Compliance; Plans and Specifications and Contractors. All Capital Work shall be done and completed by Borrower in an expeditious and diligent fashion and in compliance with all applicable governmental laws, rules and regulations (including, without limitation, all applicable Environmental Requirements) and all plans and specifications required in connection with any Capital Work shall, if the cost of same is estimated to exceed $150,000, be subject to review and acceptance in all respects by Lender and Consultant. Upon the occurrence of an Event of Default, Lender shall have the use of such plans and specifications and all permits, licenses and approvals required or obtained in connection with the Capital Work. If Lender fails to respond within ten (10) Business Days following a request and submission of plans and specifications, such plans and specifications shall be deemed approved by Lender.
Appears in 9 contracts
Samples: Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc), Loan Agreement (Affordable Residential Communities Inc)
