Completion of the Improvements means the substantial completion (i.e., completion of the Project Improvements other than Punch List Items) of the construction and renovation of the Project Improvements substantially in accordance with all Plans and Specifications, all Legal Requirements, all Permitted Encumbrances and this Agreement, and that all utilities necessary to service the Project Improvements have been connected and are in operation, such completion to be evidenced to the reasonable satisfaction of Lender and the Construction Consultant; together with the delivery to Lender of:
Completion of the Improvements is defined in Section 5(d) of this Agreement. “Deed” is defined in Section 12(b)(i) of this Agreement.
Completion of the Improvements means the substantial completion (i.e., completion of the Project Improvements other than Punch List Items) of the construction and renovation of the Project Improvements substantially in accordance with all Plans and Specifications, all applicable Legal Requirements, all Permitted Encumbrances, the Condominium Documents and the Building Loan Agreement, and that all utilities necessary to service the Property have been connected and are in operation, such completion to be evidenced to the reasonable satisfaction of Lender and the Construction Consultant; together with the delivery to Mortgage Lender and Lender of a permanent or temporary certificate of occupancy (if subject to any conditions, such conditions being reasonably acceptable to Mortgage Lender and Lender) for the Improvements and evidence that all other Governmental Approvals have been issued and all other applicable Legal Requirements have been satisfied so as to allow the Improvements to be used and operated in accordance with the Mortgage Loan Documents.
Examples of Completion of the Improvements in a sentence
The Construction Agent shall promptly notify the Lessor upon Completion of the Improvements and the Lessee shall commence to pay Basic Rent as of the Rent Commencement Date.
The Improvements shall not have been injured or damaged by fire, explosion, accident, flood or other casualty, unless Lender shall have received insurance proceeds sufficient in the reasonable judgment of Lender to effect the satisfactory restoration of the Improvements and to permit the Completion of the Improvements prior to the Required Completion Date.
Evidence satisfactory to Lender and the Construction Consultant that the Completion of the Improvements has occurred.
The Project Improvements shall not have been injured or damaged by fire, explosion, accident, flood or other casualty, unless Lender shall be satisfied that sufficient insurance proceeds will be available in the reasonable judgment of Lender to effect the satisfactory restoration of the Project Improvements and to permit the Completion of the Improvements prior to the Required Completion Date.
For purposes of this Lease, "Substantial Completion" of the Improvements in the Premises shall occur upon the completion of construction of the Improvements in the Premises pursuant to the Approved Working Drawings, with the exception of any punch list items and any tenant fixtures, work-stations, built-in furniture, or equipment to be installed by Tenant.
More Definitions of Completion of the Improvements
Completion of the Improvements means the completion and payment of the Direct Costs and the Indirect Costs of all design, construction, equipping, furnishing and tenant-fixturing of the Improvements, all clearing, landscaping, lighting and paving of the Premises, and procurement of all approvals, licenses and permits necessary to make the same ready for use and occupancy, open the same to the public and place the same in operation in order to convert, exchange, remortgage, rent, sell, use or otherwise dispose of the Premises and Improvements, as a whole or in parts, so that the Loan can be repaid or refinanced on or before the maturity date of the Note.
Completion of the Improvements means completion of the Improvements so that the same is complete in accordance with the relevant construction contract or contracts;
Completion of the Improvements means, as to any Construction Property, the time when Improvements for a Construction Property (or portion thereof then scheduled to be completed) have been substantially completed in accordance with the Plans, the Major Leases and Anchor Leases and the provisions of Article V., and all of the following have been delivered to the Agent in form and substance satisfactory to the Agent: (i) Certificate of Occupancy (or its equivalent) from the appropriate Governmental Authority having jurisdiction over the Construction Property; (ii) an AIA Certificate of Substantial Completion from the Architect; (iii) an endorsement from the Title Company deleting any exception in the Title Insurance Policy relating to Completion of the Improvements and other exceptions specified by the Agent which may be deleted pursuant to applicable regulations; (iv) an affidavit and full release of liens in recordable form from the General Contractor and the Architect, and, upon request of the Agent, any other contractors or subcontractors who have performed work on, or furnished materials for, the Improvements on such Construction Property; and (v) after the issuance of the aforesaid certificate from the Architect any and all "punch list" items or other items which remain to be completed have been fully and finally completed.
Completion of the Improvements means the substantial completion (i.e., completion of the Project Improvements other than interior finishes in unsold Residential Units or the Commercial Unit and Punch List Items) of the construction and renovation of the Project Improvements substantially in accordance with all Plans and Specifications, all Legal Requirements, all Permitted Encumbrances, the Condominium Documents, the Building Loan Agreement, the Second Mezzanine Loan Documents and this Agreement, and that all utilities necessary to service the Property have been connected and are in operation, such completion to be evidenced to the reasonable satisfaction of Lender and the Construction Consultant; together with the delivery to Lender of permanent or temporary certificates of occupancy (if subject to any conditions, such conditions being acceptable to Lender) for the Units and the other Improvements and evidence that all other Governmental Approvals have been issued, including without limitations a Certificate of Eligibility issued by HPD and endorsed by the Affordable Developer to Mortgage Borrowers with respect the Bonus Area Rights, and all other Legal Requirements have been satisfied so as to allow the Improvements to be used and operated in accordance with the Loan Documents.
Completion of the Improvements means the full and complete performance of all work (including all punch list items) required to renovate, construct and equip the Improvements in accordance with (in all material respects) this Agreement, the Mortgage Loan Documents, the Plans, and all Legal Requirements.
Completion of the Improvements shall include satisfaction of the following described requirements: (1) Seller shall have delivered to Purchaser a final certificate of occupancy for each tenant space included within the Property, and (2) certificates of substantial completion (subject only to an attached punch list) as to Seller's work for construction of the Improvements (as hereinafter defined) and under any tenant lease shall have been issued and signed by the project architect stating that: (A) Seller's work has been substantially completed (subject only to an attached punch list) in accordance with the plans and specifications reasonably approved by Purchaser and required to bring the vacant space to a vanilla box condition (the "Plans and Specifications") for the construction of the improvements therein described (the "Improvements"), and (B) Seller's work has been completed in accordance with the terms, conditions and provisions of the terms of this Agreement, and (C) all applicable governmental rules, regulations and requirements have been satisfied, and (3) subject to completion of "punch list" items, each tenant under Leases shall have accepted, in writing, the respective demised premises "as is," and shall have opened for business to the public and taken total possession and commenced rental payments per the leases, including applicable reimbursements for maintenance, insurance and real estate taxes in accordance with the terms of the respective Leases, and (4) no tenant under Leases shall have filed for bankruptcy, insolvency, or reorganization protection pursuant to any statute either of the United States or any state, and (5) intentionally deleted, and (6) Seller shall have delivered to the Title Company lien waivers, and the Title Company shall have issued its Title Policy in favor of Purchaser with all matters related to new construction waived and/or insured over.
Completion of the Improvements means that, in addition to the Completion of the Base Building Work, all Punch List Items with respect to the Base Building Work shall have been completed substantially in accordance with the Plans and Specifications, all Legal Requirements, the Bloomberg Lease and this Agreement, and all Basic Residential Buildout Work with respect to the Property (excluding any work to be performed by or at the separate expense of a purchaser of a Residential Unit under a Qualifying Contract) shall have been completed substantially in accordance with the Plans and Specifications, all Legal Requirements, the Bloomberg Lease and this Agreement (excluding any retail or commercial space to the extent that the work necessary in order to obtain a certificate of occupancy for such space was not included in the Plans and Specifications or is the obligation of a Tenant to perform), such compliance to be evidenced to the reasonable satisfaction of Agent and the Construction Consultant; together with the delivery to Agent of a permanent or temporary certificate of occupancy (if subject to any conditions, such conditions being reasonably acceptable to Agent) for the Improvements (excluding any retail or commercial space to the extent that the work necessary in order to obtain a certificate of occupancy for such space was not included in the Plans and Specifications or is the obligation of a Tenant to perform and excluding any work to be performed by a purchaser of a Residential Unit under a Qualifying Contract) and evidence that all other Governmental Approvals have been issued and all other Legal Requirements have been satisfied so as to allow the use and occupancy of the Improvements (subject to the same exclusion as above provided) in accordance with the definition of "Improvements" set forth in this Agreement and in accordance with all Legal Requirements, the Offering Plan (if any) and the Bloomberg Lease.