The Construction Contract. Borrower shall become a party to no Material Agreement or Major Contract (other than Approved Contracts) for the performance of any work on the Property or for the supplying of any labor, materials, or services for the construction of the Improvements except upon such terms and with such parties as shall be approved in writing by Lender, such approval not to be unreasonably withheld, conditioned or delayed. Borrower shall neither request nor approve any change orders under the Construction Contract without the prior written approval of Lender, such approval not be unreasonably withheld, conditioned, or delayed, except for non-structural changes which do not change the cost of construction by more than One Hundred Fifty Thousand and No/100 Dollars ($150,000.00) as to any one change or Five Hundred Thousand and No/100 Dollars ($500,000.00) in the aggregate. No approval of Lender of any Construction Contract or change order shall make Lender responsible for the adequacy, form, or content of such Construction Contracts or change orders.
Appears in 2 contracts
Sources: Loan Agreement (Medical Properties Trust Inc), Loan Agreement (Medical Properties Trust Inc)