Draw Amounts Sample Clauses

Draw Amounts. The allowed amount of each Draw shall be determined, at ▇▇▇▇▇▇’s option: (i) by ▇▇▇▇▇▇’s review of receipted invoices provided by ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇’s confirming physical inspection; (ii) on a percentage completion basis with reference to the Budget, as established by a physical inspection of the Project conducted by Lender or its agent (or, at ▇▇▇▇▇▇’s sole discretion, as disclosed by the information provided by Borrower in the Draw Affidavit); or (iii) by a combination of the foregoing methods. Lender shall make Draws only for the categories and line items set forth in the Budget. Borrower shall have no right to reallocate costs or Loan proceeds between different line items or between categories without Lender’s specific written approval, except as follows: (1) Borrower may reallocate Loan proceeds between different line items or between categories in the Budget upon ▇▇▇▇▇▇’s receipt of adequate supporting documentation, such as invoices or bids evidencing the need for the requested reallocation, and upon ▇▇▇▇▇▇’s written approval of the same; (2) Borrower may apply undisbursed funds in one category or line item (the “Surplus Category or Line Item”) to another category or line item only in the event (a) the Surplus Category or Line Item is 100% complete, (b) the Budget specifically allows such use, or (c) Lender consents in writing to such use in each instance; and (3) Borrower may reallocate costs in the contingency line item in the Budget to cover costs in another line item only (a) on a percentage completion basis with reference to the approved Budget for the Project, as established by a physical inspection of the development or construction conducted by Lender or its agent (or, at Lender’s sole discretion, as disclosed by the information provided by ▇▇▇▇▇▇▇▇ in the Draw Affidavit), or (b) when, in ▇▇▇▇▇▇’s opinion, the contingency reserve or a portion thereof is not needed to ensure there will be sufficient Loan proceeds to complete the Project. Each Budget line-item reallocation will be subject to Borrower’s payment of a budget reallocation fee. Lender may require that Borrower contribute any Equity Funds necessary to pay any portion of Eligible Costs incurred to the date of Borrower’s Draw request that are not covered by the applicable Draw. Draw inspections will be made by in house Lender personnel or by a third- party architect/engineer, as required by ▇▇▇▇▇▇. Borrower shall pay costs for inspections, title date-downs or endorsements, and loan a...

Draw Amounts. The allowed amount of each Draw shall be determined, at Lender's option: (i) by Lender's review of receipted invoices provided by Borrowers and Lender's confirming physical inspection, (ii) on a percentage completion basis with reference to the schedules included in the applicable approved budget, as established by a physical inspection of the construction conducted by Lender or its agent (or, at Lender's sole discretion, as disclosed by the information provided by Borrowers in the Draw Affidavit), or (iii) by a combination of the foregoing methods. Lender shall make Draws only for the categories and line items set forth in the Budget. Borrowers shall have no right to reallocate costs or Loan proceeds between different line items or between categories without Lender's specific written approval. Lender shall require that Borrowers contribute any funds necessary to pay any portion of Eligible Costs incurred to the date of Borrowers' Draw request that are not covered by the applicable Draw. Draw inspections will be made by Lender personnel or by a third-party architect/engineer, as required by Lender. Borrowers shall pay inspection costs on demand. Date down endorsements to title insurance policies and/or lien releases may be required as a condition to making any Draw. Lender may also require the establishment or replenishment of any interest reserve account prior to making any Draw.

Draw Amounts