Common use of Construction Change Orders Clause in Contracts

Construction Change Orders. All construction and development shall be performed by Blackhawk in all material respects in accordance with the Plans and Specifications, appropriate set back requirements, any restrictive covenants and the requirements of any governmental authority, and the anticipated use to which the Improvements will be put will comply with all requirements of governmental authorities and any restrictive covenants to which the Property may be subject. Except as specifically permitted by this Section, no plans and specifications shall be utilized and no changes shall be made in the Plans and Specifications referred to herein, unless first approved by REG in writing, and any other party where approval may be required by REG; provided however, that Blackhawk may make changes to the Plans and Specifications without REG’s approval if (i) Blackhawk notifies REG in writing of such change within forty-eight (48) hours thereafter; (ii) Blackhawk obtains the approval of all parties whose approval is required, including the Project General Contractor, the Project Addition General Contractor and any Governmental Authority to the extent approval from such parties is required; (iii) sufficient funds are available in the Budget line items affected by the change; (iv) the structural integrity of the Improvements is not impaired; (v) no substantial change in architectural appearance is effected; (vi) the performance of the mechanical, electrical, and life safety systems of the Improvements is not adversely affected; and (vii) the cost of or reduction resulting from any one such change does not exceed $50,000 and the aggregate change in cost of all such changes does not exceed $250,000. For the purposes of computing such “aggregate change in cost,” pursuant to clause (vii), increases shall be added to, rather than netted against, decreases. Blackhawk shall promptly furnish to REG and the Inspecting Engineer, copies of all change orders, regardless of whether REG’s approval is required.

Construction Change Orders. All construction and development shall be performed by Blackhawk in all material respects in accordance with the Plans and Specifications, appropriate set back requirements, any restrictive covenants and the requirements of any governmental authority, and the anticipated use to which the Improvements will be put will comply with all requirements of governmental authorities and any restrictive covenants to which the Property may be subject. Except as specifically permitted by this Section, no plans and specifications shall be utilized and no changes shall be made in the Plans and Specifications referred to herein, unless first approved by REG Lender in writing, and any other party where approval may be required by REGLender; provided provided, however, that Blackhawk Borrower may make changes to the Plans and Specifications without REGLender’s approval if (i) Blackhawk Borrower notifies REG Lender in writing of such change within forty-eight (48) hours thereafter; (ii) Blackhawk Borrower obtains the approval of all parties whose approval is required, including the Project General Contractor, the Project Addition General Contractor and any Governmental Authority to the extent approval from such parties is required; (iii) sufficient funds are available in the Budget line items affected by the change; (iv) the structural integrity of the Improvements is not impaired; (v) no substantial change in architectural appearance is effected; (vi) the performance of the mechanical, electrical, and life safety systems of the Improvements is not adversely affected; and (vii) the cost of or reduction resulting from any one such change does not exceed $50,000 and the aggregate change in cost of all such changes does not exceed $250,000. For the purposes of computing such “aggregate change in cost,” pursuant to clause (vii), increases shall be added to, rather than netted against, decreases. Blackhawk Borrower shall promptly furnish to REG Lender and the Inspecting Engineer, copies of all change orders, regardless of whether REGLender’s approval is required.

Construction Change Orders. All construction and development redevelopment shall be performed by Blackhawk in all material respects in accordance with the Plans and Specifications, all Utah and federal statutes relating to appropriate set back requirements, any restrictive covenants and the requirements of any governmental authority, and the anticipated use to which the Improvements Project will be put will comply with all requirements of governmental authorities and any restrictive covenants to which the Property may be subject. Borrower shall at all times maintain a minimum contingency line item of five percent (5%) of the hard costs identified in the Budget throughout the construction period of the Project. Except as specifically permitted by this Section, no plans and specifications shall be utilized and no changes shall be made in the Plans and Specifications referred to herein, unless first approved by REG Lender in writing, and any other party where approval may be required by REG▇▇▇▇▇▇; provided provided, however, that Blackhawk Borrower may make changes to the Plans and Specifications without REGLender’s approval if (i) Blackhawk Borrower notifies REG Lender in writing of such change within forty-eight (48) hours thereafter; (ii) Blackhawk Borrower obtains the approval of all parties whose approval is required, including the Project General Contractor, the Project Addition General Contractor and any Governmental Authority to the extent approval from such parties is required; (iii) sufficient funds are available in the Budget line items affected by the change; (iv) the structural integrity of the Improvements is not impaired; (v) no substantial change in architectural appearance is effected; (vi) the performance of the mechanical, electrical, and life safety systems of the Improvements is not adversely affected; and (vii) the cost of or reduction resulting from any one such change does not exceed $50,000 ten percent (10%) of any specific line item and the aggregate change in cost of all such changes does not exceed $250,000five percent (5%) of total costs of the Project. For the purposes of computing such “aggregate change in cost,” pursuant to clause (vii), increases shall be added to, rather than netted against, decreases. Blackhawk Borrower shall promptly furnish to REG and the Inspecting Engineer, Lender copies of all change orders, regardless of whether REG▇▇▇▇▇▇’s approval is required.