Common use of Defects and Variances Clause in Contracts

Defects and Variances. Borrower will, upon demand of Lender and at Borrower’s sole expense, correct any structural defect in the Improvements or any variance from the Plans and Specifications for the Improvements (except for those for which Lender’s approval is not required under Section 5.2 above) which is not approved in writing by Lender.

Appears in 4 contracts

Samples: Construction Loan Agreement (Stratus Properties Inc), Construction Loan Agreement (Stratus Properties Inc), Construction Loan Agreement (Stratus Properties Inc)

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Defects and Variances. Borrower will, upon demand of Lender and at Borrower’s 's sole expense, correct any structural defect in the Improvements Improvements, or any variance from the Plans and Specifications for the Improvements (except for those for which Lender’s approval is not required under Section 5.2 above) which is not either (i) a Permitted Change, or (ii) approved in writing by Lender.

Appears in 2 contracts

Samples: Construction Loan Agreement (IMH Financial Corp), Construction Loan Agreement (Owens Realty Mortgage, Inc.)

Defects and Variances. Borrower will, upon demand of Lender and at Borrower’s sole expense, correct any structural defect in the Improvements or any variance from the Plans and Specifications for the Improvements (except for those for which Lender’s approval is not required under Section 5.2 above) which is not approved in writing by Lender, except as otherwise provided in Section 5.2, other than minor variations that do not adversely affect the structural integrity or appearance of the Improvements.

Appears in 2 contracts

Samples: Construction Loan Agreement (Global Geophysical Services Inc), Construction Loan Agreement (Global Geophysical Services Inc)

Defects and Variances. Borrower will, upon demand of Lender and at Borrower’s sole expense, correct any structural defect in the Improvements or any variance from the Plans and Specifications for the Phase II Improvements (except for those for which Lender’s approval is not required under Section 5.2 above) which is not approved in writing by Lender.

Appears in 2 contracts

Samples: Construction Loan Agreement, Construction Loan Agreement (Stratus Properties Inc)

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Defects and Variances. Borrower will, upon demand of Lender and at Borrower’s 's sole expense, correct any structural defect in the Improvements or any variance from the Plans and Specifications for the Improvements (except for those for which Lender’s 's approval is not required under Section 5.2 above) which is not approved in writing by Lender.

Appears in 1 contract

Samples: Construction Loan Agreement (Stratus Properties Inc)

Defects and Variances. Borrower will, upon demand of Lender and at --------------------- Borrower’s 's sole expense, correct any structural defect in the Improvements or any variance (other than a minor variance which does not adversely affect the structural integrity or the value of the Project) from the Plans and Specifications for the Improvements (except for those for which Lender’s approval is not required under Section 5.2 above) which is not approved in writing by LenderLender in a commercially reasonable manner and time frame.

Appears in 1 contract

Samples: Construction Loan Agreement (Rampart Capital Corp)

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