Completion of the Improvements means the substantial completion (i.e., completion of the Project Improvements other than Punch List Items) of the construction and renovation of the Project Improvements substantially in accordance with all Plans and Specifications, all Legal Requirements, all Permitted Encumbrances and this Agreement, and that all utilities necessary to service the Project Improvements have been connected and are in operation, such completion to be evidenced to the reasonable satisfaction of Lender and the Construction Consultant; together with the delivery to Lender of:
Completion of the Improvements is defined in Section 5(d) of this Agreement. “Deed” is defined in Section 12(b)(i) of this Agreement.
Completion of the Improvements means the substantial completion (i.e., completion of the Project Improvements other than Punch List Items) of the construction and renovation of the Project Improvements substantially in accordance with all Plans and Specifications, all applicable Legal Requirements, all Permitted Encumbrances, the Condominium Documents and the Building Loan Agreement, and that all utilities necessary to service the Property have been connected and are in operation, such completion to be evidenced to the reasonable satisfaction of Lender and the Construction Consultant; together with the delivery to Mortgage Lender and Lender of a permanent or temporary certificate of occupancy (if subject to any conditions, such conditions being reasonably acceptable to Mortgage Lender and Lender) for the Improvements and evidence that all other Governmental Approvals have been issued and all other applicable Legal Requirements have been satisfied so as to allow the Improvements to be used and operated in accordance with the Mortgage Loan Documents.
Examples of Completion of the Improvements in a sentence
The sale, transfer, pledge or hypothecation of the Property or any reconstitution of the Property Owner ownership structure shall be permitted only following Completion of the Improvements, provided that such transfer is and shall be fully subject to the Assessment Lien and the terms of the C-PACE Financing and Transaction Documents.
Following Final Completion of the Improvements on the Property, Developer may request that County issue a Certificate of Completion with respect to such work.
It is a condition precedent to Landlord’s obligations under this Lease that duly execute and deliver to Landlord a guaranty (“Guaranty”) in the form of Exhibit E hereto of Tenant’s obligations under this Lease for Completion of the Improvements.
Following Final Completion of the Improvements, mortgages and deeds of trust shall be permitted for any purpose, and County shall have no approval or disapproval rights with respect thereto.
Prior to Commencement of Construction and until the Final Completion of the Improvements, Developer shall take out and maintain or cause its contractor to take out and maintain, a commercial general liability policy with a minimum limit of Two Million Dollars ($2,000,000) per occurrence for bodily injury, personal injury and property damage, or such other higher policy limits as may be required by Developer’s lenders or other institutions providing financing to Developer for the Project.
More Definitions of Completion of the Improvements
Completion of the Improvements means the completion and payment of the Direct Costs and the Indirect Costs of all design, construction, equipping, furnishing and tenant-fixturing of the Improvements, all clearing, landscaping, lighting and paving of the Premises, and procurement of all approvals, licenses and permits necessary to make the same ready for use and occupancy, open the same to the public and place the same in operation in order to convert, exchange, remortgage, rent, sell, use or otherwise dispose of the Premises and Improvements, as a whole or in parts, so that the Loan can be repaid or refinanced on or before the maturity date of the Note.
Completion of the Improvements means the full and complete performance of all work (including all punch list items) required to renovate, construct and equip the Improvements in accordance with (in all material respects) this Agreement, the Mortgage Loan Documents, the Plans, and all Legal Requirements.
Completion of the Improvements means the completion and payment of the Direct Costs and the Indirect Costs of all design, construction, equipping, furnishing and tenant-fixturing of the Improvements, all clearing, landscaping, lighting and paving of the Premises, and procurement of all approvals, licenses and permits necessary to make the same ready for use and occupancy and place the same in operation in order to use or otherwise dispose of the Premises and Improvements, as a whole or in parts, so that the Loan can be repaid or refinanced on or before the maturity date of the Note.
Completion of the Improvements means that, in Lender's sole judgment: (a) the Improvements will have been constructed in a good and workmanlike manner in accordance with: (i) the Plans and Specifications, (ii) construction progress schedule; and (iii) the current Direct and Indirect Cost Breakdowns as furnished to Lender by Borrower, approved in writing by Lender, without substantial deviation, unless approved by Lender; (b) all notices of completion with respect to the Improvements will have been filed, all statutory lien periods will have expired, and all endorsements, including but not limited to endorsement nos. 100, 101.2, 102.5, and 116 to Lender's title policy shall have been delivered to Lender; (c) all costs of constructing the Improvements will have been paid, including, without limitation, interest on the Note prior to the Completion Date; (d) all materials and fixtures usually furnished and installed at this stage of construction shall have been fully furnished and installed; and (e) all of the conditions specified in Section 4.9 will have been satisfied.
Completion of the Improvements means the substantial completion (i.e., completion of the Project Improvements other than interior finishes in unsold Residential Units or the Commercial Unit and Punch List Items) of the construction and renovation of the Project Improvements substantially in accordance with all Plans and Specifications, all Legal Requirements, all Permitted Encumbrances, the Condominium Documents, the Building Loan Agreement, the Second Mezzanine Loan Documents and this Agreement, and that all utilities necessary to service the Property have been connected and are in operation, such completion to be evidenced to the reasonable satisfaction of Lender and the Construction Consultant; together with the delivery to Lender of permanent or temporary certificates of occupancy (if subject to any conditions, such conditions being acceptable to Lender) for the Units and the other Improvements and evidence that all other Governmental Approvals have been issued, including without limitations a Certificate of Eligibility issued by HPD and endorsed by the Affordable Developer to Mortgage Borrowers with respect the Bonus Area Rights, and all other Legal Requirements have been satisfied so as to allow the Improvements to be used and operated in accordance with the Loan Documents.
Completion of the Improvements means, as to any Construction Property, the time when Improvements for a Construction Property (or portion thereof then scheduled to be completed) have been substantially completed in accordance with the Plans, the Major Leases and Anchor Leases and the provisions of Article V., and all of the following have been delivered to the Agent in form and substance satisfactory to the Agent: (i) Certificate of Occupancy (or its equivalent) from the appropriate Governmental Authority having jurisdiction over the Construction Property; (ii) an AIA Certificate of Substantial Completion from the Architect; (iii) an endorsement from the Title Company deleting any exception in the Title Insurance Policy relating to Completion of the Improvements and other exceptions specified by the Agent which may be deleted pursuant to applicable regulations; (iv) an affidavit and full release of liens in recordable form from the General Contractor and the Architect, and, upon request of the Agent, any other contractors or subcontractors who have performed work on, or furnished materials for, the Improvements on such Construction Property; and (v) after the issuance of the aforesaid certificate from the Architect any and all "punch list" items or other items which remain to be completed have been fully and finally completed.
Completion of the Improvements shall have the meaning ascribed to it in Section 5.17(a).