CODE VIOLATION MANAGEMENT AND MITIGATION Clause Samples
The Code Violation Management and Mitigation clause establishes procedures for identifying, addressing, and resolving violations of applicable codes or regulations during a project. Typically, this clause outlines the responsibilities of the parties involved, such as promptly notifying relevant stakeholders of any discovered violations, implementing corrective actions, and ensuring compliance with legal requirements. Its core practical function is to provide a clear framework for managing code violations efficiently, thereby minimizing project delays, reducing legal risks, and ensuring that the project remains in compliance with all regulatory standards.
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CODE VIOLATION MANAGEMENT AND MITIGATION. Where code violations exist and Altisource has been provided notice of violations, Altisource will manage the mitigation of such code violations and negotiate code violation fines on behalf of Residential. Residential authorizes to Altisource to expend up to $[***] on any item on Residential’s behalf to mitigate any code violation without any further approval from Residential, including paying such amount as a fine, expending such amount in repair work or offering up to such amount as a seller concession to a buyer at closing. Any fine, remediation work item or a seller concession anticipated to exceed $[***] shall require Residential’s approval. Notwithstanding the foregoing, if any fine is the result of Altisource’s failure to timely mitigate a violation for which Altisource was aware and could have reasonably cured such violation prior to accruing the fine, then Altisource shall be responsible for payment of such fine.
CODE VIOLATION MANAGEMENT AND MITIGATION. Where code violations exist for vacant and abandoned properties and Altisource has been provided notice of violations, Altisource will manage and mitigate code violations as well as negotiate code violation fines on behalf of Residential.