Common use of Approval of Agent Clause in Contracts

Approval of Agent. Except as otherwise expressly set forth herein, in all instances in this Section 3.2 in which Agent is to approve or disapprove the development and finalization of the Final Project Documents or to decide whether other arrangements or terms related to the Final Project Documents are satisfactory or not satisfactory to Agent, such approval, disapproval or decision of Agent shall be determined in the sole discretion of Agent acting in good faith, and such decision shall not be deemed to have been given by Agent unless given in writing. Agent shall deliver its written approval of each of the Final Project Documents within fifteen (15) days of Borrower’s submission to Agent. If Agent fails to deliver a written approval or disapproval within fifteen (15) days of Borrower’s submission, Borrower shall send a second written notice to Agent and the recipients listed on Schedule VIII requesting approval or disapproval of such submission, which second written notice shall state the following: “THIS IS THE SECOND WRITTEN NOTICE DELIVERED BY BORROWER TO AGENT PURSUANT TO SECTION 3.2 OF THE CONSTRUCTION LOAN AGREEMENT REQUESTING AGENT’S APPROVAL OF THE FINAL PROJECT DOCUMENTS. FAILURE TO RESPOND WITHIN TEN (10) DAYS AFTER RECEIPT OF THIS NOTICE SHALL CONSTITUE A DEEMED APPROVAL OF THE SUBMITTED FINAL PROJECT DOCUMENTS.” The failure of Agent to deliver a written approval or disapproval within ten (10) days after Borrower’s delivery of such second written notice shall constitute a deemed approval by Agent of the Final Project Document(s) so submitted.

Approval of Agent. Except as otherwise expressly set forth herein, in all instances in this Section 3.2 3.1 in which Agent is to approve or disapprove the development and finalization of the Final Base Project Documents or to decide whether other arrangements or terms related to the Final Base Project Documents are satisfactory or not satisfactory to Agent, such approval, disapproval or decision of Agent shall be determined in the sole discretion of Agent acting in good faith, and such decision shall not be deemed to have been given by Agent unless given in writing. Agent shall deliver its written approval of each of the Final Base Project Documents within fifteen thirty (1530) days of Borrower’s submission to Agent. If Agent fails to deliver a written approval or disapproval within fifteen thirty (1530) days of Borrower’s submission, Borrower shall send a second written notice to Agent and the recipients listed on Schedule VIII hereto requesting approval or disapproval of such submission, which second written notice shall state the following: “THIS IS THE SECOND WRITTEN NOTICE DELIVERED BY BORROWER TO AGENT PURSUANT TO SECTION 3.2 3.1 OF THE CONSTRUCTION LOAN AGREEMENT REQUESTING AGENT’S APPROVAL OF THE FINAL BASE PROJECT DOCUMENTS. FAILURE TO RESPOND WITHIN TEN FIVE (105) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE SHALL CONSTITUE A DEEMED APPROVAL OF THE SUBMITTED FINAL BASE PROJECT DOCUMENTS.” The failure of Agent to deliver a written approval or disapproval within ten five (105) days Business Days after Borrower’s delivery of such second written notice shall constitute a deemed approval by Agent of the Final Base Project Document(s) so submitted.