Permitted Change Clause Samples
A Permitted Change clause defines the specific modifications or alterations that are allowed under an agreement without requiring further consent from the other party. Typically, this clause outlines the types of changes—such as minor design adjustments, routine maintenance, or updates to comply with legal requirements—that can be made by one party, often the tenant or contractor, within certain limits. By clearly specifying what changes are permitted, the clause helps prevent disputes over unauthorized alterations and streamlines the process for making necessary or routine updates.
Permitted Change. Notwithstanding anything to the contrary set forth above, the following shall not be deemed a Transfer requiring City consent under this Agreement: (i) any sale, pledge, assignment or other transfer of the entire Project Site to an entity directly or indirectly controlled byAffiliate of Developer and (ii) any change in corporate form of Developer or its Affiliates, such as a transfer from a corporation to a limited liability company or partnership, that does not affect or change beneficial ownership of the Project Site (each, a “Permitted Change”); provided, however, Developer shall provide to City written notice of any such Permitted Change, together with such backup materials or information reasonably requested by City, within thirty (30) days following the date of such Permitted Change or City’s request for backup information, as applicable.
Permitted Change. Notwithstanding anything to the contrary set forth herein: (i) Developer shall not be required to obtain the approval of Owner with respect to a Permitted Change; and (ii) a Change Order with respect to a Permitted Change shall be effective if executed only by Developer.
Permitted Change. A modification to the Plans, a Construction Contract or both which (i) is not structural in nature; (ii) does not decrease the rentable area of the Improvements or otherwise diminish the revenue generation capabilities of the Improvements; (iii) modifies the aggregate cost of the Mortgaged Property (or causes a reallocation of costs within the Budget) by less than Twenty-five Thousand and No/100 Dollars ($25,000.00) in the singular and less than One Hundred and No/100 Dollars ($100,000.00) in the aggregate with all prior Permitted Changes; provided, however, to the extent any such change increases the aggregate Project Costs, the cash equity requirement described in Section 2.6 hereof shall be increased by a like amount and a deposit in such amount shall be provided by Borrower into the Borrower's Deposit as a condition to such item being deemed a Permitted Change; (iv) does not cause the Improvements to be in violation of any Legal Requirements; (v) is described by written notice to Lender (including a copy of any change order) no later than five (5) days following its implementation; and (vi) to the extent required, has been approved by (A) any tenant as to such part of the Improvements, (B) any holder of a surety under payment or performance bond, if any, covering such Construction Contract, and (C) all required Governmental Authority.
Permitted Change. Any individual change to the Plans which (A) ---------------- involves a cost less than $250,000.00 whether such change increases or decreases the total approved costs of the Improvements, and (B) does not delay the Completion Date; provided, however, that when the aggregate value of all such changes exceeds $750,000.00 then each subsequent change shall not be considered a Permitted Change;
Permitted Change. Notwithstanding anything to the contrary set forth herein:
(i) Developer shall not be required to obtain the approval of FRC with respect to a Permitted Change; and (ii) a Change Order with respect to a Permitted Change shall be effective if executed only by Developer.