Common use of Construction and Inspection Clause in Contracts

Construction and Inspection. (a) Plans and Specifications. Prior to the date of this Agreement, Transferor Company has delivered to BRI Partnership true, correct and complete copies of the Plans and Specifications for the construction of the Improvements as set forth on Schedule C attached hereto. (b) Transferor Company to Construct Improvements. Transferor Company shall, at Transferor Company's expense, obtain all permits and construct the Improvements on the Land in accordance with the Plans and Specifications, as the same may be modified by change order in accordance with this Agreement. All work shall be done in a good and workmanlike manner using new, good quality materials, free of all defects and in compliance with all Codes (as defined in Section 5.21), permits, approvals, title restrictions and insurance requirements. Transferor Company shall obtain builder's risk insurance on the Improvements in the amount of the construction cost of those buildings from time to time for which construction has commenced. Transferor Company shall deliver a certificate of such insurance to BRI Partnership. Transferor Company shall maintain such insurance in force and effect through the course of construction and until Closing hereunder. (c) Inspection of Construction; Correction of Defects. BRI Partnership and its engineers, consultants and agents may inspect the construction of the Improvements from time to time during the course of construction upon reasonable notice to the Transferor Company. After receipt from the Transferor Company of written notice that the requirements of Section 3.02(a)(i) and (ii) have been satisfied (the "Inspection Notice"), BRI Partnership and its engineers, consultants and agents shall inspect the construction of the Improvements upon reasonable notice to Transferor Company to determine whether such construction is completed in accordance with the Plans and Specifications. Within 30 days after the Inspection Notice, BRI Partnership will give written notice to Transferor Company of any nonconformities with the Plans and Specifications and defects or deficiencies in construction identified by BRI Partnership. Unless Transferor Company disagrees with BRI Partnership, which disagreement shall be expressed by giving written notice to the BRI Partnership stating the basis for said disagreements, within 10 days after such BRI Partnership notice, Transferor Company, at Transferor Company's expense, shall commence to correct, repair or replace any such nonconformities, defects or deficiencies and shall diligently continue thereafter until completion of such corrections, repairs or replacements, and, if such deficiencies are of such a magnitude that Closing would not otherwise be required to occur under Section 3.02 and Section 5.30, the Closing Date shall be extended until the deficiencies are corrected. Any dispute shall be resolved by arbitration in accordance with Section 3.02.

Construction and Inspection. (a) Plans and Specifications. Prior to the date of this Agreement, Transferor Company has delivered to BRI Partnership true, correct and complete copies of the Plans and Specifications for the construction of the Improvements as set forth on Schedule C attached hereto. (b) Transferor Company to Construct Improvements. Transferor Company shall, at Transferor Company's expense, obtain all permits and construct the Improvements on the Land in accordance with the Plans and Specifications, as the same may be modified by change order in accordance with this Agreement. All work shall be done in a good and workmanlike manner using new, good quality materials, free of all defects and in compliance with all Codes (as defined in Section 5.21), permits, approvals, title restrictions and insurance requirements. Transferor Company shall obtain builder's risk insurance on the Improvements in the amount of the construction cost of those buildings from time to time for which construction has commenced. Transferor Company shall deliver a certificate of such insurance to BRI Partnership. Transferor Company shall maintain such insurance in force and effect through the course of construction and until Closing hereunder. (c) Inspection of Construction; Correction of Defects. BRI Partnership and its engineers, consultants and agents may inspect the construction of the Improvements from time to time during the course of construction upon reasonable notice to the Transferor Company. After receipt from the Transferor Company of written notice that the requirements of Section 3.02(a)(i) and (ii) have been satisfied (the "Inspection Notice"), BRI Partnership and its engineers, consultants and agents shall inspect the construction of the Improvements upon reasonable notice to Transferor Company to determine whether such construction is completed in accordance with the Plans and Specifications. Within 30 days after The parties acknowledge that the Transferor Company has delivered the Inspection NoticeNotice as of September 8, 1997. On or before October 7, 1997, BRI Partnership will give written notice to Transferor Company of any nonconformities with the Plans and Specifications and defects or deficiencies in construction identified by BRI Partnership. Unless Transferor Company disagrees with BRI Partnership, which disagreement shall be expressed by giving written notice to the BRI Partnership stating the basis for said disagreements, within 10 days after such BRI Partnership notice, Transferor Company, at Transferor Company's expense, shall commence to correct, repair or replace any such nonconformities, defects or deficiencies and shall diligently continue thereafter until completion of such corrections, repairs or replacements, and, if such deficiencies are of such a magnitude that Closing would not otherwise be required to occur under Section 3.02 and Section 5.30, the Closing Date shall be extended until the deficiencies are corrected. Any dispute shall be resolved by arbitration in accordance with Section 3.02.

Construction and Inspection. (a) Plans and Specifications. Prior to the date of this Agreement, Transferor Company has delivered to BRI Partnership true, correct and complete copies of the Preliminary Plans and Specifications for the construction of the Improvements as set forth on Schedule C attached hereto. After the date hereof, the Transferor Company, at its sole cost and expense, shall prepare complete construction plans and specifications for the Improvements and submit them to the BRI Partnership for approval, such approval not to be unreasonably withheld. The Transferor Company shall prepare the construction plans and specifications in good faith and so as to be in accordance with the Preliminary Plans and Specifications, and the BRI Partnership shall act in good faith when approving the construction plans and specifications and shall not disapprove any aspects of the construction plans and specifications that are in accordance with the Preliminary Plans and Specifications. BRI Partnership shall notify the Transferor Company in writing of its approval or disapproval of the construction plans and specifications within 30 days following receipt. If BRI Partnership does not approve the construction plans and specifications, then the parties shall work in good faith to resolve any differences, but, if within 30 days after submittal, the parties have not agreed upon the construction plans and specifications, then either party, by written notice to the other, may terminate this Agreement, and, upon the giving of such notice, the Deposit shall be returned to the BRI Partnership and neither party shall have any further rights or obligations hereunder. Once agreed upon, the construction plans and specifications shall be deemed the "Plans and Specifications" for all purposes of this Agreement. BRI Partnership and the Transferor Company, as part of, or prior to, the approval of the construction plans and specifications may mutually agree upon changes to the quality or level of Improvements to that shown in the Preliminary Plans and Specifications and, in such event, the parties shall also agree upon an appropriate upward or downward adjustment in the Consideration Amount. (b) Transferor Company to Construct Improvements. Transferor Company shall, at Transferor Company's expense, obtain all permits and construct the Improvements on the Land in accordance with the Plans and Specifications, as the same may be modified by change order in accordance with this Agreement. All work shall be done in a good and workmanlike manner using new, good quality materials, free of all defects and in compliance with all Codes (as defined in Section 5.21), permits, approvals, title restrictions and insurance requirements. Transferor Company shall obtain builder's risk insurance on the Improvements in the amount of the construction cost of those buildings from time to time for which construction has commenced. Transferor Company shall deliver a certificate of such insurance to BRI Partnership. Transferor Company shall maintain such insurance in force and effect through the course of construction and until Closing hereunder. (c) Inspection of Construction; Correction of Defects. BRI Partnership and its engineers, consultants and agents may inspect the construction of the Improvements from time to time during the course of construction upon reasonable notice to the Transferor Company. After receipt from the Transferor Company of written notice that the requirements of Section 3.02(a)(i) and (ii) have been satisfied (the "Inspection Notice"), BRI Partnership and its engineers, consultants and agents shall inspect the construction of the Improvements upon reasonable notice to Transferor Company to determine whether such construction is completed in accordance with the Plans and Specifications. Within 30 days after the Inspection Notice, BRI Partnership will give written notice to Transferor Company of any nonconformities with the Plans and Specifications and defects or deficiencies in construction identified by BRI Partnership. Unless Transferor Company disagrees with BRI Partnership, which disagreement shall be expressed by giving written notice to the BRI Partnership stating the basis for said disagreements, within 10 days after such BRI Partnership notice, Transferor Company, at Transferor Company's expense, shall commence to correct, repair or replace any such nonconformities, defects or deficiencies and shall diligently continue thereafter until completion of such corrections, repairs or replacements, and, if such deficiencies are of such a magnitude that Closing would not otherwise be required to occur under Section 3.02 and Section 5.30, the Closing Date shall be extended until the deficiencies are corrected. Any dispute shall be resolved by arbitration in accordance with Section 3.02.