Construction Loan. Feld shall provide evidence sxxxxfactory to WPHC that the principal amount of the Construction Loan and all accrued interest thereon have either been paid in full or will be paid in full from the proceeds of the Final Closing Capital Contribution immediately upon the funding of the Final Closing Capital Contribution. Such evidence may consist of a payoff letter in form sufficient to allow the title insurer to insure over the lien of the Construction Loan.
Appears in 2 contracts
Samples: Operating Agreement (Wellsford Real Properties Inc), Assignment of Interest (Wellsford Real Properties Inc)
Construction Loan. Feld shall provide evidence sxxxxfactory satisfactory to WPHC that the principal amount xxxunt of the Construction Loan and all accrued interest thereon have either been paid in full or will be paid in full from the proceeds of the Final Closing Capital Contribution immediately upon the funding of the Final Closing Capital Contribution. Such evidence may consist of a payoff letter in form sufficient to allow the title insurer to insure over the lien of the Construction Loan.
Appears in 1 contract
Samples: Pledge and Security Agreement (Wellsford Residential Property Trust)
Construction Loan. Feld shall provide evidence sxxxxfactory satisfactory to WPHC that WPXX xhat the principal amount of the Construction Loan and all accrued interest thereon have either been paid in full or will be paid in full from the proceeds of the Final Closing Capital Contribution immediately upon the funding of the Final Closing Capital Contribution. Such evidence may consist of a payoff letter in form sufficient to allow the title insurer to insure over the lien of the Construction Loan.
Appears in 1 contract
Samples: Operating Agreement (Wellsford Real Properties Inc)
