Certain Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but without limiting the other restrictions on Developer’s authority contained herein, Developer shall not take any action, expend any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner shall grant or withhold within five (5) Business Days after receipt of a written request, provided that if the Construction Lender’s consent or approval is required therefor under the loan documents for the Construction Loan, then such five (5) Business Day period shall be tolled until the Construction Lender’s consent or approval, as the case may be, is granted): (a) Entering into any construction or architectural contracts or any contract with any Specialists or Consultants or any amendments to such contracts, or taking any action or giving any notice, the taking or giving of which will (i) result in the release or discharge of any party to any such contract or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder. (b) Subject to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in the Plans and Specifications as previously approved by Owner. (c) Entering into or amending any agreement or other arrangement for the furnishing to Owner of goods or services for the Development Work, to the extent Owner’s obligation under such agreement or arrangement (as so amended) exceeds amounts provided for in the Development Budget plus the amount of any funds Developer is obliged to provide through Mandatory Developer Cost Overrun Loans. (d) Commence, settle or otherwise compromise any litigation for or on behalf of Owner. (e) Except as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party, including, without limitation, any governmental authority, utility company, lender, tenant, Specialist or Consultant, Contractor or Architect.
Appears in 2 contracts
Samples: Development Agreement, Development Agreement (Bluerock Residential Growth REIT, Inc.)
Certain Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but without limiting the other restrictions on Developer’s authority contained herein, Developer shall not take any action, expend any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner shall grant or withhold within five three (53) Business Days after receipt of a written request, provided that if the any Construction Lender’s consent or approval is required therefor under the loan Construction Loan documents for or under the Construction LoanLLC Agreement, then such five three (53) Business Day period shall be tolled until the any Construction Lender’s or Owner's consent or approval, as the case may be, is granted):
(a) Entering into any construction or architectural contracts or any contract with any Specialists or Consultants or any other contract related to, or in connection with, the Development Work or any amendments to such contracts, or taking any action, omitting to take action or giving any notice, the taking taking, omission or giving of which will (i) result in the release or discharge of any party to any such contract contract, or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder.
(b) Authorizing the preparation of any architectural plans, specifications and drawings which materially affect design of the Development Work.
(c) Subject to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in construction or in the Plans and Specifications therefor as previously approved by OwnerOwner or in the cost thereof, or any other change which would materially affect design, value or quality of the Development Work.
(cd) Entering into or amending any agreement or other arrangement for the furnishing to or by Owner of goods or services for the Development Workservices, to the extent Owner’s obligation under such agreement or arrangement exceeds, in any calendar year, Thirty Thousand Dollars (as so amended) exceeds amounts provided for in the Development Budget plus the amount of any funds Developer is obliged to provide through Mandatory Developer Cost Overrun Loans$30,000).
(de) Commence, settle or otherwise compromise any litigation for or on behalf of Owner.
(ef) Except as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party, party including, without limitation, any governmental authority, utility company, lender, tenant, Specialist or Consultant, Contractor or Architect.
Appears in 2 contracts
Samples: Development Agreement, Development Agreement (Bluerock Residential Growth REIT, Inc.)
Certain Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but without limiting the other restrictions on Developer’s authority contained herein, Developer shall not take any action, expend any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner shall grant or withhold within five three (53) Business Days after receipt of a written request, provided that if the Construction Lender’s consent or approval is required therefor under the loan documents for or under the Construction LoanLLC Agreement, then such five (5) 3 Business Day period shall be tolled until the Construction Lender’s or Owner's consent or approval, as the case may be, is granted):
(a) Entering into any construction or architectural contracts or any contract with any Specialists or Consultants or any other contract related to, or in connection with, the Development Work or any amendments to such contracts, or taking any action, omitting to take action or giving any notice, the taking taking, omission or giving of which will (i) result in the release or discharge of any party to any such contract contract, or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder.
(b) Authorizing the preparation of any architectural plans, specifications and drawings.
(c) Subject to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in construction or in the Plans and Specifications therefor as previously approved by OwnerOwner or in the cost thereof, or any other change which would materially affect design, value or quality of the Development Work.
(cd) Entering into or amending any agreement or other arrangement for the furnishing to or by Owner of goods or services for the Development Workservices, to the extent Owner’s obligation under such agreement or arrangement exceeds, in any calendar year, Thirty Thousand Dollars (as so amended) exceeds amounts provided for in the Development Budget plus the amount of any funds Developer is obliged to provide through Mandatory Developer Cost Overrun Loans$30,000).
(de) Commence, settle or otherwise compromise any litigation for or on behalf of Owner.
(ef) Except as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party, party including, without limitation, any governmental authority, utility company, lender, tenant, Specialist or Consultant, Contractor or Architect.
Appears in 1 contract
Samples: Development Agreement (Bluerock Residential Growth REIT, Inc.)
Certain Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but without limiting the other restrictions on Developer’s authority contained herein, Developer shall not take any action, expend any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner shall grant or withhold within five (5) Business Days after receipt of a written request, provided that if the Construction Lender’s consent or approval is required therefor under the loan documents for the Construction Loan, then such five (5) Business Day period shall be tolled until the Construction Lender’s consent or approval, as the case may be, is granted):
(a) Entering into any construction or architectural contracts or any contract with any Specialists or Consultants or any amendments to such contracts, or taking any action or giving any notice, the taking or giving of which will (i) result in the release or discharge of any party to any such contract or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder.
(b) Subject to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in the Plans and Specifications as previously approved by Owner.
(c) Entering into or amending any agreement or other arrangement for the furnishing to Owner of goods or services for the Development Work, to the extent Owner’s obligation under such agreement or arrangement (as so amended) exceeds amounts provided for in the Development Budget plus the amount of any funds Developer is obliged to provide through Mandatory Developer Cost Overrun Loans.
(d) Commence, settle or otherwise compromise any litigation for or on behalf of Owner.
(e) Except as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party, including, without limitation, any governmental authority, utility company, lender, ground landlord, tenant, Specialist or Consultant, Contractor or Architect.
Appears in 1 contract
Samples: Development Agreement (Bluerock Residential Growth REIT, Inc.)
Certain Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but without limiting the other restrictions on Developer’s authority contained herein, Developer shall not take any action, expend any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner shall grant or withhold within five three (53) Business Days after receipt of a written request, provided that if the Construction any Lender’s consent or approval is required therefor under the loan documents for or under the Construction LoanLLC Agreement, then such five (5) 3 Business Day period shall be tolled until the Construction any Lender’s or Owner's consent or approval, as the case may be, is granted):
(a) Entering into any construction or architectural contracts or any contract with any Specialists or Consultants or any other contract related to, or in connection with, the Development Work or any amendments to such contracts, or taking any action, omitting to take action or giving any notice, the taking taking, omission or giving of which will (i) result in the release or discharge of any party to any such contract contract, or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder.
(b) Authorizing the preparation of any architectural plans, specifications and drawings.
(c) Subject to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in construction or in the Plans and Specifications therefor as previously approved by OwnerOwner or in the cost thereof, or any other change which would materially affect design, value or quality of the Development Work.
(cd) Entering into or amending any agreement or other arrangement for the furnishing to or by Owner of goods or services for the Development Workservices, to the extent Owner’s obligation under such agreement or arrangement exceeds, in any calendar year, Thirty Thousand Dollars (as so amended) exceeds amounts provided for in the Development Budget plus the amount of any funds Developer is obliged to provide through Mandatory Developer Cost Overrun Loans$30,000).
(de) Commence, settle or otherwise compromise any litigation for or on behalf of Owner.
(ef) Except as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party, party including, without limitation, any governmental authority, utility company, lender, tenant, Specialist or Consultant, Contractor or Architect.
Appears in 1 contract
Samples: Development Agreement (Bluerock Residential Growth REIT, Inc.)
Certain Owner Approvals. Notwithstanding any provisions of this Agreement (including, without limitation, Section 4.1 hereof), but without limiting the other restrictions on Developer’s 's authority contained herein, Developer shall not take any action, expend any sum, make any decision, give any consent, approval or authorization, enter into any agreement or incur any obligation with respect to any of the following matters unless and until the same have been approved in writing by Owner (which approvals Owner shall grant or withhold within five three (53) Business Days after receipt of a written request, provided that if the Construction any Lender’s 's consent or approval is required therefor under the loan documents for or under the Construction LoanLLC Agreement, then such five (5) 3 Business Day period shall be tolled until the Construction any Lender’s 's or Owner's consent or approval, as the case may be, is granted):
(a) Entering into any construction or architectural contracts or any contract with any Specialists or Consultants or any other contract related to, or in connection with, the Development Work or any amendments to such contracts, or taking any action, omitting to take action or giving any notice, the taking taking, omission or giving of which will (i) result in the release or discharge of any party to any such contract contract, or (ii) consent to any other party to any contract to assign or otherwise transfer its rights or obligations thereunder.
(b) Authorizing the preparation of any architectural plans, specifications and drawings.
(c) Subject to Section 3.2.3(b) of this Agreement, authorizing or approving any proposed change in construction or in the Plans and Specifications therefor as previously approved by OwnerOwner or in the cost thereof, or any other change which would materially affect design, value or quality of the Development Work.
(cd) Entering into or amending any agreement or other arrangement for the furnishing to or by Owner of goods or services for the Development Workservices, to the extent Owner’s 's obligation under such agreement or arrangement exceeds, in any calendar year, Thirty Thousand Dollars (as so amended) exceeds amounts provided for in the Development Budget plus the amount of any funds Developer is obliged to provide through Mandatory Developer Cost Overrun Loans$30,000).
(de) Commence, settle or otherwise compromise any litigation for or on behalf of Owner.
(ef) Except as expressly provided in this Agreement, commit or otherwise obligate Owner in any manner with any party, party including, without limitation, any governmental authority, utility company, lender, tenant, Specialist or Consultant, Contractor or Architect.
Appears in 1 contract
Samples: Development Agreement (Bluerock Residential Growth REIT, Inc.)