Common use of Additional Construction Covenants Clause in Contracts

Additional Construction Covenants. In the event the Manager elects to cause the Company to fund any permitted construction with respect to Acquired REO Property, then the Manager shall cause each applicable Ownership Entity to pursue with diligence the construction of the Acquired REO Property owned by such Ownership Entity (i) in accordance with the construction, construction management (if any) and all other material contracts relating to such construction, and all requirements of Law, all restrictions, covenants and easements affecting such Acquired REO Property, and all applicable governmental approvals, (ii) in the case of any Substantially Complete Vertical Development, in substantial compliance with the plans and specifications therefor as in existence on the Closing Date and as thereafter modified by the Manager in its business judgment exercised in accordance with the Servicing Standard and applicable provisions in this Agreement and the other Transaction Documents, and, in the case of any Permitted Horizontal Development, in accordance with the applicable approved Asset Development Plan, (iii) in a good and workmanlike manner and free of defects, (iv) in a manner such that such Acquired REO Property remains free from any Liens, claims or assessments (actual or contingent) for any material, labor or other item furnished in connection therewith and (v) in conformance with the all other applicable requirements set forth herein and in the other Transaction Documents.

Additional Construction Covenants. In the event the Manager elects to cause the Company to fund any permitted construction with respect to Acquired REO Property, then the Manager shall cause each applicable Ownership Entity to pursue with diligence the construction of the Acquired REO Property owned by such Ownership Entity (i) in accordance with the construction, construction management (if any) and all other material contracts relating to such construction, and all requirements of Law, all restrictions, covenants and easements affecting such Acquired REO Property, and all applicable governmental approvals, (ii) in the case of any Substantially Complete Vertical Development, in substantial compliance with the plans and specifications therefor as in existence on the Closing Date and as thereafter modified by the Manager in its business judgment exercised in accordance with the Servicing Standard and applicable provisions in this Agreement and the other Transaction Documents, and, in the case of any Permitted Horizontal Development, in accordance with the applicable approved Asset Horizontal Development Plan, (iii) in a good and workmanlike manner and free of defects, (iv) in a manner such that such Acquired REO Property remains free from any Liens, claims or assessments (actual or contingent) ), in each case for any material, labor or other item furnished in connection therewith and (v) in conformance with the all other applicable requirements set forth herein and in the other Transaction Documents.