Project Inspections. HUD, Subordinate Lenders, Borrower, Tax Credit Investor, and HUD Mortgagee and their respective agents shall have access to the Project at all reasonable times for the purpose of inspection of construction work and progress of work, provided that such inspection shall not unreasonably interfere with construction work. In advance of submission of a draw request that includes a Contractor's Requisition, Borrower shall schedule a Project inspection (each, a "Progress Inspection") to be attended by the Contractor and HUD's inspecting architect (the "HUD Architect"), and shall provide notice to the Subordinate Lenders, the Tax Credit Investor, and HUD Mortgagee (in writing) at least three business days in advance of each Progress Inspection. Each of the Subordinate Lenders, the Tax Credit Investor, and HUD Mortgagee shall have the right (but shall not be obligated) to attend any Progress Inspection. At a Progress Inspection, the HUD Architect shall inspect the construction of the Project and determine the percentage of completion for, and amount of, each Contractor's Requisition.
Appears in 2 contracts
Sources: Loan Disbursement Procedures Agreement, Loan Disbursement Procedures Agreement