Common use of Completing Construction Clause in Contracts

Completing Construction. Construction of the Project shall commence not later than the Construction Commencement Date. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contract, including the General Contractor’s construction contract, for the performance of any work on the Project or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the Budget, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish Lender, upon request therefor, the names of contractors, subcontractors, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contracts. No approval by Lender of any contract or change order shall make Lender responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the Project in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted to and approved by Lender, and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Improvements occurs on or before the Completion Date. Borrower assumes full responsibility for the compliance of the Plans and the Project with all Governmental Requirements and with sound building and engineering practices, and, notwithstanding any approvals by Lender, Lender shall have no obligation or responsibility whatsoever for the Plans or any other matter incident to the Project or the construction of the Improvements. Borrower shall correct or cause to be corrected (a) any defect in the Improvements, (b) any departure in the construction of the Improvements from the Plans or Governmental Requirements, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted area. Borrower shall cause all roads necessary for the utilization of the Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project and installed at costs (if any) set out in the Sworn Construction Cost Statement, on or before the Completion Date.

Completing Construction. Construction Borrower shall commence construction of each Project on or before the Commencement Date specified in the Project shall commence not later than Addendum with respect to Development Projects and the Borrowing Base Certificate with respect to Construction Commencement Date. Except as otherwise authorized in writing by the LenderProjects, Borrower shall not become a party to any contract, including the General Contractor’s construction contract, for the performance of any work on the Project or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the Budget, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish Lender, upon request therefor, the names of contractors, subcontractors, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contracts. No approval by Lender of any contract or change order shall make Lender responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the each Project in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans (which in the case of Development Contracts shall be submitted to and approved by Lender), and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Project Improvements occurs on or before the Completion DateDate specified for said Project in the Project Addendum with respect to Development Projects and the Borrowing Base Certificate with respect to Construction Projects. Borrower assumes full responsibility for the compliance of the Plans for each Project and the of each Project itself with all applicable Governmental Requirements Requirements, and with sound building and engineering practices, and, notwithstanding any approvals by Lender, Lender shall have no obligation or responsibility whatsoever for the such Plans or any other matter incident to the any Project or the construction of the Project Improvements. In the case of a Development Contract, Borrower shall become a party to no General Contractor's contract, for the performance of any work on any Development Project except upon such terms and with such parties as shall be approved, in writing, by Lender. No approval by Lender of any contract relating to any Project or of any change order shall make Lender responsible for the adequacy, form or content of such contract or change order. Borrower shall correct or cause to be corrected (a) any defect in the Project Improvements, (b) any departure in the construction of the Project Improvements from the Plans therefor or applicable Governmental Requirements, and (c) any encroachment by any part of the Project Improvements or any other structure located on the Project Land on or over any building setback line, easement, property line or restricted area, unless expressly permitted by appropriate easements, licenses or other instruments. Borrower shall cause all roads necessary for the utilization of the each Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority)dedicated, the bearing capacity of the soil on the all Project Land to be made sufficient to support the ImprovementsProject Improvements situated or to be situated thereon, and sufficient local utilities to be made available to the each Project and installed at costs Costs (if any) set out in the Sworn Construction Cost StatementStatement therefor, on or before the Completion DateDate therefor.

Completing Construction. Construction As of the Project Closing Date, no vertical construction work with respect to the Improvements has been commenced pursuant to any contract between Borrower and any Person entitled to a contractor’s or materialman’s lien (any such Person being herein a “Contractor”) except for work performed by Contractor(s) who have executed and delivered to Lender agreements in form acceptable to Lender that either subordinate or waive the lien rights of such Contractors to the liens of Lender under the Loan Documents including, without limitation, the liens of Lender evidenced by the Mortgage. Borrower has disclosed to Lender in writing the balance of all amounts owing by Borrower to any Contractor for which payment in full has not been made by Borrower as of the Closing Date. Borrower shall commence not construction of the Improvements no later than the Construction Commencement Date. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contract, including the General Contractor’s construction contract, contract for the performance of any work on the Project or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the BudgetImprovements, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees Lender and subject to furnish Lenderthe condition that each party to any approved construction contract execute and deliver to Lender agreements in form acceptable to Lender that either subordinate or waive the lien rights of such Contractors to the liens of Lender under the Loan Documents including, upon request thereforwithout limitation, the names liens of contractorsLender evidenced by the Mortgage; provided however Borrower shall be entitled to enter into contracts and agreements relative to the maintenance after installation of equipment and landscaping, subcontractorscontracts for trash and waste removal, materialmen office equipment, and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contractssimilar contracts without Lender’s approval. No approval by Lender of any contract or change order shall make Lender responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the Project in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted or to be submitted to and approved by Lender, and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, thereto so that Completion of the Improvements Project occurs on or before the Completion Date. Borrower assumes full responsibility for the compliance of the Plans and the Project with all Governmental Requirements Requirements, covenants, conditions, restrictions and reservations, and with sound building and engineering practices, and, notwithstanding any approvals by Lender, Lender shall have no obligation or responsibility whatsoever for the Plans or any other matter incident to the Project or the construction of the Improvements. Borrower shall correct or cause to be corrected (a) any defect in the Improvements, (b) any departure in the construction of the Improvements from the Plans or Governmental Requirements, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted areaarea that is in violation of any applicable Governmental Requirements, or any private agreements for which Borrower has not received a waiver approved by Lender in writing. Borrower shall cause all off-site improvements to be completed and constructed by the County, all roads necessary for the utilization of the Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project and installed at costs (if any) set out in the Sworn Construction Cost StatementBudget, on or before the Completion Date. Notwithstanding anything to the contrary contained herein, the Lender shall not have the right to approve any Contractor that has already been approved by any other lender with a security interest superior to the Lender.

Completing Construction. Construction The parties hereto acknowledge that construction of the Project shall commence not later than the Construction Commencement Datehas commenced. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to no contract for an amount in excess of $500,000, or more than one contract for any contractone contractor for an amount in excess of $1,000,000 in the aggregate, including the General Contractor’s construction contract, for the performance of any work on the Project Property or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in and the BudgetTenant Improvements, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish Lender, upon request therefor, the names of contractors, subcontractors, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contractsAgent. No approval by Lender Agent of any contract or change order shall make Lender Agent and/or the Lenders responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the Project Improvements in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted to and approved by LenderAgent (to the extent required by this Agreement), and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Improvements occurs on or before the Completion Date. Borrower shall not permit any approvals issued pursuant to applicable Governmental Requirements in connection with the development and construction of the Improvements to expire. Borrower assumes full responsibility for paying in full for the development and construction of the Improvements and for the compliance of the Plans and the Project Property with all Governmental Requirements and with sound building and engineering practices, and, notwithstanding any approvals by LenderAgent, Lender neither Agent nor any Lenders shall have no any obligation or responsibility whatsoever for the Plans or any other matter incident to the Project Property or the construction of the Improvements. Borrower shall correct or cause to be corrected (a) any defect in the Improvements, (b) any departure in the construction of the Improvements from the Plans or Governmental Requirements, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted areaarea unless such encroachment is either (i) contemplated by a Permitted Encumbrance or (ii) both minor in nature and addressed to the satisfaction of Agent. Borrower shall cause all roads necessary for the utilization of the Project Property for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authorityauthority or pursuant to any Governmental Requirements), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project Property and installed at costs (if any) set out in the Sworn Construction Cost Statement, on or before the Completion Date.

Completing Construction. Construction of the Project (a) Borrower shall commence not later than the Construction Commencement Date. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contract, including the General Contractor’s construction contract, for the performance of any work on the Project or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth first Phase of the Development Project within 60 days of the date of this Agreement, and thereafter shall commence each Project on or before the Commencement Date specified in the BudgetPhase Addendum with respect to Development Projects and the Borrowing Base Certificate with respect to Construction Projects, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish Lender, upon request therefor, the names of contractors, subcontractors, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contracts. No approval by Lender of any contract or change order shall make Lender responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the each Project in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans (which in the case of Development Contracts shall be submitted to and approved by Lender), and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Project Improvements occurs on or before the Completion DateDate specified for said Project in the Phase Addendum with respect to Development Projects and the Borrowing Base Certificate with respect to Construction Projects. Borrower assumes full responsibility for the compliance of the Plans for each Project and the of each Project itself with all applicable Governmental Requirements Requirements, and with sound building and engineering practices, and, notwithstanding any approvals by Lender, Lender shall have no obligation or responsibility whatsoever for the such Plans or any other matter incident to the any Project or the construction of the Project Improvements. . (b) In the case of a Development Contract, Borrower shall become a party to no General Contractor's contract, for the performance of any work on any Development Project except upon such terms and with such parties as shall be approved, in writing, by Lender. (c) No approval by Lender of any contract relating to any Project or of any change order shall make Lender responsible for the adequacy, form or content of such contract or change order. (d) Borrower shall correct or cause to be corrected (a) any defect in the Project Improvements, (b) any departure in the construction of the Project Improvements from the Plans therefor or applicable Governmental Requirements, and (c) any encroachment by any part of the Project Improvements or any other structure located on the Project Land on or over any building setback line, easement, property line or restricted area. , unless expressly permitted by appropriate easements, licenses or other instruments. (e) Borrower shall cause all roads necessary for the utilization of the each Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority)dedicated, the bearing capacity of the soil on the all Project Land to be made sufficient to support the ImprovementsProject Improvements situated or to be situated thereon, and sufficient local utilities to be made available to the each Project and installed at costs Costs (if any) set out in the Sworn Construction Cost StatementStatement therefor, on or before the Completion DateDate therefor.

Completing Construction. Construction As of the Project Closing Date, no construction work with respect to the Improvements has been commenced pursuant to any contract between ▇.▇▇▇ and any person entitled to a contractor’s or materialman’s lien (any such person being herein a “Contractor”) except for work performed by Contractor(s) who have executed and delivered to Administrative Bank agreements in form reasonably acceptable to Administrative Bank that either subordinate or waive the lien rights of such Contractors to the liens of Administrative Bank under the Loan Documents including, without limitation, the liens of Administrative Bank evidenced by the Mortgage. ▇.▇▇▇ has disclosed to Administrative Bank in writing the balance of all amounts owing by ▇.▇▇▇ to any Contractor for which payment in full has not been made by ▇.▇▇▇ as of the Closing Date. Notwithstanding the foregoing, no “broken priority” circumstance shall have occurred prior to the Closing Date unless Administrative Bank approves the same on or prior to the Closing Date with written assurances from First American that it will issue the ALTA lenders policy insuring the Mortgage with respect to all mechanics liens. ▇.▇▇▇ shall commence not construction of the Improvements no later than the Construction Commencement DateDate unless delayed due to a Force Majeure. Except as otherwise authorized in writing by the Lender, Borrower ▇.▇▇▇ shall not become a party to any contract, including other than the General ContractorContract and the Architect’s construction contractAgreement, for the performance of any work on the Project or for the supplying of any labor, materials or services for construction with respect to the construction of the Improvements that varies in cost from that set forth in the BudgetImprovements, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees Administrative Bank (which approval shall not be unreasonably withheld) and subject to furnish Lenderthe condition that each Contractor party to any approved contract execute and deliver to Administrative Bank agreements in form acceptable to Administrative Bank that either subordinate or waive the lien rights of such Contractors to the liens of Administrative Bank under the Loan Documents including, upon request thereforwithout limitation, the names liens of contractors, subcontractors, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with Administrative Bank evidenced by the development and construction and shall also furnish Lender upon request copies of all applicable contractsMortgage. No approval by Lender Administrative Bank of any contract or change order shall make Lender any Administrative Bank or any Bank responsible for the adequacy, form or content of such contract or change order. Borrower ▇.▇▇▇ shall expeditiously complete and fully pay for for, as contemplated by this Agreement, the development and construction of the Project in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted or to be submitted to and approved by LenderAdministrative Bank in accordance with this Agreement, and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, thereto so that Completion of the Improvements development and construction of the Project occurs on or before the Completion Date. Borrower ▇.▇▇▇ assumes full responsibility for the compliance of the Plans and the Project with all Governmental Requirements Requirements, covenants, conditions, restrictions and reservations, and with sound building and engineering practices, and, notwithstanding any approvals by LenderAdministrative Bank, Lender the Banks shall have no obligation or responsibility whatsoever for the Plans or any other matter incident to the Project or the construction of the Improvements. Borrower ▇.▇▇▇ shall correct or cause to be corrected (a) any material defect in the Improvements, (b) any departure in the construction of the Improvements from the Plans or Governmental Requirements, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted areaarea that is in violation of any applicable Governmental Requirements binding on ▇.▇▇▇ or the Project, or any private agreements binding on ▇.▇▇▇ or the Project for which ▇.▇▇▇ has not received a waiver approved by the Administrative Bank in writing. Borrower ▇.▇▇▇ shall cause all off-site improvements necessary for construction of the Project to be completed and constructed by the City or County, and all roads necessary for the utilization of the Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project and installed at costs (if any) set out in the Sworn Construction Cost StatementBudget, on or before the Completion Date.

Completing Construction. Construction of the Project Improvements shall commence not no later than thirty-one (31) days after the Construction Commencement Closing Date. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contractno contract that obligates Borrower to pay an amount greater than $50,000, including the General Contractor’s 's construction contract, for the performance of any work on the Project Improvements on the Property or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the BudgetImprovements, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish LenderAgent, upon request thereforwhich approval shall not be unreasonably withheld, the names of contractors, subcontractors, materialmen and suppliers at any time having any contract, conditioned or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contractsdelayed. No approval by Lender Agent of any contract or change order shall make Lender Agent and/or the Lenders responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development of the Property and construction of the Project Improvements in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted to and approved by LenderAgent, and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Improvements occurs on or before the Completion Date, subject to Excusable Delay. Borrower assumes full responsibility for the compliance of the Plans and the Project Property with all Governmental Requirements and with sound building and engineering practices, and, notwithstanding any approvals by LenderAgent, Lender neither Agent nor any Lenders shall have no any obligation or responsibility whatsoever for the Plans or any other matter incident to the Project Property or the construction of the Improvements. Borrower shall correct or cause to be corrected (a) any defect in the Improvements, Improvements and (b) any material departure in the construction of the Improvements from the Plans or Governmental Requirements, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted area. Borrower shall cause all roads necessary for the utilization of the Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project and installed at costs (if any) set out in the Sworn Construction Cost Statement, on or before the Completion Date.

Completing Construction. Construction As of the Project Closing Date, no construction work with respect to the Improvements has been commenced pursuant to any contract between Borrower and any person entitled to a contractor’s or materialman’s lien under applicable Florida law (any such person being herein a “Contractor”) except for work performed by Contractor(s) who have executed and delivered to Bank agreements in form acceptable to Bank that either subordinate or waive the lien rights of such Contractors to the liens of Bank under the Loan Documents including, without limitation, the liens of Bank evidenced by the Mortgage. Borrower has disclosed to Bank in writing the balance of all amounts owing by Borrower to any Contractor for which payment in full has not been made by Borrower as of the Closing Date. Borrower shall commence not construction of the Improvements no later than the Construction Commencement Date. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contract, including other than the General ContractorContract and the Architect’s construction contractAgreement, for the performance of any work on the Project or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the BudgetImprovements, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees Bank and subject to furnish Lenderthe condition that each Contractor party to any approved contract execute and deliver to Bank agreements in form acceptable to Bank that either subordinate or waive the lien rights of such Contractors to the liens of Bank under the Loan Documents including, upon request thereforwithout limitation, the names liens of contractorsBank evidenced by the Mortgage; provided however Borrower shall be entitled to enter into contracts and agreements relative to the maintenance after installation of equipment and landscaping, subcontractorscontracts for trash and waste removal, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contractssimilar contracts without Bank’s approval. No approval by Lender Bank of any contract or change order shall make Lender Bank responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the Project in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted or to be submitted to and approved by LenderBank, and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, thereto so that Completion of the Improvements construction of the Project occurs on or before the Completion Date. Borrower assumes full responsibility for the compliance of the Plans and the Project with all Governmental Requirements Requirements, covenants, conditions, restrictions and reservations, and with sound building and engineering practices, and, notwithstanding any approvals by LenderBank, Lender Bank shall have no obligation or responsibility whatsoever for the Plans or any other matter incident to the Project or the construction of the Improvements. Borrower shall correct or cause to be corrected (a) any defect in the Improvements, (b) any departure in the construction of the Improvements from the Plans (other than those which are made pursuant to an approved change order) or Governmental RequirementsRequirements which are not made pursuant to an approved change order, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted areaarea that is in violation of any applicable Governmental Requirements, or any private agreements for which Borrower has not received a waiver approved by the Bank in writing. Borrower shall cause all off-site improvements to be completed and constructed by the County, all roads necessary for the utilization of the Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project and installed at costs (if any) set out in the Sworn Construction Cost StatementBudget, on or before the Completion Date.

Completing Construction. Construction of the each Project shall commence not later than the Construction Commencement DateClosing Date for such Project specified in the Supplement for the Applicable Series Loan. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contract, including the General Contractor’s 's construction contract, for the performance of any work on the any Project or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the Budgetfor such Project, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish Lender, upon request thereforthe Primary Lenders for the Applicable Series Loan, the names of contractors, subcontractors, materialmen Administrative Bank and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contractsCollateral Agent. No approval by Lender such Primary Lenders, the Administrative Bank and the Collateral Agent of any contract or change order shall make Lender any Lender, the Administrative Bank or the Collateral Agent responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development and construction of the each Project in a good and workmanlike workerlike manner and in accordance with the contracts, subcontracts subcontract and Plans for such Project submitted to and approved by Lenderthe Primary Lenders for the Applicable Series Loan and the Administrative Bank, and in compliance with all applicable Governmental Requirements, any other document or instrument identified in Section V.1. of the Supplement for such Series Loan and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Improvements for such Project occurs on or before the such Series Loan's Completion Date. Borrower assumes full responsibility for the compliance of the Plans and the Project Projects with all Governmental Requirements Requirements, any other document or instrument identified in Section V.1. of the Supplement for the Applicable Series Loan and with sound building and engineering practices, and, notwithstanding any approvals by Lenderany Lenders and the Administrative Bank, Lender none of the Lenders, the Administrative Bank or the Collateral Agent shall have no any obligation or responsibility whatsoever for the Plans or any other matter incident to the any Project or the construction of the ImprovementsImprovements for such Project. Borrower shall correct or cause to be corrected (a) any defect in the ImprovementsImprovements for any Project, (b) any departure in the construction of the Improvements from the Plans or Governmental Requirements, any other document or instrument identified in Section V.1. of the Supplement for the Applicable Series Loan, and (c) any encroachment by any part of the Improvements for such Project or any other structure located on the Land for such Project on any building line, easement, property line or restricted area. Borrower shall cause all roads necessary for the utilization of the each Project for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land for such Project to be made sufficient to support the such Project's Improvements, and sufficient local utilities to be made available to the such Project and installed at costs (if any) set out in the Sworn Construction Cost StatementStatement for the Applicable Series Loan, on or before the such Series Loan's Completion Date.

Completing Construction. Construction Grading of the Project shall commence not no later than the Construction Commencement DateSeptember 30, 2012. Except as otherwise authorized in writing by the Lender, Borrower shall not become a party to any contractno contract that obligates Borrower to pay an amount greater than $100,000, including the General Contractor’s construction contract, for the performance of any work on the Project Property or for the supplying of any labor, materials or services for the construction of the Improvements that varies in cost from that set forth in the BudgetImprovements, except upon such terms and with such parties as shall be approved in writing by Lender. Borrower agrees to furnish Lender, upon request therefor, the names of contractors, subcontractors, materialmen and suppliers at any time having any contract, or performing any work, or furnishing any material in connection with the development and construction and shall also furnish Lender upon request copies of all applicable contractsBondowner Representative. No approval by Lender Bondowner Representative of any contract or change order shall make Bondowner Representative and/or Lender responsible for the adequacy, form or content of such contract or change order. Borrower shall expeditiously complete and fully pay for the development of the Property and construction of the Project Improvements in a good and workmanlike manner and in accordance with the contracts, subcontracts and Plans submitted to and approved by LenderBondowner Representative, and in compliance with all applicable Governmental Requirements, and any covenants, conditions, restrictions and reservations applicable thereto, so that Completion of the Improvements occurs on or before the Completion Date. Borrower assumes full responsibility for the compliance of the Plans and the Project Property with all Governmental Requirements and with sound building and engineering practices, and, notwithstanding any approvals by LenderBondowner Representative, neither Bondowner Representative nor Lender shall have no any obligation or responsibility whatsoever for the Plans or any other matter incident to the Project Property or the construction of the Improvements. Borrower shall correct or cause to be corrected (a) any defect in the Improvements, (b) any departure in the construction of the Improvements from the Plans or Governmental Requirements, and (c) any encroachment by any part of the Improvements or any other structure located on the Land on any building line, easement, property line or restricted area. Borrower shall cause all roads necessary for the utilization of the Project Property for its intended purposes to be completed and dedicated (if dedication thereof is required by any governmental authority), the bearing capacity of the soil on the Land to be made sufficient to support the Improvements, and sufficient local utilities to be made available to the Project Property and installed at costs (if any) set out in the Sworn Construction Cost StatementLoan Budget, on or before the Completion Date. Promptly following completion of the foundations of the Improvements (and in any event within 15 days of Bondowner Representative’s request after completion of the foundations), Borrower shall provide to Bondowner Representative, at Borrower’s expense, a CLTA 102.5 Endorsement to the Title Policy satisfactory to Bondowner Representative which ensures that there are no Encroachments.