Construction; Use. (i) There is any material deviation in the work of construction from the Plans and Specifications or governmental requirements from that required under this Agreement or the appearance or use of defective workmanship or materials in constructing the Improvements, and Borrower fails to remedy the same to Lender's satisfaction within ten (10) Business Days after Lender's written demand to do so, or if the nature of such deviation or defect is curable but such that it cannot reasonably be cured within said ten (10) Business Days, then if Borrower fails to commence a cure thereof within said ten (10) Business Days and thereafter fails to diligently pursue a cure thereof and complete same within ninety (90) days after Lender's written demand; or (ii) subject to the provisions of Section 4.3, there is a cessation of construction of the Improvements prior to completion for a continuous period of more than fifteen (15) days; or (iii) the construction, renovation, sale or leasing of any of the Improvements in accordance with the Loan Documents is prohibited, enjoined or delayed for a continuous period of more than forty-five (45) days; or (iv) subject to the provisions of Section 4.3, utilities or other public services necessary for the full occupancy and utilization of the Property and Improvements are curtailed for a continuous period of more than thirty (30) days; or
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Samples: Construction Loan Agreement (Equity Office Properties Trust), Construction Loan Agreement (Equity Office Properties Trust), Construction Loan Agreement (Equity Office Properties Trust)
Construction; Use. (i) There If there is any material deviation in the work of construction from the Plans and Specifications or governmental requirements from that required under this Agreement or the appearance or use of defective workmanship or materials in constructing the Improvements, and Borrower fails to remedy the same to Lender's Administrative Agent’s reasonable satisfaction within ten (10) Business Days after Lender's days of Administrative Agent’s written demand to do so, or provided that if the nature of such deviation or defect is curable but such that it cannot reasonably be cured susceptible of cure within said ten (10) Business Daysdays, then if such cure period shall be extended for up to sixty (60) additional days so long as Borrower fails to commence a commences such cure thereof within said initial ten (10) Business Days day period and thereafter fails diligently and in good faith prosecute such cure to diligently pursue a cure thereof and complete same within ninety (90) days after Lender's written demandcompletion; or (ii) subject to the provisions of Section 4.3, there is a cessation of construction of the Improvements prior to completion for a continuous period of more than fifteen (15) daysdays (except as caused by an event of Force Majeure for which a longer delay may be permitted under Article 4); or (iii) the construction, renovation, sale or leasing of any of the Improvements in accordance with the Loan Documents is prohibited, enjoined or delayed for a continuous period of more than forty-five thirty (4530) days; or (iv) subject to the provisions of Section 4.3, utilities or other public services necessary for the full occupancy and utilization of the Property and Improvements are curtailed for a continuous period of more than thirty (30) days; or
Appears in 1 contract
Samples: Loan Agreement (Taubman Centers Inc)
Construction; Use. (i) There is any material deviation in the work of construction from the Plans and Specifications or governmental requirements from that required under this Agreement or the appearance or use of defective workmanship or materials in constructing the Improvements, and Borrower fails to remedy the same to Lender's ’s satisfaction within ten (10) Business Days after Lender's ’s written demand to do so, or if the nature of such deviation or defect is curable but such that it cannot reasonably be cured within said ten (10) Business Days, then if Borrower fails to commence a cure thereof within said ten (10) Business Days and thereafter fails to diligently pursue a cure thereof and complete same within ninety (90) days after Lender's ’s written demand; or (ii) subject to the provisions of Section 4.3, there is a cessation of construction of the Improvements prior to completion for a continuous period of more than fifteen (15) days; or (iii) the construction, renovation, sale or leasing of any of the Improvements in accordance with the Loan Documents is prohibited, enjoined or delayed for a continuous period of more than forty-five (45) days; or (iv) subject to the provisions of Section 4.3, utilities or other public services necessary for the full occupancy and utilization of the Property and Improvements are curtailed for a continuous period of more than thirty (30) days; or
Appears in 1 contract
Samples: Construction Loan Agreement (Equity Office Properties Trust)
Construction; Use. (i) There is any material deviation in the work construction of construction the Improvements from the most recent Plans and Specifications or governmental requirements from that required under this Agreement or the appearance or use of defective workmanship or materials in constructing the Improvements(as amended, if applicable), and Borrower fails to remedy the same to Lender's Administrative Agent’s satisfaction within ten (10) Business Days after Lender's days of Administrative Agent’s written demand to do so; (ii) there is any material deviation in the construction of the Improvements from any governmental requirements, and Borrower fails to diligently commence remedying the same to Administrative Agent’s satisfaction within ten (10) days of Administrative Agent’s written demand to do so, or if the nature of such deviation or defect is curable but such that it cannot reasonably be cured within said ten (10) Business Days, then if Borrower fails to commence a cure thereof within said ten (10) Business Days and thereafter fails to diligently pursue a cure thereof and complete continue to remedy the same within ninety (90) days after Lender's written demandto Administrative Agent’s satisfaction; or (iiiii) subject to the provisions of Section 4.3, there is a cessation of construction of the Improvements prior to completion for a continuous period of more than fifteen thirty (1530) daysdays (except as caused by a Force Majeure Event (as defined in Section 4.2) for which a longer delay may be permitted under Article 4); or (iiiiv) the construction, renovation, sale or leasing use of any of the Improvements in accordance with the Loan Documents is prohibited, enjoined or delayed for a continuous period of more than forty-five ninety (4590) daysdays after the Completion except due to a Force Majeure Event; or (ivv) subject to the provisions of Section 4.3, utilities or other public services necessary for the full occupancy and utilization of the Property and Improvements are curtailed for a continuous period of more than thirty ninety (3090) daysdays except due to a Force Majeure Event; or
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