Lender’s Inspector. The Lender shall have the right to retain, at the Borrower’s expense, an inspector (the “Lender’s Inspector”) to review and advise the Lender with respect to all Plans and Specifications, construction, architectural and other design professional contracts, change orders, governmental permits and approvals, and other matters related to the design, construction, operation and use of the Improvements, to monitor the progress of construction and to review on behalf of the Lender all Draw Requests submitted by the Borrower. The Borrower acknowledges that (i) the Lender’s Inspector has been retained by the Lender to act as a consultant, and only as a consultant, to the Lender in connection with the construction of the Improvements, and the Lender’s Inspector may be an employee of the Lender, (ii) the Lender’s Inspector shall in no event have any power or authority to make any decision or to give any approval or consent or to do any other thing which is binding upon the Lender, and any such purported decision, approval, consent or act by the Lender’s Inspector on behalf of the Lender shall be void and of no force or effect, (iii) the Lender reserves the right to make any and all decisions required to be made by the Lender under this Loan Agreement, in its sole and absolute discretion, and without in any instance being bound or limited in any manner whatsoever by any opinion expressed or not expressed by the Lender’s Inspector to the Lender or any other person with respect thereto, and (iv) the Lender reserves the right in its sole and absolute discretion to replace the Lender’s Inspector with another inspector at any time and without prior notice to or approval by the Borrower. All inspections by or on behalf of the Lender shall be solely for the benefit of the Lender, and the Borrower shall have no right to claim any loss or damage against the Lender or the Lender’s Inspector (whether or not an employee of the Lender) arising from any alleged (i) negligence or failure to perform such inspections, (ii) failure to monitor loan disbursements or the progress or quality of construction, or (iii) failure to otherwise properly administer the construction aspects of the Improvements; but excluding the gross negligence or willful misconduct of Lender or Lender’s Inspector. Notwithstanding the foregoing, Lender’s Inspector shall not perform a physical inspection of the Property more often than once with respect to each Draw Request, except in the event of an emergency or ...
Lender’s Inspector. Throughout the course of construction of the ------------------ Greenhouse, Lender shall have the right to employ, at Lender's sole cost and expense, a third-party construction consultant ("Lender's Inspector") to review as agent for Lender all construction activities undertaken in regard to the Greenhouse, which inspector shall certify or otherwise indicate to Lender the progress of the construction of the Greenhouse to the date of each Notice of Advance and that such construction complies with the Plans and the Sources and Uses Schedule, with such certificate and indication from Lender's Inspector to be a further condition precedent to Lender's disbursement of each Advance.
Lender’s Inspector. Throughout the course of ------------------ construction of the Improvements, Lender shall have the right to employ, at Borrower's sole cost end expense, a third-party construction consultant ("Lender's Inspector") to review as agent for Lender all construction activities, undertaken in regard to the Property, which inspector shall certify or otherwise indicate to Lender that construction of the Improvements to the date of each Request for Advance and certificate submitted by Borrower, and that such construction complies with the Plans and Sources and Uses Schedule, with such certificate and indication from such inspector to be a further condition precedent to Lender's approval of Borrower's then-submitted Request for Advance. In addition, Lender may elect to have its in-house construction consultant review such construction activities, and if Lender so elects then Borrower shall pay to Lender the imputed fee for such consultant, which fee shall be calculated to be twenty percent (20%) of the fee of Lender's Inspector, or, if Lender has not employed a Lender's Inspector, such fee shall be Five Hundred Dollars($500).
Lender’s Inspector. 8.1 Retention of Lender's Inspector. Lender may retain an architectural/engineering firm ("Lender's Inspector") to do the following: (a) until Completion of the Work and the making of the last Work-Related Advance (including the disbursement of the Basic Retainage and Additional Retainage), review the Principal Work-Related Items, the other Contracts, Intangibles, Licenses and Permits and the budget proposed to be the Construction Budget and any changes to such items; (b) inspect the Real Property prior to commencement of the Work for purposes of determining the condition of the Real Property and any existing improvements; (c) until Completion of the Work and the making of the last Work-Related Advance (including the disbursement of the Basic Retainage and Additional Retainage), make monthly inspections of the Real Property and Work (whether or not Development Loan proceeds are to be used to pay or reimburse Borrower for the costs of such Work) so that Lender may monitor whether Borrower is in compliance with the terms and conditions of this Agreement, and certifying that each Development
Lender’s Inspector. Upon receiving each Advance Request, Lender's Inspector will determine (a) whether the work completed to the date of such Advance Request has been done satisfactorily and in accordance with the Plans and Specifications, (b) the percentage of construction of the Project completed as of the date of such Advance Request, (c) the Direct Costs actually incurred for work in place as part of the Project as of the date of such Advance Request, (d) the actual sum necessary to complete construction of the Project in accordance with the Plans and Specifications, and (e) the amount of time from the date of such Advance Request which will be required to complete construction of the Project in accordance with the Plans and Specifications. Borrowers shall pay a reasonable inspection fee to Lender upon submission of each Advance Request. All inspections by or on behalf of Lender shall be solely for the benefit of Lender, and Borrowers shall have no right to claim any loss or damage against Lender or Lender's Inspector arising from any alleged (i) negligence in or failure to perform such inspections, (ii) failure to monitor Advances of the Construction Loan or the progress or quality of construction, or (iii) failure to otherwise properly administer the Construction Loan.
Lender’s Inspector. Lender’s Inspector shall have approved the request for advance and related documents as well as the Plans and Specifications, Construction Budget, Construction/Disbursement Schedule (if any), and all other issues pertaining to the Property or Collateral.
Lender’s Inspector. Lender’s Inspector shall have approved the request for the Loan advance and related documents after taking into account any other relevant issues pertaining to the Property or Collateral.
Lender’s Inspector. Throughout the course of construction of the
Lender’s Inspector. Throughout the course of construction of the Homes, Lender shall have the right to employ, at Borrower's sole cost and expense, an inspector or inspectors who shall review as agent for Lender all construction activities undertaken in regard to the Project. A certificate or indication from such inspector or inspectors that construction complies with the Home Plans and will be completed not later than the Completion Date for each Home shall be a further condition precedent to Lender's approval of each Draw Request.
Lender’s Inspector
