Common use of Performance of Replacements Clause in Contracts

Performance of Replacements. (a) Borrower shall make Replacements when required in order to keep each Individual Property in condition and repair consistent with other 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 (other than ordinary wear and tear), unless a Tenant is required to make such Replacements pursuant to the terms of its Lease. Borrower shall complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement. (b) In connection with any Replacements in excess of $500,000 in the aggregate with respect to an Individual Property, Lender reserves the right, at its option, to approve (such approval not to be unreasonably withheld, conditioned or delayed) all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the Replacements. Upon ▇▇▇▇▇▇’s request, Borrower shall assign any contract or subcontract to Lender. (c) Nothing in this Section 7.3.3 shall: (i) make Lender responsible for making or completing any Replacements; (ii) require Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement; (iii) obligate Lender to proceed with any Replacements; or (iv) obligate Lender to demand from Borrower additional sums to make or complete any Replacement.

Performance of Replacements. (a) Borrower shall make Replacements when required in order to keep each Individual Property in condition and repair consistent with other 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 (other than ordinary wear and tear), unless a Tenant is required to make such Replacements pursuant to the terms of its Lease. Borrower shall complete all Replacements in a good and workmanlike manner as soon as practicable following the commencement of making each such Replacement. (b) In connection with any Replacements in excess of $500,000 in the aggregate with respect to an Individual Property, Lender reserves the right, at its option, to approve (such approval not to be unreasonably withheld, conditioned or delayed) all contracts or work orders with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials in connection with the Replacements. Upon ▇L▇▇▇▇▇’s request, Borrower shall assign any contract or subcontract to Lender. (c) Nothing in this Section 7.3.3 shall: (i) make Lender responsible for making or completing any Replacements; (ii) require Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement; (iii) obligate Lender to proceed with any Replacements; or (iv) obligate Lender to demand from Borrower additional sums to make or complete any Replacement.