Substantially Completed definition
Substantially Completed. (or “Substantial Completion”) shall mean that with respect to Landlord’s Work for the Premises, (i) Landlord’s Work, as shown on Tenant’s final approved TI Plans, has been completed in accordance with the provisions of this Lease (including, without limitation, that such work has been completed in a good and workmanlike manner, in compliance with all applicable laws, and substantially in accordance with the TI Plans), except only Punch List Items and such work that Tenant needs to perform in connection with Tenant Installations and (ii) all conditions to the issuance of a temporary or permanent certificate of occupancy for the Premises have been satisfied allowing for lawful occupancy of the Premises by T▇▇▇▇▇, except only conditions related solely to the completion of Tenant’s Installations, and (iii) Landlord delivers to Tenant a written notice of substantial completion from L▇▇▇▇▇▇▇’s architect, which notice of substantial completion shall be subject to confirmation by Tenant (which confirmation or objection, if Tenant does not agree that Substantial Completion of Landlord’s Work or any applicable portion thereof has occurred, shall be given (if at all) as promptly as possible and no more than five (5) business days after T▇▇▇▇▇’s receipt of Landlord’s notification and provided Landlord has afforded Tenant access to the Premises as provided in Section 4.9, and which confirmation (if any) shall specify any good faith objections and/or Tenant’s determination that Substantial Completion of Landlord’s Work (or applicable portions thereof) has not occurred). The failure of Tenant to confirm L▇▇▇▇▇▇▇’s notification of Substantial Completion of Landlord’s Work as set forth herein or to object in writing thereto within such five (5) business day period shall be deemed a confirmation of such notification. If Tenant objects to any matters set forth in Landlord’s notice of Substantial Completion of Landlord’s Work and notifies Landlord thereof within five (5) business days following receipt of the notice and the parties are unable to resolve the dispute within ten (10) days of Tenant’s notice of objection, either party may elect to refer the dispute to arbitration in accordance with the provisions of Section 29.5 below. Landlord shall, subject to obtaining Tenant’s necessary cooperation in connection therewith, including, without limitation, the completion of Tenant’s Installations, obtain a permanent certificate of occupancy for the Landlord’s Work from the City ...
Substantially Completed means: (i) the Company and the Contractor have issued a certificate of substantial completion in form and substance satisfactory to Buyer certifying that the Hotel has been constructed substantially in accordance with the Plans and Specifications and the Legal Requirements, (ii) a certificate of occupancy authorizing the opening of the Hotel for business to the public and for operation under the Brand has been issued by the local governing authority and is in full force and effect, (iii) all other final and 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’s 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.
Substantially Completed shall have the meanings set forth for such terms in the Work Letter. If Tenant does not elect to void this Lease within 5 business days of the lapse of such 90 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect.
Examples of Substantially Completed in a sentence
As used herein, "Substantial Completion," "Substantially Completed" and any derivations thereof mean the Work in the Premises is substantially completed (as evidenced by a certificate of occupancy, which may be temporary in nature, subject to a list of outstanding minor items to complete, which Landlord will diligently pursue) in substantial accordance with the Construction Drawings.
When ▇▇▇▇▇▇▇▇ considers the Work in the Premises to be Substantially Completed, Landlord will notify Tenant and, within three business days thereafter, ▇▇▇▇▇▇▇▇'s representative and Tenant's representative shall conduct a walk-through of the Premises and identify any necessary touch-up work, repairs and minor completion items that are necessary for final completion of the Work.
More Definitions of Substantially Completed
Substantially Completed and any derivations thereof mean the Work in the Premises is substantially completed (as reasonably determined by Landlord) in substantial accordance with the Working Drawings. Substantial Completion shall have occurred even though minor details of construction, decoration, landscaping and mechanical adjustments remain to be completed by Landlord.
Substantially Completed means the first date on which any of the following occurs:
Substantially Completed means, in respect of any Project, that the Project can be used for the purpose for which it was intended.
Substantially Completed. (or “Substantial Completion”) shall mean that (i) Landlord’s Base Building Work (as hereinafter defined) is Substantially Completed, (ii) Landlord’s TI Work, as shown on the Approved TI Plans, has been completed in accordance with the provisions of this Lease (including, without limitation, that such work has been completed in a good and workmanlike manner and substantially in accordance with the Approved TI Plans), except only Punch List Items (as provided below) and such work that Tenant needs to perform in connection with Tenant Installations and (ii) all conditions to the issuance of a temporary certificate of occupancy for the Premises have been satisfied allowing for lawful occupancy of the Premises by Tenant, except only conditions related solely to the completion of Tenant’s Installations, as (i) and (ii) are evidenced by a written notice of substantial completion from Landlord to Tenant, which notice of substantial completion shall be subject to confirmation by ▇▇▇▇▇▇’s architect (which confirmation or objection, if ▇▇▇▇▇▇’s architect does not agree that Substantial Completion of Landlord’s TI Work or any applicable portion thereof has occurred, shall be given (if at all) as promptly as possible and no more than three (3) business days after ▇▇▇▇▇▇’s receipt of Landlord’s notification, and which confirmation (if any) shall specify any good faith objections and/or Tenant’s architect’s determination that Substantial Completion of Landlord’s TI Work (or applicable portions thereof) has not occurred). If Landlord shall provide only a temporary and not a permanent certificate of occupancy then Landlord’s notice of Substantial Completion will include Landlord’s covenant to complete all of Landlord’s TI Work and Landlord’s Base Building Work required for obtaining a permanent certificate of occupancy. The failure of ▇▇▇▇▇▇’s architect to confirm ▇▇▇▇▇▇▇▇’s notification of Substantial Completion of Landlord’s TI Work as set forth herein or to object in writing thereto within such three (3) business day period shall be deemed a confirmation that Substantial Completion has occurred. If ▇▇▇▇▇▇’s architect objects to any matters set forth in Landlord’s notice of Substantial Completion of Landlord’s TI Work and notifies Landlord thereof within three (3) business days following receipt of the notice and the parties are unable to resolve the dispute within ten (10) days of ▇▇▇▇▇▇’s architect’s notice of objection, either party may elect to refer the dispute to r...
Substantially Completed means (i) completion of the initial work (as shown at Schedule B herein) but for minor insubstantial details of construction and mechanical adjustments (i.e. so-called “punch list” items). In the event substantial completion is achieved on a date other than the first day of the month, the Tenant shall pay a pro rata portion of the rent from such date through and including the last day of such month. Landlord shall use its best efforts to deliver to Tenant the Demised Premises with the initial work substantially completed by no later than March 30, 2006 (“Delivery Date”). In the event Landlord fails to deliver the Demised Premises to Tenant with the initial work substantially completed by the Delivery Date (unless Landlord’s failure to so deliver same was a result of Tenant’s acts and/or that of it’s agents and/or employees, specifically including Tenant’s failure to deliver to Landlord it’s architectural and engineering plans and drawings by January 1, 2006, as per paragraph “7(B)” herein), then, for each one day of Landlord’s delay, Tenant shall be entitled to one day of “free rent” commencing with the Rent Commencement Date. Notwithstanding anything herein to the contrary, Landlord must deliver to Tenant the Demised Premises with the initial work substantially completed by no later than June 30, 2006 “Time Being of the Essence” (“Outside Delivery Date”). In the event Landlord fails to deliver the Demised Premises to Tenant with the initial work substantially completed by the Outside Delivery Date (unless, as noted above, it was a result of Tenant’s acts and/or that of it’s agents and/or employees), then Tenant may cancel this lease, and in such event, Landlord shall reimburse Tenant, within thirty days following Tenant’s election to cancel the Lease, $110,000.00 representing the liquidated damages of Tenant for expenses actually incurred by Tenant including fixture, furnishing and equipment, professional services for the space, including architectural, expediters, engineering, contractors, reasonable legal fees, and any payments made by Tenant to Landlord. Tenant shall exercise such right to cancel by giving written notice thereof to Landlord within ten (10) days from the Outside Delivery Date, “Time Being of the Essence”, unless the parties agree in writing to extend such time period. It is understood and agreed that the Delivery Date and the Outside Delivery Date and any rights based thereon shall be adjusted and/or modified on a day for day basis as a...
Substantially Completed means the Funding Lender has determined that construction or rehabilitation, as the case may be, of the Improvements is sufficiently complete such that the Improvements can be occupied by tenants as a multifamily residential rental project.
Substantially Completed means the stage in the progress of the construction of improvements, or as to any particular portion thereof, when said construction is sufficiently complete so that the improvements or such particular portion can be occupied or utilized for its intended use provided however that finished shell space which is suitable for future tenant improvements shall be considered substantial completion.