Project Covenants. IPA covenants for the benefit of Purchaser and each of the other Purchasers that during the period beginning on the Effective Date and ending on the day prior to the Transition Date, it will comply with the provisions of the Original Power Sales Contracts relating to the acquisition, construction, maintenance and operation of the Project, including without limitation, the provisions of Section 44 of the Original Power Sales Contracts. IPA will also operate and maintain the Project in such a manner, and make such replacements and repairs thereto, as and to the extent necessary to keep the Project in at least as good a condition as IPA has agreed with the Original Purchasers to keep the Project pursuant to the Original Power Sales Contracts. It is the intention of the parties that this covenant obligate IPA to render the Project, as of the Transition Date, in as good a condition as it would be had IPA fully performed each of its operation, maintenance, repair and replacement obligations with respect to the Project under the Original Power Sales Contracts during the term thereof, but not impose upon IPA any duties or obligations with respect to the operation, maintenance, repair and replacement of the Project that are more extensive or onerous than, or that otherwise exceed the scope of, IPA’s duties and obligations with respect to such matters under the Original Power Sales Contracts.
Project Covenants. Borrower agrees that from the date hereof and until final payment in full of the Obligations, unless Lender shall otherwise consent in writing, Borrower shall comply with the following: Loan to Cost Limitation. Total advances under the Construction Loan for all the Projects, in the aggregate, shall not exceed the lesser of seventy percent (70%) of the as-stabilized aggregate appraised value of all the Projects and eighty percent (80%) of all the developmental costs as shown on the then current Construction Budgets for all the Projects, in the aggregate. Construction Completion. Construction of a Project must be substantially complete, as evidenced by a certificate of occupancy on all buildings, by no later than 12 months after the initial Construction Loan advance for a Project. Secondary Financing. Secondary financing is not permitted on any Property. Primary Banking Accounts. Borrower shall establish a primary Construction Loan disbursement account with Lender. Additionally, Borrower shall establish all other banking accounts related to each Project with Lender.
Project Covenants. In addition to the representations and obligations of the Company set forth elsewhere in this Agreement, the Registration Rights Agreement and in the Collaboration Agreement, the Company also:
(a) represents that $12,000,000 is currently a reasonable estimate of the Company's costs and expenses (direct and indirect) to complete the pre-clinical and the Phase I feasibility trial stages of the project contemplated by the Collaboration Agreement and to operate and support MCI as it is currently proposed to be operated, including amounts paid to the Company for performance of activities and supply of services on behalf of MCI; and
(b) agrees that the Company shall be responsible for any costs and expenses in excess of the $12,000,000 contemplated by this Agreement reasonably required to complete the pre-clinical and the Phase I feasibility trial stages of the project contemplated by the Collaboration Agreement.
Project Covenants. With respect to the Project, Borrower shall or shall cause the Contractors to, as applicable:
(a) Diligently construct and equip the Project to completion in accordance with the plans and specifications therefor that Lender has approved and not abandon construction.
(b) Provide evidence satisfactory to Lender of the availability of such sums as Lender may require if at any time Lender deems that the amount available to construct and equip the Project will not be sufficient to complete the Project in accordance with approved plans and specifications, to pay interest on the Bonds during the Construction Period and other sums due under the Borrower Documents, or to cover cost overruns, within 10 days after notice from Lender.
(c) Obtain Lender's prior written approval, which may be withheld in Lender's sole discretion, of any change in the approved plans and specifications for the Project that might adversely affect the value of the Project or result in cost overruns. Lender shall have a reasonable time period to evaluate requests for approval of any changes. In addition to giving its approval, Lender may require Borrower to deposit additional funds with Lender to cover anticipated increased costs resulting from the change.
(d) If Lender determines in good faith that any work or materials related to the Project do not conform to approved plans and specifications or are not in accordance with the requirements of this Agreement or the Construction Addendum, Borrower shall cause the work to be stopped at Lender's request, and Lender may withhold disbursements until the matter is corrected. Borrower shall promptly cause the work or materials to be corrected to Lender's satisfaction.
(e) At Lender's request, post signs on the Property to identify Lender as the Project lender.
(f) Maintain accounting records for the performance of the Project separate from Borrower's general accounting records, in order to facilitate the determination of costs incurred in connection with the Project and compliance with the Borrower Documents. Upon reasonable advance notice, Lender shall have access to and the right to examine all such records.
(g) Each time Borrower becomes aware of any change that would increase the total cost of the Project by more than $ [NEED HNB INPUT], or more than $ [NEED HNB INPUT] in the aggregate during any one-month period, then Borrower shall immediately notify Lender in writing. Lender may refuse to make any further disbursement of Loan Proceeds unless...
Project Covenants. Project Operation and Maintenance 15 Section 5.2 Sale or Lease of Project 15 Section 5.3 Subordinate Mortgage and Security Agreement 15 Section 5.4 Advances 15 Section 5.5 Alterations to the Project and Removal of Equipment 15 Section 5.6 Insurance 16 Section 5.7 Damage or Destruction 17 Section 5.8 Condemnation 18 Section 5.9 [Intentionally Omitted] 19 Section 5.10 Hazardous Materials 19 Section 5.11 Release of Real Property 20
Project Covenants. Section 5.1 Project Title, Operation, and Maintenance.
(a) The Issuer, the Bondholder Representative, and the Trustee shall not be under any obligation to operate, maintain, or repair the Project. The Borrower agrees that until this Agreement is terminated pursuant to ‘Section 10.3 hereof, it will, at its own expense, and consistent with similarly sized and situated projects in the metro Austin area, (a) keep the Project in safe repair and in such operating condition as is needed for its operations; (b) except as otherwise provided in this Agreement, make all necessary repairs and replacements to the Project (whether ordinary or extraordinary, structural or nonstructural); (c) operate the Project in a sound and economic manner in accordance with usual business practice, subject to the restrictions imposed on the Project pursuant to each Tax Regulatory Agreement, once executed, and any “extended use agreement” entered into with respect to the Project in order to secure the availability of Low Income Housing Tax Credit for the Project; (d) operate the Project in compliance with all applicable laws, codes, environmental laws, zoning laws, the Americans with Disabilities Act of 1990 applicable to the Project, laws regulating construction, occupancy, or maintenance of property of a character included in the Project; and (e) comply with all applicable existing and future laws, regulations, orders, building codes and restrictions, and requirements of, and all permits and approvals from, and agreements with and commitments to, all governmental, judicial, or legal authorities having actual jurisdiction over the Project and other Requirements of Law applicable to the Project (including all conditions or requirements imposed upon Borrower or the Project in connection with the allocation of Low Income Housing Tax Credit to the Project) or the Borrower’s business conducted thereon or therefrom, and with all restrictive covenants and other title encumbrances encumbering the Project, including without limitation those contained in each Tax Regulatory Agreement, and any additional regulatory agreements to which the Project may now or hereafter be subject in connection with the allocation of low income housing tax credits to the Project (all collectively, the “Requirements”).
(b) The Borrower shall pay all expenses of the operation and maintenance of the Project including, but without limitation, the policies of insurance required pursuant to Section 5.5 hereof, and all ta...
Project Covenants. 1. The Project Implementing Entity shall not amend, suspend, abrogate or waive any of the Core Construction Agreements or Core Commercial Agreements to which it is a party in a manner that would affect materially and adversely the carrying out of the Project.
2. The Project Implementing Entity shall implement the revenue management program. Except as the Association shall otherwise agree, the Project Implementing Entity shall not amend, suspend, abrogate or waive the revenue management program or any of its provisions.
Project Covenants. Section 5.1. Project Operation and Maintenance 19 Section 5.2 Sale, Lease or Other Disposition of Any Portion of the Project 19 Section 5.3. No Additional Liens 20 Section 5.4. Advances 20 Section 5.5. Alterations to the Project and Removal of Project Equipment 20 Section 5.6. Insurance 20 Section 5.7. Damage or Destruction 21 Section 5.8. Condemnation 23 Section 5.9. Hazardous Materials 24 ARTICLE VI DAMAGE, DESTRUCTION AND CONDEMNATION Section 6.1. Damage and Destruction 25 Section 6.2. Condemnation 25
Project Covenants. 55 Section 5.1 Project Title, Operation, and Maintenance 55 Section 5.2 Transfer of the Project or Interest in the Borrower 56 Section 5.3 Advances 59 Section 5.4 Alterations to the Project and Removal of Equipment 59 Section 5.5 Insurance 59 Section 5.6 Commencement and Substantial Completion of the Project 63 Section 5.7 Construction 64 Section 5.8 Preservation of Rights 64 Section 5.9 Maintenance and Repair 64 Section 5.10 Changes 64 Section 5.11 Construction Information and Verification 65 Section 5.12 Permits, Licenses, and Approval 66 Section 5.13 Purchase of Materials; Conditional Sales Contracts 67 Section 5.14 Site Visits; Right to Stop Work 67 Section 5.15 Protection Against Lien Claims 68 Section 5.16 Cooperation 68 Section 5.17 Income from Project 68 Section 5.18 Payment of Expenses 69 Section 5.19 Performance of Acts 69 Section 5.20 Management Agreement 70 Section 5.21 Continued Perfection 70 Section 5.22 Appraisals 70 Section 5.23 Beneficial Ownership Regulation 70 Section 5.24 USA Patriot Act 70 Section 5.25 Stored Materials 71 Section 5.26 Environmental Reports 71 Section 5.27 Equity Funding 71 Section 5.28 Developer Fee/Contractor Profit 71 Section 5.29 Forward Bond Purchase Agreement 71 Section 5.30 Replacement Key Principal 72
Project Covenants. Acquisition, Purchase, Construction and Installation of the Project. The Issuer will acquire, purchase, construct and install the Project in accordance with the Plans and Specifications. The Issuer may make minor changes in and to the Plans and Specifications, but major changes shall only be made with the prior written approval of the Trustee. The Issuer agrees that it will use its best efforts to cause the acquisition, purchase, construction and installation of the Project to be completed as soon as practicable with all reasonable dispatch.
