Commitment of Lender. Upon Borrower's compliance with all conditions set forth in Section 3 of this Agreement, Lender will advance and disburse the Loan to or on behalf of Borrower to the title agent responsible for closing the acquisition of the Property to be applied to the purchase price of the Property. Borrower's execution of a HUD 1 or similar closing statement shall suffice as written authority of Borrower for Lender to make the advance. The Loan shall be repaid, secured and is guaranteed according to the terms of the Note, Deed of Trust, and Guaranty (all as defined below). Once fully advanced, no payment or prepayment of principal shall entitle Borrower to any additional advances.
Appears in 2 contracts
Sources: Loan Agreement (Medsolutions Inc), Loan Agreement (Medsolutions Inc)