Incomplete Construction definition

Incomplete Construction means a failure to obtain a certificate of occupancy and to complete construction, rehabilitation or remodeling of a Property in accordance with approved plans and specifications in a good and workmanlike manner, or as indicated in the Original Value.
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Incomplete Construction means a failure to obtain a certificate of occupancy and to complete construction,
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Examples of Incomplete Construction in a sentence

  • Borrower shall complete the Incomplete Construction Work on or before the ________ day of _____________________, 20__ (“Completion Date”).

  • In order to induce HUD to insure the Loan in its maximum approved amount, and in order to induce Lender to advance the entire approved amount prior to completion of the Incomplete Construction Work, the parties acknowledge and agree as follows: AGREEMENTS: $ , has been withheld by ▇▇▇▇▇▇ from the proceeds of the Loan, and is hereby included in an Escrow Account (“Escrow”).

  • In the event Borrower fails to complete the Incomplete Construction Work to the satisfaction of HUD in the manner or within the time required by this Agreement, Lender, with the approval of HUD, will have the right, in its discretion, to complete the Incomplete Construction Work, and to pay the cost thereof, including any related property and/or liability insurance coverage, and all costs and a reasonable fee of Lender, from the Escrow.

  • To the extent that Lender and/or its contractors complete the Incomplete Construction Work, such work remains subject to the labor standards referenced in Section 5 of this Agreement, and Lender shall obtain a Certificate duly executed by each contractor performing any of the work at ▇▇▇▇▇▇’s direction and dated subsequent to the completion of such work.

  • The Incomplete Construction Work shall be done and completed, free of liens, in accordance with the Drawings and Specifications referred to in the Building Loan Agreement and any change orders approved by HUD.

  • Borrower’s liability for the completion of the Incomplete Construction Work shall not be limited to the amount of the Escrow.

  • In this connection, this power of attorney shall provide Lender with full and sufficient authority to enter into and upon the Project and take charge thereof, together with all materials, appliances, Fixtures and other improvements, and to call upon and require contractors to complete the Incomplete Construction Work.

  • For this purpose, Borrower irrevocably appoints Lender as its attorney-in-fact, with full power of substitution, to do and perform for Borrower, in Borrower’s name, place and stead, all matters and things which Lender shall in its judgment deem necessary and proper to be done to effectuate the completion of the Incomplete Construction Work, and to apply the amount deposited under this Agreement to the payment of debts, expenses, costs and charges of any kind contracted or incurred in connection therewith.

  • Borrower intends to complete the Incomplete Construction Work as further identified in this Agreement.

  • Incomplete Construction ...............................................