Common use of Permitted Delay Clause in Contracts

Permitted Delay. Any delay in construction caused by strike, lockout, war, terrorism, act of God, fire or other casualty, unusually adverse weather conditions, inability to obtain labor or materials or governmental restriction or other act or thing (except Borrower’s or Owner’s lack of funds) beyond the reasonable control of Borrower, Owner or Contractor which in fact materially interferes with the ability of Owner or Contractor to complete the Project, and provided Borrower has notified Lender (1) within ten (10) days of the onset of any such delay specifying the event which may result in such delay and (2) within ten (10) days of the termination of any such delay, and provided further the aggregate extension periods for Permitted Delays shall in no event exceed the period of delay permitted under the Mortgage Loan Documents and the Construction Contract. A delay otherwise constituting a Permitted Delay shall not be a Permitted Delay unless such delay has been consented to by, or will not affect the obligations of, the sureties under any bonds. Permitted Equity Transfers. Transfers of direct or indirect interests in Borrower, provided that such transfers do not result in a Change of Control.

Permitted Delay. Any delay in construction caused by strike, lockout, war, terrorism, act of God, fire or other casualty, unusually adverse weather conditions, inability to obtain labor or materials or governmental restriction or other act or thing (except Borrower’s or Owner’s lack of fundsfunds unless due to the failure of Lender to fund in breach of Lender’s express obligations under this Agreement) beyond the reasonable control of Borrower, Owner Owner, or Contractor which in fact materially interferes with the ability of Owner or Contractor to complete the Project, and provided Borrower has notified Lender (1) within ten (10) days of the onset of any such delay specifying the event which may result in such delay and (2) within ten (10) days of the termination of any such delay, and provided further the aggregate extension periods for Permitted Delays shall in no event exceed the period of delay permitted under the Mortgage Loan Documents and the Construction Contract. A delay otherwise constituting a Permitted Delay shall not be a Permitted Delay unless such delay has been consented to by, or will not affect the obligations of, the sureties under any bonds. Permitted Equity Transfers. Transfers of direct or indirect interests in Borrower, provided that such transfers do not result in a Change of Control.