Common use of Unfinished Items Clause in Contracts

Unfinished Items. In the event that the Residence shall not be fully completed on or before closing, the same shall not be deemed an objection to closing provided the lending institution is willing to close and fund the mortgage commitment. The Residence shall be deemed complete upon the issuance of a Certificate of Occupancy. If any items or work or supply of materials are then incomplete, the Seller agrees to give and the Purchaser agrees to accept a written statement setting forth the items that need completion or repair (“Punch List”). Seller shall further provide a statement setting forth the date by which the Punch List is to be completed. The Punch List and written statement shall survive the delivery of the deed. At closing, there will not be an escrow fund deposited by Seller with regard to the Punch List.

Unfinished Items. In the event that the Residence shall not be fully completed on or before closing, the same shall not be deemed an objection to closing provided the lending institution is willing to close and fund the mortgage commitment. The Residence shall be deemed complete upon the issuance of a Certificate of Occupancy. If any items or work or supply of materials are then incomplete, the Seller agrees to give and the Purchaser agrees to accept a written statement setting forth the items that need completion or repair (“Punch List”). Seller shall further provide a statement setting forth the date by which the Punch List is to be completed. The Punch List and written statement shall survive the delivery of the deed. At deed at closing, there will not be an escrow fund deposited by Seller with regard to the Punch List.