Construction Obligations Sample Clauses
The Construction Obligations clause defines the specific duties and standards that a contractor must meet when carrying out construction work under a contract. It typically outlines requirements such as adherence to approved plans, compliance with relevant laws and regulations, and the use of specified materials or methods. By clearly setting out these expectations, the clause ensures that the construction is completed to the agreed-upon quality and within the required parameters, thereby minimizing disputes and ensuring accountability.
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Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before the Completion Date. At the time of Permanent Mortgage Commencement, if the actual hard costs and soft costs of developing and constructing the Apartment Housing and Improvements exceed the Development Budget, then the General Partner shall: first, pay such excess with Net Operating Income, if any, attributable to the period prior to the Completion Date and, second, advance the money to the Partnership to pay the difference between the aggregate of the actual hard and soft costs and the Development Budget. At the time of Permanent Mortgage Commencement, if the remaining sources of revenue from the Capital Contributions and the Mortgage are insufficient, as determined by the Accountant and the Special Limited Partner, to pay in full the Construction Loan and any outstanding hard and soft costs incident to the acquisition, development and construction of the Apartment Housing (other than Development Fee), then the General Partner prior to Permanent Mortgage Commencement shall advance the money to the Partnership to pay the additional costs.
(b) At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner or the Construction Lender, in good faith, determines that the actual construction and development costs exceed the Development Budget (excluding the Development Fee) then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement agent's account, within ten days following notice by the Special Limited Partner or the Construction Lender, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time during construction and prior to Completion of Construction, if the Special Limited Partner or Construction Lender, in good faith, determines that there are insufficient funds to achieve Completion of Construction or the funds are not available in accordance with the funding requirements of the Construction Loan or this Agreement, then the General Partner shall be responsible for and shall be obligated to advance and deposit into the Construction Lender's construction account, or similar disbursement account, within ten days following notice by the Special Limited Partner or the Construction Lender, the amount requested by the Speci...
Construction Obligations. (a) The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before December 1, 2002 ("Completion Date") at a total development cost of not more than $4,912,000 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, and the Project Documents. At any time during construction and prior to Permanent Mortgage Commencement, if the Special Limited Partner ascertains that the Development Budget exceeds the sum of the Capital Contributions and the Mortgage amount then the General Partner shall be responsible for and shall be obligated to pay the difference thereof within thirty days of receiving written notice from the Special Limited Partner except as otherwise provided for in this Agreement. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. Upon such notice from the Special Limited Partner, the General Partner shall advance the requested funds into the Construction Lender's construction account.
(b) In addition, if (1) the Improvements are not completed on or before the Completion Date (which date may be extended in the events of Force Majeure, but in no event longer than three months from the Completion Date); (2) prior to completing the Improvements, the Construction Lender sends a notice of default under the Construction Loan; or (3) a foreclosure action is commenced against the Partnership, then at the Special Limited Partner's election, either the General Partner will be removed from the Partnership and the Special Limited Partner will be admitted as successor General Partner, all in accordance with Article XIII hereof, or the General Partner will repurchase the Interest of the Limited Partner and the Special Limited Partner for an amount equal to the amounts theretofore paid by the Limited Partner and the Special Limited Partner, and the Limited Partner and the Special Limited Partner shall have no further Interest in the Partnership. If the Special Limited Partner elects to have the General Partner repurchase such Interests then the repurchase shall occur within 60 days after the General Partner receives written demand from the Special Limited Partner. If the S...
Construction Obligations. The City’s obligation to provide service in any part of the Pioneer Pointe Service Area shall be conditioned upon the complete and satisfactory construction of the sanitary sewer mains, related manholes and other sanitary sewer related facilities necessary to serve the Pioneer Pointe Service Area (collectively the “Sewer Facilities”) as provided herein and pursuant to plans approved by the City. The construction of the Sewer Facilities shall be the responsibility of the Town or the Developer and the City shall not be obligated to pay any part of the cost thereof. It is the intent of the parties that the City is not required to incur any unreimbursed costs for the initial planning, permitting, construction and connection of the Sewer Facilities. Where this Agreement allocates responsibility to the Town for construction, payment of any costs or other requirements related to the Sewer Facilities (the “Sewer-Related Obligations”), the parties acknowledge that the Town intends to assign that responsibility to the Developer through a separate development agreement between the Town and the Developer (the “Development Agreement”). Upon approval of the Development Agreement by the City, the Town shall have no further obligation for any Sewer-Related Obligations except as specifically set forth therein. The Development Agreement shall include surety provisions, giving the Town or the City recourse in the event of non-performance by the Developer to ensure completion of the improvements and payment of any amounts due to the Town or City under this Agreement. The Development Agreement shall designate the City as a third-party beneficiary thereof with respect to those provisions applicable to the Sewer Facilities, including the right to enforce the same. The obligations for construction of the Sewer Facilities contained herein are intended only as preconditions to the provision of City sanitary sewer service in the Pioneer Pointe Service Area by the City and does not constitute an affirmative obligation of the Town or the City. In the event the Sewer Facilities in any phase are constructed, but not in accordance with the provisions hereof, the City shall be entitled to refuse to extend sanitary sewer service through such facilities until the requirements have been met. Alternatively, the City may decide to make the necessary repairs or improvements to the constructed Sewer Facilities and specially assess the benefited properties as provided for in Section 9.
Construction Obligations. 22 Section 6.3 Operating Obligations..............................22 Section 6.4 Other General Partner Loans........................23
Construction Obligations. (a) The General Partner hereby guarantees a lien free Completion of Construction of the Apartment Housing on or before June 1, 2002 ("Completion Date") at a total development cost of not more than $1,006,035 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Construction Budget, the Construction Contract, the other Project Documents and the Plans and Specifications. If the Development Budget exceeds the sum of the Capital Contributions, the Mortgage amount as specified herein and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay the difference thereof. Any advances by the General Partner pursuant to the previous sentence shall not be repayable, shall not change the Interest of any Partner in the Partnership and shall be considered a guaranteed payment to the Partnership for cost overruns. If the Special Limited Partner, in good faith, ascertains that the cost of completing the Improvements in substantial accordance with the Plans and Specifications is greater than the sum of (1) the then remaining undisbursed portion of the Capital Contributions;
Construction Obligations. 16 Section 6.3
Construction Obligations. Seller and Buyer shall have agreed to the terms and conditions of the Agreement Regarding Construction Obligations.
Construction Obligations. (a) Subject to the satisfaction or waiver of the Contracting Parties Conditions, Project Co agrees to complete the Project and in furtherance thereof to enter into, and cause the Contractor to enter into, the following agreements and otherwise complete the following on Financial Close:
(i) the execution and delivery of the Construction Contract between Project Co in the capacity of “Owner” thereunder and Contractor;
(ii) the execution and delivery of the Limited Assignment of Construction Contract with Hospital and Contractor;
(iii) the execution and delivery of certificates confirming the representations and warranties in Section 3.1 and Section 3.2; and
(iv) the execution and delivery of such other related and ancillary instruments, agreements and documents as are customary and are necessary to give effect to this transaction.
Construction Obligations. Without limiting the foregoing and subject to the limitations set forth in Paragraph 19 hereof, each Guarantor jointly and severally, unconditionally and irrevocably guarantees to Lender (a) the construction and completion of the Improvements in accordance in all material respects with the Plans and within the time periods, in the manner and in accordance with the other requirements set forth in the Loan Agreement, including, without limitation, satisfaction of those conditions precedent set forth in Exhibit E to the Loan Agreement for payment of the final advance; and (b) the payment without demand, and without right to reimbursement therefor, of all development, construction and related costs of the Project incurred for any reason whatsoever in excess of the Committed Sum. If for any reason whatsoever Borrower: (i) fails or neglects to complete the Improvements as contemplated by, and in accordance with the requirements set forth in, the Loan Agreement, including the time and manner therein specified; (ii) fails to prosecute with diligence and continuity the construction of the Improvements in accordance with the Loan Agreement; (iii) commits, or permits to exist, a Default; or (iv) is unable to satisfy, within fifteen (15) days after Lender's written request therefor, any condition precedent to obtaining an Advance requested by Borrower pursuant to the Loan Agreement, then Lender, in addition to its other rights, remedies and recourses, whether existing hereunder, under the Loan Documents or otherwise, may require Guarantor to complete the Improvements and take such other action as hereinafter described. Within thirty (30) calendar days from the date Lender notifies Guarantor of Borrower's failure to satisfy any of the construction obligations described above, Guarantor agrees, at its sole cost and expense, to commence completion of construction of the Improvements and to diligently pursue such construction in order to complete the Improvements within the time and in the manner specified in the Loan Agreement. Guarantor shall pay all reasonable costs and expenses in connection with such construction and shall indemnify and hold Lender harmless from any and all losses, costs, liabilities, or expenses incurred in connection with such completion.
Construction Obligations. All Improvements shall be part of the Leased Premises subject to the terms and conditions of this Lease. Any Lessee Improvements constructed by Lessee shall be constructed in a good and workmanlike manner and in compliance with all Legal Requirements and the Building Codes [ML]. All Improvements shall be the property of Lessor, but while this Lease remains in effect, Lessee shall be entitled to claim depreciation on the Lessee Improvements and all repairs and replacements of the Lessee Improvements for all taxation purposes. Any property that is subject to a lease or security agreement and is attached or affixed to the buildings, improvements, or land in such a manner that it becomes part of the realty shall conclusively be deemed to be part of the Improvements unless ▇▇▇▇▇▇ obtains written consent from Lessor allowing such leased or secured property to nevertheless be considered Removable Personal Property prior to bringing such property onto the Leased Premises; Lessee shall make any lessor or secured party for such property aware of this provision. Upon the expiration or earlier termination of this Lease, the Leased Premises shall be delivered to Lessor in accordance with the provisions set forth in Section 26 of this Lease.