Common use of Site Visits; Right to Stop Work Clause in Contracts

Site Visits; Right to Stop Work. (a) Bank shall have the right at any reasonable time to enter and visit the Property for the purposes of performing an appraisal, observing the work of construction and examining all materials, plans, specifications, working drawings and other matters relating to the construction. For purposes of these site visits, Borrower shall at all times maintain a full set of working drawings at the construction site or at Borrower’s office. Bank shall also have the right to examine, copy and review the books, records, accounting data and other documents of Borrower and its contractors in Borrower’s possession which relate to the Property or construction of the Improvements, and in connection therewith, Bank may conduct lien waiver audits. In each instance, Bank shall give Borrower at least one (1) business days’ prior written notice before entering the Property. Bank shall make best faith efforts to avoid interfering with Borrower’s use of the Property when exercising any of the rights granted in this Section. (b) If Bank, through any inspecting architect or construction administrator, in its reasonable judgment, determines that any work or materials fail to conform to the Requirements, Bank may withhold disbursements relating to any such non-conformity until the matter is corrected. If this occurs, Borrower shall promptly correct the work to Bank’s reasonable satisfaction. No such action by Bank shall affect Borrower’s obligation to complete the Improvements on or before the Completion Date. (c) Bank is under no duty to visit the construction site, or to observe construction or to examine any books or records. Any site visit, observation or examination by Bank shall be solely for the purpose of protecting Bank’s rights and interests. No site visit, observation or examination by Bank shall impose any liability on Bank or result in a waiver of any default of Borrower, provided, however, Bank shall be responsible and liable for its own actions during any site visit. In no event shall any site visit, observation or examination by Bank be a representation that there has been or shall be compliance with the Plans and Specifications, that the construction is free from defective materials or workmanship, or that the construction complies with the Requirements or any other applicable governmental law. Neither Borrower nor any other party is entitled to rely on any site visit, observation or examination by Bank. Bank owes no duty of care to protect Borrower or any other party against, or to inform Borrower or any other party of, any negligent or defective design or construction of the Improvements, or any other adverse condition affecting the Property.

Site Visits; Right to Stop Work. ‌ (a) Bank shall have Subject to the rights of the tenants under leases, the Borrower grants to the Bondholder Representative, and its agents and representatives, the right at any reasonable time to enter and visit the Project on any Business Day during normal business hours upon prior reasonable notice to Borrower (of at least two (2) Business Days in advance but that no such advance notice will be required if an Event of Default is then continuing) and its Property Manager of the Project for the purposes of performing an appraisal, pursuant to any requirement for same under this Agreement, observing the work of construction construction, inspecting the property, and examining all materials, plans, specifications, working drawings drawings, and other matters relating to the constructionconstruction and following the occurrence and continuance of an Event of Default beyond any notice and cure provisions provided for herein the taking soil or groundwater samples, conducting tests to, among other things, investigate for the presence of Hazardous Substances. For Prior to Substantial Completion and funding of Retainage, for purposes of these site visits, the Borrower shall must maintain at all times maintain a full set of working drawings at the construction site. During such site or at Borrower’s office. Bank shall also have visits, the Bondholder Representative has the right to examine, copy copy, and review audit the books, records, accounting data data, and other documents of the Borrower and its contractors in Borrower’s possession which relate relating to the Property Project or construction Construction of the Improvements, and in connection therewith, Bank may conduct lien waiver auditsProject. In each instance, Bank shall give Borrower at least one (1) business days’ prior written notice before entering the Property. Bank shall make best faith efforts to avoid interfering with Borrower’s use of the Property when exercising any of the rights granted in this Section. (b) If Bank, through any inspecting architect or construction administrator, in its reasonable judgment, determines that any work or materials fail to conform to the Requirements, Bank may withhold disbursements relating to any such non-conformity until the matter is corrected. If this occurs, Borrower shall promptly correct the work to Bank’s reasonable satisfaction. No such action by Bank shall affect Borrower’s obligation to complete the Improvements on or before the Completion Date. (c) Bank The Bondholder Representative is under no duty to visit or observe the construction siteProject, or to observe construction or to examine any books or records. Any site visit, observation observation, or examination by Bank shall the Bondholder Representative will be solely for the purpose of protecting Bank’s and preserving the rights of the Trustee and intereststhe Bondholder Representative under this Agreement and the Mortgage. No site visit, observation or examination by Bank shall the Bondholder Representative will impose any liability on Bank Bondholder Representative or result in a waiver of any default of Borrower, provided, however, Bank shall be responsible and liable for its own actions during any site visit. In no event shall any site visit, observation the Borrower or examination by Bank be a representation that there has been the Borrower is or shall will be in compliance with the Plans and Specifications, that the construction is free from defective materials or workmanship, or that the construction complies with the Requirements or any other all applicable governmental lawRequirements. Neither the Borrower nor any other party is entitled to rely on any site visit, observation or examination testing by BankBondholder Representative, its agents, or representatives. Bank The Bondholder Representative owes no duty of care to protect the Borrower or any other party against, or to inform the Borrower or any other party of, any negligent or defective adverse condition affecting the Project, including any defects in the design or construction of any improvements on the ImprovementsProject or the presence of any Hazardous Substances on the Project. In each instance, the Bondholder Representative will give the Borrower reasonable prior notice before entering the Project (of at least two (2) Business Days in advance but that no such advance notice will be required if an Event of Default is then continuing) and make all reasonable efforts to avoid interfering with the Borrower’s Construction of the Project, use or operation of the Project, or any tenant’s rights under leases of the Project when exercising any of the rights granted in this Section. (b) Subject to the terms and provisions of Section 11.2 hereof, if the Bondholder Representative in its reasonable judgment determines that any work or materials fail to conform to the approved Plans and Specifications or sound building practices in any material respect, or that they otherwise depart from any of the requirements of this Agreement, the Bondholder Representative may require the nonconforming work to be stopped and withhold its consent to disbursements until the matter is corrected. If this occurs, the Borrower must promptly correct the work to the Bondholder Representative’s reasonable satisfaction and, subject to the terms of Section 11.2, halt all other adverse condition affecting work pending completion of such corrective work. No such action by the PropertyBondholder Representative will affect the Borrower’s obligation to complete the Project on or before the Bondholder Representative’s Required Completion Date.

Site Visits; Right to Stop Work. (a) Bank and its agents and representatives shall have the right at any reasonable time to enter and visit the Property for the purposes of performing an appraisal, observing the work of construction and examining all materials, plans, specifications, working drawings and other matters relating to the construction. For purposes of these site visits, Borrower shall at all times maintain a full set of working drawings at the construction site or at Borrower’s officesite. Bank shall also have the right to examine, copy and review audit the books, records, accounting data and other documents of Borrower and its contractors in Borrower’s possession which relate to the Property or construction of the Improvements, and in connection therewith, Bank may conduct lien waiver audits. In each instance, Bank shall give Borrower at least one (1) business days’ prior written reasonable notice before entering the Property. Bank shall make best faith reasonable efforts to avoid interfering with Borrower’s use of the Property when exercising any of the rights granted in this Section.avoid (b) If Bank, through any inspecting architect or construction administrator, Bank in its reasonable judgment, judgment determines that any work or materials fail to conform to the Requirementsapproved Plans and Specifications or sound building practices in any material manner, or that they otherwise depart from any of the material requirements of this Agreement, Bank may require the work to be stopped and withhold disbursements relating to any such non-conformity until the matter is corrected. If this occurs, Borrower shall promptly correct the work to Bank’s 's reasonable satisfaction, and pending completion of such corrective work shall not allow any other work to proceed. No such action by Bank shall affect Borrower’s 's obligation to complete the Phase I Improvements on or before the Phase I Completion Date and the Phase II Improvements on or before the Phase II Completion Date. (c) Bank is under no duty to visit the construction site, or to supervise or observe construction or to examine any books or records. Any site visit, observation or examination by Bank shall be solely for the purpose of protecting Bank’s 's rights and interests. No site visit, observation or examination by Bank shall impose any liability on Bank or result in a waiver of any default of Borrower, provided, however, Bank shall be responsible and liable for its own actions during any site visit. In no event shall any site visit, observation or examination by Bank be a representation that there has been or shall be compliance with the Plans and Specifications, that the construction is free from defective materials or workmanship, or that the construction complies with the Requirements or any other applicable governmental law. Neither Borrower nor any other party is entitled to rely on any site visit, observation or examination by Bank. Bank owes no duty of care to protect Borrower or any other party against, or to inform Borrower or any other party of, any negligent or defective design or construction of the Improvements, or any other adverse condition affecting the Property.

Site Visits; Right to Stop Work. (a) Bank The Agent, or any Lender and its agents and representatives shall have the right at any reasonable time to enter and visit the Real Property for the purposes of performing an appraisal, observing the work of construction and examining all materials, plans, specifications, working drawings and other matters relating to the constructionconstruction of the Rio Expansion Project. For purposes of these site visits, Borrower the Loan Parties shall at all times maintain a full set of working drawings at the construction site or at Borrower’s officesite. Bank The Agent shall also have the right to examine, copy and review audit the books, records, accounting data and other documents of Borrower the Loan Parties and its their contractors in Borrower’s possession which relate to the Property or construction of the Improvements, and in connection therewith, Bank may conduct lien waiver auditsRio Expansion Project. In each instance, Bank the Agent or Lender, as the case may be, shall give Borrower at least one (1) business days’ prior written the Loan Parties reasonable notice before entering the Property. Bank The Agent or Lender, as the case may be, shall make best faith reasonable efforts to avoid interfering with Borrower’s the Loan Parties' use of the Property when exercising any of the rights granted in this Section. (b) If Bank, through any inspecting architect or construction administrator, Majority Lenders in its their reasonable judgment, determines judgment determine that any work or materials associated with the Rio Expansion Project fail to conform to sound building practices, or that they otherwise depart from any of the Requirementsrequirements of this Agreement, Bank Majority Lenders may require the work to be stopped and withhold disbursements relating to any such non-conformity until the matter is corrected. If this occurs, Borrower the Loan Parties shall promptly correct the work to Bank’s reasonable the Agent's satisfaction. No , and pending completion of such action by Bank corrective work shall affect Borrower’s obligation not allow any other work to complete the Improvements on or before the Completion Dateproceed. (c) Bank Neither the Agent nor any Lender is under no any duty to visit the construction sitesite for the Rio Expansion Project, or to supervise or observe construction or to examine any books or records. Any site visit, observation or examination by Bank shall be solely for the purpose of protecting Bank’s the Agent's and the Lenders' rights and interests. No site visit, observation or examination by Bank the Agent shall impose any liability on Bank the Agent or the Lenders or result in a waiver of any default of Borrower, provided, however, Bank shall be responsible and liable for its own actions during any site visitthe Loan Parties. In no event shall any site visit, observation or examination by Bank be a representation that there has been or shall be compliance with any construction plans delivered to the Plans and SpecificationsAgent or the Lenders, that the construction is free from defective materials or workmanship, or that the construction complies with the Requirements of Law or any other applicable governmental lawlaw of a Governmental Authority. Neither Borrower the Loan Parties nor any other party is entitled to rely on any site visit, observation or examination by Bankthe Agent or any Lender. Bank Neither the Agent nor any Lender owes no any duty of care to protect Borrower the Loan Parties or any other party against, or to inform Borrower the Loan Parties or any other party of, any negligent or defective design or construction of the Improvements, or any other adverse condition affecting the Real Property.

Site Visits; Right to Stop Work. (a) Bank and its agents and representatives shall have the right at any reasonable time to enter and visit the Property for the purposes of performing an appraisal, observing the work of construction and examining all materials, plans, specifications, working drawings and other matters relating to the construction. For purposes of these site visits, Borrower shall at all times maintain a full set of working drawings at the construction site or at Borrower’s officesite. Bank shall also have the right to examine, copy and review audit the books, records, accounting data and other documents of Borrower and its contractors in Borrower’s possession which relate to the Property or construction of the ImprovementsSubdivision or any Residential Units, and and, in connection therewith, Bank may conduct lien waiver audits and sales tax audits. In each instance, Bank shall give Borrower at least one (1) business days’ prior written reasonable notice before entering the Property. Bank shall make best faith reasonable efforts to avoid interfering with Borrower’s 's use of the Property when exercising any of the rights granted in this SectionSection 2.7. (b) If Bank, through any inspecting architect or construction administrator, Bank in its reasonable judgment, judgment determines that any work or materials fail to conform to the Map, any other Subdivision Requirements, the approved Plans and Specifications or sound building practices, or that they otherwise depart from any of the requirements of this Master Agreement, Bank may require the work to be stopped and withhold disbursements relating to any such non-conformity until the matter is corrected. If this occurs, Borrower shall promptly correct the work to Bank’s reasonable 's satisfaction, and pending completion of such corrective work shall not allow any other work to proceed. No such action by Bank shall affect Borrower’s 's obligation to complete the Improvements on or before within the Completion Datetimes required by this Master Agreement. (c) Bank is under no duty to visit the construction site, or to supervise or observe construction or to examine any books or records. Any site visit, observation or examination by Bank shall be solely for the purpose of protecting Bank’s 's rights and interests. No site visit, observation or examination by Bank shall impose any liability on Bank or result in a waiver of any default of Borrower, provided, however, Bank shall be responsible and liable for its own actions during any site visit. In no event shall any site visit, observation or examination by Bank be a representation that there has been or shall be compliance with the Plans and Specifications, that the construction is free from defective materials or workmanship, or that the construction complies with the Requirements or any other applicable governmental law. Neither Borrower nor any other party is entitled to rely on any site visit, observation or examination by Bank. Bank owes no duty of care to protect Borrower or any other party against, or to inform Borrower or any other party of, any negligent or defective design or construction of the Subdivision or any Improvements, or any other adverse condition affecting the Property.

Site Visits; Right to Stop Work. (a) Bank shall have Subject to the rights of the tenants under leases, the Borrower grants to the Bondholder Representative, and its agents and representatives, the right at any reasonable time to enter and visit the Project on any Business Day during normal business hours upon prior reasonable notice to Borrower (of at least two (2) Business Days in advance but that no such advance notice will be required if an Event of Default is then continuing) and its Property Manager of the Project for the purposes of performing an appraisal, pursuant to any requirement for same under this Agreement, observing the work of construction construction, inspecting the property, and examining all materials, plans, specifications, working drawings drawings, and other matters relating to the constructionconstruction and following the occurrence and continuance of an Event of Default beyond any notice and cure provisions provided for herein the taking soil or groundwater samples, conducting tests to, among other things, investigate for the presence of Hazardous Substances. For Prior to Substantial Completion and funding of Retainage, for purposes of these site visits, the Borrower shall must maintain at all times maintain a full set of working drawings at the construction site. During such site or at Borrower’s office. Bank shall also have visits, the Bondholder Representative has the right to examine, copy copy, and review audit the books, records, accounting data data, and other documents of the Borrower and its contractors in Borrower’s possession which relate relating to the Property Project or construction Construction of the Improvements, and in connection therewith, Bank may conduct lien waiver auditsProject. In each instance, Bank shall give Borrower at least one (1) business days’ prior written notice before entering the Property. Bank shall make best faith efforts to avoid interfering with Borrower’s use of the Property when exercising any of the rights granted in this Section. (b) If Bank, through any inspecting architect or construction administrator, in its reasonable judgment, determines that any work or materials fail to conform to the Requirements, Bank may withhold disbursements relating to any such non-conformity until the matter is corrected. If this occurs, Borrower shall promptly correct the work to Bank’s reasonable satisfaction. No such action by Bank shall affect Borrower’s obligation to complete the Improvements on or before the Completion Date. (c) Bank The Bondholder Representative is under no duty to visit or observe the construction siteProject, or to observe construction or to examine any books or records. Any site visit, observation observation, or examination by Bank shall the Bondholder Representative will be solely for the purpose of protecting Bank’s and preserving the rights of the Trustee and intereststhe Bondholder Representative under this Agreement and the Mortgage. No site visit, observation or examination by Bank shall the Bondholder Representative will impose any liability on Bank Bondholder Representative or result in a waiver of any default of Borrower, provided, however, Bank shall be responsible and liable for its own actions during any site visit. In no event shall any site visit, observation the Borrower or examination by Bank be a representation that there has been the Borrower is or shall will be in compliance with the Plans and Specifications, that the construction is free from defective materials or workmanship, or that the construction complies with the Requirements or any other all applicable governmental lawRequirements. Neither the Borrower nor any other party is entitled to rely on any site visit, observation or examination testing by BankBondholder Representative, its agents, or representatives. Bank The Bondholder Representative owes no duty of care to protect the Borrower or any other party against, or to inform the Borrower or any other party of, any negligent or defective adverse condition affecting the Project, including any defects in the design or construction of any improvements on the ImprovementsProject or the presence of any Hazardous Substances on the Project. In each instance, the Bondholder Representative will give the Borrower reasonable prior notice before entering the Project (of at least two (2) Business Days in advance but that no such advance notice will be required if an Event of Default is then continuing) and make all reasonable efforts to avoid interfering with the Borrower’s Construction of the Project, use or operation of the Project, or any tenant’s rights under leases of the Project when exercising any of the rights granted in this Section. (b) Subject to the terms and provisions of Section 11.2 hereof, if the Bondholder Representative in its reasonable judgment determines that any work or materials fail to conform to the approved Plans and Specifications or sound building practices in any material respect, or that they otherwise depart from any of the requirements of this Agreement, the Bondholder Representative may require the nonconforming work to be stopped and withhold its consent to disbursements until the matter is corrected. If this occurs, the Borrower must promptly correct the work to the Bondholder Representative’s reasonable satisfaction and, subject to the terms of Section 11.2, halt all other adverse condition affecting work pending completion of such corrective work. No such action by the PropertyBondholder Representative will affect the Borrower’s obligation to complete the Project on or before the Bondholder Representative’s Required Completion Date.