Construction Advances. Not to exceed the lesser of (i) sixty-nine percent (69%) of the appraised discounted value of the Unit, (ii) sixty percent (60%) of the gross retail value of the Unit, (ii) one hundred percent (100%) of the actual “Hard” and “Soft” Costs of construction for the Unit, and (iii) the aggregate approved Hard and Soft Costs per the applicable Unit Loan Budget.
Appears in 2 contracts
Sources: Construction Loan Agreement (Comstock Holding Companies, Inc.), Construction Loan Agreement (Comstock Holding Companies, Inc.)