Substantial Completion Milestone. Construction of the Unit shall be understood to be substantially completed for purposes of occupancy and enjoyment (the “Substantial Completion Milestone”), when all of the following conditions have been met: (i) construction and finishing of the Unit is fully finished and the Unit can be used and fully enjoyed, (ii) all sanitary, electrical, and water systems are complete and in good order and operating conditions; (iii) any architectural (i.e touch-up painting or minor wall repairs, installation of decorative elements or trim, completion of non-structural aesthetic features), mechanical (i.e calibration or adjustment of HVAC systems, testing and fine-tuning of plumbing fixtures, installation of minor mechanical components) and electrical items (i.e finalization of lighting installations, testing and adjustment of electrical outlets, installation of minor electrical fixtures) that are incomplete are minor in character and will not materially interfere with Purchaser use’s or enjoyment of the Unit, and (iv) the Unit is fully furnished and with all electrical appliances duly installed and in good operating conditions. The Unit will undergo inspections by both the Inspector and by the Purchaser as outlined in Sections 5(c) and 5(e) to certify the Substantial Completion of the Unit and the Condominium. Any remaining construction works (Punch List Items) shall be completed in accordance with Section 5(e) hereof.
Appears in 4 contracts
Sources: Reciprocal Purchase and Sale Promissory Agreement, Reciprocal Purchase and Sale Promissory Agreement, Reciprocal Purchase and Sale Promissory Agreement
Substantial Completion Milestone. Construction of the Unit shall be understood to be substantially completed for purposes of occupancy and enjoyment according to the Hotel’s and Marriott’s international standards (the “Substantial Completion Milestone”), when all of the following conditions have been met: (i) construction and finishing of the Unit is fully finished and the Unit can be used and fully enjoyed, (ii) all sanitary, electrical, and water systems are complete and in good order and operating conditions; (iii) any architectural (i.e touch-up painting or minor wall repairs, installation of decorative elements or trim, completion of non-structural aesthetic features), mechanical (i.e calibration or adjustment of HVAC systems, testing and fine-tuning of plumbing fixtures, installation of minor mechanical components) and electrical items (i.e finalization of lighting installations, testing and adjustment of electrical outlets, installation of minor electrical fixtures) that are incomplete are minor in character and will not materially interfere with Purchaser use’s or enjoyment of the Unit, and (iv) the Unit is fully furnished and with all electrical appliances duly installed and in good operating conditions. The Unit will undergo inspections by both the Inspector and by the Purchaser as outlined in Sections 5(c6(c), 6(e) and 5(e6(f) to certify the Substantial Completion of the Unit and the Condominium. Any remaining construction works (Punch List Items) shall be completed in accordance with Section 5(e6(f) hereof.
Appears in 1 contract