Construction Deposit Sample Clauses

Construction Deposit. Tenant shall remit to Landlord an amount (the -------------------- "Prepayment") equal to the projected Excess Costs, if any, within five (5) working days after commencement of construction by Landlord. On or prior to the Commencement Date, Tenant shall deliver to Landlord the actual Excess Costs, minus the Prepayment previously paid. Failure by Tenant to timely tender to Landlord the full Prepayment shall permit Landlord to stop all work until the Prepayment is received. All sums due Landlord under this Section 2.4 shall be considered Rent under the terms of the Lease and nonpayment shall constitute a default under the Lease and entitle Landlord to any and all remedies specified in the Lease.

Construction Deposit. Tenant shall remit to Landlord an amount (the -------------------- "Prepayment") equal to the projected Excess Costs, if any, within five (5) working days after commencement of construction by Landlord. Upon Substantial Completion of the Tenant's Improvements in the Expansion Premises, Tenant shall deliver to Landlord the actual Excess Costs, minus the Prepayment previously paid. Failure by Tenant to timely tender to Landlord the full Prepayment shall permit Landlord to stop all work until the Prepayment is received. All sums due Landlord under this Section 2.4 shall be considered Rent under the terms of the Lease and nonpayment shall constitute a default under the Lease and entitle Landlord to any and all remedies specified in the Lease.

Construction Deposit. Tenant shall remit to Landlord an amount (the “Prepayment”) equal to the projected Excess Costs, if any, prior to commencement of construction by Landlord and commencement of work required by each change order involving Excess Costs-during the construction period. Should Tenant fail to timely make a Prepayment or pay any Excess Costs, Landlord shall have the right to suspend construction and each day of delay shall be a Tenant Delay. All sums due Landlord under this Section 2.4 shall be considered Rent under the terms of the Lease and nonpayment shall constitute a default under the Lease and entitle Landlord to any and all remedies specified in the Lease., including without limitation, Late Charges.

Construction Deposit. The Construction Deposit, if any, referenced herein shall be held and used by Seller to pay for the construction of the improvements on the Property and will not be kept in a trust / escrow account. Since the Construction Deposit will, in many cases, be used to either customize or upgrade the Property based upon Buyer’s selections, it shall be retained by Seller as partial liquidated damages (and not as a penalty) in the event Buyer fails to close on the purchase of the Property (except if the failure of Buyer to close is due to the Seller’s default). The total amount of the Construction Deposit shall be credited against the purchase price at closing.

Construction Deposit. Owner agrees to pay a construction deposit to be paid to Middle Island Property Owners Association for the purposes of ensuring compliance with the Covenants, Design Guidelines, Road Cut application, common areas, rights of way, fees, fines, penalties, and administrative expenses. The Association will refund the deposit in full, upon completion of the project, as determined by the ARC if: • The construction project on the property has been completed in accordance with ARC approved plans • No common areas on the property or rights of way have been damaged or disturbed by construction • No covenants or design guidelines have been violated. • No deficits are remaining from the landscaping plan • Road cut process and specifications have been adhered to and passed final inspection Failure to satisfy these conditions may result in the loss of some or all the deposit, regardless of whether the damage or failure is caused by owner, architect, landscape architect or builder, or their agents. Owner understands that the deposit may be applied to reimburse the Association for damages to the common areas and rights of ways and to fines levied by the Association. If the fine(s) exceed the amount of the Deposit, the balance owed may be assessed as a lien against the owner’s property. In addition to fines, if the owner fails to cure any violation of the covenants, design guidelines, or plans approved by the ARC, the Association after providing the owner with notice and a reasonable time to cure the violation shall have the right to enter the property, remove or otherwise cure the violation, and restore the property to substantially the same condition as previously existed. All costs, together with interest at the maximum rate allowed by law, may be deducted from the deposit and the balance owned may be assessed as a lien against the owner’s property.

Construction Deposit. Upon the execution hereof, Buyer shall deposit the Construction Deposit with Seller. The Construction Deposit shall be used by Seller, in its sole and absolute discretion, to pay for the construction of improvements on the Premises. Seller shall hold the Construction Deposit in its general account and may commingle such funds with other funds. The Construction Deposit is used to pay for the Premises and for items selected by Buyer, and is therefore not part of any appraisal contingency. If items being paid for by the deposit are reflected in the Purchase Price, the Construction Deposit shall be credited to Buyer at Closing.

Construction Deposit. Prior to commencement of construction in the Premises, ▇▇▇▇▇▇’s General Contractor shall deliver a damage deposit in the form of a cashier’s check in the amount of $2,500.00 made payable to Landlord. Landlord shall have the right to use all or any part of said damage deposit as reimbursement for any debris clean-up or damage caused by Tenant’s General Contractor or subcontractors to any Common Areas.

Construction Deposit. 3.4.1 BCO shall carry out a reconciliation of the Construction Deposit Accounts of the Owner and Contractor within 30 (thirty) days after the issuing of the Completion Certificate by the HOA. 3.4.2 Any claim arising from the breach of the Agreement and the Rules of the Estate, which is not covered by the amount of the respective Building Deposits, the HOA shall be entitled to recover from the Owner (to be debited against the Levy Account) and the Contractor. 3.4.3 The cost of any damage caused to the Estate attributable to the Construction activities shall be quantified by the HOA and the amount so determined shall be final and binding on the Owner and Contractor, as applicable. 3.4.4 Where the HOA rules that the Contractor or Owner or any of their agents, whether by way of commission or omission, have caused any damage to any portion of the Estate, then the Owner and Contractor shall be presumed to be jointly and severally liable for such damage. 3.4.5 If the Owner or the Contractor fails to dispute any claim made in terms of paragraph 3.4.4 above within seven days of receiving notice thereof, they shall be deemed to have accepted liability for such damage and for payment of the costs related thereto. 3.4.6 If the claim contemplated in paragraph 3.4.5 above is disputed and a satisfactory resolution cannot be achieved within 21 (twenty-one) days of the written notice of such dispute, the matter shall be referred for Arbitration as allowed for under paragraph 8 of the Agreement. 3.4.7 Any balance of the respective Construction Deposit accounts will only be released after all disputes have been satisfactorily resolved. 1. Explanatory Notes 1.1 The Fines referred to in this Annexure are levied for the breach by the Owner and/or the Contractor, as applicable, of any term and condition of the Agreement. 1.2 Should the breach of the Owner and/or Contractor not be covered by the Agreement but constitutes a breach of the Rules of the Estate, the HOA would be entitled to impose a Penalty in accordance with the provisions of the Rules, the Related Procedures, and Penalty Schedules. 1.3 The amounts of the Fines specified in this Annexure relate to the breach of a term and condition of the Agreement only and are calculated at the maximum amount contractually agreed. 1.4 The actual amount of a Fine levied by the HOA in terms of paragraph 1.3 above shall be determined after following due process, with due regard to the circumstances resulting in the breach of a provisio...

Construction Deposit. Buyer has paid Seller a construction deposit of $ .