Common use of Defects in Construction Clause in Contracts

Defects in Construction. If the Lender or the Lessor should at any time reasonably determine that any part of the work performed on any Improvements has not been performed in a good and workmanlike manner, whether or not the Property Costs of any such work shall have been included in a Funding Requisition theretofore made, neither the Lender nor the Lessor shall have any obligation to make any further Advances until such work is corrected so as to have been performed in a good and workmanlike manner and the Lender and the Lessor have received satisfactory evidence of such correction, and Lender and the Lessor shall have the right to offset against the amount of any subsequent Advances by the cost of the nonconforming work or materials included in prior Fundings. Notwithstanding the foregoing, the Lender and the Lessor shall continue to make Advances for other work and materials if, prior to the determination by the Lender or the Lessor of such nonconformance, the Lessee and/or the Architect therefor have previously made a similar determination, and the Lessee has delivered to the Lender and the Lessor evidence reasonably satisfactory to the Lender and the Lessor that the General Contractor therefor has agreed to correct such work or to change such materials without requesting an Advance for the cost thereof, and the General Contractor diligently pursues such work and changes to completion within 90 days after the determination of the need for corrective action; and

Defects in Construction. If the Lender or the Lessor should at any time reasonably determine that any part of the work performed on any Improvements has not been performed in a good and workmanlike manner, whether or not the Property Costs Development Cost of any such work shall have been included in a Funding Requisition theretofore made, neither the Lender nor the Lessor shall have any obligation to make any further Advances until such work is corrected so as to have been performed in a good and workmanlike manner and the Lender and the Lessor have received satisfactory evidence of such correction, and Lender and the Lessor shall have the right to offset against the amount of any subsequent Advances by the cost of the nonconforming work or materials included in prior Fundings. Notwithstanding the foregoing, the Lender and the Lessor shall continue to make Advances for other work and materials if, prior to the determination by the Lender or the Lessor of such nonconformance, the Lessee and/or the Architect therefor have previously made a similar determination, and the Lessee has delivered to the Lender and the Lessor evidence reasonably satisfactory to the Lender and the Lessor that the General Contractor therefor has agreed to correct such work or to change such materials without requesting an Advance for the cost thereof, and the General Contractor diligently pursues such work and changes to completion within 90 days after the determination of the need for corrective action; and

Defects in Construction. If the Lender or the Lessor should at any time reasonably determine that any part of the work performed on any Improvements has not been performed in a good and workmanlike manner, whether or not the Property Costs Development Cost of any such work shall have been included in a Funding Requisition theretofore made, then Lender or Lesser, as the case may be, shall give notice thereof to the Lessee and neither the Lender nor the Lessor shall have any obligation to make any further Advances until such work is corrected so as to have been performed in a good and workmanlike manner and the Lender and the Lessor have received satisfactory evidence of such correction, and Lender and the Lessor shall have the right to offset against the amount of any subsequent Advances by the cost of the nonconforming work or materials included in prior Fundings. Notwithstanding the foregoing, the Lender and the Lessor shall continue to make Advances for other work and materials if, prior to the determination by the Lender or the Lessor of such nonconformance, the Lessee and/or the Architect therefor have previously made a similar determination, and the Lessee has delivered to the Lender and the Lessor evidence reasonably satisfactory to the Lender and the Lessor that the General Contractor therefor has agreed to correct such work or to change such materials without requesting an Advance for the cost thereof, and the General Contractor diligently pursues such work and changes to completion within 90 days after the determination of the need for corrective action; and

Defects in Construction. If the Lender or the Lessor should at any time reasonably determine that any part of the work performed on any the Improvements has not been performed in a good and workmanlike manner, whether or not the Property Costs Development Cost of any such work shall have been included in a Funding Requisition theretofore made, neither the Lender nor the Lessor shall have any obligation to make any further Advances until such work is corrected so as to have been performed in a good and workmanlike manner and the Lender and the Lessor have received satisfactory evidence of such correction, and Lender and the Lessor shall have the right to offset against the amount of any subsequent Advances by the cost of the nonconforming work or materials included in prior Fundings. Notwithstanding the foregoing, the Lender and the Lessor shall continue to make Advances for other work and materials if, prior to the determination by the Lender or the Lessor of such nonconformance, the Lessee and/or the Architect therefor have previously made a similar determination, and the Lessee has delivered to the Lender and the Lessor evidence reasonably satisfactory to the Lender and the Lessor that the General Contractor therefor has agreed to correct such work or to change such materials without requesting an Advance for the cost thereof, and the General Contractor diligently pursues such work and changes to completion within 90 days after the determination of the need for corrective action; and