Common use of Retainages Clause in Contracts

Retainages. At the time of each disbursement of Loan proceeds, ten percent (10%) of the total amount then due the General Contractor and the various contractors, subcontractors and material suppliers for costs of Construction shall be withheld from the amount disbursed until 50% completion of the Construction is achieved. No further retainage shall be withheld from amounts disbursed after 50% Construction completion is achieved. On the Closing Date, Borrower shall deliver to Administrative Agent the same statement regarding the General Contract that is provided to Borrower in connection with its acquisition of the Subject Property, which statement shall confirm the retainage that has been withheld from the General Contractor, and that the Budget includes the appropriate retainage, given the then-current status of Construction and all prior payments to the General Contractor. The retained Loan amounts for Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds under Article 11 below; provided, however, upon the satisfactory completion of one hundred percent (100%) of the work with respect to any trade (including any trade performed by General Contractor) or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect and Lenders’ Consultant, the retainages with respect to such trade or order, as the case may be, shall be disbursed to Borrower within thirty (30) days after Lenders’ Consultant’s approval of all work and materials and the Administrative Agent’s receipt of a final waiver of lien with respect to such completed work or delivered materials.

Retainages. At the time of each disbursement of Loan proceedsproceeds until completion of fifty percent (50%) of the Construction (as reasonably estimated by Architect and approved by Lender’s Consultant), ten percent (10%) of the total amount then due the General Contractor and the various contractors, subcontractors and material suppliers for costs of the Construction shall be withheld from the amount disbursed until 50% completion of the Construction is achieved. No further disbursed, and thereafter no additional retainage shall be withheld from amounts disbursed after 50% Construction completion unless Borrower is achieved. On the Closing Date, Borrower shall deliver to Administrative Agent the same statement regarding the General Contract that is provided to Borrower in connection with its acquisition of the Subject Property, which statement shall confirm the withholding retainage that has been withheld from the General Contractor, and that the Budget includes the appropriate retainage, given the then-current status of Construction and all prior payments as to the General ContractorContractor or any other contractors, subcontractors or suppliers, and then retainage shall be held in such amount. The retained Loan amounts for the Construction costs will be disbursed only at the time of the final disbursement of Loan proceeds under Article 11 13 below; provided, however, upon the satisfactory completion of one hundred percent (100%) of the work with respect to any trade (including any trade performed by the General Contractor) ), Tenant Work or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect and Lenders’ the Lender’s Consultant, the Agent may decide on a case by case basis (but shall not be obligated) to permit retainages with respect to such trade or order, as the case may be, shall to be disbursed to Borrower within thirty (30) days after Lenders’ upon the Lender’s Consultant’s approval of all work and materials and the Administrative Agent’s receipt of a final waiver of lien with respect to such completed work or delivered materials.

Retainages. At the time of each disbursement of the CoPACE Loan proceeds, ten percent (10%) % of the total amount then due the General Contractor and the various contractors, subcontractors Subcontract Contractors and material suppliers for “hard” or direct costs of the Construction shall be withheld from the amount disbursed until 50% completion of the Construction Project is achieved. No 50%complete (as evidenced by the Line Item Budget), whereupon further retainage requirements shall be withheld from amounts disbursed after 50% Construction completion is achieved. On the Closing Date, Borrower shall deliver to Administrative Agent the same statement regarding the General Contract that is provided to Borrower in connection with its acquisition of the Subject Property, which statement shall confirm the retainage that has been withheld from the General Contractor, and that the Budget includes the appropriate retainage, given the then-current status of Construction and all prior payments to the General Contractorwaived. The retained CoPACE Loan amounts for the Construction costs will be disbursed only at the time of the final disbursement of the CoPACE Loan proceeds under Article Section 11 below; provided, however, upon the satisfactory completion of one hundred percent (100%) % of the work with respect to any trade (including any trade performed by General Contractor) line item or the delivery of all materials pursuant to a purchase order in accordance with the Plans and Specifications as certified by the Architect Contractor and Lenders’ the Capital Provider’s Construction Consultant, the Capital Provider may decide on a case by case basis (but shall not be obligated) to permit retainages with respect to such trade or ordersupplier, as the case may be, shall to be disbursed to Borrower within thirty (30) days after Lenders’ the Property Owner upon the Capital Provider’s Construction Consultant’s prior written approval of all work and materials and the Administrative AgentCapital Provider’s receipt of a final waiver of lien with respect to such completed work or delivered materials.