Construction Default Event definition

Construction Default Event means any one or more of the following: (a) Landlord has ceased construction for more than sixty (60) consecutive days, or (b) Landlord has missed any Critical Milestone described in Section 2.3.7 (ii), (iii), (iv) or (v) by more than sixty (60) days, in each case, except to the extent extended in accordance with this Lease for Excused Delay and Tenant Delay.
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Construction Default Event means, prior to the delivery of the Construction Phase Credit Facility, the occurrence of a Construction Phase Collateral Shortfall or a Construction Lender Default as each such term is defined in the Construction Phase Financing Agreement.
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Examples of Construction Default Event in a sentence

  • If a Construction Default Event occurs, then the provisions of Section 20.22.4 and Section 20.22.6(i) shall apply, with all references therein to the Construction Contract, Lender, Landlord’s Work and Construction Loan meaning and referring instead to the Restoration Construction Contract, Permanent Lender, Restoration and Permanent Loan, respectively.

  • During any Construction Default Event or Construction Wrongful Dishonor, as applicable, the application of Insurance/Condemnation Proceeds shall be solely as directed by Freddie Mac.

  • The Construction Loan documents and the SNDA shall provide among other things that Lender agrees if a Construction Default Event (as herein defined) occurs, then Lender shall have thirty (30) days to elect to exercise its rights under the senior collateral assignment of the Construction Contract and the Bond, and to affirmatively agree and to notify Tenant that Lender agrees to cause completion of the Landlord’s Work in accordance with this Lease.