Latent Defects definition
Examples of Latent Defects in a sentence
Notwithstanding anything to the contrary set forth herein, all items or components of the Project with respect to which no Material Defects are identified in a timely Non-Compliance Notice shall be deemed to be accepted by City, subject to Latent Defects.
Any balance remaining on account of the Latent Defects Deposit shall be released to Borrower, upon the latter of (i) fifteen (15) months from the completion of the Off-site Construction, or (ii) at such time as the Latent Defects have been corrected to the satisfaction of HUD.
Said sums may be used for the correction of Latent Defects in the event Borrower fails to make such corrections, or fails to cause such corrections to be made.
The Deposit shall be maintained by Lender to guarantee against Latent Defects.
The Deposit shall be used for the correction of Latent Defects, as may be required by either Lender or HUD.