Guaranty of Completion. A Guaranty of Completion exists between GMH Communities LP, as guarantor (through assignment of rights and obligations from GMH Capital Partners, L.P.), in favor of The Bank of New York as master trustee under the Trust Indenture covering the bonds financing the Fort Xxxxxxxx project. Under the terms of this Guaranty, the guarantor has guaranteed that the project will be fully and timely performed and completed in accordance with the plans/specifications, “Guaranteed Maximum Price” and construction schedule as set out in the related project construction contract. In addition, the project entity has the same obligations to complete the construction schedule under the terms of the Trust Indenture. Management believes that any change order increasing the Guaranteed Maximum Price of JMB’s construction contract as part of the settlement will result in a corresponding increase to the Guaranteed Maximum Price for purposes of the Guaranty because the definition of Guaranteed Maximum Price in the Guaranty is tied to JMB’s construction contract. Moreover, because any settlement and change order with JMB would likely require the consent of the financing parties for Fort Xxxxxxxx, management intends to document any such consent in a manner that would provide a corresponding increase in the Guaranteed Maximum Price for purposes of the Guaranty. However, if a settlement with JMB is not reached and JMB were to prevail on its claim, it is possible that GMH Communities LP would be liable for the amount of the claim above the Guaranteed Maximum Price.
Guaranty of Completion. Guarantor additionally hereby unconditionally and irrevocably guarantees to Administrative Agent and the Lenders the timely performance of all obligations of Borrower under the Loan Documents regarding the construction and completion of the Improvements, including without limitation, the obligations to (i) construct the Improvements in accordance with the Loan Agreement, Laws and with the Plans; (ii) to complete the Improvements and cause the Improvements to be ready for occupancy, including obtaining all certificates required by law or the Loan Agreement on or before the Completion Date. If any of such obligations of Borrower are not complied with, in any respect whatsoever, and without the necessity of any notice from Administrative Agent or the Lenders to Guarantor, Guarantor agrees to (i) assume all responsibility for the completion of the Improvements and, at Guarantor’s own cost and expense, cause the Improvements to be fully completed in accordance with the Plans and the Loan Documents; (ii) pay all bills in connection with the construction of the Improvements; and (iii) indemnify and hold Administrative Agent and the Lenders harmless from any and all loss, cost, liability or expense that Administrative Agent or the Lenders may suffer by reason of any such non-compliance. So long as all of such obligations are being performed by Borrower or Guarantor and no Default exists with respect to the obligations of Borrower under the Loan Agreement relating to the construction of the Improvements, Lenders will make the Loan proceeds available under and subject to the terms of the Loan Agreement. After the occurrence of a Default and without limiting the other rights and remedies of Administrative Agent and the Lenders, if Administrative Agent, in its sole and absolute discretion, is dissatisfied with the progress of construction by Borrower and/or Guarantor, then Administrative Agent may, at its option with the consent of the Required Lenders, without notice to Guarantor or anyone else, complete the Improvements either before or after commencement of foreclosure proceedings or before or after exercise by Administrative Agent on behalf of the Lenders of any other right or remedy of the Lenders against Borrower or Guarantor, with such changes or modifications in the Plans as Administrative Agent, on behalf of the other Lenders, deems necessary and expend such sums as Administrative Agent, in its sole and absolute discretion, deems necessary or advisable to com...
Guaranty of Completion. Regardless of whether the cost of an Approved Project is less than, equal to or in excess of the amount of the Approved Amount plus the lesser of (i) fifteen percent (15%) of the original Approved Amount for such Approved Project and (ii) any Unallocated Funds, Lessee will be responsible for payment of all costs of completing each Approved Project, subject, however, to Lessee’s right to seek reimbursement from Lessor, and Lessor’s obligation to reimburse Lessee, for the Approved Amount plus the lesser of (i) fifteen percent (15%) of the original Approved Amount for such Approved Project and (ii) any Unallocated Funds, all in accordance with the terms of this Amendment.
Guaranty of Completion. This GUARANTY OF COMPLETION (this "Guaranty"), dated as of June 17, 1998, made by BROOKDALE LIVING COMMUNITIES, INC. , a Delaware corporation, having an office at 77 West Wacker Drive, Suite 4000, Xxxxxxx, Illinois 60621 ("Guarantor"), in favor of BANC ONE CAPITAL PARTNERS IV, LTD., an Ohio limited liability company, having an address at 150 East Gay Street, Columbux, Xxxx 00000, Xxxxxxxxx: Xxxx X. Xxxxx (together with xxx xxxxxxxors and assigns, "Lender").
Guaranty of Completion. Subject to a temporary suspension of performance pursuant to Section 16 or Lessor Delay, but regardless of whether the cost thereof exceeds the amount of the Maximum Funded Amount, Lessee will diligently and continuously carry out or cause to be carried out the construction of the Paris Facility so as to insure the completion of construction of the Paris Facility, the opening of the Paris Facility and the acquisition of all Licenses for the Paris Facility, all by the applicable Target Completion Date. Regardless of whether the cost thereof exceeds the amount of the Funded Amount, Lessee will be responsible for payment of all costs of completing, opening and licensing the Paris Facility, including the payment of all costs in excess of the Construction Budgets. Promptly following receipt of written notice from Lessor specifying the defect or departure, Lessee will correct any structural defects in the Paris Facility or any departure from the Plans and Specifications not previously approved by Lessor. The approval or absence of disapproval by Lessor of any payment of Funded Amount shall not constitute a waiver of Lessor’s right to require compliance with this Section.
Guaranty of Completion. 6. Environmental Indemnity Agreement
Guaranty of Completion. Contemporaneously with the execution of this Agreement, Developer has furnished an irrevocable and unconditional guaranty of performance by Guarantor, in the form of Exhibit B attached hereto (including any amendments, restatements or replacements thereof, the “Guaranty”), guaranteeing the full and faithful performance of Developer’s obligations under this Agreement. The Guaranty shall terminate upon issuance by City of the Certificate of Performance described in Section 9.1. Neither the provisions of this Section 8, nor any Guaranty accepted by City pursuant hereto, shall be construed to excuse faithful performance by Developer or to limit liability of Developer under this Agreement.
Guaranty of Completion. Guarantor hereby absolutely and unconditionally guarantees to and for the benefit of City (i) the full, punctual, and complete development and construction of the Plaza in accordance with the terms and requirements of the Agreement, including all future amendments thereto, and (ii) Owner’s obligation (if any) to pay Delay Damages, to the extent such obligation arises under the Agreement (collectively, the “Guaranteed Obligations”). In the event that Owner defaults in its obligation to timely deliver the Plaza in the condition required under the Agreement no later than the Substantial Completion Deadline for Plaza set forth in the Development Schedule, Guarantor will, promptly upon demand of City, diligently proceed to perform, or cause to be performed, the Guaranteed Obligations at Guarantor’s sole cost and expense.
Guaranty of Completion. On or before the date on which the Village approves the Final PD Ordinance, the Developer shall deliver to the Village the original, fully executed, Limited Guaranty of Completion as set forth in Exhibit N to this Agreement, or such other security approved by the Village, from a third-party guarantor acceptable to the Village based on specific financial standards to be set forth in an amendment to this Agreement at the time of Village Approval of the Final PD Ordinance. The Guaranty of Completion secures the satisfaction of Developer’s obligations under this Agreement. The sole guarantee and beneficiary of the Guaranty of Completion will be the Village. The Guaranty of Completion shall terminate upon Developer’s satisfaction of the Developer’s obligations pursuant to this Agreement.
Guaranty of Completion. THIS GUARANTY OF COMPLETION (this “Guaranty”) is made this day of , 2021, by , a (the “Guarantor”) in favor of FAIRFAX COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, a political subdivision of the Commonwealth of Virginia, its successors and assigns (“FCRHA”).
