Construction Financing. Tenant shall be solely responsible for procuring and obtaining any new line of credit or asset-level construction financing which Tenant requires in connection with the Redevelopment of the Property, and Tenant shall have the right to grant one or more leasehold mortgages encumbering its leasehold interest in the Property in accordance with the terms of Section 14. The Parties agree that this Lease and the Redevelopment contemplated hereunder shall not require a construction-related completion bond.
Construction Financing. The Owner shall have received construction financing in the full amount of the Contract Price by October 1, 1997.
Construction Financing. “Construction Financing” means any loan or other borrowings by the Company, in accordance with the Development Plan, for the predevelopment and/or development of the Project, which is secured, in whole or in part, by Company Assets. 1.29
Construction Financing. Bluerock shall use commercially reasonable efforts to obtain a construction loan for the Company from a construction lender reasonably acceptable to ArchCo (the “Construction Lender”) at prevailing rates and terms (the “Construction Loan”). If the Company is required to provide some form of credit enhancement to the Construction Lender in order to secure the Construction Loan (a “Construction Loan Guarantee”), Bluerock shall guarantee payment of the Construction Loan or provide such other form of credit enhancement requested by the Construction Lender and reasonably acceptable to Bluerock. If required by the Construction Lender, Bluerock shall also provide the Construction Lender with a completion guarantee reasonably acceptable to Bluerock (the “Completion Guarantee;” and collectively with any Construction Loan Guarantee, the “Bluerock Guaranties”), guaranteeing that the Property will be completed within the estimated time frame and estimated project cost set forth in the Construction Loan documents.
Construction Financing. Developer shall have obtained, and the City shall have approved, Construction Financing for the Residential Component as provided in Section 311.1 hereof, and such Construction Financing shall have closed and funded or be ready to close and fund upon the First Closing.
Construction Financing. City shall have approved, which approval shall not be unreasonably withheld, conditioned or delayed, (i) the Preliminary Evidence of Financing for the Project, and (ii) if Developer will be obtaining financing from a third-party source not affiliated with Developer (as opposed to internal financing which requires an unconditional written commitment to provide such funding), the documents evidencing such Construction Financing (if any) to confirm that such Construction Financing (if any) contains substantially similar terms as the Preliminary Evidence of Financing. Such Construction Financing (if any) for the Project shall be on substantially similar terms as the approved Preliminary Evidence of Financing unless otherwise approved by City, which approval shall not be unreasonably withheld, conditioned or delayed, and any third-party debt portion of such Construction Financing (if any) shall record and begin funding concurrently with the Closing and the Developer or Affiliate provides written evidence of the commitment to construct consistent with this Agreement.
Construction Financing. The City shall have approved, which approval shall not be unreasonably withheld, the Preliminary Evidence of Financing for the Residential Component. City shall also have approved the documents evidencing the Construction Financing for the Residential Component to confirm that the Construction Financing for the Residential Component contains substantially similar terms as the Preliminary Evidence of Financing. The Construction Financing for the Residential Component shall be on substantially similar terms as the approved Preliminary Evidence of Financing unless otherwise approved by City, which approval shall not be unreasonably withheld, and the debt portion of such Construction Financing shall be ready to record and fund concurrently with the First Closing.
Construction Financing. The Managing Venturer, in consultation and cooperation with the Non-Managing Venturer, shall use all commercially reasonable efforts to obtain as promptly as practicable committed Construction Financing in an amount up to $450,000,000 plus the amount of additional indebtedness, if any, allowed pursuant to the third sentence of this Section 4.1 on the most favorable terms available to the Joint Venture. The Managing Venturer shall have the responsibility and authority for the negotiation, structuring and documentation of the Construction Financing. Without the approval of each Venturer, the outstanding principal amount of the Construction Financing shall not exceed 60% of the total Project Costs; provided, however, that (i) if the weighted average interest rate accrued on such indebtedness during the period beginning on the day on which the first draw on such indebtedness is made and ending on the day before the day on which the Facility opens to the general public (the "Construction Period") exceeds 8.5% per annum, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs by an amount equal to 100% of the difference between (A) the interest accrued on such indebtedness during the Construction Period and (B) the interest which would have accrued on such indebtedness during the Construction Period if such weighted average interest rate had been 8.5% per annum, and (ii) without double counting, the outstanding principal amount of Construction Financing may be increased by the amount of Excess Government Improvement Costs, if any. In any event, without the approval of each Venturer, the aggregate principal amount of Construction Financing and all other Joint Venture indebtedness outstanding at any time (other than Venturer subordinated loans permitted by Section 3.3(a) hereof) shall not exceed the sum of $450,000,000 plus the amount of additional indebtedness, if any, permitted by the immediately preceding sentence. The interest rate and other terms of the Construction Financing and any other Joint Venture indebtedness shall be subject to the approval of each Venturer, such approval not to be unreasonably withheld or delayed. If nonrecourse debt financing is not available to the Joint Venture on terms reasonably acceptable to the Venturers, the Venturers will cooperate in good faith to agree on alternative construction financing and to seek such alternative construction financing (and in such event such alternative co...
Construction Financing. Developer shall close on Developer’s construction financing, if applicable, before requesting any draws under this Agreement.
Construction Financing. (a) During the Development Period, and within the time frames contemplated under the Preliminary Development Schedule, MRP shall use good faith and commercially reasonable efforts to seek, on behalf of the Company, nonrecourse construction financing in the Target Financing Amount, or such other amount as Investor and MRP may mutually agree (the "Construction Financing"). The terms and conditions of any Construction Financing and all documents to be executed and delivered in connection with any Construction Financing shall be subject to the prior written approval of both MRP and Investor, which, except as provided in Section 4.4(b), shall not be unreasonably withheld, conditioned or delayed.
