Correction of Defects. Borrower shall promptly correct all material defects in the Project Improvements or any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunder. Borrower agrees that the advance of any proceeds of the Loan whether before or after such defects or departures from the Plans and Specifications are discovered by, or brought to the attention of, Lender shall not constitute a waiver of Lender’s right to require compliance with this covenant.
Appears in 4 contracts
Samples: Building Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust)
Correction of Defects. Borrower shall cause Mortgage Borrower to promptly correct all material defects in the Project Improvements or any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunder. Borrower agrees that the advance of any proceeds of the Loan whether before or after such defects or departures from the Plans and Specifications are discovered by, or brought to the attention of, Lender shall not constitute a waiver of Lender’s right to require compliance with this covenant.
Appears in 2 contracts
Samples: Second Mezzanine Loan Agreement, Second Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)
Correction of Defects. Borrower shall promptly correct all any material defects structural defect in the Project Improvements or any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunderand any violation of any requirement of any Governmental Authority. Borrower agrees that the The advance of any Loan proceeds of the Loan whether before or after such defects or departures from the Plans and Specifications are discovered by, or brought to the attention of, Lender shall not constitute a waiver of Lender’s 's right to require compliance with this covenant.
Appears in 2 contracts
Samples: Loan Agreement (American Retirement Corp), Loan Agreement (American Retirement Corp)
Correction of Defects. Unless Borrower shall demonstrates to Lender that such corrective work is inappropriate or inconsistent with the Plans and Specifications, to promptly correct all material defects in the Project Improvements or any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunderLender. Borrower agrees that the advance of any proceeds of the Loan whether before or after such defects or departures from the Plans and Specifications are discovered by, or brought to the attention ofattention, Lender of Lender, shall not constitute a waiver of Lender’s 's right to require compliance with this covenant.
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Correction of Defects. Borrower shall promptly correct all material defects in the Project Improvements or any material adverse departure from the Plans and Specifications not previously approved by Lender to the extent required hereunderSpecifications. Borrower agrees that the advance of any proceeds of the Loan whether before or after such defects or departures from the Plans and Specifications are discovered by, or brought to the attention of, Lender shall not constitute a waiver of Lender’s right to require compliance with this covenant.. 6.19
Appears in 1 contract
Samples: Master Services Agreement
Correction of Defects. Borrower shall promptly correct (or cause the responsible Contractor to correct) all material defects in the Project Improvements Capital Expenditures Work or any material departure from the applicable Plans and Specifications not previously approved by Lender to the extent required hereunder. Borrower agrees that the advance of any proceeds of the Loan whether before or after such defects or departures from the applicable Plans and Specifications are discovered by, or brought to the attention of, Lender shall not constitute a waiver of Lender’s right to require compliance with this covenant.
Appears in 1 contract
Samples: Loan Agreement (Pacific Oak Strategic Opportunity REIT II, Inc.)
Correction of Defects. Borrower shall promptly correct (or cause the applicable Contractor to correct) all material defects in the Project Improvements or any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunder. Borrower agrees that the advance Disbursement of any proceeds of the Loan Escrow Funds whether before or after such defects or departures from the Plans and Specifications are discovered by, or brought to the attention of, Lender shall not constitute a waiver of Lender’s right to require compliance with this covenant.
Appears in 1 contract
Samples: Loan Agreement (Howard Hughes Corp)
Correction of Defects. Borrower shall promptly will correct all material defects in the Project Improvements or and any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunderLender. Borrower agrees that the The advance of any proceeds of the Loan Proceeds, whether before or after such defects or departures from the Plans and Specifications are discovered by, by or brought called to the attention ofof Lender, Lender shall will not constitute a waiver of Lender’s right to require compliance with this covenant.
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Correction of Defects. Borrowers shall cause Mortgage Borrower shall to promptly correct all material defects in the Project Improvements or any material departure from the Plans and Specifications not previously approved by Lender to the extent required hereunder. Borrower agrees Borrowers agree that the advance of any proceeds of the Loan, or of the Building Loan or the Project Loan, whether before or after such defects or departures from the Plans and Specifications are discovered by, by or brought to the attention ofof Lender, Lender shall not constitute a waiver of Lender’s right to require compliance with this covenant.
Appears in 1 contract
Samples: First Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)