Common use of Final Completion Date; Revised Capital Improvement Budget Clause in Contracts

Final Completion Date; Revised Capital Improvement Budget. If the Capital Improvement Work is not Completed on or before the Estimated Completion Date, then (i) Borrower shall deliver to Lender on or before the Estimated Completion Date an updated Capital Improvement Budget, which Capital Improvement Budget shall (A) be current as of the Estimated Completion Date, (B) include a certification of all budgeted costs and expenses paid through the date of such updated Capital Improvement Budget, together with such evidence of payments and conditional and final lien waivers as Lender may reasonably request with respect to all completed work, and (C) be subject in all respects to Lender’s approval, which approval shall not be unreasonably withheld, conditioned or delayed, and (ii) Borrower shall deposit into a restricted account maintained with Lender (the “Capital Improvements Reserve Account”) on or before the Estimated Completion Date an amount sufficient to pay all costs and expenses required to cause the Capital Improvement Work to be Completed, as set forth in the updated Capital Improvement Budget delivered to and approved by Lender pursuant to and in accordance with clause (i) of this Section 4.14(b).