Construction Covenants. In addition to the covenants of Borrower otherwise set forth in this Agreement, Borrower hereby agrees that, so long as any part of the Indebtedness is outstanding, unless compliance shall have been waived in writing by Lenders, Borrower shall at all times comply with the following covenants:
Construction Covenants. (a) Make any change to the Plans or Budget which would (i) result in any material change in the scope of the Expansion Project, or (ii) delete or materially amend any of the amenities described on Schedule 6.19.
(b) Fail to construct the Expansion Project in a good and workmanlike manner in accordance with sound building practices and without material deviation from the Plans (except to the extent approved by the Requisite Lenders), and comply in all material respects with all existing Laws and requirements of all Governmental Agencies having jurisdiction and in all material respects with all future Laws and requirements that become applicable to the Expansion Project.
(c) Purchase or contract for any materials, equipment, furnishings, fixtures or articles of personal property to be placed or installed on the Expansion Project (or on the existing Wheeling Downs facility as contemplated pursuant to the Plans) under any security agreement or other agreement where the seller reserves or purports to reserve title or the right of removal or repossession (EXCEPT for such reservations as may arise solely by operation of Law), or the right to consider such materials personal property after their incorporation in the work of construction, unless the Administrative Agent in each instance has authorized the Borrower to do so in writing in each case except as permitted by Section 6.9(c).
(d) Fail to promptly pay prior to delinquency (subject to applicable retentions) or otherwise discharge all claims and Liens for labor done and materials and services furnished in connection with the construction of the Expansion Project (and any improvements to the existing Wheeling Downs facility contemplated by the Plans), EXCEPT for claims contested in good faith by appropriate proceedings and without prejudice to the construction timetable, PROVIDED that any such claims are covered by such payment bonds or title insurance policy endorsements as may be reasonably requested by the Administrative Agent.
(e) Fail to properly obtain, comply with and keep in effect all material permits, licenses and approvals which are customarily required to be obtained from Governmental Agencies in order to construct and occupy the Expansion Project as of the then current stage of construction, and deliver copies of all such permits, licenses and approvals to the Administrative Agent promptly following a written request therefor.
Construction Covenants. In addition to the covenants of the Borrower otherwise set forth in this Agreement, the Borrower hereby agrees that, so long as any part of the Obligations is outstanding, unless compliance shall have been waived in writing by Lender, the Borrower shall at all times comply with the following covenants:
(a) The Borrower will (i) commence construction of the Improvements not later than five (5) days following the Closing Date; (ii) cause the construction of the Improvements to be prosecuted with diligence and continuity in accordance with the Plans and Specifications; (iii) promptly correct or cause to be corrected any defect in the Improvements, any material departure in the construction of the Improvements from the Plans and Specifications, and governmental requirements or any encroachment by any part of the Improvements or any other structure located on the Property on any building line, easement, property line or restricted area; (iv) guarantee to Lender that the Improvements will be completed in good and workmanlike manner in accordance with the Plans and Specifications; (v) promptly notify Lender of any lien filed by the Contractor, any subcontractor, supplier or laborer or of Borrower's knowledge that the Contractor or any subcontractor has failed to pay amounts due following the funding of any Advance for the payment of same; and (vi) complete the construction of the Improvements in accordance with the Plans and Specifications on or before the Completion Date. Borrower may request an extension of the Completion Date equal to the number of days resulting from any Unavoidable Delay in the Construction, but under no circumstances more than thirty (30) days, and Lender will grant such extension if the following conditions have been satisfied:
(a) Borrower shall have given notice of the Unavoidable Delay to Lender within ten (10) days after learning of the event resulting in such delay; and (b) after giving effect to the consequences of the Unavoidable Delay, there shall be no Deficiency, as determined by Lender in its reasonable discretion.
(b) The Borrower will not (i) cause or permit any changes in the Plans and Specifications affecting the Improvements in excess of $25,000.00 singularly or in excess of $100,000.00 in the aggregate, except pursuant to a change order approved in writing by Lender and Lender's Inspector or (ii) make any change in the Construction Contract or any subcontract without the prior written approval of Lender and Lender's Inspec...
Construction Covenants. The Borrower hereby covenants and agrees, from the date of this Agreement, and as long as the Borrower remains indebted to the Lender hereunder, as follows:
Construction Covenants. Borrower and Guarantor hereby covenant and ---------------------- agree with Lender as follows:
Construction Covenants. 61 Article 7 INFORMATION AND REPORTING REQUIREMENTS..............................................................63 7.1 Financial and Business Information.........................................................63 7.2 Compliance Certificates....................................................................66 Article 8 CONDITIONS..........................................................................................67 8.1 The Effective Date.........................................................................67 8.2 Any Advance................................................................................69 Article 9 EVENTS OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT................................................70 9.1 Events of Default..........................................................................70 9.2 Remedies Upon Event of Default.............................................................72
Construction Covenants. 3- 5.1 PLANS AND SPECIFICATIONS; PROJECT BUDGET . . . . . -3- 5.2 COMPLETION OF PROJECT . . . . . . . . . . . . . . -3- 5.3
Construction Covenants. The following covenants apply to each Project: Construction of Project. Unless otherwise expressly agreed to by Lender, (i) construction of the Project, including delivery of materials or performance of lienable work, shall not commence before recording of the Security Instrument; (ii) construction of the Project shall commence within 30 days from the date of completion of the Project Requirements and shall be carried on diligently and without delay or interruption for more than 10 consecutive days; and (iii) the Project shall be constructed in a good and workmanlike manner, in accordance with the Plans and Specifications, the other Construction Documents (as hereinafter defined) and/or the Construction Budget submitted to Lender, and in compliance with all applicable statutes, ordinances, codes, regulations and restrictions. “Construction Documents” shall mean all construction contracts, contracts with architects, engineers or other design professionals, Plans and Specifications, drawings, budgets, bonds and other agreements pertaining to construction of the Project all engineering, soil and other reports and studies and all surveys pertaining thereto and or required by Lender’s Inspector, together with all modifications and additions thereto.
Construction Covenants. For each Project designated on Schedule 6 attached hereto as a "Project Under Development," the Transferor shall cause such Project to be constructed according to the provisions of this Section 1.17.
iv 28 1.17.1 Each Transferor agrees to commence and complete the construction of the Project in a good and workmanlike manner, in accordance with plans and specifications approved by the Partnership and in compliance with all applicable laws, ordinances, rules and regulations.
Construction Covenants. Owner shall promptly notify the Agency of any and all changes whatsoever in the identity of the parties in control of Owner or the degree thereof, of which it or any of its officers have been notified or otherwise have knowledge or information. Except for Permitted Transfers, this Agreement may be terminated by the Agency if there is any significant change (voluntary or involuntary) in membership, management or control of Owner (other than such changes occasioned by the death or incapacity of any individual) prior to full reconveyance of the Agency Deed of Trust. In the event, prior to full reconveyance of the Agency Deed of Trust, of the death or incapacity of any individual who owns or controls Owner or the general partner of Owner, any resulting change in the management of the Project or the control of the day-to-day operations of the Property and the Affordable Units shall be subject to the Agency’s approval, which shall not be unreasonably withheld, conditioned or delayed.
