Construction Representations and Covenants. (a) The Phase Zero Renovation Project / PIP Project.
(i) Borrowers represent and warrant to Agent and Lenders that Borrowers have furnished Agent true and complete sets of the Phase Zero Renovation Plans and Specifications which comply with all applicable Legal Requirements (including, without limitation, all requirements of the ADA), all Governmental Approvals, and are the Plans and Specifications that are the basis for all Governmental Approvals required to construct the Phase Zero Renovation Project and the Phase Zero Renovation Plans and Specifications have been approved by any applicable Governmental Authority and Borrowers’ Architect as required for the Phase Zero Renovation Project in accordance with this Agreement, and are the same Plans and Specifications submitted to General Contractor and to all Contractors performing the Phase Zero Restoration Project work at the Property.
(ii) Borrowers represent and warrant to Agent and Lenders that appropriate Governmental Authorities have issued all Governmental Approvals required for the commencement of construction of the Phase Zero Renovation Project and, with respect to the PIP Project will issue, prior to commencement thereof, all Governmental Approvals required for the commencement of the PIP Project, in each case, through Final Completion in accordance with the applicable Plans and Specifications. All such Governmental Approvals with respect to the Phase Zero Restoration Project are final and beyond any and all appeal or contest periods. Each addition to or modification of the applicable Plans and Specifications shall be subject to approval in writing by Agent (which approval shall not be unreasonably withheld), and, to the extent required by law, by the appropriate Governmental Authorities. 49289660
(iii) Borrowers shall not commence any work on any stage or phase of the Phase Zero Renovation Project and/or PIP Project, as applicable unless all required Governmental Approvals have been issued or obtained from the appropriate Governmental Authorities with respect to the commencement of such stage or phase of construction. All Plans and Specifications shall become the property of Agent upon the occurrence and continuance of an Event of Default under the Loan Documents.
(iv) The Phase Zero Renovation Project and/or PIP Project, as applicable shall be constructed and equipped in compliance with the requirements of the Governmental Authorities and the appropriate Board of Fire Underwriters, if any, or ot...
Construction Representations and Covenants
