Construction Standard. Developer shall cause the applicable Improvements to be constructed in accordance with the Construction Standard and shall obtain preliminary and final acceptance thereof by all Approving Authorities. As used herein, the term “Construction Standard” means construction and installation of the Improvements in a good, workmanlike and lien-free manner and in substantial conformity with the Plans (as may be modified pursuant to the terms hereof), the applicable requirements of the Approving Authorities, and the “Finished Lot Standard” set forth on Exhibit D attached hereto. The Construction Standard does not include any so-called “over excavation” or comparable preparation or mitigation of the soil (hereinafter defined as the “Overex”) on the Builder Lots and Builder has sole responsibility with respect to any Overex that the Builder determines to undertake on the Builder Lots. The terms and provision of Section 10(e) (Over Excavation) of the Contract are hereby incorporated herein by this reference. The Parties shall reasonably cooperate in coordinating the Builder’s completion of the Overex so that the Overex can be properly sequenced with Developer’s completion of the Improvements. In no event shall Developer be liable to Builder for any delay, costs or damages incurred with respect to such Overex, even if caused by any delay in installation of Improvements sequenced ahead of the Overex, and all timeframes shall be deemed extended appropriately in the event of any delay in completing such Overex in accordance with the Construction Schedule (as hereinafter defined).
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Sources: Contract for Purchase and Sale of Real Estate (Pure Cycle Corp), Contract for Purchase and Sale of Real Estate (Pure Cycle Corp)
Construction Standard. Developer shall cause the applicable Improvements to be constructed in accordance with the Construction Standard and shall obtain preliminary and final acceptance thereof by all Approving Authorities. As used herein, the term “Construction Standard” means construction and installation of the Improvements in a good, workmanlike and lien-free lien‑free manner and in substantial conformity with the Plans (as may be modified pursuant to the terms hereof), in compliance with the terms of the SIA which corresponds to the Plat(s) containing the applicable Builder Lots, and in substantial conformity with the applicable requirements of the Approving Authorities, Authorities and the “Finished Lot Standard” set forth on Exhibit D attached hereto. The Construction Standard does not include include, and Developer shall have no obligation with respect to, any so-called “over excavation” or comparable preparation or mitigation of the soil (hereinafter defined as the “Overex”) on the Builder Lots, and the Developer shall have no obligation to complete any Improvement required by the SIA (or any Plat), which is not necessary to obtain building permits (or certificates of occupancy) for the Builder Lots included in the applicable Phase. Builder shall be solely and Builder has sole responsibility exclusively responsible with respect to any Overex that the Builder determines to undertake on the Builder Lots. The terms and provision of Section 10(e) (Over Excavation) of the Contract are hereby incorporated herein by this reference. The Parties Parties, including as applicable any Substitute Constructing Party, shall reasonably cooperate in coordinating the Builder’s completion of the Overex so that the Overex can be properly sequenced with Developer’s completion of the Improvements. In no event shall Developer be liable to Builder for any delay, costs or damages incurred with respect to such Overex, even if caused by any delay in installation of Improvements sequenced ahead of the Overex, Overex and all timeframes shall be deemed extended appropriately in the event of such any delay in completing such Overex in accordance with shall extend, on a day-for-day basis, the Construction Schedule applicable Substantial Completion Deadline (as hereinafter definedset forth herein).
Appears in 1 contract
Sources: Contract for Purchase and Sale of Real Estate (Pure Cycle Corp)