Property Under Construction Sample Clauses

Property Under Construction. (a) Delivery of Evidence of Property Insurance, Xxxxx Form 27, 2003 version, with coverage listed for Course of Construction/Builder's Risk Completed Value Form for an “All Risk” form, excluding earthquake but including flood (if required, see below). The policy shall also cover all property used or to be used in or part of the construction wherever the property is located and while in transit.
Sample 1
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Property Under Construction. Notwithstanding anything to the contrary in SECTION 19.1, if a Significant Casualty or a Significant Condemnation occurs with respect to any Construction Property prior to the commencement of the Lease Term applicable thereto, and if such Significant Casualty or Significant Condemnation did not result from the Lessee's (or Construction Agent's) actions or failure to act, then provided that no Construction Agency Agreement Event of Default has occurred and is continuing (i) the Lessee shall not be obligated to purchase such Property from the Lessor, (ii) the Lessor's obligation to make further Fundings with respect to such Property shall terminate, (iii) the Lessor shall be entitled to retain the proceeds of any award, compensation or insurance with respect thereto until it shall have received an amount equal to the Lease Balance for such Property plus all other amounts then due and payable hereunder with respect to such Property, (iv) the Lessee may, at its option, by notice given to the Lessor not more than thirty (30) days after the occurrence of such Significant Casualty or Significant Condemnation, purchase such Property from the Lessor on the next following Scheduled Payment Date, which purchase shall be made in accordance with and subject to the conditions of SECTION 22.1, except that the Lessee shall not be required to purchase all of the Leased Assets in connection with the purchase of such Property, and (v) unless the Lessee has exercised such purchase option, the Lessee shall promptly surrender such Property to the Lessor.
Sample 1
Property Under Construction. If a Property is under construction, the following insurance must be provided: 17.1 Builder's All-Risk/Course of Construction Completed Value Form in an amount equal to the replacement cost of rebuilding the structure(s) on such Property or the Loan amount, whichever is less. The policy shall also insure material used or to be used for construction of the improvement regardless of its location, whether on-site or off-site or while in transit. Replacement coverage means the cost to repair or replace the structure(s) on such Property at the time of loss or damage, without deduction for physical deterioration or depreciation. Earthquake coverage is not required. 17.2 Commercial General Liability addressed to and naming the Administrative Agent as additional insured from the Borrowers and Contractor or Owner/Builder covering all forms of liability risk including personal and advertising injury, bodily injury, property damage, contractual, independent contractors, completed operations, products liability, broad form property damage, premises and operations, explosion and underground hazard. Amount of Coverage: At least One Million Dollars ($1,000,000) combined single limit per occurrence / $2,000,000 general aggregate All forms of insurance must be satisfactory to the Administrative Agent and provide that the Insurer must give the Administrative Agent at least 30 days’ notice of any changes, cancellation or non-renewal. In addition, certain project types such as hotels/motels, office buildings, shopping centers and construction projects may require a higher excess/umbrella liability amount. All applicable forms and endorsements must be attached to the policy.
Sample 1
Property Under Construction. The Firm shall determine the percentage of completion and the appraisal value of property that is under construction or alteration as of October 1 preceding the implementation of the revaluation. The Firm shall determine the value of all added assessments as of October 1 preceding the implementation of the revaluation.
Sample 1
Property Under Construction 
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Related to Property Under Construction

  • Completion of Construction (a) For the purposes of this Agreement, the terms "

  • Initial Construction Attached hereto are plans showing proposed modifications to Premises. Within 20 days of execution of the Lease, Landlord will prepare construction drawings and specifications for such modifications containing such details as dimensions, partition plans, dimensioned electrical and telephone outlet plans, modified reflected ceiling plans, room finish schedule, including wall, carpet, floor tile, and VCT colors, and other necessary construction details and specifications for the completion of such work, all in a manner reasonably acceptable to Tenant. Space planning, construction drawings, and specifications shall be provided by Landlord to Tenant a no cost to Tenant. All construction of modifications to Tenant's Premises will be accomplished by Tenant's contractor, which contractor shall furnish to Landlord evidence of insurance as follows: General Liability and Property Damage - $2,000,000 Aggregate, $2,000,000 per Occurrence; Workmens Compensation, and an Owners and Contractors Protective Liability Policy in the amount of $1,000,000 naming the owner and The Gutixxxxx Xxxpany as insureds. In addition, in Tenant's construction contract, Tenant shall insure that the contract holds Landlord and The Gutixxxxx Xxxpany harmless, and that Landlord and The Gutixxxxx Xxxpany are additional named insureds on all of Tenant's insurance policies. It shall be Tenant's contractor's responsibility to obtain the building permit for said modifications to Premises. It shall be Tenant's responsibility to insure that all Tenant's general contractors subcontractors and materialmen are paid in full, and if a lien is placed upon the Building by any such contractor, subcontractor, materialmen, or other, to promptly remove such lien or provide a bond reasonably satisfactory to Landlord and Landlord's mortgagee to insure that such lien will be paid in full while contesting such lien. Landlord shall permit Tenant and Tenant's contractor access for construction of modifications to Tenant's premises promptly after execution hereof. All changes and additions shall be part of the Building, except such items as by writing at the time of approval the parties agree either shall be removed by Tenant on termination of this Lease, or shall be removed or left at Tenant's election.

  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • Neutral Construction The parties to this Agreement agree that this Agreement was negotiated fairly between them at arm's length and that the final terms of this Agreement are the product of the parties' negotiations. Each party represents and warrants that it has sought and received legal counsel of its own choosing with regard to the contents of this Agreement and the rights and obligations affected hereby. The parties agree that this Agreement shall be deemed to have been jointly and equally drafting by them, and that the provisions of this Agreement therefore should not be construed against a party or parties on the grounds that such party or parties drafted or was more responsible for the drafting of any such provision(s).

  • Severability; Construction Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

  • Construction or Rehabilitation of Mortgaged Property No Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property;

  • Commencement of Construction Construction of the Project will start within thirty (30) days after notification to the Developer by the Owner, or as soon thereafter as weather and ground conditions permit.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Construction of Project 11.1.1 Developer agrees to cause the Project to be developed, constructed, and installed in accordance with the terms hereof and the Construction Provisions set forth in Exhibit D, including those things reasonably inferred from the Contract Documents as being within the scope of the Project and necessary to produce the stated result even though no mention is made in the Contract Documents.

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