Common use of Additional Equity Contribution Clause in Contracts

Additional Equity Contribution. The Borrower shall provide, from sources other than the Loan, the funds necessary to pay the total construction costs of the Improvements in excess of the amounts available to the Borrower from the Loan Advances. If, at any time, the Lender shall determine that the undisbursed balance of the Loan Advances will be insufficient to pay the total cost of constructing the Improvements, the Borrower shall promptly provide the Lender with evidence satisfactory to the Lender that the Borrower has sufficient funds available to pay the increased costs as they are incurred, and the Lender reserves the right to require the Borrower to deposit with the Lender, within fifteen (15) Business Days after any request by Lender, sufficient funds to complete the construction of the Improvements prior to consenting to any further Loan Advances.

Additional Equity Contribution. The Borrower shall provide, from sources other than the LoanBonds, the funds necessary to pay the total construction costs cost of the Improvements Construction in excess of the amounts available to the Borrower from the Loan AdvancesBond proceeds. If, at any time, the Lender Bank shall determine that the undisbursed balance of the Loan Advances Bond proceeds will be insufficient to pay the total cost of constructing the ImprovementsImprovements (including all related soft costs), the Borrower shall promptly provide the Lender Bank with evidence satisfactory to the Lender Bank that the Borrower has sufficient funds available to pay the increased costs as they are incurred, and the Lender Bank reserves the right to require the Borrower to deposit with the LenderBank, within fifteen (15) Business Days after any request by LenderBank, sufficient funds to complete the construction of the Improvements Construction prior to consenting to any further Loan Advancesdisbursements of the Bond proceeds.