Construction Loan Notes Sample Clauses
Construction Loan Notes. These are sold to provide project construction financing until permanent financing can be secured. After successful completion and acceptance of the project, it may receive permanent financing through public agencies, such as the Federal Housing Administration.
Construction Loan Notes. Each Lender's Construction Loan Advances and the obligation of the Borrower to repay such Construction Loan Advances shall be evidenced by a separate Construction Loan Note executed by the Borrower payable to the order of such Lender.
Construction Loan Notes. 24 SECTION 2.6 Use of Proceeds.......................................................................... 24 SECTION 2.7
Construction Loan Notes. Construction loan notes, issued to provide construction financing for specific projects, are often redeemed after the projects are completed and accepted with funds obtained from the Federal Housing Administration under "Fann▇▇ ▇▇▇" (Federal National Mortgage Association) or "Ginn▇▇ ▇▇▇" (Government National Mortgage Association).
Construction Loan Notes. Each Lender's Construction Loans and the obligation of Borrower to repay such Construction Loans shall be evidenced by a Construction Loan Note executed by Borrower payable to the order of such Lender representing Borrower's obligation to pay such Lender's Construction Loan Commitment or, if less, the aggregate unpaid principal amount of all Construction Loans made and to be made by such Lender to Borrower hereunder, plus interest and all other fees, charges and other amounts due thereon. Each Construction Loan Note shall be dated the date hereof and shall bear interest on the unpaid principal amount thereof at the applicable interest rate per annum specified in the Draw Request.
Construction Loan Notes. See Section 2.4 hereof.