Lender’s Inspector. The Lender shall have the right to retain, at the Borrower’s expense, an inspector (the “Lender’s Inspector”) to review and advise the Lender with respect to all Plans and Specifications, construction, architectural and other design professional contracts, change orders, governmental permits and approvals, and other matters related to the design, construction, operation and use of the Improvements, to monitor the progress of construction and to review on behalf of the Lender all Draw Requests submitted by the Borrower. The Borrower acknowledges that (i) the Lender’s Inspector has been retained by the Lender to act as a consultant, and only as a consultant, to the Lender in connection with the construction of the Improvements, and the Lender’s Inspector may be an employee of the Lender, (ii) the Lender’s Inspector shall in no event have any power or authority to make any decision or to give any approval or consent or to do any other thing which is binding upon the Lender, and any such purported decision, approval, consent or act by the Lender’s Inspector on behalf of the Lender shall be void and of no force or effect, (iii) the Lender reserves the right to make any and all decisions required to be made by the Lender under this Loan Agreement, in its sole and absolute discretion, and without in any instance being bound or limited in any manner whatsoever by any opinion expressed or not expressed by the Lender’s Inspector to the Lender or any other person with respect thereto, and (iv) the Lender reserves the right in its sole and absolute discretion to replace the Lender’s Inspector with another inspector at any time and without prior notice to or approval by the Borrower. All inspections by or on behalf of the Lender shall be solely for the benefit of the Lender, and the Borrower shall have no right to claim any loss or damage against the Lender or the Lender’s Inspector (whether or not an employee of the Lender) arising from any alleged (i) negligence or failure to perform such inspections, (ii) failure to monitor loan disbursements or the progress or quality of construction, or (iii) failure to otherwise properly administer the construction aspects of the Improvements; but excluding the gross negligence or willful misconduct of Lender or Lender’s Inspector. Notwithstanding the foregoing, Lender’s Inspector shall not perform a physical inspection of the Property more often than once with respect to each Draw Request, except in the event of an emergency or while an Event of Default is continuing. If required by the Lender upon receiving a Draw Request, the Lender’s Inspector may determine prior to any disbursement of Loan Proceeds by the Lender: (i) whether the work completed to the date of such Draw Request has been done satisfactorily and materially in accordance with the Plans and Specifications; (ii) the percentage of construction of the Improvements completed as of the date of such Draw Request; (iii) the hard construction costs actually incurred by the Borrower in connection with the construction of the Improvements for work in place as part of the Improvements as of the date of such Draw Request; (iv) the actual sum necessary to complete construction of the Improvements in accordance with the Plans and Specifications; and (i) the amount of time from the date of such Draw Request which will be required to complete construction of the Improvements in accordance with the Plans and Specifications
Appears in 1 contract
Samples: Loan Agreement
Lender’s Inspector. The Lender shall have the right to retain, at the Borrower’s expense, an inspector (the “Lender’s Inspector”) to review and advise the Lender with respect to all Plans and Specifications, Constructions Budgets, construction, architectural and other design professional contracts, change orders, governmental permits and approvals, and other matters related to the design, construction, operation design and use construction of the ImprovementsUnits, to monitor the progress of construction and to review on behalf of the Lender all Draw Requests for Advances (as hereafter defined) submitted by the Borrower. Lender may make inspections under this section at any time in its discretion; provided, however, that Borrower shall not be responsible for payment of such expenses in excess of $100 per inspection for a condominium and $30 per inspection for any other type of Unit and shall pay for no more that two inspections per month per project. The fees and expenses of Lender’s Inspector, whether internal or external, shall be due and payable by Borrower as provided for herein or otherwise on demand. Borrower acknowledges that (i) the Lender’s Inspector has been retained by the Lender to act as a consultant, and only as a consultant, to the Lender in connection with the construction of the ImprovementsUnits, and the Lender’s Inspector may be an employee of the Lender, (ii) the Lender’s Inspector shall in no event have any power or authority to make any decision or to give any approval or consent or to do any other thing which is binding upon the Lender, and any such purported decision, approval, consent or act by the Lender’s Inspector on behalf of the Lender shall be void and of no force or effect; provided, however, that if Lender’s Inspector is also the loan officer for the Revolver, Lender may agree to such power or authority acting solely in the employee’s capacity as loan officer for the Lender, (iii) the Lender reserves the right to make any and all decisions required to be made by the Lender under this Loan Agreement, in its sole and absolute discretion, and without in any instance being bound or limited in any manner whatsoever by any opinion expressed or not expressed by the Lender’s Inspector to the Lender or any other person with respect thereto, and (iv) the Lender reserves the right in its sole and absolute discretion to replace the Lender’s Inspector with another inspector at any time and without prior notice to or approval by the Borrower. All inspections by or on behalf of the Lender shall be solely for the benefit of the Lender, and the Borrower shall have no right to claim any loss or damage against the Lender or the Lender’s Inspector (whether or not an employee of the Lender) arising from any alleged (i) negligence or failure to perform such inspections, (ii) failure to monitor loan disbursements or the progress or quality of construction, or (iii) failure to otherwise properly administer the construction aspects of the Improvements; but excluding the gross negligence or willful misconduct of Lender or Lender’s Inspector. Notwithstanding the foregoing, Lender’s Inspector shall not perform a physical inspection of the Property more often than once with respect to each Draw Request, except in the event of an emergency or while an Event of Default is continuing. If required by the Lender upon receiving a Draw Request, the Lender’s Inspector may determine prior to any disbursement of Loan Proceeds by the Lender:
(i) whether the work completed to the date of such Draw Request has been done satisfactorily and materially in accordance with the Plans and Specifications;
(ii) the percentage of construction of the Improvements completed as of the date of such Draw Request;
(iii) the hard construction costs actually incurred by the Borrower in connection with the construction of the Improvements for work in place as part of the Improvements as of the date of such Draw Request;
(iv) the actual sum necessary to complete construction of the Improvements in accordance with the Plans and Specifications; and
(i) the amount of time from the date of such Draw Request which will be required to complete construction of the Improvements in accordance with the Plans and Specificationsloan.
Appears in 1 contract
Samples: Loan Modification and Forbearance Agreement (Comstock Homebuilding Companies, Inc.)
Lender’s Inspector. The Lender shall have the right to retain, at the Borrower’s Borrowers' expense, an inspector any individual designated by Lender from time to time (`Lender's Inspector") to act as Lender's consultant in connection with the “Lender’s Inspector”) Construction Loan and the construction of the Project, to review and advise the Lender with respect to all Plans and Specifications, construction, architectural and other design professional contracts, change orders, governmental permits and approvalsthe Construction Documents, and other matters related to the design, construction, operation and use of the ImprovementsProject, to monitor the progress of construction construction, and to review Advance Requests and change orders submitted hereunder. The fees and expenses of Lender's Inspector shall be due and payable by Borrowers as provided for herein or otherwise on behalf demand. Borrowers shall provide to Lender and Lender's Inspector facilities commonly made available by responsible contractors for the inspection of the Project, and to afford full and free access by Lender and Lender's Inspector to all Draw Requests submitted by the BorrowerConstruction Documents. The Borrower acknowledges Borrowers acknowledge that (ia) the Lender’s Inspector 's inspector has been retained by the Lender to act as a consultant, and only as a consultant, to the Lender in connection with the construction of the Improvements, and the Lender’s Inspector may be an employee of the LenderProject, (iib) the Lender’s 's Inspector shall in no event have any power or authority to make any decision or to give any approval or consent or to do any other thing which is binding upon the Lender, Lender and any such purported decision, approval, consent or act by the Lender’s 's Inspector on behalf of the Lender shall be void and of no force or effect, (iiic) the Lender reserves the right to make any and all decisions required to be made by the Lender under this Loan Agreement, in its sole and absolute discretion, and without in any instance being bound or limited in any manner whatsoever by any opinion expressed or not expressed by the Lender’s 's Inspector to the Lender or any other person with respect thereto, and (ivd) the Lender reserves the right in its its, sole and absolute discretion to replace the Lender’s 's Inspector with another inspector at any time and without prior notice to or approval by the Borrower. All inspections by or on behalf of the Lender shall be solely for the benefit of the Lender, and the Borrower shall have no right to claim any loss or damage against the Lender or the Lender’s Inspector (whether or not an employee of the Lender) arising from any alleged (i) negligence or failure to perform such inspections, (ii) failure to monitor loan disbursements or the progress or quality of construction, or (iii) failure to otherwise properly administer the construction aspects of the Improvements; but excluding the gross negligence or willful misconduct of Lender or Lender’s Inspector. Notwithstanding the foregoing, Lender’s Inspector shall not perform a physical inspection of the Property more often than once with respect to each Draw Request, except in the event of an emergency or while an Event of Default is continuing. If required by the Lender upon receiving a Draw Request, the Lender’s Inspector may determine prior to any disbursement of Loan Proceeds by the Lender:
(i) whether the work completed to the date of such Draw Request has been done satisfactorily and materially in accordance with the Plans and Specifications;
(ii) the percentage of construction of the Improvements completed as of the date of such Draw Request;
(iii) the hard construction costs actually incurred by the Borrower in connection with the construction of the Improvements for work in place as part of the Improvements as of the date of such Draw Request;
(iv) the actual sum necessary to complete construction of the Improvements in accordance with the Plans and Specifications; and
(i) the amount of time from the date of such Draw Request which will be required to complete construction of the Improvements in accordance with the Plans and SpecificationsBorrowers.
Appears in 1 contract
Lender’s Inspector. The Lender shall have the right to retain, at the Borrower’s expense, an inspector (the “Lender’s Inspector”) to review and advise the Lender with respect to all Plans and Specifications, construction, architectural and other design professional contracts, change orders, governmental permits and approvals, and other matters related to the design, construction, operation and use of the Improvements, to monitor the progress of construction and to review on behalf of the Lender all Draw Requests submitted by the Borrower. The Borrower acknowledges that (i) the Lender’s Inspector has been retained by the Lender to act as a consultant, and only as a consultant, to the Lender in connection with the construction of the Improvements, and the Lender’s Inspector may be an employee of the Lender, (ii) the Lender’s Inspector shall in no event have any power or authority to make any decision or to give any approval or consent or to do any other thing which is binding upon the Lender, and any such purported decision, approval, consent or act by the Lender’s Inspector on behalf of the Lender shall be void and of no force or effect, (iii) the Lender reserves the right to make any and all decisions required to be made by the Lender under this Loan Agreement, in its sole and absolute discretion, and without in any instance being bound or limited in any manner whatsoever by any opinion expressed or not expressed by the Lender’s Inspector to the Lender or any other person with respect thereto, and (iv) the Lender reserves the right in its sole and absolute discretion to replace the Lender’s Inspector with another inspector at any time and without prior notice to or approval by the Borrower. All inspections by or on behalf of the Lender shall be solely for the benefit of the Lender, and the Borrower shall have no right to claim any loss or damage against the Lender or the Lender’s Inspector (whether or not an employee of the Lender) arising from any alleged (i) negligence or failure to perform such inspections, (ii) failure to monitor loan disbursements or the progress or quality of construction, or (iii) failure to otherwise properly administer the construction aspects of the Improvements; but excluding the gross negligence or willful misconduct of Lender or Lender’s Inspector. Notwithstanding the foregoing, Lender’s Inspector shall not perform a physical inspection of the Academy Drive Property more often than once with respect to each Draw Request, except in the event of an emergency or while an Event of Default is continuing. If required by the Lender upon receiving a Draw Request, the Lender’s Inspector may determine prior to any disbursement of Loan Proceeds by the Lender:
(i) whether the work completed to the date of such Draw Request has been done satisfactorily and materially in accordance with the Plans and Specifications;
(ii) the percentage of construction of the Improvements completed as of the date of such Draw Request;
(iii) the hard construction costs actually incurred by the Borrower in connection with the construction of the Improvements for work in place as part of the Improvements as of the date of such Draw Request;
(iv) the actual sum necessary to complete construction of the Improvements in accordance with the Plans and Specifications; and
(i) the estimated amount of time from the date of such Draw Request which will be required to complete construction of the Improvements in accordance with the Plans and Specifications.
Appears in 1 contract
Samples: Loan Agreement
Lender’s Inspector. The Lender shall have the right to retain, at the Borrower’s expense, an inspector (the “Lender’s Inspector”) to review and advise the Lender with respect to all Plans and Specifications, construction, architectural and other design professional contracts, change orders, governmental permits and approvals, and other matters related to the design, construction, operation and use of the Improvements, to monitor the progress of construction and to review on behalf of the Lender all Draw Requests submitted by the Borrower. The Borrower acknowledges that (i) the Lender’s Inspector has been retained by the Lender to act as a consultant, and only as a consultant, to the Lender in connection with the construction of the Improvements, and the Lender’s Inspector may be an employee of the Lender, (ii) the Lender’s Inspector shall in no event have any power or authority to make any decision or to give any approval or consent or to do any other thing which is binding upon the Lender, and any such purported decision, approval, consent or act by the Lender’s Inspector on behalf of the Lender shall be void and of no force or effect, (iii) the Lender reserves the right to make any and all decisions required to be made by the Lender under this Loan Agreement, in its sole and absolute discretion, and without in any instance being bound or limited in any manner whatsoever by any opinion expressed or not expressed by the Lender’s Inspector to the Lender or any other person with respect thereto, and (iv) the Lender reserves the right in its sole and absolute discretion to replace the Lender’s Inspector with another inspector at any time and without prior notice to or approval by the Borrower. All inspections by or on behalf of the Lender shall be solely for the benefit of the Lender, and the Borrower shall have no right to claim any loss or damage against the Lender or the Lender’s Inspector (whether or not an employee of the Lender) arising from any alleged (i) negligence or failure to perform such inspections, (ii) failure to monitor loan disbursements or the progress or quality of construction, or (iii) failure to otherwise properly administer the construction aspects of the Improvements; but excluding the gross negligence or willful misconduct of Lender or Lender’s Inspector. Notwithstanding the foregoing, Lender’s Inspector shall not perform a physical inspection of the Property more often than once with respect to each Draw Request, except in the event of an emergency or while an Event of Default is continuing. If required by the Lender upon receiving a Draw Request, the Lender’s Inspector may determine prior to any disbursement of Loan Proceeds by the Lender:
(i) whether the work completed to the date of such Draw Request has been done satisfactorily and materially in accordance with the Plans and Specifications;
(ii) the percentage of construction of the Improvements completed as of the date of such Draw Request;
(iii) the hard construction costs actually incurred by the Borrower in connection with the construction of the Improvements for work in place as part of the Improvements as of the date of such Draw Request;
(iv) the actual sum necessary to complete construction of the Improvements in accordance with the Plans and Specifications; and
(i) the amount of time from the date of such Draw Request which will be required to complete construction of the Improvements in accordance with the Plans and Specifications
Appears in 1 contract
Samples: Loan Agreement
