Common use of - Construction/Permanent Financing Clause in Contracts

- Construction/Permanent Financing. (a) Owner has obtained construction and permanent financing (collectively, the "Financing"), for the Facility from Lender upon terms and conditions reasonably acceptable to Owner ("Lender Loan"). Owner represents and warrants to the Contractor that the Lender Loan is of an adequate principal amount to provide for progress payments to the Contractor in the amount of $9,422,550. Owner shall be solely responsible for paying the financing costs, legal fees, title insurance and other so-called "soft costs" associated with the Financing as described below. Owner shall receive a credit against the Contract Price, pursuant to Section 4.2(vi), to the extent of such soft costs paid by the Owner, up to the allowance for such soft costs set forth in the DON as finally determined by the DPH. (b) The Contractor and Owner also contemplate that the Premises and Facility may serve as security for the payment obligations under the Lender Loan and that the Owner will be the obligor for the repayment of all financial obligations thereunder. Owner agrees to promptly execute and deliver all commitments, mortgages, collateral assignments, promissory notes, guaranties, agreements, documents, certificates, affidavits, and other writings required to be executed by Lender in connection with the Lender Loan. (c) The cost of securing financing in an amount equal to the allowance for such items under the final DPH approved DON and interest which accrues on all financing prior to the date of Physical Completion in an amount equal to the allowance for such item under the final DPH approved DON are included in the Contract Price, provided, however, that the Owner shall pay loan fees interest and attorneys' fees in excess of such amounts incurred in connection with the Lender Loan. In the event loan fees are assessed or interest accrues beyond the amount in the maximum capital allowance under the DON as a result of delays in construction which are the Owner's fault, then the Owner shall pay such additional loan fees or interest. In the event that the Contractor is solely or in part responsible for delays in construction beyond the Completion Date, or in the event of a Force Majeure pursuant to Section 2.8, the Contractor shall be responsible to the Owner for the increased interest costs or any other Lender Direct Costs that Owner incurred for the period of such delay which are attributable to the Contractor or such Force Majeure. However, in no event shall the Contractor be responsible for any delays in construction so long as the Facility is completed by the Completion Date. In any event of an increase in such fees or interest the Contractor will assist the Owner in attempting to obtain an increase in the maximum expenditure under the DON to cover such increase.

- Construction/Permanent Financing. (a) Owner has obtained construction and permanent financing (collectively, the "Financing"), ) for the Facility from Lender upon terms and conditions reasonably acceptable to Owner ("Lender Loan"). Owner represents and warrants to the Contractor that the Lender Loan is of an adequate principal amount to provide for progress payments to the Contractor in the amount of $9,422,55010,831,689.00. Owner shall be solely responsible for paying the financing costs, legal fees, title insurance and other so-called "soft costs" associated with the Financing as described below. Owner shall receive a credit against the Contract Price, pursuant to Section 4.2(vi), to the extent of such soft costs paid by the Owner, up to the allowance for such soft costs set forth in the DON as finally determined by the DPH. (b) The Contractor and Owner also contemplate that the Premises and Facility may serve as security for the payment obligations under the Lender Loan and that the Owner will be the obligor for the repayment of all financial obligations thereunder. Owner agrees to promptly execute and deliver all commitments, mortgages, collateral assignments, promissory notes, guaranties, agreements, documents, certificates, affidavits, and other writings required to be executed by Lender in connection with the Lender Loan. (c) The cost of securing financing in an amount equal to the allowance for such items under the final DPH approved DON and interest which accrues on all financing prior to the date of Physical Completion in an amount equal to the allowance for such item under the final DPH approved DON are included in the Contract Price, provided, however, that the Owner shall pay Pay loan fees interest and attorneys' attorneys fees in excess of such amounts incurred in connection with the Lender Loan. In the event loan fees are assessed or interest accrues beyond the amount in the maximum capital allowance under the DON as a result of delays in construction which are the Owner's fault, then the Owner shall pay such additional loan fees or interest. In the event that the Contractor is solely or in part responsible for delays in construction beyond the Completion Date, or in the event of a Force Majeure pursuant to Section 2.8, the Contractor shall be responsible to the Owner for the increased interest costs coats or any other Lender Direct Costs that Owner incurred for the period of such delay which are attributable to the Contractor or such Force Majeure. However, in no event shall the Contractor be responsible for any delays in construction so long as the Facility is completed by the Completion Date. In any event of an increase in such fees or interest the Contractor will assist the Owner in attempting to obtain an increase in the maximum expenditure under the DON to cover such increase.