Common use of Loan Commitment Disbursement to Borrower Clause in Contracts

Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be reborrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) retire the debt on the Property existing prior to the Closing Date, (ii) pay certain costs in connection with the financing of the Property, (iii) make deposits into the Reserve Funds on the Closing Date in the amounts provided herein, (iv) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender such approval not to be unreasonably withheld, conditioned or delayed, (v) fund any working capital requirements of the Property, and (vi) distribute the balance, if any, to its members.

Loan Commitment Disbursement to Borrower. (a) Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. (b) Borrower may request and receive only one borrowing in respect of the Loan and any amount borrowed and repaid in respect of the Loan may not be reborrowed. (c) The Loan shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. (d) Borrower shall use the proceeds of the Loan to (i) retire the debt existing on the Property existing prior to the Closing Datedate hereof, (ii) pay certain costs in connection with the financing of the Property, (iii) make deposits into the Reserve Funds on the Closing Date in the amounts provided herein, (iv) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender Lender, such approval not to be unreasonably withheld, conditioned or delayed, (v) fund any working capital requirements of the Property, and (vi) distribute the balance, if any, to its membersconstituent owners.