Common use of Construction Loan Clause in Contracts

Construction Loan. Development Manager shall (i) act as Owner’s agent in administering Owner’s responsibilities and assuring compliance by Owner with the terms and provisions of the Construction Loan documents, and (ii) subject to Owner’s cooperation with Development Manager, coordinate the timely delivery of all necessary documents and information to obtain monthly advances of proceeds of the Construction Loan to pay Project Costs in accordance with the Construction Loan documents, including the General Contractor’s approved monthly applications for payment, interest on the Construction Loan, fees and other Project Costs reflected in the Development Budget.