Common use of Project Timing Clause in Contracts

Project Timing. Borrower shall: (a) commence the Project no later than February 28, 2025, unless extended pursuant to Section 4 of the DDA; commence means to obtain necessary permits to begin construction activities and to actually begin the construction activities. All appropriate permits must be obtained prior to commencing construction; and (b) complete the Project on or before Initial Project Completion; and (c) complete the Project with diligence and continuity using skill appropriate to the task and fully draw all eligible SLFRF funds no later than sixty (60) days from Initial Project Completion; and (d) evidence that the housing units are occupied for the purpose intended with eligible low- or moderate-income tenants as described in the Declaration of Affordability no later than 150 days from Initial Project Completion; and (e) obtain standard warranties against defects in the construction, systems, and appliances, and other improvements installed. If Borrower fails to comply with the requirements of this Section 5.7, Borrower shall be in Default of this Agreement and shall be required to pay back all funds drawn upon demand of City. Notwithstanding the foregoing deadlines, in the event Borrower’s failure to meet such deadlines is the result of a Force Majeure Event, Borrower shall be afforded a reasonable extension of time beyond such deadline to account for such occurrence.