Common use of The Construction Agent Delivery of Construction Budget Modifications Clause in Contracts

The Construction Agent Delivery of Construction Budget Modifications. The Construction Agent covenants and agrees to deliver to the Agent on the first Business Day of each month during the Construction Period notification of any modification to any Construction Budget regarding any Property if such modification increases the cost to construct such Property unless any such modification increases the cost of construction in excess of $1,000,000, in which event such notification shall be provided to Agent within five (5) Business Days of such modification to the Construction Budget; except that no Construction Budget may be increased unless (a) the title insurance policies referenced in Section 5.3(g) are also modified or endorsed, if necessary, to provide for insurance in an amount that satisfies the requirements of Section 5.4(f) of this Agreement and (b) after giving effect to any such amendment, the Construction Budget remains in compliance with the requirements of Section 5.4(d) of this Agreement.

The Construction Agent Delivery of Construction Budget Modifications. (a) The Construction Agent covenants and agrees to deliver to the Agent on by the first Business Day fifteenth (15th) day of each month during (and if such day is not a Business Day, then by the Construction Period next occurring Business Day) notification of any modification to any the Construction Budget regarding any the Property if such modification increases the cost to construct such the Property unless any such modification increases the cost of construction in excess of $1,000,000, in which event such notification shall be provided to Agent within five (5) Business Days of such modification to over the Construction BudgetBudget as of the Closing Date; except that provided no Construction Budget may be increased unless (a) the title insurance policies referenced in Section 5.3(g) are also modified or endorsed, if necessary, to provide for insurance in an amount that satisfies the requirements of Section 5.4(f) of this Agreement and (b) after giving effect to any such amendment, the Construction Budget remains in compliance with the requirements of Section 5.4(d) of this Agreement).