Common use of Construction and Completion of Improvements Clause in Contracts

Construction and Completion of Improvements. Borrower will commence construction of the Project on or before April 1, 2014 or such earlier date as may be required pursuant to the terms of any Project Covenant Documents and thereafter diligently and continuously prosecute the completion of construction of the Project in compliance with the Plans. The Plans must have been approved in accordance with applicable zoning ordinances, public and private building and use restrictions applicable to the Land and Improvements; and all other Laws, restrictive covenants or requirements of governmental authorities including the Project Covenant Documents and the Governmental Approvals and those of the appropriate board of fire underwriters or its equivalent and all other applicable agreement. Borrower will cause (a) Completion of Construction to occur on or before the Required Completion Date, subject to extension in Lender’s sole discretion as a result of the occurrence of a Force Majeure Event, and (b) the Improvements to be constructed in such a manner and on such a schedule so that at all times during the pendency of the Loan, the Inspecting Architect must be of the opinion that the Completion of Construction will occur on or prior to the Required Completion Date.

Construction and Completion of Improvements. Borrower will commence construction of the Project on or before April 1, 2014 within sixty (60) days after the date of this Agreement or such earlier date as may be required pursuant to the terms of any the Project Covenant Documents and thereafter diligently and continuously prosecute the completion of construction of the Project in compliance with the Plans. The Plans must have been approved in accordance with applicable zoning ordinances, public and private building and use restrictions applicable to the Land and Improvements; and all other Laws, restrictive covenants or requirements of governmental authorities including the Project Covenant Documents and the Governmental Approvals and those of the appropriate board of fire underwriters or its equivalent equivalent, and all other applicable agreementagreements. Borrower will cause (a) Completion of Construction to occur on or before the Required Completion Date, subject to extension in Lender’s sole discretion as a result of the occurrence of a Force Majeure Event, and (b) the Improvements to be constructed in such a manner and on such a schedule so that at all times during the pendency of the Loan, the Inspecting Architect must be of the opinion that the Completion of Construction will occur on or prior to the Required Completion Date.