Amendment Submittal Clause Samples

Amendment Submittal. The Borrower shall not make any material amendment, supplement or other modification of any kind to the construction budget, the construction timetable and the construction plans and specifications for the Condo Component or to any of the documents, agreements or other instruments previously submitted as a part of the Condo Information Package (a “Condo Modification”), without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld or denied). If Borrower desires to implement a Condo Modification, it shall deliver to the Administrative Agent a description of such Condo Modification and, if applicable, the revised construction budget, the revised construction timetable and/or the revised construction plans and specifications for the Condo Component and the applicable documents, agreements or other instruments previously submitted as a part of the Condo Information Package (“Condo Modification Information”). The Administrative Agent shall have thirty (30) days from the delivery of the completed Condo Modification Information to approve or disapprove the Condo Modification (such approval not to be unreasonably withheld). The Borrower shall cause representatives of the Borrower to be available to discuss the Condo Modification and the Condo Modification Information with the Administrative Agent and the Construction Consultant, and shall attempt to answer and resolve any questions the Administrative Agent may have concerning the Condo Modification and the Condo Modification Information. In the event of any disapproval, the Administrative Agent, concurrently with written notification thereof, shall set forth in reasonable detail the basis for such disapproval.