Substantially Completed definition
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 10 business days of the lapse of such 270 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect; provided that Tenant will have a second right to terminate this Lease in the event Landlord has still not Delivered the Premises within 365 days of the Target Commencement Date for any reason other than Force Majeure delays and Tenant Delays, which right will be exercisable for a period of 10 business days after such 365 day period. The “Commencement Date” shall be the earlier of: (i) the date Landlord Delivers the Premises to Tenant; or (ii) the date Landlord could have Delivered the Premises but for Tenant Delays. Notwithstanding anything to the contrary contained in this Lease, but provided Tenant is not in Default hereunder, Landlord hereby grants Tenant an abatement of the Base Rent payable during the period beginning on the Commencement Date and ending 10 months after the Commencement Date (“Base Rent Abatement”). Subject to the terms of Section 3(a) below, the first day of the 11th month after the Commencement Date shall be the “Rent Commencement Date.” In the event Landlord Delivers the Premises to Tenant more than 180 days after the Target Commencement Date (as extended for Force Majeure delays and Tenant Delays), the period of Base Rent Abatement and the Rent Commencement Date (and all subsequent rent increase dates) will be extended by an equivalent number of days that Delivery is delayed beyond the Target Commencement Date. Upon request of Landlord, Tenant shall execute and deliver a written acknowledgment of the Commencement Date, the Rent Commencement Date and the expiration date of the Term when such are established in the form of the “Acknowledgement of Commencement Date” attached to this Lease as Exhibit D; provided, however, Tenant’s failure to execute and deliver such acknowledgment shall not affect Landlord’s rights hereunder. The “Term” of this Lease shall be the Base Term, as defined above on the first page of this Lease and any Extension Terms which Tenant may elect pursuant to Section 39 hereof. Except as set forth in the Work Letter or otherwise expressly set forth in this Lease: (i) Tenant shall accept the Premises in their condition as of the Commencement Date with all Landlord’s Work Substantially Complete; (ii) Landlord shall have no liability for any defects...
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 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...
Examples of Substantially Completed in a sentence
When necessary to facilitate construction and protect bridges and roads from damage, timber felled in construction and timber logged directly to the road from areas immediately adjacent thereto may be hauled before road construction is Substantially Completed.
Unless Contracting Officer determines that there is justification under existing conditions and ground conditions permit hauling without undue damage, portions of Specified Roads shall be Substantially Completed prior to their use for hauling timber.
Landlord shall use reasonable efforts to deliver the entire Premises to Tenant on or before the Target Landlord Work Completion Date with Landlord’s Work Substantially Completed and furnished with Landlord’s FF&E (as defined below) (“Delivery” or “Deliver”).
Annually, prior to start of construction, Pur- chaser shall submit a supplement to the Plan of Opera- tions that shall include a schedule of proposed progress and a description of planned measures to be taken to provide erosion control for work in progress, including special measures to be taken on any segments of con- struction not Substantially Completed prior to periods of seasonal precipitation or runoff.
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 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.
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 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.
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 that the Initial Construction Work for the Project (or applicable component thereof) has been completed in substantial accordance with the terms of this Lease (and Development Agreement, where applicable) and a Certificate of Occupancy has been issued for each Building and each Residential Unit (as applicable, in each instance subject only to (i) minor matters that do not materially adversely affect the use of the Project (or component thereof) for its intended purpose and which have been identified by Tenant, with input from the Architect, on a “punch-list,” and to (ii) items of exterior landscaping that cannot then be completed pending appropriate seasonal opportunity and which have been identified by Tenant on the “punch-list.” In the event that the Project consists of multiple Buildings, Substantial Completion shall be determined for each Building separately.