Advances of Loan Proceeds. 2.6.1 Provided Borrower shall have first expended $2,500,000.00 of its initial equity funds in the payment of hard costs listed in the Total Project Budget as certified to by Lender's construction representative or in the payment of soft costs listed in the Total Project Budget as verified by proof satisfactory to Lender; provided Borrower shall not be in default under, and there shall exist no event of default under, this Agreement or the Note, or any of the Security Instruments, or any other agreement or instrument executed in connection herewith, nor shall there exist any condition or event which, with the giving of notice or lapse of time, or both, would constitute such an event of default; provided Borrower shall have complied with the provisions of Section 2.2 hereof; and provided Borrower shall have paid all interest charges then due, and all fees of Lender's construction representative and legal fees incurred in connection with the construction of the Improvements or the Note or the Loan evidenced thereby, and subject to the provisions of Section 2.5 hereof, Lender, upon written application by Borrower (made not less than seven (7) business days prior to the date of the requested advance under this Section 2.6 and made not more often than every thirty (30) days), shall make advances from the Loan Proceeds pari passu with any subordinated loans from MCRC or equity funds in excess of the first $2,500,000.00 of equity as hereinafter specified.
Advances of Loan Proceeds. Lender shall cause proceeds of the Revolving Loans requested by Borrower to which Borrower is entitled under the terms of this Agreement to be disbursed as directed by Borrower.
Advances of Loan Proceeds. All principal advances and servicing advances have been made in a timely fashion and with respect to all HECM Loans, all Scheduled HECM Payments and Unscheduled Payments have been made in accordance with the terms of the Mortgage Note and the provisions of FHA Regulations and the Seller has not failed to make any such advances. Any and all requirements as to completion of any on-site or off-site improvements and/or repairs and any and all requirements as to disbursements of set-aside funds for such improvements and/or repairs have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage. All fees and charges (including finance charges) and whether or not financed, assessed, collected or to be collected in connection with the origination and servicing of such Mortgage Loan have been disclosed in writing to the related Mortgagor in accordance with applicable state and federal law and regulation.
Advances of Loan Proceeds. 2.6.1. Provided Borrower shall not be in default, and there shall exist no event of default under this Agreement, or the Note, or any of the Security Instruments, or any other agreement or instrument executed in connection herewith, nor shall there exist any condition or event which, with the giving of notice or lapse of time, or both, would constitute such an event of default; provided Borrower shall have complied with the provisions of Section 2.3 hereof; and provided Borrower shall have paid all interest charges then due, and all reasonable supervisory engineers and/or architects' fees and legal fees incurred in connection with the construction of the Improvements or the Note or the loan evidenced thereby, and subject to the provisions of Section 2.2 hereof, Lender, upon written application by Borrower (made not less than five (5) business days prior to the date of the requested advance under this Section 2.6 and made not more often than once every thirty (30) days), shall make advances from the Loan Proceeds as hereinafter specified.
Advances of Loan Proceeds. Subject to the continued compliance by the Borrower with all of the terms and conditions of the Loan Documents, the continued satisfactory financial condition of the Borrower, the continued satisfaction of all conditions precedent to the making of advances hereunder, and the continued absence of any default or any event, circumstance, act or omission which with the giving of notice, the passage of time, or both would constitute an Event of Default, the Lender shall advance the Loan Proceeds to the Borrower on the Closing Date.
Advances of Loan Proceeds. With regard to the land acquisition component of the Loan, that advance shall be made and funded by Lender to Borrower on the date of closing of the Loan to acquire the initial Lots described in Exhibit “A” attached hereto; and thereafter from time to time as Borrower acquires Lots pursuant to the Purchase Agreement. The Lender shall advance to Borrower fifty percent (50%) of the Lot purchase price. With regard to the construction component of the Loan, no more frequently than twice monthly, the Borrower shall make applications to the Lender for advances of construction loan proceeds for the Houses on a “work in place” basis as construction progresses in accordance with the Plans and Specifications and budgets for said construction, by the standard Lender approved requisition form, and as provided for in the other separate draw schedules and budgets marked up and provided to Lender by Borrower for the Houses (there shall be separate draw schedules for the interior model unit of Borrower and for the exterior model unit of the Borrower) as are attached to “EXHIBIT B”, all of which budgets shall be supported by subcontractor and materialmen contracts in sufficient detail that shall allow the Lender the opportunity to assess the accuracy of and set said draw schedules and budgets. Disbursement of loan proceeds shall be by transfer of Loan funds into a deposit account opened and maintained by Borrower with Lender, or upon specific written request of Borrower, by check payable to the order of Borrower and/or its general contractor. At the option of the Lender, the Borrower shall make each such application at least five (5) business days before the advance shall be called for in order to permit the Lender to make or cause such inspections as it shall from time to time consider appropriate, if any. Provided all of the conditions precedent to an advance provided for in this Loan Agreement are satisfied by the Borrower, the Lender shall cause the advance applied for to be disbursed within the said five (5) business days. The Lender shall require at its option that each application for an advance of loan proceeds be accompanied by true copies of all invoices as rendered by subcontractors, materialmen and suppliers of Borrower for payment that in fact require payment and are the subject of the application for advance. Should the Borrower be seeking direct reimbursement for costs and expenses already paid, evidence of prior payment accompanied by the billing invoices s...
Advances of Loan Proceeds. Exclusively from funds provided to CCBE through third-party SAFE grants, CCBE will pay Employee’s tuition, up to the one- half price of in-state tuition for a student enrolled in the Option 6 Program at Western Kentucky University for the benefit of the Employee for up to six semesters (during a period of no more than 36 months) so long as the Employee is eligible under the terms of this agreement and so long as Western Kentucky University pays the other one-half of the tuition. Employee shall have no right to receive, and shall not attempt to receive, a refund from Western Kentucky University of any of the funds paid by CCBE hereunder. Notwithstanding anything herein to the contrary, CCBE shall have no obligation to make any payment except from funds provided by third-party SAFE grants.
Advances of Loan Proceeds. Upon fulfillment of the applicable conditions precedent set forth in this Section 3, Lender shall make Advances to Borrower pursuant to the Schedule set forth in Exhibit B by Lender subject to the conditions precedent to the Advances as set forth below.
Advances of Loan Proceeds. Subject to the continued satisfaction of all conditions precedent to the making of advances hereunder, and the continued absence of any event, circumstance, act or omission which with the giving of notice, the passage of time, or both would constitute an EVENT OF DEFAULT, the LENDER shall advance to the BORROWER from time to time such amounts under the LOAN as the BORROWER may request, provided that: (a) the aggregate principal amount of all advances under the LOAN shall not exceed One Million Seven Hundred Fifty Thousand Dollars ($1,750,000.00); (b) there shall be no more than three (3) advances under the LOAN; (c) each advance shall be in a principal amount of not less than Five Hundred Thousand Dollars ($500,000.00); and (d) no advances shall be made after December 31, 1995.
Advances of Loan Proceeds. Subject to the continued satisfaction of all conditions precedent to the making of advances hereunder, and the continued absence of any event, circumstance,
