Vertical Construction Clause Samples
The Vertical Construction clause defines the requirements and procedures related to the construction of vertical elements in a building project, such as walls, columns, and structural frames. It typically outlines standards for materials, workmanship, sequencing, and inspections specific to vertical construction activities. For example, it may specify the order in which floors are to be built or the quality controls for concrete pours in columns. The core function of this clause is to ensure that all vertical structural components are constructed safely, efficiently, and in compliance with design specifications, thereby reducing the risk of structural failures and project delays.
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Vertical Construction. In the event WBKD 2 elects to construct vertical improvements on a Lot, KD will receive a Percentage Payment equal to 8% of the estimated value of such Lot (without improvements thereon) as set forth in WBKD 2’s current budget, which Percentage Payment shall be paid to KD prior to the commencement of construction; provided, however, that if such estimated value is less than eighty percent (80%) of the estimated value as of the date hereof (as set forth on Exhibit B attached hereto), then KD will have the right to elect to instead receive a Percentage Payment equal to 8% of the Gross Proceeds from the sale of Units constructed on the Area or Lot to the ultimate user. KD shall give written notice of its election to WBKD 2 not later than ten (10) days after KD’s receipt of the notice of construction from WBKD 2, which election shall be irrevocable upon delivery of such written notice to WBKD 2. WBKD 2 shall have the right to amend, from time to time, the estimated value of any Lot or Area as shown on Exhibit B to reflect the then prevailing market conditions, provided that any amendment which results in a value that is less than eighty percent (80%) of the estimated value shown on Exhibit B as of the date hereof shall require the consent of KD, which consent shall not be unreasonably withheld, delayed or conditioned.
Vertical Construction. 4.1 Actions prior to Vertical Construction. During the Development Period, MRP, as Administrative Member, shall use commercially reasonable and diligent efforts to cause the Company and/or Development Manager (pursuant to the Development Agreement) to take the actions described in Sections 4.2 through 4.9 so that the Company is in a position to commence and perform V ertical Construction of the Project by the Vertical Target Date.
Vertical Construction. Borrower shall have provided to Administrative Agent, and Majority Lenders shall have approved, evidence that the Building Permit has been issued and that Vertical Construction has commenced on the Finished Lots. Homes Under Construction will include Units that meet all of the requirements and conditions to be Homes Under Construction and will continue to include any such Units up until and including the point that such Units have become finished Units (i.e., through Vertical Construction, regardless of what stage of Vertical Construction is ongoing, and including upon completion of Vertical Construction) and (other than with respect to Units that meet all of the conditions and requirements under Section 4.08 below to become Model Homes) escrow has closed on the sales of such Units in accordance with Section 8.02.
Vertical Construction. This includes structural steel, framing, insulation, drywall, door installation, frames, plaster, security systems, and miscellaneous costs associated with construction.
Vertical Construction. 1.3.1 A1 Labor and Burden
1.3.2 A2 Equipment (Owned and Rented)
1.3.3 A3 Materials, Supplies, and Fees
1.3.4 A4 Subcontracts
1.3.5 A5 Allowances and Contingencies
Vertical Construction. In the event WBKD 2 elects to construct vertical improvements on a Lot, KD will receive a Percentage Payment equal to [REDACTED]% of the estimated value of such Lot (without improvements thereon) as set forth in WBKD 2’s current budget, which Percentage Payment shall be paid to KD prior to the commencement of construction; [REDACTED].