Common use of Relevant Contracts Clause in Contracts

Relevant Contracts. At the time of making any Loan Request to fund any Property Costs associated with any Project, each (a) Construction Contract pertaining thereto is in full force and effect; (b) both the Borrower and the Contractor are in material compliance with their respective obligations under the Construction Contract; (c) the work to be performed by the Contractor under the Construction Contract is the work called for by the Plans and Specifications and all work required to complete the Improvements (other than work contemplated to be completed by the Borrower's employees) in accordance with the Plans and Specifications is provided for under the Construction Contract; (d) all work on the Improvements shall be completed substantially in accordance with the Plans and Specifications in a good and workmanlike manner and shall be free of any material defects; and (e) to the extent the Project is being constructed on leased Real Estate, that the Borrower is not in material default of any terms of the lease and that the lease is in full force and effect. Notwithstanding the foregoing, in the event the Contractor is in default of its obligations under the Construction Contract, at the sole option of the Borrower, the Borrower shall have the right to terminate such Construction Contract and enter into a substitute or replacement Construction Contract with a new Contractor, in which event such new Construction Contract shall be assigned to the Agent and a copy of such new Construction Contract shall be provided to Agent promptly following the execution thereof.

Relevant Contracts. At the time of making any Loan ------------------ Request to fund any Property Costs associated with any Project, each (a) Construction Contract pertaining thereto is in full force and effect; (b) both the Borrower and the Contractor are in material compliance with their respective obligations under the Construction Contract; (c) the work to be performed by the Contractor under the Construction Contract is the work called for by the Plans and Specifications and all work required to complete the Improvements (other than work contemplated to be completed by the Borrower's employees) in accordance with the Plans and Specifications is provided for under the Construction Contract; (d) all work on the Improvements shall be completed substantially in accordance with the Plans and Specifications in a good and workmanlike manner and shall be free of any material defects; and (e) to the extent the Project is being constructed on leased Real Estate, that the Borrower is not in material default of any terms of the lease and that the lease is in full force and effect. Notwithstanding the foregoing, in the event the Contractor is in default of its obligations under the Construction Contract, at the sole option of the Borrower, the Borrower shall have the right to terminate such Construction Contract and enter into a substitute or replacement Construction Contract with a new Contractor, in which event such new Construction Contract shall be assigned to the Agent and a copy of such new Construction Contract shall be provided to Agent promptly following the execution thereof.