shall commence any of the Renovations until such time as the Borrowers have delivered to the Agent the information and materials set forth in [Section 7.5.2] hereof and the same have been approved by the Agent in its sole discretion. Upon completion of all Renovations, the Borrowers shall submit to the Lender an Officer’s Certificate stating that all Renovations at the Properties have been paid in full and completed Lien-free, in a good and workmanlike manner and in accordance with all Legal Requirements.
Deposits to the Renovations Reserve Account. On or prior to the Closing Date, the Borrowers shall establish and thereafter maintain with the Cash Management Bank an account (which may be a sub-account of the Cash Management Account maintained on a ledger basis) for the purpose of reserving Renovations Reserve Funds (the “Renovations Reserve Account”). On or prior to the Closing Date, the Borrowers shall deposit into the Renovations Reserve Account an amount equal to # the Renovations Reserve Amount plus # one twenty-fourth (1/24th) the Renovations Reserve Amount. On or prior to each of the twenty-three (23) Payment Dates following the Closing Date, the Borrowers shall deposit into the Renovations Reserve Account an amount equal to one twenty-fourth (1/24th) of the Renovations Reserve Amount. Amounts deposited in the Renovations Reserve Account shall hereinafter be referred to as the “Renovations Reserve Funds”.
“Renovations” means each of the renovations set forth on [Exhibit G] hereto, which Borrower has agreed to complete on or before .
either # there is no amount remaining in the Renovations Reserve Account or # this CapEx Reserve Account disbursement request is being made simultaneously with a request for a disbursement from the Renovations Reserve Account that would result in the Renovations Reserve Account being reduced to AND ; and
Renovations................................................................................................................................ 73
Section # Renovations Reserve Fund.
Withdrawal from the Renovations Reserve Account. Subject to the requirements of this [Section 7.5.2], the Borrowers may request withdrawals from the Renovations Reserve Account to pay for the Renovations. The Borrowers shall submit to the Agent a request (detailing the cost of the Renovations to which such request relates, which may include costs of materials stored at the Properties that are to be incorporated into the Renovations), together with all conditions precedent to such disbursement and such additional information as the Agent may reasonably request in connection with such Borrower’s request, at least ten (10) Business Days prior to the date on which such Borrower requests the Agent to make a disbursement from the Renovations Reserve Account. The Agent shall not be required to make more than one (1) disbursement from the Renovations Reserve Account during any calendar month. In addition, the Agent shall not be required to make disbursements from the Renovations Reserve Account unless such requested disbursement is in an amount greater than (or a lesser amount if the total amount in the Renovations Reserve Account is less than , in which case only one disbursement of the amount remaining in that account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this [Section 7.5]. The Agent shall make a disbursement from the Renovations Reserve Account in the amount requested by the Borrowers so long as each and all of the following conditions are satisfied as of the date of the request and as of the date on which such disbursement is to be made:
“Renovation Documents” means the following documents: # a construction budget for the Renovations, # a construction schedule for the Renovations, # the plans and specifications with respect to the Renovations, # a “guaranteed maximum price” construction management agreement, # proposed architects, engineers and each major trade contractor necessary to complete the Renovations, along with drafts of proposed agreements or contracts with the same and # such other information as the Agent may reasonably require, in the form approved by the Agent prior to entry; it being understood in each case that no Borrower shall enter into any of the foregoing agreements unless and until the same has been Approved by the Agent.
an itemized payee list including a summary and copies of all invoices incurred in connection with the Renovations at the time of the Draw Request, together with any supplemental items required by the Agent;
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.