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unconditional consents, approvals, licenses and operating permits necessary or appropriate for the Hotel to open for business to the public and to operate under the Brand have been issued by and obtained from all applicable governmental and regulatory authorities, subject to Punch List Items; (iv) the Hotel is fully furnished, fitted and equipped and ready to open for business to the public and operate under the Brand, subject to Punch List Items; (iii) all contractors, subcontractors, suppliers, mechanics, materialmen and other persons or entities providing labor or materials for the construction and development of the Hotel shall have been paid (or adequate provision for payment of such persons or entities, which is not required to be an actual escrow of funds, has been made to Buyer\u2019s reasonable satisfaction), subject to Punch List Items and (iv) the Franchisor has approved the completion, furnishing and equipping of the Hotel and is prepared to commence (or authorize the commencement of) operation of the Hotel, and all of the other conditions set forth in the Management Agreement and the Franchise Agreement have been satisfied, subject to Punch List Items.", "hash": "07afb21960e1b16bd5a006f706251d3f", "id": 10}], "next_curs": "CmMSXWoVc35sYXdpbnNpZGVyY29udHJhY3Rzcj8LEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIfc3Vic3RhbnRpYWwtY29tcGxldGlvbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"size": 8654, "title": "Substantial Completion", "snippet": "means the stage in the progress of the work as determined and certified by the Contracting Officer in writing to the Contractor, on which the work (or a portion designated by the Government) is sufficiently complete and satisfactory. Substantial completion means that the property may be occupied or used for the purpose for which it is intended, and only minor items such as touch-up, adjustments, and minor replacements or installations remain to be completed or corrected which:", "id": "substantial-completion", "examples": ["If the determination confirms that <strong>Substantial Completion</strong> was achieved and a Certificate of Occupancy was issued as of or prior to the date of Lessee&#x27;s delivery of the Completion Notice, the Base Rent Commencement Date shall be the date of such delivery and all obligations triggered thereby shall apply retroactively.", "If Lessor disputes that <strong>Substantial Completion</strong> has been achieved or that a Certificate of Occupancy has been issued, Lessor shall deliver to Lessee a written objection specifying in reasonable detail the factual basis therefor within ten (10) Business Days after receipt of the Completion Notice; failing which, Lessor shall be deemed to have accepted the Completion Notice and the Base Rent Commencement Date established thereby.", "Article XVIII shall continue in full force and effect during the Transition Period with respect to all punch-list items, Closing Deliverables, close-out activities, and any other construction work remaining after <strong>Substantial Completion</strong> (collectively, &quot;Remaining Construction Work&quot;)."], "related": [["substantial-completion-date", "Substantial Completion Date", "<strong>Substantial Completion</strong> Date"], ["final-completion", "Final Completion", "Final Completion"], ["construction-completion-date", "Construction Completion Date", "Construction Completion Date"], ["mechanical-completion", "Mechanical Completion", "Mechanical Completion"], ["substantial-completion-certificate", "Substantial Completion Certificate", "<strong>Substantial Completion</strong> Certificate"]], "related_snippets": [], "updated": "2026-05-16T04:22:31+00:00"}, "json": true, "cursor": ""}}