Common use of Commencement and Completion of Construction Clause in Contracts

Commencement and Completion of Construction. Borrower shall not cause or permit the commencement of construction of the Improvements or delivery of materials to the Land until after recording of the Security Instrument with the appropriate recorder’s office of the county where the Land is located and after obtaining all permits and approvals that are necessary to permit Borrower to commence construction of the Improvements. Borrower shall commence construction of the Improvements (including demolition of any existing improvements) no later than one hundred twenty (120) days from the date of this Agreement (subject to extension for Force Majeure Events as hereinafter provided) and Borrower shall diligently pursue said construction to the Completion Event, and shall supply such moneys required in excess of the Loan Amount and Borrower’s Equity and perform such duties as may be necessary to complete the construction of the Improvements in substantial accordance with the Plans and Specifications and all Requirements, and achieve the Completion Event, all of which shall be accomplished on or before the Completion Date, subject to extension for Force Majeure Events not to exceed sixty (60) days in the aggregate. Completion of the Improvements shall be without liens, claims or assessments (actual or contingent) pending against the Property for any material, labor or other items furnished in connection therewith (except for liens that have been bonded around in accordance with applicable Requirements so that such liens and claims are not encumbrances to the title of the Property). Borrower shall obtain and deliver to Administrative Agent copies of all building permits required for the construction of the Improvements at such time as such permits are required to be obtained under applicable Requirements for that phase of the construction of the Improvements then in process, and will provide to Administrative Agent copies of all other utility, building, health and operating permits (if any) upon Administrative Agent’s request. No phase of the construction of the Improvements shall commence until all permits required for such phase of the construction of the Improvements have been obtained. Borrower will provide to Administrative Agent upon request therefor evidence of satisfactory compliance with all of the foregoing.

Commencement and Completion of Construction. (a) Borrower shall not cause or permit the commencement of construction of the Improvements or delivery of materials to the Land until after recording of the Security Instrument proceed with the appropriate recorder’s office of the county where the Land is located and after obtaining all permits and approvals that are necessary to permit Borrower to commence construction of the Improvements. Borrower shall commence construction of the Improvements (including demolition of any existing improvements) no later than one hundred twenty (120) days from the date of this Agreement (subject to extension for Force Majeure Events as hereinafter provided) and Borrower shall diligently pursue said construction to the Completion Event, and shall supply such moneys required in excess of the Loan Amount and Borrower’s Equity and perform such duties as may be necessary to complete the construction of the Improvements Project with due diligence, substantially in substantial accordance with the Plans and Specifications and all RequirementsConstruction Schedule, and achieve subject to the terms of this Section 7.01, shall effect Completion Event, all of which shall be accomplished Construction on or before prior to the Completion Date, subject to extension . (b) The Completion Date may be extended for Force Majeure Events a period not to exceed sixty (60) days by Force Majeure, provided that (i) Borrower shall promptly, but in no event later than ten (10) days after the occurrence of Force Majeure circumstances, notify Lender of the existence of such Force Majeure circumstances, which notice shall set forth the date upon which such circumstance began, (ii) Borrower shall provide Lender with such evidence of the Force Majeure circumstances as Lender shall reasonably request, including any information provided by General Contractor to Borrower in General Contractor's request for extension of the Completion Date pursuant to the terms of the Construction Contract or by Borrower to the GSA under the GSA Building Lease and (iii) dates for the performance of Borrower's obligations under the GSA Building Lease shall be extended by an equal period pursuant to Paragraph 45.VIII. of the Solicitation for Offers of the GSA Building Lease. (c) The Completion Date may be extended for a period not to exceed ninety (90) days by Unavoidable Government Delay, provided that (i) Borrower shall promptly, but in no event later than ten (10) days after the occurrence of the Unavoidable Government Delay circumstances, notify Lender of the existence of such circumstances, which notice shall set forth the date on which such circumstances began and (ii) Borrower shall provide Lender with such evidence of the Unavoidable Government Delay circumstances as Lender shall reasonably request, including any information or notice provided by the GSA to Borrower under the GSA Building Lease. (d) The progress of construction of the Project shall be deemed to be substantially in accordance with the Construction Schedule so long as target dates set forth in such schedule have been met or, if such target dates have not been met, Lender has determined in its reasonable discretion that Completion of Construction will occur not later than the Completion Date as extended in compliance with this Section 7.01. (e) Borrower shall not permit construction to cease for more than ten (10) consecutive days or for more than twenty (20) days in the aggregate, subject, however, to delays for Force Majeure and Unavoidable Government Delay as permitted by this Section 7. 01. Completion During any discontinuance of construction, Borrower shall make adequate provision, acceptable to Lender, for the protection of the Improvements shall be without liens, claims or assessments (actual or contingent) pending against the Property for any material, labor or other items furnished in connection therewith (except for liens that have been bonded around in accordance with applicable Requirements so that such liens and claims are not encumbrances Project to the title of the Property). Borrower shall obtain extent then constructed, against deterioration and deliver to Administrative Agent copies of all building permits required for the construction of the Improvements at such time as such permits are required to be obtained under applicable Requirements for that phase of the construction of the Improvements then in processagainst other loss, and will provide to Administrative Agent copies of all other utility, building, health and operating permits (if any) upon Administrative Agent’s request. No phase of the construction of the Improvements shall commence until all permits required for such phase of the construction of the Improvements have been obtained. Borrower will provide to Administrative Agent upon request therefor evidence of satisfactory compliance with all of the foregoingdamage or theft.

Commencement and Completion of Construction. Borrower shall not cause or permit take all reasonable steps to ensure that each Applicable Underlying Borrower diligently pursues the commencement of construction of the Financed Improvements or delivery to completion utilizing good workmanship and quality materials. Quality of materials to the Land until after recording construction is of the Security Instrument with the appropriate recorder’s office essence, and each construction draw shall be subject to verification by Verification Agent of the county where the Land is located satisfactory quality and after obtaining all permits and approvals that are necessary to permit Borrower to commence construction completion of the Improvementswork in place. In particular, Borrower shall commence construction take all reasonable steps to ensure that each Applicable Underlying Borrower supplies such sums of the Improvements (including demolition of any existing improvements) no later than one hundred twenty (120) days from the date of this Agreement (subject to extension for Force Majeure Events as hereinafter provided) money and Borrower shall diligently pursue said construction to the Completion Event, and shall supply such moneys required in excess of the Loan Amount and Borrower’s Equity and perform performs such duties as may be necessary to complete the construction of the Financed Improvements in substantial accordance with pursuant to the Plans and Specifications in full compliance with all terms and conditions of the Applicable Underlying Loan Documents and all Requirements, and achieve the Completion EventApplicable Laws, all of which shall be accomplished on or before prior to the applicable Completion Date, subject to extension for Force Majeure Events not to exceed sixty (60) days in the aggregate. Completion of the Improvements shall be and without liensany Lien, claims claim, or assessments assessment (actual or contingent) pending asserted against all or any portion of the Property Applicable Resort for any material, labor labor, or other items furnished in connection therewith (except for liens that have been bonded around therewith, and all in accordance full compliance with all applicable Requirements so that such liens construction, use, building, zoning, and claims are not encumbrances to the title of the Property)other Applicable Laws. Borrower shall obtain and deliver to Administrative Agent copies of all building permits required for the construction of the Improvements at such time as such permits are required to be obtained under applicable Requirements for that phase of the construction of the Improvements then in process, and will provide to Administrative Agent copies of all other utility, building, health and operating permits (if any) upon Administrative Agent’s request. No phase of the construction of the Improvements shall commence until all permits required for such phase of the construction of the Improvements have been obtained. Borrower will provide to Administrative Agent upon request therefor Lender evidence of satisfactory compliance with all of such requirements upon request therefor by Lender and shall provide Lender with true and correct copies of all certificates of occupancy issued by the foregoingApplicable Jurisdictions and all other governmental entities and individuals immediately upon the issuance thereof. Completion of construction shall include but not be limited to grading, landscaping, adequate sewer, water, electrical, gas, telephone and other utility facilities, completed streets, sidewalks, drainage and curbs, both on-site and off-site, public and private. The construction and development of any building comprising the Financed Improvements described herein shall be completed in accordance with the Applicable Approved Construction Schedule. "Substantial Completion" shall be deemed to have occurred when the Applicable Underlying Borrower has obtained a certificate of completion issued by the Architect and approved by Lender and Verification Agent stating that the Financed Improvements are substantially complete, subject only to a "punch list" designating any minor incomplete work or other performance remaining to be done under the Construction Contract to accomplish Completion of the Financed Improvements (hereinafter defined) and stating the amounts necessary to accomplish Completion of the Financed Improvements. As used herein, "Completion of the Financed Improvements" shall mean one hundred percent (100%) finished construction of the Financed Improvements (not Substantial Completion as defined above) in accordance with the Plans and all Applicable Laws, certified in writing to Lender by Borrower and the Architect.