Common use of Correction of Defects or Completion Clause in Contracts

Correction of Defects or Completion. The defects (for an existing dwelling) or the incomplete status (for new construction) as reflected on the appraisal submitted with the Mortgage Loan (the “Original Appraisal”) must be correctable in a reasonable time, as approved by the Authority, and the Mortgagors shall have entered into a contract with a bona fide contractor or builder which will enable the work to be completed by such date.