School Unit Purchase Agreement definition
Examples of School Unit Purchase Agreement in a sentence
To the best of Borrower’s knowledge, no default by SCA has occurred and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a default by the SCA under the School Unit Purchase Agreement.
Contractor shall employ sufficient personnel to clean its office and Owner’s office at the Site and work areas each working day and shall cooperate with the other Persons working at the Site to keep the Site clean.
Borrower shall cause Mortgage Borrower to comply at all times with and timely perform its obligations and enforce its rights and the SCA’s obligations under the School Unit Purchase Agreement.
No default by Borrower has occurred and is continuing under the School Unit Purchase Agreement and no event has occurred which, with the passage of time or the giving of notice, or both, would constitute a default by Borrower under the School Unit Purchase Agreement.
Borrower shall obtain the SCA’s approval or consent to all Change Orders that affect the School Unit or the School Program (as defined in the School Unit Purchase Agreement) (an “SCA Change Order”) in writing and a copy of such approval or consent shall be promptly delivered to Lender.
Borrower shall complete all Punch List Items no later than one hundred twenty (120) days following the date on which Substantial Completion occurs (subject to reasonable extensions if Borrower is diligently pursuing the completion of such Punch List Items), or such earlier date as may be required under the School Unit Purchase Agreement.
The guaranteed obligations of the guarantor under the “Completion Guaranty to SCA” (as such term is defined in the School Unit Purchase Agreement) have been satisfied in full and such guarantor has no remaining completion obligations thereunder.
In the event that the SCA has materially defaulted under the School Unit Purchase Agreement, Borrower may request that Lender consent to a change in the scope of the Project, which consent may be withheld in Lender’s sole and absolute discretion.
As used in this Agreement, the following terms shall mean: “100% School Base Building CD’s” is defined in the School Unit Purchase Agreement.
No later than October 22, 2021, Borrower shall have either (i) contributed the Required Equity into the Project or (ii) deposited with Lender the positive difference, if any, between (A) Required Equity less (B) the sum of (1) the Initial Required Equity, (2) the School Construction Supervision Fee which is still scheduled to be contributed under the School Unit Purchase Agreement, and (3) all Additional Equity contributed to date.