Final Construction Holdback Advances Sample Clauses

Final Construction Holdback Advances. Subject to the provisions ------------------------------------ of the Loan Documents, and so long as there is no Potential Default or Event of Default, a disbursement of the Loan proceeds totaling 10.00% of the amount of the Construction Contract, comprising the Contractor's final draw request thereunder, will be disbursed upon the satisfaction of the following: (a) the Greenhouse shall have been completed substantially in accordance with the terms of the Work Letter, and (b) Lender shall have received or waived the receipt of (i) unconditional lien releases covering all previously disbursed Construction Holdback Advances together with conditional lien releases covering the final Construction Holdback Advance, (ii) a 55 certificate of occupancy acceptable to Lender covering the Greenhouse, and (iii) the Architect's written certification that the Greenhouse has been completed substantially in accordance with the Plans therefor, that all utility connections for the Greenhouse have been completed, and that the Greenhouse is otherwise fully operational and fully ready for the occupancy and use contemplated in the Lease. EXHIBIT A-1 DESCRIPTION OF SITE ------------------- Being a particular tract or tracts of land located in Durham County, Triangle Township, Research Triangle Park, North Carolina and being further described below: BEGINNING at a point, said point being located the following courses from NC Geodetic Monument "Triad", said NC Geodetic Monument bearing NC Grid Coordinates NAD 83 of N:238,772.801 Meters, E:620,488.448 Meters; Thence from said monument, South 01(degree)34'26" West a ground distance of 3,011.37 feet to an existing R/W Monument set in the westerly right-of-way of X.X. Xxxxxxxxx Drive; Thence with said right-of-way along a curve to the right having a radius of 2846.41 feet, an arc length of 153.75 feet and being subtended by a chord bearing and distance of South 02(degree)43'15" West, 153.73 feet to an existing concrete R/W Monument set in the westerly right-of-way of X.X. Xxxxxxxxx Drive; Thence leaving said right-of-way, North 87(degree)20'44" West a distance of 142.69 feet to a point, said point being the POINT AND PLACE OF BEGINNING. Thence, from the POINT AND PLACE OF BEGINNING South 02(degree)44'10" West a distance of 100.85 feet to a point; Thence, North 89(degree)49'25" West a distance of 85.25 feet to a point; Thence, South 02(degree)33'01" West a distance of 80.34 feet to a point; Thence, North 89(degree)49'25" West a distanc...
Sample 1
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Final Construction Holdback Advances. Subject to the provisions of ------------------------------------ the Loan Documents, and so long as Borrower is not in default in the due, prompt and complete performance or observance of any of the conditions, covenants, or obligations applicable to Borrower contained in the Loan Documents, a disbursement of the Loan proceeds totaling ten percent (10%) of the amount of the Construction Contract, comprising the Contractor's final draw request thereunder, will be disbursed upon the satisfaction of the following: (a) the Improvements shall have been completed in accordance with the terms of this Note (including, without limitation, the disbursement conditions set forth in subparagraph (iii) above) and the Loan Agreement, and (b) Borrower shall have ------------------ delivered or caused to be delivered to Lender (i) unconditional lien releases covering all Construction Holdback Advances previously delivered to or on account of Borrower together with conditional lien releases covering the final Construction Holdback Advance, (ii) such additional title insurance with endorsements thereto as Lender may require, with a liability limit of not less than the Loan Amount, issued by the Title Insurer, with coverage and in form satisfactory to Lender, insuring Lender's interest under the Deed of Trust as a valid lien on the Project, excepting only such items as shall have been approved in writing by lender and providing affirmative insurance therein against mechanics' liens, materialmen's liens or claims or liens in the nature thereof on account of any construction of the Improvements, (iii) a certificate of occupancy acceptable to Lender covering the improvements, and (iv) the Architect's written certification that the Improvements have been completed in accordance with the Plans therefor, that all utility connections for the Improvements have been completed and the Improvements are otherwise fully operational and fully ready for occupancy and use.
Sample 1

Related to Final Construction Holdback Advances

  • PRE-CONSTRUCTION PHASE FEE The Pre-Construction Phase Fee is the total compensation payable to Contractor for the performance of Pre-Construction Phase Services, except for Additional Pre-Construction Phase Services approved in advance and in writing by Owner. The Pre-Construction Phase Fee shall be a lump sum amount based on the AACC established in this Agreement.

  • Project Construction The Contractor agrees to provide continuous on-site supervision on each Job Order, while progress on the project is being accomplished. The Contractor’s Project Manager will ensure:

  • Post-Construction Phase A. Upon written authorization from Owner, Engineer, during the Post-Construction Phase, shall:

  • No Construction Loans No Mortgage Loan was made in connection with (i) the construction or rehabilitation of a Mortgage Property or (ii) facilitating the trade-in or exchange of a Mortgaged Property other than a construction-to-permanent loan which has converted to a permanent Mortgage Loan;

  • ADDITIONAL CONSTRUCTIONS The Promoter undertakes that it has no right to make additions or to put up additional structure(s) anywhere in the Project after the building plan has been approved by the competent authority(ies) except for as provided in the Act.

  • Pre-Construction Phase Employer’s Liability, Workers’ Compensation, Comprehensive General Liability and Comprehensive Automobile Liability in the amounts as set forth in the UGSC.

  • Construction Phase - Administration of the Construction Contract 1.6.1 The Construction Phase shall commence with the acceptance of the Construction Manager’s Guaranteed Maximum Price (or acceptance of a partial Guaranteed Maximum Price for a stage or phase) and issuance of a Notice to Proceed with Construction Services and terminate sixty (60) days after Final Payment to the Contractor is made, or when all of Architect/Engineer’s services have been satisfactorily performed, whichever occurs later.

  • Contract Construction 6.27.1 The parties acknowledge that each party and its counsel have reviewed this CONTRACT and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this CONTRACT or any amendment or exhibits hereto.

  • Construction Phase Payments 10.3.1 Payments for Construction Phase Services shall be made as provided for in the UGSC and Owner’s Specifications. All payment requests shall be submitted through e- Builder® with a Schedule of Values and include all required attachments. Payment for approved Change Orders shall be made as part of Contractor’s Application for Payment. Failure to submit a Prime Contractor Progress Assessment Report form with each Application for Payment will cause rejection of the application by Owner and its return to Contractor.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

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