Conditions to All Construction Loan Advances. The obligations of the Lenders to make any Construction Loan Advance (including the initial Construction Loan Advance), or convert or continue any Construction Loan Advance are subject to the satisfaction of the following conditions precedent on the relevant borrowing, conversion or continuation date:
Conditions to All Construction Loan Advances. In addition to the conditions for Initial Advances set forth in Section 6.1 above, the obligation of Lender to make any Advance under any Construction Loan, including an Initial Advance, shall be subject to the prior or simultaneous occurrence or satisfaction of each of the following conditions. It is expressly provided that Lender may, in its sole and absolute discretion waive, delay or postpone the satisfaction of any of the following conditions either as to any specific Advance or as to all Advances; provided, however, that Lender’s agreement to waive, delay or postpone the satisfaction of any condition shall not prejudice Lender’s right to thereafter reinstate such condition or conditions as to any subsequent Advance. Lender may impose additional requirements as conditions to its consent to waive, delay or postpone satisfaction of any of the following conditions as Lender may, in its sole discretion, deem appropriate or prudent at the time in the event circumstances materially change in Lender’s discretion.
