Common use of Commencement and Completion Clause in Contracts

Commencement and Completion. Borrower shall cause construction of the Improvements to be prosecuted and completed in good faith, with due diligence, and without delay, subject to any Force Majeure Events; provided, however, that in all events all Improvements shall be constructed and completed prior to the applicable Lot Advance Maturity Date or applicable Home Advance Maturity Date for the subject Lot or Home for which said Improvements are being constructed. Upon demand by Lender, Borrower shall correct any defect in the Improvements or any material departure from any applicable Requirements or, to the extent not theretofore approved in writing by Lender, the applicable plans and specifications. Borrower understands and agrees that the inspection of the Improvements on behalf of Lender, the review by Lender or others acting on behalf of Lender of Draw Requests and related documents and information, the making of Advances by Lender, and any other actions by Lender will be for the sole benefit of Lender and will not be a waiver of the right to require compliance with this Section 6.9. In the event that construction of any Improvements for any Qualified Project is abandoned or halted prior to completion for any period of fifteen (15) consecutive days for any cause not a Force Majeure Event (or for any period up to, in the aggregate, ninety (90) consecutive days as a result of one or more Force Majeure Events) or otherwise beyond the reasonable control of Borrower, Contractor or any subcontractor, or not completed by the applicable maturity date, then said Qualified Project shall cease to be part of the Borrowing Base until a cure thereof shall have occurred.

Commencement and Completion. Borrower shall cause construction of the Improvements to be prosecuted and completed in good faith, with due diligence, and without delay, subject to any Force Majeure Events; provided, however, that in all events all Improvements shall be constructed and completed prior to the applicable Lot Advance Maturity Date or applicable Home Advance Maturity Date for the subject Lot or Home for which said Improvements are being constructed. Upon demand by Lender, Borrower shall correct any defect in the Improvements or any material departure from any applicable Requirements or, to the extent not theretofore approved in writing by Lender, the applicable plans and specifications. Borrower understands and agrees that the inspection of the Improvements on behalf of Lender, the review by Lender or others acting on behalf of Lender of Draw Requests and related documents and information, the making of Advances by Lender, and any other actions by Lender will be for the sole benefit of Lender and will not be a waiver of the right to require compliance with this Section 6.9. In the event that construction of any Improvements for any Qualified the Project is abandoned or halted prior to completion for any period of fifteen (15) consecutive days for any cause not a Force Majeure Event (or for any period up to, in the aggregate, ninety (90) consecutive days as a result of one or more Force Majeure Events) or otherwise beyond the reasonable control of Borrower, Contractor or any subcontractor, or not completed by the applicable maturity date, then said Qualified the Project shall cease to be part of the Borrowing Base until a cure thereof shall have occurred.

Commencement and Completion. Borrower shall cause construction of the Improvements to be prosecuted and completed in good faith, with due diligence, diligence and without delay, subject to any Force Majeure Events; provided, however, that in all events all Improvements shall be constructed and completed prior to the applicable Lot Advance Maturity Date or applicable Home Advance Maturity Date for the subject Lot or Home for which said Improvements are being constructed. Upon demand by Lender, Borrower shall correct any defect in the Improvements or any material departure from any applicable Requirements or, to the extent not theretofore previously approved in writing by Lender, the applicable plans and specifications. Borrower understands and agrees that the inspection of the Improvements on behalf of Lender, the review by Lender or others acting on behalf of Lender of Draw Requests and related documents and information, the making of Advances by Lender, Lender and any other actions by Lender will be for the sole benefit of Lender and will not be a waiver of the right to require compliance with this Section 6.9. In the event that construction of any Improvements for any Qualified Project is abandoned or halted prior to completion for any period of fifteen (15) consecutive days for any cause not a Force Majeure Event (or for any period up to, in the aggregate, ninety (90) consecutive days as a result of one or more Force Majeure Events) or otherwise beyond the reasonable control of Borrower, Contractor Borrower or any contractor or subcontractor, or not completed by the applicable maturity dateMaturity Date, then said such Qualified Project shall cease to be part of the Borrowing Base until a cure thereof shall have occurred.

Commencement and Completion. Borrower shall cause construction of the Improvements to be prosecuted and completed with due diligence and in good faith, with due diligence, and without delay. The construction of the A & D Improvements shall be commenced no later than the A & D Commencement Date, subject to any Force Majeure Events; provided, however, that such date may be extended for matters occurring outside of Borrower's control, and shall be fully completed on or before the A & D Completion Date and Borrower shall secure the issuance of all permits and approvals required by the requisite Governmental Authority on or before such date. Each Home shall be fully completed and ready for occupancy not later than the Completion Date, provided, however, such date may be extended for matters occurring outside of Borrower's control, and Borrower shall secure the issuance of a permanent certificate of occupancy or other permit required by the requisite Governmental Authority on or before such date. Borrower shall cause the Improvements to be constructed in a good and workmanlike manner in accordance with the Plans and Specifications and in all events respects in compliance with all Improvements shall be constructed applicable laws, rules, permits, requirements and completed regulations of any Governmental Authority, and Borrower will not cause, permit or allow any deviations from the Plans and Specifications without the prior to the applicable Lot Advance Maturity Date or applicable Home Advance Maturity Date for the subject Lot or Home for which said Improvements are being constructedwritten consent of Lender thereto. Upon written demand by from Lender, Borrower shall shall, at Borrower's sole cost and expense, correct any defect in the Improvements or any material departure from any applicable Requirements or, to the extent Plans and Specifications not theretofore approved in writing by Lender, the applicable plans and specifications. Borrower understands it is expressly understood and agrees agreed that the inspection of the Improvements on behalf of Lender, the review advancement by Lender or others acting on behalf of Lender of Draw Requests and related documents and information, the making of Advances by Lender, and any other actions by Lender will be for the sole benefit of Lender and will Loan proceeds shall not be constitute a waiver of the Lender's right to require compliance with this Section 6.9. In covenant with respect to any such defects or departures from the event that construction of any Improvements for any Qualified Project is abandoned or halted prior to completion for any period of fifteen (15) consecutive days for any cause Plans and Specifications not a Force Majeure Event (or for any period up to, theretofore approved by Lender in the aggregate, ninety (90) consecutive days as a result of one or more Force Majeure Events) or otherwise beyond the reasonable control of Borrower, Contractor or any subcontractor, or not completed by the applicable maturity date, then said Qualified Project shall cease to be part of the Borrowing Base until a cure thereof shall have occurredwriting.