Common use of Construction Funding Clause in Contracts

Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to County evidence reasonably satisfactory to County of funding available to Tenant that is sufficient to pay for any and all hard and soft costs to be incurred by Tenant in connection with the design and construction of the Initial Improvements, as set forth in the Construction Budget, which evidence may consist of (i) fully executed construction loan documents that complies with the requirements of Section 17.2 below evidencing a loan from an Institutional Lender secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease, (ii) actual equity funds then held by Tenant and set-aside for the purpose of constructing the Initial Improvements, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of constructing the Initial Improvements, provided that Tenant shall promptly notify County of any such change.‌

Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to County Lessor evidence reasonably satisfactory to County Lessor of funding available to Tenant that is sufficient to pay for any and all hard and soft costs to be incurred by Tenant in connection with the design and construction Tenant’s estimated total cost of constructing the Initial Improvements, as set forth in the Construction Budget, which evidence may consist of (i) fully executed a written commitment to Tenant from a Lender selected by Tenant to provide a construction loan documents that complies with to Tenant for the requirements purpose of Section 17.2 below evidencing a loan from an Institutional Lender constructing the Initial Improvements (which may be secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease), (ii) actual equity funds then held by Tenant and set-aside or irrevocably committed to be paid to Tenant for the purpose of constructing the Initial Improvements, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of constructing the Initial Improvements, provided that Tenant shall promptly notify County Lessor of any such change.‌change.

Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide make available to County District at Tenant’s corporate office evidence reasonably satisfactory to County District of funding available to Tenant that is sufficient to pay for any and all hard and soft costs to be incurred by Tenant in connection with the design and construction Tenant’s estimated total cost of constructing the Initial Improvements, as set forth in the Construction Budget, which evidence may consist of (i) fully executed construction loan documents that complies with the requirements of Section 17.2 below evidencing a loan written commitment to Tenant from an Institutional Lender selected by Tenant to provide a construction loan to Tenant for the purpose of constructing the Initial Improvements (which may be secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease), (ii) actual equity funds then held by Tenant and set-aside for the purpose of constructing the Initial Improvements, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of constructing the Initial Improvements, provided that Tenant shall promptly notify County District of any such change.‌change.

Construction Funding. Prior to commencement of construction of the Initial Improvements, Tenant shall provide to County evidence reasonably satisfactory to County of funding available to Tenant that is sufficient to pay for any and all hard and soft costs to be incurred by Tenant in connection with the design and construction of the Initial Improvements, as set forth in the Construction Budget, which evidence may consist of (i) fully executed construction loan documents that complies with the requirements of Section 17.2 below evidencing a loan from an Institutional Lender secured by a Leasehold Mortgage encumbering Tenant’s leasehold interest under this Lease, (ii) actual equity funds then held by Tenant and set-aside for the purpose of constructing the Initial Improvements, or (iii) any combination of the foregoing. Tenant may from time to time change any of the foregoing funding sources and the allocation thereof, so long as the aggregate available funding continues to be sufficient to pay for Tenant’s estimated remaining cost of constructing the Initial Improvements, provided that Tenant shall promptly notify County of any such change.‌