Lender Requested Modification/Interpretation Clause Samples
The Lender Requested Modification/Interpretation clause allows the lender to request changes or clarifications to the terms of the agreement. In practice, this means the lender can formally ask for amendments to specific provisions or seek an official interpretation if any part of the contract is ambiguous or unclear. This clause ensures that the lender has a mechanism to address uncertainties or adapt the agreement to changing circumstances, thereby reducing the risk of misunderstandings and facilitating smoother contract administration.
Lender Requested Modification/Interpretation. City acknowledges that the lenders providing financing to Developers may request certain interpretations and modifications of this Agreement. City therefore agrees upon request, from time to time, to meet with the Developers and representatives of such lenders to negotiate in good faith any such request for interpretation or modification. The City will not unreasonably withhold its consent to any such requested interpretation or modification provided such interpretation or modification is consistent with the intent and purposes of this Agreement, provided, further, that any modifications of this Agreement are subject to the provisions of this Agreement relative to modifications or amendments.
Lender Requested Modification/Interpretation. City acknowledges that the lenders providing financing to Developers may request certain interpn tations _and modifications of this Agreement. City therefore agrees upon request, fr?m t_1me to t1 e, to meet with the Developers and representatives of such lenders to negotiate m good faith any such request for interpretation or modification. The City _will ot unr asonably withhold its consent to any such requested interpretation or modification rov1ded such interpretation or modification is consistent with the intent and purpos s of this Agree _ent, provided, further, that any modifications of this Agreement are subJect to the prov1s1ons of this Agreement relative to modifications or amendments. Notwithstanding the above, no change to this Agreement requested by a Tenant or Buyer shall be made without the Owner's approval in its sole discretion.