Authority Mortgage Loan. If the Authority shall make the Mortgage Loan, then, at Initial Closing, it shall disburse from Mortgage Loan proceeds an amount not exceeding 80% of the amount specified for architectural fees in the Authority’s commitment for the Mortgage Loan, for payment of Design Services. The Authority will disburse from Mortgage Loan proceeds an amount not less than 20% of the amount specified for architectural fees in the Authority’s commitment for the Mortgage Loan, for payment of Administration Services as provided in subparagraph 9.a above.
Appears in 4 contracts
Samples: Owner‑architect Agreement, Owner Architect Agreement, Owner‑architect Agreement
Authority Mortgage Loan. If the Authority shall make the Mortgage Loan, then, at Initial Closing, it shall disburse from Mortgage Loan proceeds an amount not exceeding 80% of the amount specified for architectural fees in the Authority’s commitment for the Mortgage Loan, for payment of Design Services. The Authority will disburse from Mortgage Loan proceeds an amount not less than exceeding 20% of the amount specified for architectural fees in the Authority’s commitment for the Mortgage Loan, for payment of Administration Services as provided in subparagraph 9.a above.
Appears in 1 contract
Samples: Owner Architect Agreement
