Substantially Completed. (or “Substantial Completion”) shall mean that (i) Landlord’s Base Building Work (as hereinafter defined) is Substantially Completed, (ii) Landlord’s TI Work, as shown on the Approved TI Plans, has been completed in accordance with the provisions of this Lease (including, without limitation, that such work has been completed in a good and workmanlike manner and substantially in accordance with the Approved TI Plans), except only Punch List Items (as provided below) and such work that Tenant needs to perform in connection with Tenant Installations and (ii) all conditions to the issuance of a temporary certificate of occupancy for the Premises have been satisfied allowing for lawful occupancy of the Premises by Tenant, except only conditions related solely to the completion of Tenant’s Installations, as (i) and (ii) are evidenced by a written notice of substantial completion from Landlord to Tenant, which notice of substantial completion shall be subject to confirmation by Xxxxxx’s architect (which confirmation or objection, if Xxxxxx’s architect does not agree that Substantial Completion of Landlord’s TI Work or any applicable portion thereof has occurred, shall be given (if at all) as promptly as possible and no more than three (3) business days after Xxxxxx’s receipt of Landlord’s notification, and which confirmation (if any) shall specify any good faith objections and/or Tenant’s architect’s determination that Substantial Completion of Landlord’s TI Work (or applicable portions thereof) has not occurred). If Landlord shall provide only a temporary and not a permanent certificate of occupancy then Landlord’s notice of Substantial Completion will include Landlord’s covenant to complete all of Landlord’s TI Work and Landlord’s Base Building Work required for obtaining a permanent certificate of occupancy. The failure of Xxxxxx’s architect to confirm Xxxxxxxx’s notification of Substantial Completion of Landlord’s TI Work as set forth herein or to object in writing thereto within such three (3) business day period shall be deemed a confirmation that Substantial Completion has occurred. If Xxxxxx’s architect objects to any matters set forth in Landlord’s notice of Substantial Completion of Landlord’s TI Work and notifies Landlord thereof within three (3) business days following receipt of the notice and the parties are unable to resolve the dispute within ten (10) days of Xxxxxx’s architect’s notice of objection, either party may elect to refer the dispute to r...
Substantially Completed means: (i) the Company and the Contractor have issued a certificate of substantial completion in form and substance satisfactory to Buyer certifying that the Hotel has been constructed substantially in accordance with the Plans and Specifications and the Legal Requirements, (ii) a certificate of occupancy authorizing the opening of the Hotel for business to the public and for operation under the Brand has been issued by the local governing authority and is in full force and effect, (iii) all other final and unconditional consents, approvals, licenses and operating permits necessary or appropriate for the Hotel to open for business to the public and to operate under the Brand have been issued by and obtained from all applicable governmental and regulatory authorities, subject to Punch List Items; (iv) the Hotel is fully furnished, fitted and equipped and ready to open for business to the public and operate under the Brand, subject to Punch List Items; (iii) all contractors, subcontractors, suppliers, mechanics, materialmen and other persons or entities providing labor or materials for the construction and development of the Hotel shall have been paid (or adequate provision for payment of such persons or entities, which is not required to be an actual escrow of funds, has been made to Buyer’s reasonable satisfaction), subject to Punch List Items and (iv) the Franchisor has approved the completion, furnishing and equipping of the Hotel and is prepared to commence (or authorize the commencement of) operation of the Hotel, and all of the other conditions set forth in the Management Agreement and the Franchise Agreement have been satisfied, subject to Punch List Items.
Substantially Completed shall have the meanings set forth for such terms in the Work Letter. If Tenant does not elect to void this Lease within 5 business days of the lapse of such 90 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect.
Examples of Substantially Completed in a sentence
The Recipient will ensure that each Project is Substantially Completed on or before December 31, 2023.
More Definitions of Substantially Completed
Substantially Completed and any derivations thereof mean the Work in the Premises is substantially completed (as reasonably determined by Landlord) in substantial accordance with the Working Drawings. Substantial Completion shall have occurred even though minor details of construction, decoration, landscaping and mechanical adjustments remain to be completed by Landlord.
Substantially Completed means the first date on which any of the following occurs:
Substantially Completed means, in respect of any Project, that the Project can be used for the purpose for which it was intended.
Substantially Completed means the Funding Lender has determined that construction or rehabilitation, as the case may be, of the Improvements is sufficiently complete such that the Improvements can be occupied by tenants as a multifamily residential rental project.
Substantially Completed means that the Initial Construction Work for the Project (or applicable component thereof) has been completed in substantial accordance with the terms of this Lease (and Development Agreement, where applicable) and a Certificate of Occupancy has been issued for each Building and each Residential Unit (as applicable, in each instance subject only to (i) minor matters that do not materially adversely affect the use of the Project (or component thereof) for its intended purpose and which have been identified by Tenant, with input from the Architect, on a “punch-list,” and to (ii) items of exterior landscaping that cannot then be completed pending appropriate seasonal opportunity and which have been identified by Tenant on the “punch-list.” In the event that the Project consists of multiple Buildings, Substantial Completion shall be determined for each Building separately.
Substantially Completed means that the work has been completed, as reasonably determined by Landlord’s architect, in accordance with (a) the provisions of this Work Letter applicable thereto, (b) the plans and specifications for such work, and (c) all applicable Legal Requirements, except for minor details of construction, decoration and mechanical adjustments, if any, the noncompletion of which does not materially interfere with Tenant’s use of the Premises or which in accordance with good construction practices should be completed after the completion of other work in the Premises or Building (“Punch List Items”).
Substantially Completed means the stage in the progress of the construction of improvements, or as to any particular portion thereof, when said construction is sufficiently complete so that the improvements or such particular portion can be occupied or utilized for its intended use provided however that finished shell space which is suitable for future tenant improvements shall be considered substantial completion.