Common use of Changes to Plans and Specifications Clause in Contracts

Changes to Plans and Specifications. Borrower shall not make any material change in the plans and specifications for the Capital Improvement Work delivered to Lender prior to the date hereof without the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. A material change for purposes hereof shall be any change (whether such change increases or decreases the total cost of the Improvements), which (i) involves a cost of more than (A) for any single item, Fifty Thousand Dollars ($50,000) or (B) for all such items (without netting cost increases against cost savings), Two Hundred Thousand Dollars ($200,000), (ii) impairs the structural integrity or the configuration of the Improvements, (iii) substantially changes the architectural appearance of the Improvements or (iv) results in a violation of any applicable Legal Requirement. Changes shall be submitted to Lender for approval on a form acceptable to Lender which shall be accompanied by a copy of the plans and specifications applicable to the changes. All changes in the Plans and Specifications must, prior to being effective, be duly approved by any applicable bond sureties (if required in order to maintain the effectiveness of the bonds), and all Governmental Authorities (to the extent such Governmental Authority’s approval is required under applicable Legal Requirements).

Changes to Plans and Specifications. Borrower shall not make any material change in the plans and specifications for the Capital Improvement Work delivered to Lender prior to the date hereof without the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. A material change for purposes hereof shall be any change (whether such change increases or decreases the total cost of the Improvements), which (i) involves a cost of more than (A) for any single item, Fifty Thousand Dollars ($50,000) or (B) for all such items (without netting cost increases against cost savings), Two Five Hundred Thousand Dollars ($200,000500,000), (ii) impairs the structural integrity or the configuration of the Improvements, (iii) substantially changes the architectural appearance of the Improvements or (iv) results in a violation of any applicable Legal Requirement. Changes shall be submitted to Lender for approval on a form acceptable to Lender which shall be accompanied by a copy of the plans and specifications applicable to the changes. All changes in the Plans and Specifications must, prior to being effective, be duly approved by any applicable bond sureties (if required in order to maintain the effectiveness of the bonds), and all Governmental Authorities (to the extent such Governmental Authority’s approval is required under applicable Legal Requirements).