Construction Representations Clause Samples

Construction Representations. Each of the representations and warranties contained in Section C of Annex II are true and correct.

Construction Representations. The Loan Parties represent and warrant to Lender as follows: (a) All Government Approvals necessary in connection with the Construction Work as contemplated by the Loan Documents, have been duly obtained, were validly issued, are in full force and effect, are not subject to appeal, are held in the name of Borrower, are free from conditions or requirements, and are assignable to and assumable by the successors in interest and transferees of Borrower and run with the land. (b) The Government Approvals to be obtained after the Effective Date are required solely in connection with later stages of development, construction of the Construction Work and are not customarily obtained until a later stage of development or construction or after commercial operation is about to commence within the Property, and shall be obtained on or prior to the date when so required. The Loan Parties have no reason to believe that any Government Approval that has not yet been obtained by Borrower, but which will be required in the future, will not be granted in due course, on or prior to the date when required and free from any condition or requirement.‌ (c) The Property, if constructed in accordance with the Plans and Specifications, will conform to and comply with all covenants, conditions, restrictions and reservations in the Government Approvals and all other Legal Requirements. (d) The Loan Parties have no reason to believe that Lender will not be entitled, without undue expense or delay, to the benefit of each such Government Approval with respect to the Property upon the exercise of remedies under the Loan Documents. (e) Borrower has delivered or cause to be delivered to Lender a true and complete copy of each Government Approval heretofore obtained with respect to the Property, as the same shall be supplemented during the course of obtaining additional Government Approvals as construction of the Construction Work proceeds. (f) There is no proceeding pending or threatened that seeks, or may be expected, to rescind, terminate, modify, amend or suspend any Government Approval required for the completion of the Construction Work. (g) The information set forth in each application and other written material submitted by Borrower and to the applicable Governmental Authority in connection with each such Government Approval is accurate and complete in all respects.

Construction Representations. To induce the Bank to make the Loan, the ---------------------------- Borrower hereby represents and warrants to the Bank that except as otherwise disclosed to the Bank in writing on or before the date hereof: (a) the Borrower has complied with any and all laws and regulations concerning its organization, existence and the transaction of its business, and has the right and power to own the Property and to develop the Improvements as contemplated in this Agreement and the other Loan Documents; (b) no provision of the Loan Documents violates any applicable law, any covenants or restrictions affecting the Property, any order of any court or governmental authority or any contract or agreement binding on the Borrower or the Property; (c) the Plans are complete in all material respects, contain all necessary detail and are adequate for construction of the Improvements, are satisfactory to the Borrower, have been approved by all applicable governmental authorities, have been accepted by each contractor, and comply with the Loan Documents and all applicable laws, restrictive covenants, and governmental requirements, rules, and regulations; (d) the Land and Improvements comply with all laws and governmental requirements, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property; (e) the Plans do, and the Improvements when constructed will, comply with all legal requirements regarding access and facilities for handicapped or disabled persons; (f) the Borrower has not directly or indirectly conveyed, assigned or otherwise disposed of or transferred (or agreed to do so) any development rights, air rights or other similar rights, privileges or attributes with respect to the Property, including those arising under any zoning or land use ordinance or other law or governmental requirement; (g) the construction schedule for the Project is realistic and the Completion Date is a reasonable estimate of the time required to complete the Project; (h) all utility services necessary for the development of the Land and the construction of the Improvements and the operation thereof for their intended purpose are available at the boundaries of the Land, including electric and natural gas facilities, telephone service, water supply, storm and sanitary sewer facilities; (i) except as otherwise provided for in the Loan Documents, the Borrower has made no contract or arrangement of any kind the performance of which by the other party ...