Common use of Construction Issues Clause in Contracts

Construction Issues. (i) Seller has made available to Purchasers true and complete copies of the Plans and Specifications and all material written reports regarding construction of the Pepsi Center, including those reports delivered to Denver Arena Trust or the Indenture Trustee by its construction consultant (the "Construction Reports"). (ii) Interim or final lien waivers have been obtained from the Architect, Construction Contractor and all subcontractors, materialmen and suppliers performing any work or supplying any materials with respect to the Pepsi Center, pursuant to which each such Person has waived all lien rights and claims with respect to all interim payments made to such Person. Neither Seller nor any of its Affiliates have received a notice of intent to file a lien against the Arena Land or the Pepsi Center, and no mechanics' lien or claim of lien has been asserted or threatened against the Arena Land or the Pepsi Center that has not been resolved as of the Effective Date. (iii) Other than the Permitted Liens, all portions of the Pepsi Center are located on the Arena Land, without encroachment onto any other real property. All portions of the Pepsi Center constructed as of the Effective Date and as of the Closing have been constructed substantially in accordance with the Plans and Specifications. (iv) Utility service lines and connections necessary to provide water, sewer, gas, electricity and telephone service to the Pepsi Center at levels sufficient to support its operation, use and maintenance in accordance with the Arena Agreement have been installed and are available for use. (v) The Plans and Specifications were approved by all Governmental Authorities, design review committees and similar entities whose approval of construction or use of the Pepsi Center is required prior to construction under any Applicable Law, covenant, condition, restriction or reservation. All such approvals remain effective, and, to the Knowledge of Seller, there exist no violations of such approvals or conditions of such approvals which have not been satisfied.

Construction Issues. (i) Seller has made available to Purchasers New Arena true and complete copies of the Plans and Specifications and all material written inspection and status reports regarding construction of the Pepsi Center, including without limitation, those reports delivered to Denver Arena Trust or the Indenture Trustee by its construction consultant (the "Construction Reports").. -------------------- (ii) The budget for development, construction and financing of the Pepsi Center and Development Property is attached to this Agreement as Exhibit C (the "Construction Budget"). Exhibit C sets forth, as of March 31, --------- ------------------- 1999, (A) the total amounts incurred, reserved or paid, (B) the total estimated amounts which are not yet paid in connection with construction of the Pepsi Center, and (C) the balance of funds in the Construction Fund Account (the "Construction Account Balance"). ---------------------------- (iii) Interim or final lien waivers have been obtained from the Architect, Construction Contractor and all subcontractors, materialmen and suppliers performing any work or supplying any materials with respect to the Pepsi Center, pursuant to which each such Person has waived all lien rights and claims with respect to all interim payments made to such Person. Neither Seller nor any of its Affiliates have received a notice of intent to file a lien against the Arena Land or the Pepsi Center, and no mechanics' lien or claim of lien has been asserted or threatened against the Arena Land or the Pepsi Center that has not been resolved as of the Prior Agreement Effective Date. (iiiiv) Other than the Permitted Liens, all All portions of the Pepsi Center constructed as of the Prior Agreement Effective Date and as of Closing are located on the Arena Land, without encroachment onto any other real property. All To Seller's Knowledge, all portions of the Pepsi Center constructed as of the Prior Agreement Effective Date and as of the Closing have been constructed substantially in accordance with the Plans and Specifications, and other than as disclosed in the Construction Reports, there are no structural defects in those portions of the Pepsi Center which have been constructed. (ivv) Utility service lines and connections necessary to provide water, sewer, gas, electricity and telephone service to the Pepsi Center at levels sufficient to support its construction, operation, use and maintenance in accordance with the Arena Agreement have been are being or will be installed and are available for useuse by the completion of the Pepsi Center. (vvi) The Plans and Specifications were have been approved by all Governmental Authoritiesgovernmental authorities, design review committees and similar entities whose approval of construction or use of the Pepsi Center is required prior to or at the current stage of construction under any Applicable Law, covenant, condition, restriction or reservation. All such approvals remain effective, and, to the Knowledge of Seller, there exist no violations of such approvals or conditions of such approvals which have not been satisfied. (vii) Attached hereto as Exhibit D is a true and correct copy of --------- the Construction Contractor's Critical Path Report received by Seller on April 17, 1999 from Construction Contractor. To the Knowledge of Seller, Exhibit D sets forth a complete and accurate statement of the status of construction of the Pepsi Center as of April 17, 1999. (viii) Except as disclosed in the Construction Reports or Exhibit D, the Construction Contractor has not notified Seller or any of its Affiliates that (A) the target completion date for the construction of the Pepsi Center will not be met; (B) a force majeure event has occurred with respect to the Construction Contractor's performance, or (C) any defect or deficiency exists in any portion of the Pepsi Center which has been constructed. (ix) As of the Effective Date, there is no pending or, to the Knowledge of Seller, threatened labor dispute, strike or work stoppage with respect to construction of the Pepsi Center. (x) All supplies and materials to be incorporated into the Pepsi Center or used in constructing the Pepsi Center, and which have been paid for or for which Ascent Arena Company is obligated to pay, are stored at the Arena Land, except as otherwise permitted pursuant to the Construction Phase Agreement.

Construction Issues. (i) Seller has made available to Purchasers ▇▇▇▇▇ Arena true and complete copies of the Plans and Specifications and all material written inspection and status reports regarding construction of the Pepsi Center, including without limitation, those reports delivered to Denver Arena Trust or the Indenture Trustee by its construction consultant (the "Construction Reports"). (ii) The budget for development, construction and financing of the Pepsi Center and Development Property is attached to this Agreement as Exhibit C (the "Construction Budget"). Exhibit C sets forth, as of March 31, 1999, (A) the total amounts incurred, reserved or paid, (B) the total estimated amounts which are not yet paid in connection with construction of the Pepsi Center, and (C) the balance of funds in the Construction Fund Account (the "Construction Account Balance"). (iii) Interim or final lien waivers have been obtained from the Architect, Construction Contractor and all subcontractors, materialmen and suppliers performing any work or supplying any materials with respect to the Pepsi Center, pursuant to which each such Person has waived all lien rights and claims with respect to all interim payments made to such Person. Neither Seller nor any of its Affiliates have received a notice of intent to file a lien against the Arena Land or the Pepsi Center, and no mechanics' lien or claim of lien has been asserted or threatened against the Arena Land or the Pepsi Center that has not been resolved as of the Schedules Effective Date. (iiiiv) Other than the Permitted Liens, all All portions of the Pepsi Center constructed as of the Schedules Effective Date and as of Closing are located on the Arena Land, without encroachment onto any other real property. All To Seller's Knowledge, all portions of the Pepsi Center constructed as of the Schedules Effective Date and as of the Closing have been constructed substantially in accordance with the Plans and Specifications, and other than as disclosed in the Construction Reports, there are no structural defects in those portions of the Pepsi Center which have been constructed. (ivv) Utility service lines and connections necessary to provide water, sewer, gas, electricity and telephone service to the Pepsi Center at levels sufficient to support its construction, operation, use and maintenance in accordance with the Arena Agreement have been are being or will be installed and are available for useuse by the completion of the Pepsi Center. (vvi) The Plans and Specifications were have been approved by all Governmental Authoritiesgovernmental authorities, design review committees and similar entities whose approval of construction or use of the Pepsi Center is required prior to or at the current stage of construction under any Applicable Law, covenant, condition, restriction or reservation. All such approvals remain effective, and, to the Knowledge of Seller, there exist no violations of such approvals or conditions of such approvals which have not been satisfied. (vii) Attached hereto as Exhibit D is a true and correct copy of the Construction Contractor's Critical Path Report received by Seller on April 17, 1999 from Construction Contractor. To the Knowledge of Seller, Exhibit D sets forth a complete and accurate statement of the status of construction of the Pepsi Center as of April 17, 1999. (viii) Except as disclosed in the Construction Reports or Exhibit D, the Construction Contractor has not notified Seller or any of its Affiliates that (A) the target completion date for the construction of the Pepsi Center will not be met; (B) a force majeure event has occurred with respect to the Construction Contractor's performance, or (C) any defect or deficiency exists in any portion of the Pepsi Center which has been constructed. (ix) As of the Effective Date, there is no pending or, to the Knowledge of Seller, threatened labor dispute, strike or work stoppage with respect to construction of the Pepsi Center. (x) All supplies and materials to be incorporated into the Pepsi Center or used in constructing the Pepsi Center, and which have been paid for or for which Ascent Arena Company is obligated to pay, are stored at the Arena Land, except as otherwise permitted pursuant to the Construction Phase Agreement.