Material Change Order definition

Material Change Order means, with respect to the Project Facilities, a Change Order which (i) would result in an increase or decrease of $50,000 in the aggregate contract price of the Work to be performed on the Project Facilities; (ii) when aggregated with other Change Orders previously effected, would result in an increase or decrease in excess of $200,000 in the aggregate contract price for the Work to be performed on the Project Facilities; (iii) would reduce the number of apartment units in the Project Facilities; (iv) would materially reduce the aggregate useable square footage of the apartment units or the parking areas in the Project Facilities; (v) would change the number of one, two and three bedroom apartments in the Project Facilities; (vi) would alter the scope of the recreational facilities or ancillary facilities of the Project Facilities;

Material Change Order has the meaning set forth in Section 6.4.

Material Change Order means a change order to the Budget, construction contract, Draw Schedule or any of the other Construction Documents in connection with the construction of the Improvements that would result in an overall increase or decrease in excess of five percent (5%) in the development cost, reflected in Exhibit B.

Examples of Material Change Order in a sentence

• Such submission shall identify whether the submitted Change Order is a Material Change Order and shall include documentation satisfactory to Lender and Lender's Construction Consultant, setting forth all additions and subtractions previously made to or from the scope of the Required Improvements.

• Such consent shall not be required with respect to any amendment constituting a Change Order which is not a Material Change Order, or which amendment does not cause such Change Order to become a Material Change Order.

• Borrower and Manager shall not request, initiate, agree to, accept, cause or suffer any Material Change Order, without Lender's prior written consent, which shall not be unreasonably withheld or delayed.

• The Company shall have the right, without obtaining the Approval of the Parties, to approve change order which, in the opinion of the general contractor, are required to avoid an imminent risk of injury or death to persons or damage to property and change orders which do not constitute a Material Change Order.

• Borrower or Manager shall submit to Lender and Lender's Construction Consultant copies of each proposed Material Change Order, prior to, and all other Change Orders, simultaneously with entering into such Change Order.

More Definitions of Material Change Order

Material Change Order means, with respect to the Project Facilities, a Change Order which (i) would result in an increase or decrease of $50,000 in the aggregate contract price of the Work to be performed on the Project Facilities; (ii) when aggregated with other Change Orders previously effected, would result in an increase or decrease in excess of $200,000 in the aggregate contract price for the Work to be performed on the Project Facilities; (iii) would reduce the number

Material Change Order has the meaning provided in Section 6.3(e) of this Agreement

Material Change Order means any Change Order with respect to the Project, other than with respect to any guaranteed maximum price Major Contract, that, together with all other Change Orders theretofore entered into with respect to the Project, (i) increases any Line Item in the Loan Budget in excess of the greater of (a) ten percent (10%) over the original amount of such Line Item stated in the Loan Budget, but in no event in excess of $1,000,000.00, or (b) $500,000.00 over the original amount of such Line Item stated in the Loan Budget, and/or (ii) increases the aggregate amount of the Loan Budget in excess of ten percent (10%) over the original amount thereof.

Material Change Order means any Change Order which will, or can reasonably be expected to:

Material Change Order means any Change Order unless each of the following are satisfied:

Material Change Order means any Change Order (i) which will (A) impair the value of the Collateral in any material respect, (B) materially change the gross square feet or the number of rentable rooms to be contained in the Improvements, or the basic layout of the Improvements, or the number of parking spaces to be located on the Premises after completion of the Required Improvements, or (C) involve the use of materials, furniture, fixtures or equipment which, when viewed as a whole, will not be at least equal in quality, in all material respects, to the materials, furniture, fixtures and equipment originally specified in or required by the Plans, or (ii) which changes the scope of the work as set forth in the Plans, or (iii) which results in an increase or decrease in any Line Item by more than $50,000, or (iv) which results, when considered together with all previous Change Orders not requiring Lender's approval under Section 7.6, in an increase or decrease in the aggregate Costs of more than $150,000, or (v) which occurs at any time a Deficiency exists or (vi) which results, when considered with all previous Change Orders, in an increase in the aggregate Costs in excess of $500,000. After the $150,000 threshold specified in clause (iv) is exceeded and Lender approves the Material Change Order(s) that exceeded this threshold, the amount specified in clauses above shall be reduced to an amount equal to $20,000 and the restriction contained in clause (iv) shall be deleted. Notwithstanding the foregoing, Change Orders entered into prior to the Loan Closing Date shall not be deemed Material Change Order(s) and shall not be counted in calculating any of the aforementioned thresholds if (x) such Change Orders are funded other than by Advances or (y) if such Change Orders are funded by Advances, the Budget has been revised to take into account such Change Order(s), to the extent necessary, and Lender has had an opportunity to review such Change Order(s) prior to the Loan Closing Date.

Material Change Order means, with respect to the Project Facilities, a Change Order which