Project Condition Report; Alterations to Project Sample Clauses

Project Condition Report; Alterations to Project. (a) Beginning on August 1, 2026, and continuing every tenth year anniversary thereafter, the Borrower covenants and agrees to provide a Project Condition Report to the Financial Monitor, the Servicer, the Issuer and the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative. The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit. The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement. Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement. In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder.
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Related to Project Condition Report; Alterations to Project

  • ADDITIONAL SPECIAL CONTRACT CONDITIONS A. Special Contract Conditions revisions: the corresponding subsections of the Special Contract Conditions referenced below are replaced in their entirety with the following:

  • Project Completion Date It is agreed between the Parties that the Project Completion Date is <END DATE, YEAR>. If the Project is not completed by such date then, subject to an amendment agreed to between the Parties, Alberta Innovates may elect to terminate this Investment Agreement. In such event, Alberta Innovates will notify the Applicant of its decision to terminate as soon as reasonably practical and shall advise the Applicant of the effective date of termination. Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Project Costs incurred after the effective date of termination and may require the Applicant to return any portions of the Investment which were spent on Ineligible Expenses. Additionally, any portion of the Investment not used and accounted for in accordance with this Agreement as of the Project Completion Date or earlier termination is repayable by the Applicant to AI at AI’s request.

  • Plans and Specifications After Landlord receives and approves Tenant’s Space Plan as provided above, Tenant will cause Tenant’s Architect to prepare the Plans and Specifications for the Tenant Improvements. Landlord will approve or disapprove (specifically describing any reasons for disapproval) the Plans and Specifications in writing within ten (10) Business Days after receiving them. If Landlord disapproves the Plans and Specifications, Tenant will provide appropriately revised Plans and Specifications to Landlord for approval (or disapproval) within five (5) Business Days on the same basis as set forth above. After Landlord’s approval, Tenant will submit the Plans and Specifications for permits and construction bids. No deviation from the Building Standard will be permitted in the Space Plan or the Plans and Specifications, provided reasonable deviations with respect to the ceiling, lighting, painting, flooring and wall covering may be permitted with Landlord’s approval. Landlord will not approve any deviations which Landlord believes (a) do not conform to applicable codes, ordinances and other Laws or are disapproved by any governmental agency, (b) require services beyond the level normally provided to other tenants in the Building, or (c) are of a nature or quality that are inconsistent with Landlord’s overall plan or objectives for the Building. No approval by Landlord of any deviation constitutes an acknowledgment by Landlord that such deviations are in conformance with applicable codes, ordinances and other Laws. In the event that Landlord’s approval shall be required in this Tenant Improvements Agreement, then notwithstanding anything to the contrary set forth in the Lease, Landlord’s approval shall not be unreasonably withheld, conditioned, or delayed.

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