Changes in Plans and Specifications. No changes will be made in the Plans and Specifications without the prior written approval of Agent; provided, however, that Borrower may make changes to the Plans and Specifications if (i) Borrower notifies Agent in writing of such change within seven (7) days thereafter; (ii) Borrower obtains the approval of all parties whose approval is required, including any Tenants under Leases, sureties, and any Governmental Authority to the extent approval from such parties is required; (iii) the structural integrity of the Improvements is not impaired; (iv) no material change in architectural appearance is effected; (v) the performance of the mechanical, electrical, and life safety systems of the Improvements is not affected; (vi) the cost of or reduction resulting from such change (x) does not exceed $500,000 and (y) when added to all other changes which have not been approved by Agent in writing, the resulting aggregate cost or does not exceed $1,000,000. Changes in the scope of construction work or to any construction related contract must be documented with a change order on the AIA Form G701 or equivalent form.
Appears in 1 contract
Samples: Construction Loan Agreement (Republic Property Trust)
Changes in Plans and Specifications. No changes will be made in ------------------------------------- the Plans and Specifications without the prior written approval of AgentLender; provided, however, that Borrower may make changes to the Plans and ------------------ Specifications if (i) Borrower notifies Agent Lender in writing of such change within seven (7) days thereafter; (ii) Borrower obtains the approval of all parties whose approval is required, including any Tenants under Leases, sureties, sureties and any Governmental Authority to the extent approval from such parties is required; (iii) the structural integrity of the Improvements is not impaired; (iv) no material change in architectural appearance is effected; (v) the performance of the mechanical, electrical, and life safety systems of the Improvements is not affected; (vi) the cost of or reduction resulting from such change (x) does not exceed $500,000 50,000 and (y) when added to all other changes which have not been approved in writing by Agent in writingLender, the resulting aggregate cost or reduction does not exceed $1,000,000250,000.00. Changes in the scope of construction work or to any construction related contract must be documented with a change order on the AIA Form G701 or equivalent form.
Appears in 1 contract
Samples: Construction Loan Agreement (American Leisure Holdings, Inc.)
Changes in Plans and Specifications. No changes will be made in the Plans and Specifications without the prior written approval of AgentLender; provided, however, that Borrower may make changes to the Plans and Specifications if (i) Borrower notifies Agent Lender in writing of such change within seven (7) days thereafter; (ii) Borrower obtains the approval of all parties whose approval is required, including any Tenants under Leases, sureties, and any Governmental Authority to the extent approval from such parties is required; (iii) the structural integrity of the Improvements is not impaired; (iv) no material change in architectural appearance is effected; (v) the performance of the mechanical, electrical, and life safety systems of the Improvements is not affected; (viv) the cost of or reduction resulting from such change (x) does not exceed $500,000 20,000.00 and (y) when added to all other changes which have not been approved in writing by Agent in writingLender, the resulting aggregate cost or reduction does not exceed $1,000,00060,000.00. Changes in the scope of construction work or to any construction related contract must be documented with a change order on the AIA Form G701 or equivalent form.
Appears in 1 contract
Samples: Development Loan Agreement (Wellsford Real Properties Inc)
Changes in Plans and Specifications. No changes will be made in the Plans and Specifications without the prior written approval of AgentLender; provided, however, that Borrower may make changes to the Plans and Specifications if (i) Borrower notifies Agent Lender in writing of such change within seven (7) days thereafter; (ii) Borrower obtains the approval of all parties whose approval is required, including any Tenants tenants under Leases, sureties, and any Governmental Authority to the extent approval from such parties is required; (iii) the structural integrity of the Improvements is not impaired; (iv) no material change in architectural appearance is effected; (v) the performance of the mechanical, electrical, and life safety systems of the Improvements is not affected; and (vi) the cost of or reduction resulting from any one such change (x) does not exceed $500,000 and (y) 50,000, or when added to all other changes which have not been approved by Agent in writingrequiring the approval of Lender, the resulting aggregate cost or reduction does not exceed $1,000,000. Changes in the scope of construction work or to any construction related contract must be documented with a change order on the AIA Form G701 or equivalent form100,000.
Appears in 1 contract
Samples: Loan Agreement (Emeritus Corp\wa\)
Changes in Plans and Specifications. No changes will be made in the Plans and Specifications without the prior written approval of AgentLender; provided, however, that Borrower may make changes to the Plans and Specifications if (i) Borrower notifies Agent Lender in writing of such change within seven (7) days thereafter; (ii) Borrower obtains the approval of all parties whose approval is required, including any Tenants under Leases, sureties, and any Governmental Authority to the extent approval from such parties is required; (iii) the structural integrity of the Improvements is not impaired; (iv) no material change in architectural appearance is effected; (v) the performance of the mechanical, electrical, and life safety systems of the Improvements is not affected; and (vi) the cost of or reduction resulting from any one such change (x) does not exceed $500,000 and (y) 50,000 or when added to all other changes which have not been approved by Agent in writingrequiring Lender's approval, the resulting aggregate cost or reduction does not exceed $1,000,000. Changes in the scope of construction work or to any construction related contract must be documented with a change order on the AIA Form G701 or equivalent form500,000.
Appears in 1 contract
Samples: Construction Loan Agreement (Medical Properties Trust Inc)
Changes in Plans and Specifications. No changes will be made in the Plans and Specifications without the prior written approval of Agent; provided, however, that Borrower may make changes to the Plans and Specifications without Agent’s approval if (i) Borrower notifies Agent in writing of such change within seven (7) days thereafter; (ii) Borrower obtains the approval of all parties whose approval is required, including any Tenants under Leases, sureties, and any Governmental Authority to the extent approval from such parties is required; (iii) the structural integrity of the Improvements is not impaired; (iv) no material change in architectural appearance is effected; (v) the performance of the mechanical, electrical, and life safety systems of the Improvements is not adversely affected; (vi) the cost of or reduction resulting from such change (x) does not exceed $500,000 2,000,000 and (y) when added to all other changes which have not been approved by Agent in writing, the resulting aggregate cost or does not exceed $1,000,0005,000,000. Changes in the scope of construction work or to any construction related contract must be documented with a change order on the AIA Form G701 or equivalent form.
Appears in 1 contract
Samples: Construction Loan Agreement (Dupont Fabros Technology, Inc.)