Common use of General Contractor’s Agreement Clause in Contracts

General Contractor’s Agreement. Borrower and an unaffiliated General Contractor have entered into a Standard Form of Agreement between Owner and Contractor (Where the basis for payment is a STIPULATED SUM), dated as of October 18, 2007, that obligates the General Contractor to cause the Completion of the Improvements to occur prior to the Required Completion Date at a fixed price, reasonably acceptable to Lender and the Construction Consultant in both form and substance (once approved, the “General Contractor’s Agreement”). The General Contractor’s Agreement, shall have been duly executed and delivered by the parties thereto, shall be in full force and effect and Lender shall have received a certified copy or a fully executed duplicate original thereof. The General Contractor shall have duly executed and delivered to Lender a consent to the assignment of the General Contractor’s Agreement, in form and substance reasonably satisfactory to Lender, and Lender shall have received a certified copy or a fully executed duplicate original thereof. If General Contractor consist of more than one Person, then each such Person shall deliver a consent to the assignment of the General Contractor’s Agreement, in form and substance satisfactory to Lender, and Lender shall have received a certified copy or a fully executed duplicate original thereof.

General Contractor’s Agreement. Borrower and an unaffiliated the General Contractor have entered into a Standard Form of Agreement between Owner and Contractor (Where the basis for payment Construction Manager where Construction Manager is NOT a STIPULATED SUM), Constructor dated as of October 18February 22, 2007, 2006 that obligates the General Contractor to cause the Completion of the Improvements to occur prior to the Required Completion Date at a fixed price, reasonably acceptable to Lender and the Construction Consultant in both form and substance (once approved, the “General Contractor’s Agreement”). The General Contractor’s Agreement, shall have been duly executed and delivered by the parties thereto, shall be in full force and effect and Lender shall have received a certified copy or a fully executed duplicate original thereof. The General Contractor shall have duly executed and delivered to Lender a consent to the assignment of the General Contractor’s Agreement, in form and substance reasonably satisfactory to Lender, and Lender shall have received a certified copy or a fully executed duplicate original thereof. If General Contractor consist of more than one Person, then each such Person shall deliver a consent to the assignment of the General Contractor’s Agreement, in form and substance satisfactory to Lender, and Lender shall have received a certified copy or a fully executed duplicate original thereof.