Commitment of Lender. Subject to the conditions hereof, and provided that an Event of Default does not exist, Lender will make Advances to Borrower in accordance with this Loan Agreement. Borrower will not, under any circumstances, be entitled to request, and Lender will not, under any circumstances, be obligated to advance funds in excess of (a) the principal amount of the Loan or (b) a sum equal to eighty percent (80%) of the Appraisal value of the Premises. It is expressly agreed and understood that Lender shall only make Advances to Borrower in connection with the construction of New Improvements upon the Property that is more fully described in the Mortgage.
Appears in 2 contracts
Sources: Secured Construction Loan Agreement (Campus Crest Communities, Inc.), Secured Construction Loan Agreement (Campus Crest Communities, Inc.)