Final Construction Disbursement Sample Clauses

Final Construction Disbursement. Subject to the disbursement limitations in this Agreement, Lender will advance to Borrower, for payment of Project Costs only and in accordance with the Approved Budget and the Draw Schedule, the full amount of the Loan allocated, pursuant to the Draw Schedule, for payment of construction costs and not theretofore disbursed (“Final Construction Disbursement”) when the following conditions shall have been complied with, provided that such compliance shall have occurred prior to the Construction Completion Date and no Default has occurred and is continuing and no Event of Default has occurred: (a) The Architect, Borrower and the Lender Consultant certify in writing to Lender that the Project has been fully and satisfactorily completed in accordance with the Plans; (b) Borrower shall have delivered to Lender fully executed copies, in form and content satisfactory to Lender, of (i) AIA Document G704 (Certificate of Substantial Completion); (ii) AIA Document G707 (Consent of Surety to Final Payment), and (iii) AIA Document G707A (Consent of Surety to Reduction in or Partial Release of Retainage); (c) If required by Lender, Lender has received as-built Plans for the Project satisfactory to Lender in form and content; (d) All Subcontractors and the General Contractor have supplied Lender and the Title Company with final sworn statements and full and complete waivers of all mechanics’ lien claims; (e) Lender has received a commitment to issue a date-down endorsement to the Title Policy in the full amount of the Loan insuring the Security Instrument as a valid first, prior and paramount lien on the Property, subject only to the Permitted Exceptions, deleting all exceptions and objections relating to any right to assert claims for mechanics’ liens on account of labor and/or materials theretofore furnished to the Property, and including (i) an ALTA Zoning Endorsement Form 3.1 amended to including parking (and excluding the marketability clause), (ii) an unconditional Comprehensive Endorsement No. 1, or like “conformity” endorsement, (iii) an endorsement bringing forward the effective date of all other endorsements attached to the Title Policy, and (iv) any other endorsement reasonably required by Lender; (f) Borrower shall have furnished to Lender permanent insurance in form and amount and with companies satisfactory to Lender in accordance with the requirements of the Security Instrument; (g) Borrower shall have furnished Lender a Certificate of Occupancy and all ot...
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Final Construction Disbursement. Subject to the terms and conditions hereof, Lender agrees to make the final disbursement under the Loan; provided, Lender shall be satisfied that the construction has been completed in a good and workmanlike manner in accordance with the Plans and Specifications and Borrower shall submit to Lender the following: 3.1.2.1. The items required in Section 3.1.1. 3.1.2.2. A Certificate of Completion of the Project, in form and content satisfactory to Lender executed by Borrower, General Contractor and Architect. 3.1.2.3. A Certificate of Occupancy for the Project as issued by the City. 3.1.2.4. Proper update endorsements to the Title Commitment (or the policy if issued) in the face amount of the total sum outstanding under the Loan insuring the Mortgage as a first lien on the Real Estate, subject only to the Permitted Liens and Encumbrances.
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Final Construction Disbursement. The final construction disbursement made to Borrower pertaining to a Construction Contract, including all retainage under such Construction Contract (except for funds held by the Lenders pending completion of (i) so called “punch list” items of work remaining, as identified by Borrower and each Construction Contractor or (ii) to the extent Completion is achieved under a temporary certificate of occupancy, any aspects of the Project that were not approved as part of such temporary certificate of occupancy, and in either case approved by the Lenders’ Consultant) shall be made at such time as, in addition to the conditions precedent to disbursements set forth above, all of the following conditions are satisfactorily met: (i) Achievement of Completion on or before the Completion Date. (ii) Delivery to Administrative Agent of an as-built survey as required by the provisions of Section 4.1(i). At any time following satisfaction of the foregoing conditions, Borrower shall have the right, but not the obligation, to terminate the Lenders’ remaining Commitments upon delivery of written notice of such election to the Administrative Agent. Following such termination of the Commitments, Borrower shall not have any further right to request any further disbursement of the Loan, including without limitation, any accrual of interest as contemplated by Section 2.6.
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Related to Final Construction Disbursement

  • PRE-CONSTRUCTION PHASE FEE The Pre-Construction Phase Fee is the total compensation payable to Contractor for the performance of Pre-Construction Phase Services, except for Additional Pre-Construction Phase Services approved in advance and in writing by Owner. The Pre-Construction Phase Fee shall be a lump sum amount based on the AACC established in this Agreement. 6.1 Except as specifically allowed by Owner, Contractor shall not be entitled to any increase in the Pre-Construction Phase Fee for any costs, expenses, liabilities or other obligations arising from the performance of Pre-Construction Phase Services. 6.2 Costs associated with the following items are specifically, but not exclusively, included in the establishment of the Pre-Construction Phase Fee: profit and profit sharing; general overhead; salaries and labor; housing and relocation; estimating, scheduling and information management systems and software; contract administration; office expenses; printing and copying; consulting fees; legal or accounting fees; cost of money; taxes; insurance premiums and deductibles; bond costs; purchase or rental of equipment; utilities; travel; per diem; fines or penalties; and damage awards. 6.3 If the scope of the Pre-Construction Phase Services is changed materially, the Pre- Construction Phase Fee shall be equitably adjusted. If the AACC is changed materially before acceptance of the GMP Proposal, the Pre-Construction Phase Fee shall be adjusted in writing in proportion to the change in the AACC. There shall be no adjustments in the Pre-Construction Phase Fee following acceptance of the GMP Proposal. 6.4 For Additional Pre-Construction Phase Services that are approved in advance and in writing by Owner, Contractor shall be entitled to additional compensation computed as follows: 6.4.1 A pre-established lump sum amount; or 6.4.2 The hourly cost of Contractor’s employees or consultants who actually perform the Additional Services based on the employee’s Worker Wage Rate or prorated Monthly Rate plus the actual cost of allowable expenses incurred in the performance of the Additional Pre-Construction Phase Services, plus an overhead and profit markup of ten percent (10%) of the total cost; or 6.4.3 As otherwise agreed in advance and in writing.

  • Project Construction The Contractor agrees to provide continuous on-site supervision on each Job Order, while progress on the project is being accomplished. The Contractor’s Project Manager will ensure: 1. Coordination and providing supervision to all Subcontractor and workers; 2. Posting of the prevailing wage scale; 3. Maintaining a copy of the Contractors safety program manual made available to all construction personnel; 4. Conducting weekly on-site safety meetings; 5. Completing the daily labor and construction progress log on a daily basis and submit copies to the County on a daily basis. Copies of the previous day’s reports must be submitted by 9:00AM of the following day. a. Daily labor log is to include a listing of Subcontractor(s) and a count of workers by trade providing services for the day. b. Construction progress log is to include a narrative of the Work provided by trade(s). Narrative agrees to include the various areas of the jobsite where Work was performed and any problems or conditions that were encountered. c. In the event the Contractor fails to provide a daily log and/or construction progress log, the County may impose damages against the Contractor in the amount of fifty dollars ($50.00) for each log and deduct from the Contractor’s payment request, for each day the Contractor does not provide the documentation. 6. County may suspend Contractor operations if no Contractor Superintendent is observed. All delays caused by the suspension will be the responsibility of the Contractor. No time extension or claims for cost(s) associated with the suspension will be granted by the County.

  • Contract Construction 6.27.1 The parties acknowledge that each party and its counsel have reviewed this CONTRACT and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this CONTRACT or any amendment or exhibits hereto.

  • Pre-Construction Phase Employer’s Liability, Workers’ Compensation, Comprehensive General Liability and Comprehensive Automobile Liability in the amounts as set forth in the UGSC.

  • ADDITIONAL CONSTRUCTIONS The Promoter undertakes that it has no right to make additions or to put up additional structure(s) anywhere in the Project after the building plan has been approved by the competent authority(ies) except for as provided in the Act.

  • Neutral Construction Neither party hereto may rely on any drafts of this Agreement in any interpretation of the Agreement. Both parties to this Agreement have reviewed this Agreement and have participated in its drafting and, accordingly, neither party shall attempt to invoke the normal rule of construction to the effect that ambiguities are to be resolved against the drafting party in any interpretation of this Agreement.

  • Legal Construction If one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions and this Agreement shall be construed as if it did not contain the invalid, illegal, or unenforceable provision.

  • Construction Phase Fee Contractor’s Construction Phase Fee is the maximum amount payable to Contractor for any cost or profit expectation incurred in the performance of the Work that is not specifically identified as being eligible for reimbursement by Owner elsewhere in this Agreement. References in the UGSC to Contractor’s “overhead” and “profit” mean Contractor’s Construction Phase Fee. The Construction Phase Fee includes, but is not limited to, the following items: 9.1 All profit, profit expectations and costs associated with profit sharing plans such as personnel bonuses, incentives, and rewards; company stock options; or any other like expenses of Contractor.

  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • During Construction Upon request of the Owner the Contractor shall submit written proposals for unit prices to be applied in the event Change Order Work is authorized by the Owner to be performed under Case (b).

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