Loan to the Borrower Sample Clauses
The "Loan to the Borrower" clause defines the lender's obligation to provide a specified sum of money to the borrower under agreed terms. It typically outlines the amount of the loan, the method and timing of disbursement, and any conditions that must be met before funds are released, such as completion of documentation or satisfaction of pre-disbursement requirements. This clause serves to clearly establish the lender’s commitment and the borrower’s entitlement, ensuring both parties understand when and how the loan will be made available, thereby reducing the risk of disputes over funding.
Loan to the Borrower. (a) Pursuant to the terms of this Loan Agreement, the Authority agrees to make a loan to the Borrower (the “Loan”) in an original principal amount described on the attached Loan Agreement Schedule. The purpose of the Loan is to advance to the Borrower a portion of the funds needed for the Project.
(b) The Loan shall be evidenced by a note of the Borrower in the amount of the Loan (the “Promissory Note”), to be issued, executed and delivered by the Borrower to the Authority. The Promissory Note shall be dated, bear interest at the rates, be payable on the dates and mature on the date, each as set forth on the Loan Agreement Schedule.
(c) The Authority may forgive the principal amount of the Loan if it determines, in its sole discretion, that the Borrower has met all of the goals listed on the Demolition Loan Program Goals attached hereto as Exhibit A.
(d) Until the Loan is either paid in full or forgiven, the Borrower shall be responsible for making monthly interest payments.
Loan to the Borrower