Common use of Required Work Clause in Contracts

Required Work. Any improvements required to be performed under this Agreement or paid for under this Agreement ("Required Work") (including, without limitation, all work required under Section 9.12 hereof) shall be completed in a lien-free and good and workmanlike manner as soon as practicable and in strict compliance with the term of the Loan Documents. The Required Work as set forth on Exhibit E shall be completed by the completion dates set forth therein, provided, however, such completion dates shall be extended for reasons of Force Majeure and provided further and notwithstanding anything to the contrary contained herein, with respect to Borrower seeking entitlements as indicated in such Exhibit E, Borrower shall have the right, in its sole discretion, to abandon its efforts to obtain such entitlements, and once abandoned, such entitlements shall not be deemed Required Work (provided that Borrower shall remain responsible for, and shall pay, all consultants, contractors and third parties providing services in connection with such entitlements). Borrower shall provide written notice to Lender if and when it elects to so abandon any such entitlement efforts. Without limitation, all Required Work shall comply with all applicable laws, ordinances, rules and regulations of all Governmental Authorities having jurisdiction over the applicable Property and applicable insurance requirements, including applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters. If Lender disapproves, in its reasonable judgment, any portion of the construction or equipping of any Property, Borrower, within ninety (90) days after such disapproval, shall commence to correct the condition so disapproved, and thereafter will diligently complete such correction. Borrower agrees that all materials contracted or purchased for construction of any Property and all labor hired or contracted for with respect to any construction and paid for with proceeds of the Loan will be used and employed solely on such Property and for no other purpose.

Required Work. Any improvements required to be performed under this Agreement or paid for under this Agreement 3.1.1 Borrower shall promptly commence and diligently and continuously perform all of the work set forth on Exhibit F hereto (the "Required Work") and shall complete such Required Work expeditiously and in any event not later than eighteen (including18) months after the date hereof. 3.1.2 Prior to the commencement of the Required Work applicable to the Property, Borrower shall prepare and submit to Lender and applicable Governmental Authorities for approval (a) to the extent appropriate for such Required Work, a complete set of plans and specifications for such Required Work (the "Plans") prepared by an architect reasonably acceptable to Lender (the "Architect") and (b) a reasonably detailed Property Budget setting forth the estimated costs of such Required Work. Borrower shall not modify the approved Plans in any material respect without limitationthe consent of Lender in each instance. Lender's approval of any Plans and consent to any modification thereof shall not be unreasonably withheld, all work required under Section 9.12 hereof) conditioned or delayed and shall be completed deemed given if Lender does not object thereto in writing within twenty (20) Business Days, with respect to approval of Plans, or ten (10) Business Days, with respect to a modification of Plans, after receiving Borrower's request for such approval or consent specifying in reasonable detail the reasons for such objection, provided that Borrower's request for such approval or consent shall have stated that such consent shall be deemed given if Lender does not object to such approval or modification within such twenty (20) or ten (10) Business Days, as the case may be. 3.1.3 Borrower shall pay for and obtain or cause to be paid for and obtained all Permits with regard to the Required Work, whether necessary for commencement, completion, use or otherwise. 3.1.4 Borrower shall perform or cause to be performed all Required Work in a lien-free and good and workmanlike manner as soon as practicable and in strict compliance with all applicable Legal Requirements and the term of the Loan Documents. The Required Work as set forth on Exhibit E shall be completed by the completion dates set forth therein, provided, however, such completion dates shall be extended for reasons of Force Majeure and provided further and notwithstanding anything to the contrary contained herein, with respect to Borrower seeking entitlements as indicated in such Exhibit E, Plans. 3.1.5 Borrower shall have the right, in its sole discretion, to abandon its efforts to obtain such entitlements, pay and once abandoned, such entitlements shall not be deemed Required Work discharge (provided that Borrower shall remain responsible for, by bonding or otherwise) all claims for labor done and shall pay, all consultants, contractors material and third parties providing services furnished in connection with the Required Work and cause the Required Work to be completed free and clear of any and all liens (including mechanic's, materialman's or other liens), claims and encumbrances whatsoever. 3.1.6 Each contractor or subcontractor performing any portion of the Required Work shall be licensed by the appropriate state agency, bonded (if the cost of the work to be performed by such entitlements)contractor shall be in excess of $500,000 and such bonds shall be requested by Lender) and unaffiliated with Borrower. Upon Lender's request, Borrower shall provide written notice evidence that each contractor and subcontractor meets the requirements of this paragraph. 3.1.7 Borrower shall permit Lender and Lender's consultants to enter upon the Property which is the subject of the Required Work at all reasonable times to inspect the Required Work and all shop and related drawings, daily logs and other reports and records used or maintained in connection with the Required Work and shall furnish to Lender, upon request, copies of the same. 3.1.8 Borrower shall furnish to Lender from time to time upon request (i) copies of all contracts and subcontracts and the names and addresses of all persons with whom Borrower or the general contractor, if and when it elects any, has contracted or intends to so abandon contract for the furnishing of labor or materials in connection with the Required Work; (ii) copies of all contracts, bills of sale, statements, receipts or other documents under which Borrower claims title to any such entitlement efforts. Without limitationmaterials, all fixtures or articles incorporated in the Required Work shall comply with all applicable laws, ordinances, rules and regulations or subject to the lien of the Mortgage; (iii) a list of all Governmental Authorities having jurisdiction over the applicable Property unpaid bills for labor and applicable insurance requirements, including applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters. If Lender disapproves, in its reasonable judgment, any portion of the construction or equipping of any Property, Borrower, within ninety (90) days after such disapproval, shall commence to correct the condition so disapproved, and thereafter will diligently complete such correction. Borrower agrees that all materials contracted or purchased for construction of any Property and all labor hired or contracted for with respect to any construction the Required Work and paid for with proceeds copies of all invoices therefor, and (iv) such other information relating to the Loan will Required Work as shall be used and employed solely on such Property and for no other purposereasonably requested by Lender.

Required Work. Any improvements required to be performed under this Agreement or paid for under this Agreement 3.1.1 Borrower shall promptly commence and diligently and continuously perform all of the work set forth on Exhibit F hereto (the "Required Work") and shall complete such Required Work expeditiously and in any event not later than eighteen (including18) months after the date hereof. 3.1.2 Prior to the commencement of the Required Work applicable to an Individual Property, Borrower shall prepare and submit to Lender and applicable Governmental Authorities for approval (a) to the extent appropriate for such Required Work, a complete set of plans and specifications for such Required Work (the "Plans") prepared by an architect reasonably acceptable to Lender (the "Architect") and (b) a reasonably detailed Property Budget setting forth the estimated costs of such Required Work. Borrower shall not modify the approved Plans in any material respect without limitationthe consent of Lender in each instance. Lender's approval of any Plans and consent to any modification thereof shall not be unreasonably withheld, all work required under Section 9.12 hereof) conditioned or delayed and shall be completed deemed given if Lender does not object thereto in writing within twenty (20) Business Days, with respect to approval of Plans, or ten (10) Business Days, with respect to a modification of Plans, after receiving Borrower's request for such approval or consent specifying in reasonable detail the reasons for such objection, provided that Borrower's request for such approval or consent shall have stated that such consent shall be deemed given if Lender does not object to such approval or modification within such twenty (20) or ten (10) Business Days, as the case may be. 3.1.3 Borrower shall pay for and obtain or cause to be paid for and obtained all Permits with regard to the Required Work, whether necessary for commencement, completion, use or otherwise. 3.1.4 Borrower shall perform or cause to be performed all Required Work in a lien-free and good and workmanlike manner as soon as practicable and in strict compliance with all applicable Legal Requirements and the term of the Loan Documents. The Required Work as set forth on Exhibit E shall be completed by the completion dates set forth therein, provided, however, such completion dates shall be extended for reasons of Force Majeure and provided further and notwithstanding anything to the contrary contained herein, with respect to Borrower seeking entitlements as indicated in such Exhibit E, Plans. 3.1.5 Borrower shall have the right, in its sole discretion, to abandon its efforts to obtain such entitlements, pay and once abandoned, such entitlements shall not be deemed Required Work discharge (provided that Borrower shall remain responsible for, by bonding or otherwise) all claims for labor done and shall pay, all consultants, contractors material and third parties providing services furnished in connection with the Required Work and cause the Required Work to be completed free and clear of any and all liens (including mechanic's, materialman's or other liens), claims and encumbrances whatsoever. 3.1.6 Each contractor or subcontractor performing any portion of the Required Work shall be licensed by the appropriate state agency, bonded (if the cost of the work to be performed by such entitlements)contractor shall be in excess of $500,000 and such bonds shall be requested by Lender) and unaffiliated with Borrower. Upon Lender's request, Borrower shall provide written notice evidence that each contractor and subcontractor meets the requirements of this paragraph. 3.1.7 Borrower shall permit Lender and Lender's consultants to enter upon the Individual Property which is the subject of the Required Work at all reasonable times to inspect the Required Work and all shop and related drawings, daily logs and other reports and records used or maintained in connection with the Required Work and shall furnish to Lender, upon request, copies of the same. 3.1.8 Borrower shall furnish to Lender from time to time upon request (i) copies of all contracts and subcontracts and the names and addresses of all persons with whom Borrower or the general contractor, if and when it elects any, has contracted or intends to so abandon contract for the furnishing of labor or materials in connection with the Required Work; (ii) copies of all contracts, bills of sale, statements, receipts or other documents under which Borrower claims title to any such entitlement efforts. Without limitationmaterials, all fixtures or articles incorporated in the Required Work shall comply with all applicable laws, ordinances, rules and regulations or subject to the lien of the Mortgage; (iii) a list of all Governmental Authorities having jurisdiction over the applicable Property unpaid bills for labor and applicable insurance requirements, including applicable building codes, special use permits, environmental regulations, and requirements of insurance underwriters. If Lender disapproves, in its reasonable judgment, any portion of the construction or equipping of any Property, Borrower, within ninety (90) days after such disapproval, shall commence to correct the condition so disapproved, and thereafter will diligently complete such correction. Borrower agrees that all materials contracted or purchased for construction of any Property and all labor hired or contracted for with respect to any construction the Required Work and paid for with proceeds copies of all invoices therefor, and (iv) such other information relating to the Loan will Required Work as shall be used and employed solely on such Property and for no other purposereasonably requested by Lender.