FAILURE TO COMPLETE CONSTRUCTION. If the Improvements are not completed in accordance with the Plans on or before the Completion Date (subject to punchlist items that do not prevent occupancy of the Premises), borrower shall notify the City as soon as possible of its request for a contract extension should it be known that Borrower will not meet the completion deadline. The Improvements shall be deemed to have been completed when all the conditions applicable to the final disbursement of Loan proceeds under Article IV shall have been satisfied.
Appears in 3 contracts
Sources: Construction Loan Agreement, Construction Loan Agreement, Construction Loan Agreement