Borrowing Authorization. Lender shall have received from Borrower a borrowing resolution or other proof of authority to enter into the transactions contemplated herein. The Borrower may request an increase or decrease in the amount of one or more Project Tranches after its initial funding in an amount not to exceed $250,000 per Project Tranche, as approved by the Lender; provided, however, any such increase shall not increase the amount of the overall Construction Loan and shall be subject to offsetting changes in the Construction Budgets for each such Project. Additionally, after giving effect to such increase or decrease, as applicable, the overall advances under the Construction Loan, plus any unfunded commitments under the Construction Loan shall not exceed the lesser of (A) 70% of the total as-stabilized aggregate appraised value of all the Projects, or (B) 80.0% of the total Project development costs of all the Projects, in the aggregate, as approved by Lender.
Appears in 2 contracts
Sources: Construction Loan Agreement (Campus Crest Communities, Inc.), Construction Loan Agreement (Campus Crest Communities, Inc.)