Common use of Partial Completion Clause in Contracts

Partial Completion. If (a) the time required to complete a Repair, Replacement or Tenant Improvement, as applicable, exceeds one month, (b) the contractor performing a Repair, Replacement or Tenant Improvement, as applicable, requires periodic payments pursuant to terms of a written contract, and (c) Lender has approved in writing in advance such periodic payments, a request for disbursement from the Completion/Repair Escrow Account, the Replacement Reserve Escrow Account or the Tenant Improvements and Leasing Commissions Reserve Escrow Account, as applicable, may be made after completion of a portion of the work under such contract, provided (i) the contract requires payment upon completion of such portion of the work, (ii) all other conditions for disbursement under this Agreement have been met, (iii) the materials for which the request for disbursement has been made are on site at the Property and are properly secured or have been installed in the Property, (iv) the funds remaining in the Completion/Repair Escrow Account, the Replacement Reserve Escrow Account or the Tenant Improvements and Leasing Commissions Reserve Escrow Account, as applicable, designated for such Repair, Replacement or Tenant Improvement, as the case may be, are in Lender's judgment sufficient to complete that Repair, Replacement or Tenant Improvement, (v) the cost of the portion of the work completed under such contract exceeds $10,000.00, and (vi) each contractor or subcontractor receiving payments under such contract provides a waiver of liens with respect to amounts which have been previously paid to that contractor or subcontractor. Upon satisfaction of the foregoing, Lender may, at its option, issue joint checks payable to Borrower and the supplier, materialman, mechanic, subcontractor or other party to whom payment is due.

Partial Completion. If Notwithstanding the provisions of, and without affecting the obligations of the Lessee under, Section 5(v)(1) above to achieve the Completion Date with respect to the entire D&C Work, when a material portion of the D&C Work is substantially completed or is properly usable for the purposes set forth in Section 8 (aUse of Premises) (any portion of the time required D&C Work relating to complete an Installation or a Repairportion thereof, Replacement hereinafter called an “Installation Portion,” and any portion of the D&C Work relating to the New Terminal Facilities, hereinafter called a “Partial Occupancy Portion”), the Lessee may advise the Port Authority to such effect and may deliver to the Port Authority: (A) a certificate signed by an authorized officer of the Lessee certifying that the requirements of this Section 5(v)(2) have been met and that the Installation Portion or Tenant Improvementthe Partial Occupancy Portion, as applicable, exceeds one monthhas been constructed, in all respects, in accordance with all approved plans and specifications and the provisions of the Project Documents and all Applicable Law and Applicable Standards (bincluding installation, commissioning and activation of all equipment and systems required to be installed, commissioned and activated by the Lessee in accordance with this Agreement and the Comprehensive Plan); (B) a certificate signed and sealed on behalf of the contractor performing Architect of Record by a Repair, Replacement New York State licensed architect on its staff certifying that the approved plans and specifications relating to such Installation Portion or Tenant ImprovementPartial Occupancy Portion, as applicable, requires periodic payments pursuant to terms of a written contractare in compliance, in all respects, with the Project Documents, Applicable Law and Applicable Standards and; and (cC) Lender has approved in writing in advance a certificate signed and sealed on behalf of the Engineer of Record by a New York State licensed engineer on its staff certifying that such periodic payments, a request for disbursement from the Completion/Repair Escrow Account, the Replacement Reserve Escrow Account Installation Portion or the Tenant Improvements and Leasing Commissions Reserve Escrow AccountPartial Occupancy Portion, as applicable, may be made after completion of a portion of the work under such contract, provided (i) the contract requires payment upon completion of such portion of the work, (ii) all other conditions for disbursement under this Agreement have been met, (iii) the materials for which the request for disbursement has been made are on site at constructed, in all respects, in accordance with the Property Project Documents, Applicable Law and are properly secured Applicable Standards. The Lessee shall also certify that such Installation Portion or have been installed in the Property, (iv) the funds remaining in the Completion/Repair Escrow Account, the Replacement Reserve Escrow Account or the Tenant Improvements and Leasing Commissions Reserve Escrow AccountPartial Occupancy Portion, as applicable, designated for such Repair, Replacement or Tenant Improvement, as can be properly used without interfering with the case may be, are in Lender's judgment sufficient to complete that Repair, Replacement or Tenant Improvement, (v) the cost completion of the portion of remaining D&C Work. Without limiting the work completed under such contract exceeds $10,000.00, and (vi) each contractor or subcontractor receiving payments under such contract provides a waiver of liens with respect to amounts which have been previously paid to that contractor or subcontractor. Upon satisfaction generality of the foregoing, Lender may, at its option, issue joint checks payable to Borrower the Lessee shall have satisfied all of the applicable conditions set forth in the TCAP Manual and the supplier, materialman, mechanic, subcontractor conditions set forth in Section 5(v)(1)(iii) above but solely with respect to the Installation Portion or other party to whom payment is duethe Partial Occupancy Portion.