Construction Consultant/Duties and Access. Borrower shall permit Lender to retain the Construction Consultant at the reasonable cost of Borrower to perform the following services on behalf of Lender: (a) Prepare the Final Project Report; (b) To review and advise Lender whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory; (c) To review Draw Requests and change orders; and (d) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s then current Draw Request as being consistent with Borrower’s Obligations under this Agreement. The fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender on account thereof shall be reimbursed to Lender within thirty (30) days after request therefor, but neither Lender nor the Construction Consultant shall have any liability to Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender nor the Construction Consultant assumes any obligation to Borrower or any other Person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Samples: Building Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust)
Construction Consultant/Duties and Access. Borrower shall cause Mortgage Borrower to permit Mortgage Lender to retain the Construction Consultant at the reasonable cost of Mortgage Borrower to perform the following services on behalf of Mortgage Lender and Lender:
(a) Prepare the Final Project Report;
(b) To review and advise Lender and Mortgage Lender whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(cb) To review Draw Requests and change orders; and
(dc) To make periodic inspections in accordance with Section 5.1.29 4.1.22 (approximately at the date of each Draw Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s then current Draw Request as being consistent with Borrower’s Obligations under this Agreement, including inter alia, an opinion as to Borrower’s continued compliance with the provisions of Section 2.8.1(j). The Subject to the Mezzanine Lender’s obligations to make advances under the Mezzanine Loan, Lender shall cause Mortgage Borrower to pay the fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender on account thereof shall be reimbursed to Lender within thirty (30) days after request therefor, but neither Lender nor the Construction Consultant shall have any liability to Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender nor the Construction Consultant assumes any obligation to Borrower or any other Person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
Appears in 2 contracts
Samples: Second Mezzanine Loan Agreement, Second Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Construction Consultant/Duties and Access. Borrower shall permit Lender to retain the Construction Consultant at the reasonable cost of Borrower to perform the following services on behalf of Lender:
(a) Prepare the Final Project Report;
(b) To review and advise Lender whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(c) To review Draw Requests and change orders; and
(d) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Request) for the purpose of assuring that construction of 90 the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s then current Draw Request as being consistent with Borrower’s Obligations under this Agreement. The fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender on account thereof shall be reimbursed to Lender within thirty (30) days after request therefor, but neither Lender nor the Construction Consultant shall have any liability to Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender nor the Construction Consultant assumes any obligation to Borrower or any other Person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Construction Consultant/Duties and Access. Borrower shall To permit Lender the Agent to retain the Construction Consultant Consultant, at the Borrower’s reasonable cost of Borrower cost, to perform the following services on behalf of Lenderthe Agent:
(a) Prepare Generally, to advise the Final Project ReportAgent on matters relating to the construction of the Improvements;
(b) To review and advise Lender the Agent whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(c) To review Draw Requests and change orders; and;
(d) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications (except for non-material deviations therefrom that do not adversely affect the use of the Improvements for their intended purpose or their value) and to approve the Borrower’s then current Draw Request as being consistent with the Borrower’s Obligations obligations under this Agreement; and
(e) To complete any other task indicated in any Loan Document to be the responsibility of the Construction Consultant. The fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender the Agent on account thereof shall be reimbursed to Lender within thirty (30) days after request thereforthe Agent out of the next available Advance, but neither Lender the Agent nor the Construction Consultant shall have any liability to the Borrower on account of (i) the services performed by the Construction Consultant, or (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender the Agent nor the Construction Consultant assumes any obligation to the Borrower or any other Person person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Construction Consultant/Duties and Access. Borrower shall permit Lender Lxxxxx to retain the Construction Consultant at the reasonable cost of Borrower to perform the following services on behalf of Lender:
(a) Prepare the Final Project Report;
(bi) To review and advise Lender whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(cii) To review Draw Advance Requests and change orders; and
(diii) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Advance Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s then current Draw Advance Request as being consistent with Borrower’s Obligations obligations under this Agreement. The fees of the Construction Consultant shall be paid by Borrower within thirty twenty (3020) days after billing therefor and expenses incurred by Lender on account thereof shall be reimbursed to Lender within thirty twenty (3020) days after request therefor, but neither Lender nor the Construction Consultant shall have any liability to Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender nor the Construction Consultant assumes any obligation to Borrower or any other Person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Samples: Building Loan Agreement (ACRES Commercial Realty Corp.)
Construction Consultant/Duties and Access. Borrower shall permit Lender (and shall cause the Property Owner to permit) the Agent to retain the Construction Consultant Consultant, at the Borrower’s reasonable cost of Borrower cost, to perform the following services on behalf of Lenderthe Agent:
(a) Prepare Generally, to advise the Final Project ReportAgent on matters relating to the construction of the Improvements;
(b) To review and advise Lender the Agent whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(c) To review Draw Requests and change orders; and;
(d) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications (except for non-material deviations therefrom that do not adversely affect the use of the Improvements for their intended use or their value) and to approve the Borrower’s then current Draw Request as being consistent with the Borrower’s Obligations obligations under this Agreement; and
(e) To complete any other task indicated in any Loan Document to be the responsibility of the Construction Consultant. The fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender the Agent on account thereof shall be reimbursed to Lender within thirty (30) days after request thereforthe Agent out of the next available Advance, but neither Lender the Agent nor the Construction Consultant shall have any liability to the Borrower on account of (i) the services performed by the Construction Consultant, Consultant or (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender the Agent nor the Construction Consultant assumes any obligation to the Borrower or any other Person person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Samples: Mezzanine Construction Loan Agreement (Prime Group Realty Trust)
Construction Consultant/Duties and Access. Borrower shall permit Lender Agent to retain the Construction Consultant at the reasonable cost of Borrower to perform the following services on behalf of LenderAgent in accordance with the terms of this Agreement:
(a) Prepare the Final Project Report;
(b) To review and advise Lender Agent whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(cb) To review Draw Requests and change orders; and
(dc) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s 's then current Draw Request as being consistent with Borrower’s Obligations 's obligations under this Agreement, including inter alia, an opinion as to Borrower's continued compliance with the provisions of Section 2.9.1(e)(vi). The fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender Agent on account thereof shall be reimbursed to Lender Agent within thirty (30) days after request therefor, but neither Lender Agent nor the Construction Consultant shall have any liability to Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender Agent nor the Construction Consultant assumes any obligation to Borrower or any other Person person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Construction Consultant/Duties and Access. Borrower Borrowers shall permit Lender to retain the Construction Consultant at the reasonable cost of Borrower Borrowers to perform the following services on behalf of Lender:
(a) Prepare the Final Project Report;
(b) To review and advise Lender whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(cb) To review Draw Requests, Advance Requests and change orders; and
(dc) To make periodic inspections in accordance with Section 5.1.29 4.1.21 (approximately at the date of each Draw Request and Advance Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s Borrowers’ then current Draw Request as being consistent with Borrower’s Obligations Mortgage Borrowers’ obligations under this Agreementthe Mortgage Loan Documents. The fees of the Construction Consultant shall be paid by Borrower Borrowers within thirty (30) days after billing therefor and expenses incurred by Lender on account thereof shall be reimbursed to Lender within thirty (30) days after request therefor, but neither Lender nor the Construction Consultant shall have any liability to any Borrower or any Mortgage Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services services, or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender nor the Construction Consultant assumes any obligation to any Borrower, any Mortgage Borrower or any other Person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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Samples: First Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Construction Consultant/Duties and Access. Borrower shall permit Lender Agent to retain the Construction Consultant at the reasonable cost of Borrower to perform the following services on behalf of LenderAgent in accordance with the terms of this Agreement:
(a) Prepare the Final Project Report;
(b) To review and advise Lender Agent whether, in the opinion of the Construction Consultant, the Plans and Specifications are satisfactory;
(cb) To review Draw Requests and change orders; and
(dc) To make periodic inspections in accordance with Section 5.1.29 (approximately at the date of each Draw Request) for the purpose of assuring that construction of the Project Improvements to date is in accordance with the Plans and Specifications and to approve Borrower’s 's then current Draw Request as being consistent with Borrower’s Obligations 's obligations under this Agreement, including inter alia, an opinion as to Borrower's continued compliance with the provisions of Section 2.9.1(e)(vi) of the Building Loan Agreement. The fees of the Construction Consultant shall be paid by Borrower within thirty (30) days after billing therefor and expenses incurred by Lender Agent on account thereof shall be reimbursed to Lender Agent within thirty (30) days after request therefor, but neither Lender Agent nor the Construction Consultant shall have any liability to Borrower on account of (i) the services performed by the Construction Consultant, (ii) any neglect or failure on the part of the Construction Consultant to properly perform its services or (iii) any approval by the Construction Consultant of construction of the Project Improvements. Neither Lender Agent nor the Construction Consultant assumes any obligation to Borrower or any other Person person concerning the quality of construction of the Project Improvements or the absence therefrom of defects.
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