Common use of Punch List Clause in Contracts

Punch List. Upon notification from the Contractor that the Hotel is Substantially Completed and ready for inspection, the Company shall prepare a “punch list” with the assistance of a representative of Buyer and the Franchisor. The Company and the Interest Owners acknowledges that final acceptance of the work on the Hotel shall be made only with the approval of Buyer and the Franchisor. The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Interest Owners with the approval of Buyer, such approval not to be unreasonably withheld, plus fifty percent (50%) of such costs, shall be reserved by Buyer from the Purchase Price and shall be disbursed to the Interest Owners only upon Buyer’s reasonable determination that all of the Punch List Items have been satisfactorily completed. The Interest Owners shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at their expense, with all diligence and in any event within sixty (60) days after Substantial Completion of the Hotel.

Punch List. Upon notification from the Contractor that the Hotel is Substantially Completed and ready for inspection, the Company Seller shall prepare a “punch list” with the assistance of a representative of Buyer the Architect and the Franchisor. The Company and the Interest Owners Seller acknowledges that final acceptance of the work on the Hotel shall be made only with the approval of Buyer and the Franchisor. The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Interest Owners Seller with the approval of Buyer, such approval not to be unreasonably withheld, plus fifty percent (50%) of such costs, shall be reserved retained by Buyer the Title Company from the Purchase Price and shall be disbursed to the Interest Owners Seller only upon Buyer’s reasonable determination that all of the Punch List Items have been satisfactorily completed. The Interest Owners Seller shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at their Seller’s expense, with all diligence and in any event within sixty (60) days after Substantial Completion of the Hotel.

Punch List. Upon notification from the Contractor that the Hotel is Substantially Completed and ready for inspection, the Company Seller shall prepare a “punch list” with the assistance of a representative of Buyer the Architect and the Franchisor. The Company and the Interest Owners Seller acknowledges that final acceptance of the work on the Hotel shall be made only with the approval of Buyer and the FranchisorFranchisor (which approval by Buyer shall not be unreasonably withheld or delayed). The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Interest Owners Seller with the approval of Buyer, such approval not to be unreasonably withheld, plus fifty percent (50%) of such costs, shall be reserved retained by Buyer the Title Company from the Purchase Price and shall be disbursed to the Interest Owners Seller only upon Buyer’s reasonable determination that all of the Punch List Items have been satisfactorily completed. The Interest Owners Seller shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at their Seller’s expense, with all diligence and in any event within sixty (60) days after Substantial Completion of the HotelHotel subject to any extension of such 60-day period due to Force Majeure.

Punch List. Upon notification from the Contractor that the Hotel is Substantially Completed and ready for inspection, the Company Seller shall prepare a “punch list” with the assistance of a representative of Buyer the Architect and the Manager (if the Manager is a Third Party Manager) or the Franchisor, as applicable. The Company and the Interest Owners Seller acknowledges that final acceptance of the work on the Hotel shall be made only with the approval of Buyer and the Third Party Manager or the Franchisor, applicable. The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Interest Owners Seller with the approval of Buyer, such approval not to be unreasonably withheld, plus fifty percent (50%) of such costs, shall be reserved retained by Buyer the Title Company from the Purchase Price and shall be disbursed to the Interest Owners Seller only upon Buyer’s reasonable determination that all of the Punch List Items have been satisfactorily completed. The Interest Owners Seller shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at their Seller’s expense, with all diligence and in any event within sixty (60) days after Substantial Completion of the Hotel.

Punch List. Upon notification from the Contractor that the Hotel is Substantially Completed and ready for inspection, the Company shall prepare a “"punch list” " with the assistance of a representative of Buyer and the Franchisor. The Company and the Interest Owners acknowledges that final acceptance of the work on the Hotel shall be made only with the approval of Buyer and the Franchisor. The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Interest Owners with the approval of Buyer, such approval not to be unreasonably withheld, plus fifty percent (50%) of such costs, shall be reserved by Buyer from the Purchase Price and shall be disbursed to the Interest Owners only upon Buyer’s reasonable determination that all of the Punch List Items have been satisfactorily completed. The Interest Owners shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at their expense, with all diligence and in any event within sixty (60) days after Substantial Completion of the Hotel.