Common use of Release of Retainage Clause in Contracts

Release of Retainage. Retainage(s) shall be released as follows: (a) Retainage on any Subcontract shall be released within thirty days after such Subcontract has been fully performed and the following conditions have been satisfied: (i) Borrower has delivered final and unconditional waivers of lien from the subcontractor whose individual Subcontract has been fully performed to the Title Company with copies to Lender; (ii) All conditions precedent to disbursement of proceeds of the Construction Loan as set forth in this Agreement have been fully satisfied; and (iii) Lender has received a certificate in writing signed by a duly authorized officer of Contractor and Architect certifying that the Work provided for in the Subcontract has been fully and satisfactorily completed in accordance with the Plans and Specifications, and in compliance with all Applicable Laws, and the Consultant has approved all such Work. (b) Final disbursement of construction retainages to the Contractor for the Work not previously released shall be made upon satisfaction of the following conditions in addition to satisfaction of the other conditions precedent for disbursement of proceeds of the Construction Loan by Lender: (i) Borrower has delivered to Lender (A) a certificate in writing signed by a duly authorized officer of the Contractor certifying that all obligations of the Contractor under the Construction Contract and all obligations of the subcontractors under the Subcontracts have been fully performed, and (B) a certificate signed by the Architect, certifying that the construction of the Work has been completed in all respects in accordance with the Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws; (ii) If requested by Lender, Lender shall have received a certificate in writing signed by the Consultant certifying that the construction of the Work has been completed in all respects in accordance with the Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws; (iii) Borrower has delivered to Lender all applicable licenses or permits necessary for the use of the Project, including without limitation, a final, unconditional certificate of occupancy the Project; (iv) Borrower has delivered to Lender original policies of fire and extended coverage insurance as herein required, with Lender named as mortgagee and as an additional insured party and loss payee; (v) The Title Company is unconditionally prepared to issue its final updated ALTA loan policy of title insurance covering the Principal Balance, subject only to the Permitted Exceptions and other exceptions approved by Lender in writing, and containing its final forms of Comprehensive Endorsement 1 and ALTA 3.1 Zoning Endorsement (without exception and based on as-built conditions), full coverage against all mechanics' liens and such other endorsements as are required under Section 4.5 above; (vi) Borrower has delivered to the Title Company and Lender final and unconditional waivers of lien from the Contractor and all subcontractors and materialmen who have supplied labor or material in connection with the Work and who have not previously submitted such final waivers.

Release of Retainage. Retainage(s) shall be released as follows: (a) Retainage on any Subcontract shall be released within thirty (30) days after such Subcontract has been fully performed and the following conditions have been satisfied: (i) Borrower has delivered final and unconditional waivers of lien from the subcontractor Subcontractor whose individual Subcontract has been fully performed to the Title Company with copies to LenderAdministrative Agent; (ii) All conditions precedent to disbursement of proceeds of the Construction Loan Advances as set forth in this Agreement Section 5.1 have been fully satisfied; and (iii) Lender Administrative Agent has received a certificate in writing signed by a duly authorized officer of Contractor and Architect certifying that the Work provided for in the Subcontract has been fully and satisfactorily completed substantially in accordance with the applicable Plans and Specifications, and in compliance with all Applicable Laws, and the Consultant has approved all such Work. (b) Final disbursement of construction retainages Retainages to the Contractor for the Work not previously released shall be made upon satisfaction of the following conditions in addition to satisfaction of the other conditions precedent for disbursement of proceeds of the Construction Loan by Lenderset forth in Section 5.1: (i) Borrower has delivered to Lender (A) Administrative Agent a certificate in writing signed by a duly authorized officer of the Contractor certifying that all obligations of the Contractor under the Construction Contract and all obligations of the subcontractors Subcontractors under the Subcontracts have been fully performed, performed and (B) a certificate signed by the Architect, certifying that the construction of the Work has been completed in all material respects in accordance with the applicable Plans and Specifications and the use and occupancy of the applicable Project is permitted under all Applicable Laws; (ii) If requested by Lender, Lender shall have received a certificate in writing signed by the Consultant certifying that the construction of the Work has been completed in all respects in accordance with the Plans and Specifications and the use and occupancy of the Project is permitted under all Applicable Laws; (iii) Borrower has delivered to Lender Administrative Agent all applicable licenses or permits necessary for the use of the applicable Project, including without limitation, a final, unconditional certificate of occupancy for the Projectapplicable Project (or a local equivalent, if applicable); (iviii) Borrower has delivered to Lender original policies Administrative Agent certificates of fire and extended coverage insurance as herein required, and if any Tenants are in occupancy and if requested by Administrative Agent, rent loss insurance in form and substance reasonably satisfactory to Administrative Agent, with Lender Administrative Agent named as mortgagee and as an additional insured party and loss payee; (viv) The Title Company is unconditionally prepared to issue its final updated ALTA loan policy of title insurance date down endorsement to the applicable Title Policy covering the Principal BalanceBalance of the Loan, subject only to the Permitted Exceptions and other exceptions approved by Lender Administrative Agent in writing, and containing its final forms of Comprehensive Endorsement 1 and ALTA 3.1 Zoning Endorsement (without exception and based on as-built conditions), including full coverage against all mechanics' ’ liens and such other endorsements as are required under Section 4.5 aboveby Administrative Agent; (viv) Borrower has delivered to the Title Company and Lender Administrative Agent final and unconditional waivers of lien from the Contractor and all subcontractors Subcontractors and materialmen who have supplied labor or material in connection with the Work and who have not previously submitted such final waivers; and (vi) Borrower has delivered to Administrative Agent the Survey updated to show the Project “as built” and to show the location of all utilities and any additional easements or other matters of record affecting the Project.

Release of Retainage. Retainage(s) All Retainages held by Lender shall be released as follows: (a) Retainage on any Subcontract shall be released within thirty days after such Subcontract has been fully performed and the following conditions have been satisfied: (i) Borrower has delivered final and unconditional waivers of lien from the subcontractor whose individual Subcontract has been fully performed to the Title Company Upon application by Borrowers, together with copies to Lender; (ii1) All conditions precedent to disbursement of proceeds of the Construction Loan as set forth in this Agreement have been fully satisfied; and (iii) Lender has received a certificate in writing signed by a duly authorized officer of Contractor Borrowers and Architect the Contractors, as applicable, certifying that the all Work provided for to be performed in the Subcontract a Hard Cost line item category has been fully and satisfactorily completed in accordance with the Plans and Specificationsperformed, and (2) the written approval of the Consultant, Lender shall, in compliance with all Applicable LawsLender's sole but reasonable discretion, and release the Consultant has approved all Retainage for such WorkHard Cost line item. (bii) Final disbursement of construction retainages to the Contractor for the Work all Retainages not previously released shall be made upon satisfaction of the following conditions conditions, in addition to satisfaction of the all other conditions precedent for disbursement of proceeds of the Construction Loan by Lenderset forth in this Agreement: (i1) Borrower has Borrowers have delivered to Lender (A) a certificate in writing signed by a duly authorized officer of Borrowers and the Contractor Contractors, as applicable, certifying that all obligations of the Contractor under the Construction Contract Contractors, as applicable, and all obligations of the subcontractors under the Subcontracts have been fully performed, including all punch-list items, and (B) a certificate in writing signed by the ArchitectBorrowers, as applicable, certifying that the construction of the Work has Improvements have been completed in all respects and to the extent applicable in accordance with the Approved Plans and Specifications and the use and occupancy of the Project Building is permitted under all Applicable applicable Laws; (ii2) If requested by Lender, Lender shall have has received a certificate in writing signed by the Consultant certifying that the construction of the Work Improvements has been completed in all respects and to the extent applicable in accordance with the Approved Plans and Specifications and the use and occupancy of the Project Buildings is permitted under all Applicable applicable Laws; (iii3) Borrower has Borrowers have delivered to Lender all applicable licenses or permits Permits necessary for the use of the Project, including without limitation, a final, unconditional certificate of occupancy the ProjectProjects as planned; (iv4) Borrower has Borrowers have delivered to Lender original policies evidence that all equipment owned by Borrowers and required for the use and operation of fire the Buildings as intended has been installed free and extended coverage insurance as herein required, with clear of all liens and security interests except those granted to Lender named as mortgagee and as an additional insured party and loss payeeor approved by Lender in writing; (v5) The Title Company is unconditionally prepared to issue its the final updated ALTA loan policy of title insurance covering the Principal Balance, subject only endorsement to the Permitted Exceptions and other exceptions approved by Lender in writing, and containing its final forms of Comprehensive Endorsement 1 and ALTA 3.1 Zoning Endorsement (without exception and based on as-built conditions), full coverage against all mechanics' liens and such other endorsements as are required under Section 4.5 aboveTitle Policy; (vi6) Borrower has Borrowers have delivered to the Title Company and Lender final and unconditional waivers of lien from the Contractor Contractors and all subcontractors and materialmen who have supplied labor or material in connection with for the Work and who have not previously submitted such final waiversconstruction of the Projects.