Common use of Substantial Completion of Work Clause in Contracts

Substantial Completion of Work. At such time as Seller determines that “Substantial Completion of the Work” (as defined below) has occurred, Seller shall provide Purchaser with written notice thereof, which notice shall include a unit inventory in the form of Exhibit “L” attached hereto (the “Unit Inventory”), with all blanks in the “Seller Provided Information” area of said form completed by Seller. Within seven (7) days following Purchaser’s receipt of such notice, Seller and Purchaser shall perform a walk-through of the Improvements (the “Punchlist Walk-Through”), and, based upon such walk-through, Purchaser shall prepare a detailed punchlist (the “Punchlist”), setting forth items to be corrected or otherwise completed by Seller. During the Punchlist Walk-Through, Purchaser shall perform a laser measurement of the units within the Improvements in order to determine the Actual Square Footage and complete the Unit Inventory with the results of said measurements. For purposes of this Section 5.7(b), “ Substantial Completion of the Work” shall mean the stage in the progress of the Work when the Work is sufficiently complete in accordance with the Plans and Specifications so that the Improvements can be occupied for their intended use.

Substantial Completion of Work. At such time as Seller determines that “Substantial Completion of the Work” (as defined below) has occurred, Seller shall provide Purchaser with written notice thereof, which notice shall include a unit inventory in the form of Exhibit “L” attached hereto (the “Unit Inventory”), with all blanks in the “Seller Provided Information” area of said form completed by Seller. Within seven ten (710) days following Purchaser’s receipt of such notice, Seller and Purchaser shall perform a walk-through of the Improvements (the “Punchlist Walk-Through”), and, based upon such walk-through, Purchaser shall prepare a detailed punchlist (the “Punchlist”), setting forth items to be corrected or otherwise completed by Seller. During the Punchlist Walk-Through, Purchaser shall perform a laser measurement of the units within the Improvements in order to determine the Actual Square Footage and complete the Unit Inventory with the results of said measurements. For purposes of this Section 5.7(b), “ “Substantial Completion of the Work” shall mean the stage in the progress of the Work when the Work is sufficiently complete in accordance with the Plans and Specifications so that the Improvements can be occupied for their intended use.