Acceptance of Qualified Properties Clause Samples

Acceptance of Qualified Properties. The Lenders may in their sole discretion, and after performing such due diligence as the Lenders desire in their sole discretion, accept or reject any Qualified Property which is Stabilized offered as an addition to the Unencumbered Asset Pool, unless the Qualified Property is a Class B or better apartment project, in which case the Lenders must be reasonable in their acceptance or rejection of such Qualified Property; provided, however that if Borrower then has an Investment Grade Credit Rating and no Default or Event of Default has occurred and is continuing, then the Lenders shall accept any Qualified Property which is a Class B or better apartment project and Stabilized as an addition to the Unencumbered Asset Pool unless Agent or any Lender reasonably determines that the Property is in violation of applicable Environmental Laws. Borrower shall at its expense provide the Agent and the Lenders with the following due diligence materials and information with respect to any project offered as an addition to the Unencumbered Asset Pool, at least thirty (30) days prior to the delivery by Borrower of a Borrowing Notice relating to the project: (A) the Due Diligence Package; (B) written advice relating to such lien and judgment searches as the Agent shall have requested of Borrower with respect to such Property; (C) an environmental site assessment with respect to such Property, dated as of a recent date, prepared by a qualified firm acceptable to the Agent, identifying any conditions or operations on such property that are not in compliance with any Environmental Laws and any Hazardous Materials located thereon, showing Estimated Remediation Costs, if any, and stating that there are no conditions on such property or other items requiring further investigation or remediation, and any follow-on or supplemental report required by the Agent, together with the Agent's standard form Environmental Questionnaire and Disclosure Statement completed by Borrower; (D) if required by the Agent, a report regarding structural, siding, engineering, seismic and code/legal compliance (including compliance with the Americans With Disabilities Act) matters; (E) current, certified rent roll and other reports of the financial and operating results (for the most recent 12-month period) and projections for the property setting forth in such format as the Agent may require the information relevant to such property necessary to calculate the Revolver DSC Principal Limit; (F) if require...
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Acceptance of Qualified Properties. 43 (iii) Conditions to Inclusion of Proposed Properties in Unencumbered Asset Pool. . . . . . . . . . . . . . . 45 (A) Acceptances. . . . . . . . . . . . . . . . . 45
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Related to Acceptance of Qualified Properties

  • DESCRIPTION OF QUALIFIED PROPERTY The Qualified Property that is subject to the Tax Limitation Amount is described in EXHIBIT 4, which is attached hereto and incorporated herein by reference for all purposes. Property which is not specifically described in EXHIBIT 4 shall not be considered by the District or the Appraisal District to be part of the Applicant’s Qualified Property for purposes of this Agreement, unless by official action the Board of Trustees provides that such other property is a part of the Applicant’s Qualified Property for purposes of this Agreement in compliance with Section 313.027(e) of the TEXAS TAX CODE, the Comptroller’s Rules, and Section 10.2 of this Agreement.

  • LOCATION OF QUALIFIED PROPERTY AND INVESTMENT The Land on which the Qualified Property shall be located and on which the Qualified Investment shall be made is described in EXHIBIT 2, which is attached hereto and incorporated herein by reference for all purposes. The Parties expressly agree that the boundaries of the Land may not be materially changed from its configuration described in EXHIBIT 2 unless amended pursuant to the provisions of Section 10.2 of this Agreement.

  • CURRENT INVENTORY OF QUALIFIED PROPERTY In addition to the requirements of Section 10.2 of this Agreement, if there is a material change in the Qualified Property described in EXHIBIT 4, then within 60 days from the date commercial operation begins, the Applicant shall provide to the District, the Comptroller, the Appraisal District or the State Auditor’s Office a specific and detailed description of the tangible personal property, buildings, and/or permanent, nonremovable building components (including any affixed to or incorporated into real property) on the Land to which the value limitation applies including maps or surveys of sufficient detail and description to locate all such described property on the Land.

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.

  • Warranty of Quality Contractor warrants that all products furnished under this Agreement shall meet the specifications set forth in this Agreement. Contractor shall replace any goods and/or services that do not meet the specifications of this Agreement at no cost to the District in time to minimize disruption to the District. To the extent Contractor is unable to provide replacement products meeting the specifications of this Agreement in time to minimize disruption to the District, the District may order replacement products from another vendor and charge Contractor for the difference between the price listed in Schedule A of this Agreement and the price paid by the District to another vendor to obtain substitute goods, in addition to holding Contractor in breach of this Agreement and exercising any other rights or remedies the District may have at law, including the termination of this Agreement.