WHICH RESULTS IN ANY MATERIAL DELAY, INCLUDING,
WITHOUT LIMITATION, ANY EXCUSABLE DELAY, IN THE PROJECT WHICH IS REASONABLY
EXPECTED TO RESULT IN SUBSTANTIAL COMPLETION FOR THE PROJECT OCCURRING AFTER THE
DATE THEREFOR SET FORTH IN THE CONSTRUCTION SCHEDULE, OR IN ANY FURTHER MATERIAL
DELAY BEYOND ANY DELAYS OF WHICH LENDER HAS BEEN PREVIOUSLY NOTIFIED.
(B)
EACH NOTICE PURSUANT TO THIS SECTION 3.3.6 SHALL BE ACCOMPANIED BY
A STATEMENT OF BORROWER SETTING FORTH DETAILS OF THE OCCURRENCE REFERRED TO
THEREIN AND STATING WHAT ACTION BORROWER PROPOSES TO TAKE WITH RESPECT THERETO,
IN EACH CASE IN SUCH DETAIL AS LENDER MAY REASONABLY REQUIRE.
3.3.7.
NO ENCROACHMENTS.
BORROWER SHALL CAUSE THE PROJECT TO BE
CONSTRUCTED ENTIRELY WITHIN THE PERIMETER OF THE PROPERTY AND SO AS NOT TO
ENCROACH UPON OR OVERHANG ANY EASEMENT OR RIGHT-OF-WAY OR ANY LAND OF OTHERS,
AND WHEN ERECTED SHALL BE WHOLLY WITHIN ANY APPLICABLE BUILDING RESTRICTION
LINES, HOWEVER ESTABLISHED.
94
3.3.8.
COMPLIANCE WITH CONSTRUCTION DOCUMENTS.
BORROWER SHALL ABIDE BY,
PERFORM AND COMPLY WITH ALL OF BORROWER'S OBLIGATIONS UNDER EACH OF THE PROJECT
DOCUMENTS FOR THE RENOVATION PROJECT AND BORROWER, AT ITS SOLE COST AND EXPENSE,
SHALL USE ALL COMMERCIALLY REASONABLE EFFORTS TO SECURE OR ENFORCE THE
PERFORMANCE OF EACH AND EVERY MATERIAL OBLIGATION, COVENANT, CONDITION AND
AGREEMENT TO BE PERFORMED BY THE OTHER PARTIES UNDER ANY SUCH DOCUMENTS.
3.3.9.
CHANGES IN AGREEMENTS.
EXCEPT TO THE EXTENT OTHERWISE PERMITTED
HEREIN, BORROWER WILL NOT SURRENDER, TERMINATE, CANCEL, MODIFY OR AMEND (IN ANY
MATERIAL RESPECT) ENTER INTO ANY SUCH AGREEMENT OR ANY AGREEMENT IN SUBSTITUTION
FOR, OR CONSENT TO THE ASSIGNMENT OF ANY ARCHITECT AGREEMENT, ANY ENGINEER
AGREEMENT, ANY CONSTRUCTION MANAGEMENT AGREEMENTS, ANY DEVELOPER AGREEMENT OR
ANY GENERAL CONTRACTOR AGREEMENT, WITHOUT LENDER'S PRIOR WRITTEN CONSENT, WHICH
CONSENT SHALL NOT BE UNREASONABLY WITHHELD.
LENDER SHALL PROMPTLY REVIEW ALL
DOCUMENTS SO SUBMITTED, AND GRANT OR DENY ITS CONSENT WITHIN TEN (10) BUSINESS
DAYS OF BORROWER'S REQUEST THEREFOR; PROVIDED THAT THE REQUEST IS ACCOMPANIED BY
A NOTICE, WHICH PROVIDES IN UPPER CASE BOLD-FACED TYPE:
"THIS IS A REQUEST FOR
AN APPROVAL WITH RESPECT TO A MATERIAL AGREEMENT.
IF LENDER FAILS TO RESPOND
WITHIN 10 BUSINESS DAYS OF THE EFFECTIVENESS OF THIS NOTICE, THE REQUESTED
ACTION WITH RESPECT TO THE MATERIAL AGREEMENT WILL BE DEEMED APPROVED", IF
LENDER DOES NOT RESPOND DURING SUCH TEN (10) BUSINESS DAY PERIOD, IT SHALL BE
DEEMED TO HAVE APPROVED SUCH REQUEST, ACTION OR AGREEMENT.
IF AND TO THE EXTENT
ANY AMENDMENT, SUPPLEMENT, REPLACEMENT OR OTHER MODIFICATION IS MADE TO ANY OF
THE FOREGOING, UPON REASONABLE REQUEST BY LENDER, BORROWER SHALL PROMPTLY CAUSE
THE ARCHITECT, THE ENGINEER, THE CONSTRUCTION MANAGER, THE DEVELOPER OR THE
GENERAL CONTRACTOR, AS APPLICABLE, TO DELIVER A CERTIFICATE OR OTHER WRITTEN
STATEMENT WHICH CONFIRMS, ON AND AS OF THE DATE THEREOF, THAT THE ARCHITECT
CONSENT, THE ENGINEER CONSENT, THE CONSTRUCTION MANAGER CONSENT, THE DEVELOPER
CONSENT OF THE GENERAL CONTRACTOR CONSENT, AS APPLICABLE, PREVIOUSLY DELIVERED
IN CONNECTION WITH THE LOAN REMAINS VALID, TRUE, CORRECT AND COMPLETE AS OF THE
DATE OF THE ORIGINAL DELIVERY OF SUCH