New Improvements definition
Examples of New Improvements in a sentence
Owner shall have the right (but not the obligation), to make any or all Advances directly or through the Title Company to any Work Provider to whom payment is due, including, without limitation, Owner’s counsel, servicer and Owner’s Construction Consultant to pay their respective fees and expenses, and any other agent of Owner to pay its fees and expenses incurred in connection with the New Improvements which Developer is obligated hereunder to pay.
All amounts necessary to so restore the New Improvements, subject to Owner’s obligation to disburse Proceeds in accordance with the terms of this Section 2.7(c) shall be paid by Developer.
All notices required by any Governmental Authority or by any applicable Legal Requirements or any Project Agreement to be filed or delivered at any time in connection with the construction of the New Improvements shall have been filed or delivered to the extent so required.
Developer shall take all actions reasonably required by Owner to confirm that fee title to all such New Improvements (including any newly acquired land for the Project) and Owner Stored Materials, free and clear of all Liens, is vested in Owner, without any additional cost or expense to Owner (or for an amount of consideration approved by Owner to the extent necessary to render such vesting enforceable).
The risk of loss or of decrease in the enjoyment and beneficial use of any New Improvements as a consequence of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise, or in consequence of foreclosures, attachments, levies or executions (other than by Owner and Persons claiming from, through or under Owner) is assumed by Developer, and no such event shall entitle Developer to any abatement of Development Period Rent.