Performance of Replacements. (a) Borrower shall make Replacements when required in order to keep each Individual Property in condition and repair consistent with other first class, full service retail properties in the same market segment in the metropolitan area in which the respective Individual Property is located, and to keep each Individual Property or any portion thereof from deteriorating. Borrower shall complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement. (b) Lender reserves the right, at its option, to approve all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials under contracts for an amount in excess of $100,000 in connection with the Replacements. Upon Lender’s request, Borrower shall assign any contract or subcontract to Lender.
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Sources: Junior Mezzanine Loan Agreement (Inland Western Retail Real Estate Trust Inc), Senior Mezzanine Loan Agreement (Inland Western Retail Real Estate Trust Inc)
Performance of Replacements. (a) Borrower shall make Replacements when required in order to keep each Individual Property in condition and repair consistent with other first class, full service retail comparable properties in the same market segment in the metropolitan area in which the respective Individual Property is located, and to keep each Individual Property or any portion thereof from deteriorating. Borrower shall complete all Replacements in a good and workmanlike manner as soon as practicable commercially reasonable following the commencement of making each such Replacement.
(b) Lender reserves the right, at its option, to reasonably approve all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials under contracts for an amount in connection with the Replacements in excess of $100,000 in connection with the Replacements250,000.00. Upon Lender’s request, Borrower shall collaterally assign any contract or subcontract in excess of $250,000.00 to Lender.
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