Common use of Correcting Defects Clause in Contracts

Correcting Defects. Correct: (a) any structural defect in any of the Houses; (b) any material departure from the Plans not approved in writing by Bank (other than work performed in accordance with any change orders permitted hereunder or any change orders otherwise approved by Bank); (c) any encroachment by any part of any of the Houses or any other structures or improvements over or on any set-back line, easement, adjoining property or other restricted area; and (d) any encroachment of any adjoining structure upon any of the Land which any survey or inspection reflects. The advance of Loan proceeds will not waive Bank's right to require compliance with this Section.

Appears in 1 contract

Sources: Loan Agreement (Stratus Properties Inc)

Correcting Defects. Correct: (a) any structural defect in any of the HousesImprovements; (b) any material departure from the Plans not approved in writing by Bank Lender (other than work performed in accordance with any change orders permitted hereunder or any change orders otherwise approved by BankLender); (c) any encroachment by any part of any of the Houses Improvements or any other structures or improvements over or on any set-back line, easement, adjoining property or other restricted area; and (d) any encroachment of any adjoining structure upon any of the Land which any survey or inspection reflects. The advance of Loan proceeds will not waive BankLender's right to require compliance with this Section.

Appears in 1 contract

Sources: Loan Agreement (Stratus Properties Inc)