Common use of Unsatisfactory Work Clause in Contracts

Unsatisfactory Work. Borrower shall fail to cause any Unsatisfactory Work to be corrected to the satisfaction of Lender and its construction consultant within ten (10) Business Days after notice of such disapproval, provided that, if such Unsatisfactory Work cannot reasonably be corrected within such ten (10)-day period, then so long as Borrower shall have commenced to cause the correction of such Unsatisfactory Work within such ten (10)-day period and thereafter diligently and expeditiously proceeds to cause the correction of the same, such ten (10)-day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cause the correction of such Unsatisfactory Work, but in no event beyond the date that is sixty (60) days after the applicable notice of disapproval.

Appears in 1 contract

Sources: Loan Agreement

Unsatisfactory Work. Borrower shall fail to cause any Unsatisfactory Work to be corrected to the satisfaction of Lender the Administrative Agent and its construction consultant the Construction Consultant within ten (10) Business Days after notice of such disapproval; provided, provided thathowever, that if such Unsatisfactory Work cannot reasonably be corrected within such ten (10)-day 10) day period, then so long as Borrower shall have commenced to cause the correction of such Unsatisfactory Work within such ten (10)-day 10) day period and thereafter diligently and expeditiously proceeds to cause the correction of the same, such ten (10)-day 10) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cause the correction of such Unsatisfactory Work, but in no event beyond the date that which is sixty ninety (6090) days after the applicable notice of disapproval.

Appears in 1 contract

Sources: Construction Loan Agreement (Maguire Properties Inc)

Unsatisfactory Work. Borrower shall fail to cause any Unsatisfactory Work to be corrected to the reasonable satisfaction of Lender Administrative Agent and its construction consultant the Construction Consultant within ten twenty (1020) Business Days after notice of such disapproval; provided, provided thathowever, that if such Unsatisfactory Work cannot reasonably be corrected within such ten twenty (10)-day 20) day period, then so long as Borrower shall have commenced to cause the correction of such Unsatisfactory Work within such ten twenty (10)-day 20) Business Day period and thereafter diligently and expeditiously proceeds to cause the correction of the same, such ten twenty (10)-day 20) Business Day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cause the correction of such Unsatisfactory Work, but in no event beyond the date that which is sixty (60) days after the applicable notice of disapproval.disapproval or such later date as may be approved in Administrative Agent's sole discretion; or

Appears in 1 contract

Sources: Construction Loan Agreement (Vail Resorts Inc)

Unsatisfactory Work. Borrower shall fail to cause any Unsatisfactory Work to be corrected to the reasonable satisfaction of Lender Administrative Agent and its construction consultant the Construction Consultant within ten (10) Business Days after notice of such disapproval; provided, provided thathowever, that if such Unsatisfactory Work cannot reasonably be corrected within such ten (10)-day 10) day period, then so long as Borrower shall have commenced to cause the correction of such Unsatisfactory Work within such ten (10)-day 10) day period and thereafter diligently and expeditiously proceeds to cause the correction of the same, such ten (10)-day 10) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cause the correction of such Unsatisfactory Work, but in no event beyond Work prior to the date that is sixty (60) days after the applicable notice of disapprovalCompletion Date.

Appears in 1 contract

Sources: Building Loan Agreement (Acadia Realty Trust)