CONSTRUCTION LOAN ADDENDUM Clause Samples
A Construction Loan Addendum is a supplementary agreement attached to a primary loan document that outlines specific terms and conditions related to financing the construction of a property. This addendum typically details the disbursement schedule for loan funds, requirements for progress inspections, and conditions that must be met before each draw is released to the borrower. By clearly defining the procedures and obligations for both lender and borrower during the construction phase, the addendum helps prevent misunderstandings and ensures that funds are used appropriately for the intended construction project.
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CONSTRUCTION LOAN ADDENDUM. Attached hereto and hereby made a part hereof is a Construction Loan Addendum. If there is any conflict or inconsistency between the terms and provisions of the Construction Loan Addendum and any other terms and provisions of this Agreement, the terms and provisions of the Construction Loan Addendum shall control.
CONSTRUCTION LOAN ADDENDUM. THIS CONSTRUCTION LOAN ADDENDUM (this “Addendum”) is made to be effective as of the 6th day of March, 2020 by and among each lender from time to time a party to this Addendum (individually, a “Lender” and collectively, the “Lenders”), MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation (in its capacity as Administrative Agent and its successors and assigns in such capacity, “Administrative Agent”), and LONE STAR ACQUISITION LLC, a Delaware limited liability company authorized to do business in the State of Texas as Lone Star Land of Houston, LLC (“Mortgage Loan Borrower”), and the other Borrowers which are parties to the Credit Agreement (as hereinafter defined). This is an addendum to the Credit Agreement dated as of March 15, 2018 (as amended, modified, extended, renewed, restated, supplemented or replaced from time to time, the “Credit Agreement”) by and among the Mortgage Loan Borrower, the other Borrowers which are parties thereto, the Administrative Agent and the Lenders which are parties thereto, who agree as follows:
CONSTRUCTION LOAN ADDENDUM. Terms defined in the Construction Loan Addendum attached hereto supplement the foregoing definitions.