Administration of the Construction Loan Sample Clauses
Administration of the Construction Loan. Feld shall administer the Construction Loan on behalf of the Company and in accordance with the Construction Procedures. The Company shall engage the Construction Consultant to monitor the progress of construction of the Project and to review draw requests on behalf of WPHC. Feld shall cooperate with the Construction Consultant and shall provide access to the Construction Consultant for inspection of the construction work of the Project as it progresses. Feld shall approve and submit Construction Loan draw requests to the Construction Lender on behalf of the Company, which requests shall be accompanied by those items of information required by the Construction Lender and the Title Company. Copies of all draw requests and of the monthly construction ledger shall be delivered to WPHC simultaneously with delivery to the Construction Lender. If the Construction Consultant determines that a draw request is not justified on a percentage of completion basis and the draw would result in construction funding being out of balance by an amount in excess of $250,000, WPHC shall have the right to disapprove such draw request in its sole discretion unless Feld modifies such draw request to correspond to percentage of completion and/or makes a Development Deficit Payment such that the Construction Loan shall not be out of balance by more than $250,000. After any such disapproval of a draw request by WPHC, all subsequent draw requests shall require the prior approval of WPHC unless and until such right to prior approval is waived in writing by WPHC.