Development; Completion. Borrower shall cause (x) development and construction of the Project to begin by the date that is forty-five (45) days from the date hereof, and (y) development and construction of the Project to be completed to the reasonable satisfaction of Lender on or before the Completion Date, unless otherwise approved by Lender in writing. Borrower shall, and shall cause Owner to, prosecute development and construction of the Project with good faith and diligence in compliance with the Construction Schedule. Borrower’s or Owner’s failure to proceed diligently and (subject to Permitted Delay) make regular progress toward completion of the Project, as determined by Lender acting reasonably, and/or Borrower’s or Owner’s failure to meet (subject to Permitted Delay) any of the other deadlines set forth in this Section 9.3, shall constitute an Event of Default.
Appears in 3 contracts
Sources: Mezzanine Loan Agreement (Preferred Apartment Communities Inc), Mezzanine Loan Agreement (Preferred Apartment Communities Inc), Mezzanine Loan Agreement (Preferred Apartment Communities Inc)