Common use of Punch List Holdback Clause in Contracts

Punch List Holdback. In the event that, as of the Closing of the sale and purchase of any Construction Project, there are any Punch List Items outstanding with respect to such Construction Project, then, at such Closing, the applicable Seller shall deposit a portion of the Applicable Purchase Price for such Construction Project in an amount equal to 110% of the amount required to complete such Punch List Items as reasonably estimated by Seller and reasonably approved by Buyer (such amount, the “Punch List Holdback”) in escrow with the Escrow Agent. Each Punch List Holdback shall be held and disbursed by Escrow Agent in accordance with the terms of the Punch List Holdback Agreement attached hereto as Exhibit N (the “Punch List Holdback Agreement”).

Punch List Holdback. In the event that, as of the Closing of the sale and purchase of any Construction Project, there are any Punch List Items outstanding with respect to such Construction Project, then, at such Closing, the applicable Seller shall deposit a portion of the Applicable Purchase Price for such Construction Project in an amount equal to 110% of the amount required to complete such Punch List Items as reasonably estimated by Seller and reasonably approved by Buyer (such amount, the “Punch List Holdback”) in escrow with the Escrow Agent. Each Punch List Holdback shall be held and disbursed by Escrow Agent in accordance with the terms of the Punch List Holdback Agreement attached hereto as Exhibit N (the “Punch List Holdback Agreement”).. 23