Monitoring Construction Clause Samples
Monitoring Construction. Developer shall monitor and coordinate all ----------------------- construction work by Contractor and others engaged for the construction of the Project. Developer shall cause the inspection of, as necessary, the progress of the construction of the Project and verify that all materials and labor furnished in connection therewith have been supplied or completed in a good and workmanlike manner and that all work is performed in substantial accordance with the Approved Plans and Specifications, free and clear of all liens (to the extent that Developer has received funds therefor from Owner) and in compliance with all laws and permits affecting the Project. Developer shall confirm that such construction is being carried out in within the time allocated under the Project Schedule. During the course of construction of the Project, Developer shall on a monthly basis, submit to Owner a written report on the status of the construction of the Project, including verification that the Project Schedule is being met or an explanation of any delays that would materially delay the Completion Date. Upon request, Developer shall certify the foregoing in writing to Owner and, if requested by Owner, any construction lender designated by Owner.
Monitoring Construction. The Creditors agree to monitor the construction of the Project in accordance with the terms and conditions of each Creditor's Loan Agreement. In particular, and not by way of limitation, the Creditors shall be entitled to:
(i) review the Contract Documents, the Architect's Agreement, the Plans and Specifications, the Construction Contract, and all other contracts and documents evidencing or applicable to the construction of the Project, all as the same may be amended, restated, supplemented or otherwise modified at any time and from time to time;
(ii) review the Draw Schedule and Budget and Trade Payment Breakdown, each as the same may be amended, restated, supplemented or otherwise modified at any time and from time to time;
(iii) review the monthly Draw Request; and review and approve change orders to the extent required by each Creditor's Loan Agreement. The Borrower agrees to be bound by any Change Order approved by the Creditors in accordance with their respective Loan Agreements. No Change Order shall be effective unless it is approved by all Creditors in accordance with each Creditor's Loan Agreement.