Failure to Build Sample Clauses
Failure to Build. The Collateral shall be held by Bank and disbursed as provided hereunder until such time as Two Million Dollars ($2,000,000) has been paid by Pledgor toward the Tenant Improvements, provided, however, that in the event that the Pledgor terminates the Lease pursuant to Section 2.3 thereof by reason of the Borrower's failure to complete the "Base Building Work" as defined in the Lease within the timeframe set forth therein, then, upon written notice from Pledgor, the full amount of the Tenant Improvement Reserve, plus interest accrued thereon, shall be delivered to Pledgor and this Pledge Agreement shall terminate and be of no further force or effect.
Failure to Build. Buyer covenants to commence construction of an “Aldi” retail grocery store (“Grocery Store”) within three (3) years after the Closing Date. In the event that Buyer does not commence construction of the Grocery Store within three