Common use of Commencement and Completion of Improvements Clause in Contracts

Commencement and Completion of Improvements. (a) Borrower shall commence construction on or before November 17, 2008, and, thereafter, diligently continue construction to completion. (b) By the Completion Date, Borrower shall have completed construction of all buildings and common areas which are part of the Improvements, which shall consist of the structural components, operating systems and all other elements of such buildings, subject to any Force Majeure Event which shall extend the Completion Date for the same period of time as any Force Majeure Event (subject to any time limitations in the definition of “Force Majeure Event”). The Improvements shall be deemed complete for all purposes of this Agreement when they have been substantially completed in accordance with the Plans and Specifications, as evidenced by the written certification of the inspecting architect in a form reasonably satisfactory to Bank, and Bank has received evidence reasonably satisfactory to it that: (i) The completed Improvements have been inspected and finally approved by the appropriate governmental authorities; (ii) All costs and liens relating to the completed Improvements have been paid or discharged.