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 $4,555,000 ("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.
Construction Obligations. 16 Section 6.3
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; (2) the then remaining undisbursed portion of the Mortgage amount as specified herein; and (3) the then remaining undisbursed portion of the Development Fee; then the Special Limited Partner may request the General Partner to advance funds into a construction account in an amount required to complete the Improvements and retire the Construction Loan.
Construction Obligations. 22 Section 6.3 Operating Obligations..............................22 Section 6.4 Other General Partner Loans........................23
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:
Construction Obligations. The General Partner hereby guarantees lien free Completion of Construction of the Apartment Housing on or before December 31, 2004 ("Completion Date"). The General Partner further guarantees that the development of the Apartment Housing and Improvements will not exceed a total development cost of $1,726,000 ("Development Budget"), which includes all hard and soft costs incident to the acquisition, development and construction of the Apartment Housing in accordance with the Development Budget and the Project Documents. 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 advance the money to the Partnership to pay the additional costs. Notwithstanding the foregoing, 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 line item costs (excluding the Development Fee) referenced in the Development, Construction and Operating Budget 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 agent's account, the difference thereof for payment to the Contractor or other vendors, suppliers, or subcontractors. In addition, at any time 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 Lender or this Agreement, the General Partner shall advance and deposit into the Construction Lender's construction account, or similar disbursement account, the amount requested by the Special Limited Partner or Construction Lender to pay a current construction draw or an amount necessary to achieve Completion of Construction. Said advance shall be made and documented with an approved draw request within 30 days of receiving written notice from the Special Limited Partner. Any advances by the General Partner pursuant to this Section 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.
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. Buyer acknowledges that the Land is part of the South Project Area, and acknowledges that if construction of the Project is not commenced and completed with reasonable diligence, or if there is a material delay in its commencement and completion, such an event or delay may have a material adverse effect on the timely development of other portions of the South Project Area. In order to allocate the burdens of such a material adverse effect, Master Developer and Seller executed, delivered, and recorded the Existing Construction Agreement, which covers and encumbers the Land. Prior to the Close of Escrow, the Parties shall reasonably negotiate between themselves as to the terms and conditions of an agreement (the “Agreement Regarding Construction Obligations”) that will specify each Party’s responsibility for any obligations that may arise or accrue under the Existing Construction Agreement after the Close of Escrow. The terms and conditions of the Agreement Regarding Construction Obligations shall be reasonably acceptable to each Party, and a memorandum of the Agreement Regarding Construction Obligations shall be recorded in the Official Records as of the Close of Escrow. CONFIDENTIAL TREATMENT REQUESTED *** Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [***]. A complete version of this exhibit has been filed separately with the Securities and Exchange Commission.
Construction Obligations. Successor Landlord shall not be bound by any provision in the Lease which obligates Landlord to erect or complete any building or to make any improvements to the Property, but shall be subject to any offset or termination rights Tenant may have on account of Landlord’s failure to erect or complete any improvements to the Property.
