Common use of Building Construction Clause in Contracts

Building Construction. After the initial site preparation work is completed by the Authority, the Company shall construct the Facility and numerous out buildings on the Real Property. At completion of the Facility, the Authority shall loan the Company $6,000,000, with terms set forth in the Loan Documents between the Authority and the Company. The Authority shall then hold a mortgage on the property and buildings, in an amount not to exceed $6,000,000.00.