Satisfactory Construction Sample Clauses
The Satisfactory Construction clause establishes that construction work must meet certain standards or be acceptable to a specified party, often the owner or architect. In practice, this means that completed work is subject to inspection and must conform to agreed-upon plans, specifications, or quality benchmarks before it is approved and payment is released. This clause ensures that the project meets the required quality and performance expectations, protecting the interests of the party commissioning the work and providing a clear basis for evaluating whether construction obligations have been fulfilled.
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Satisfactory Construction. The Borrower shall have furnished to the Lender a certification by the Borrower and the General Contractor and a certification by the Lender’s Inspector that the construction of the improvements is proceeding satisfactorily in accordance with the Plans and Specifications and with the Construction Contract. Such certification by the Lender’s Inspector, as well as any other certification required under this Agreement to be furnished by the Lender’s Inspector, shall be separate from the Borrower’s and General Contractor’s certification and may state that it is being furnished for the sole benefit of the Lender. Each certification by the General Contractor and the Borrower shall include the written representation that they have no cause or reason to believe that the remaining work under the Construction Contract cannot be completed on or before the completion date thereunder for an amount not greater than the aggregate amount of undisbursed sums (excluding retentions pertaining to prior disbursements) shown on the detailed budget for payments under the Construction Contract. Any such certification may contain such exceptions or qualifications as may be deemed necessary by the General Contractor or the Borrower in order to disclose fully and accurately the facts upon which such certification is based; provided, however, if the Lender shall not be reasonably satisfied with any such exception or with respect to the facts disclosed in such certification, the Lender may withhold further advances until arrangements reasonably satisfactory to the Lender have been made (including, without limitation, the deposit of Equity Funds);
Satisfactory Construction. All work usually done at the stage of construction for which disbursement is requested shall have been done in a good and workmanlike manner and all materials and fixtures usually furnished and installed at that stage of construction shall have been furnished and installed, all in compliance with the Plans and Specifications. Borrower shall also have furnished to Lender such proofs as Lender may require to establish the progress of the work, compliance with applicable laws, freedom of the Property from liens, and the basis for the requested disbursement.
Satisfactory Construction. All work usually done at the stage of construction for which an Advance is requested shall have been done in a good and workmanlike manner and all materials and fixtures usually furnished and installed at that stage of construction shall have been furnished and installed, all in compliance with the Plans and Specifications. Borrower shall also have furnished to Lender such proof as Lender may require to establish the progress of the work, compliance with applicable laws, freedom of the Collateral from liens, and the basis for the requested disbursement.
Satisfactory Construction. Majority Owner shall have determined, based upon its own inspections or the inspections of Majority Owner’s Project Inspector or other evidence satisfactory to it, including a Property inspection report from Majority Owner’s project inspector, that the Project is being constructed in a good and workmanlike manner and all materials and fixtures usually furnished and installed at that stage of construction shall have been furnished and installed, all in compliance with the Plans and Specifications in all material respects.
Satisfactory Construction. All Construction work completed as of the date of each Application for Disbursement submitted by Developer shall have been completed in a manner reasonably satisfactory to the Executive Director, in accordance with the Scope of Development, Basic Concept Drawings, Design Development Drawings, Building Permit Drawings, and issued building permits, all as approved by Authority, Agency, and City, and in accordance with all other requirements of the AHA, as it may be amended from time to time. In satisfaction of this condition, Developer shall have submitted satisfactory evidence that no liens exist against the Site or of the Title Company’s willingness to issue its ALTA Lender’s policy or applicable date down endorsement to Agency with no exception for mechanics liens. No stop notice (whether bonded or not) shall have been served upon or otherwise delivered to Agency in connection with the Construction and development of the Project or otherwise in connection with the Agency Loan, unless Developer shall have (a) paid and discharged the same, or (b) effected the release thereof by delivering to Agency a surety bond complying with all applicable Governmental Requirements for such release. In addition, no claim of lien, notice and claim of mechanic’s lien or other similar document or instrument shall have been recorded against the Property or any portion thereof, unless Developer shall have (a) paid and discharged the same, or (b) effected the release thereof by delivering to Agency a surety bond complying with all applicable Governmental Requirements for such release.
Satisfactory Construction. All work required to be performed at the stage of construction for which the Advance is requested shall have been performed in a good and workmanlike manner and consistent with prudent engineering and construction practices; and all materials and fixtures usually furnished and installed at such stage of construction shall have been furnished and installed, all in compliance with the EPC Agreement and the other Construction Documents;