Lot Advances Clause Samples

Lot Advances. Advances to the Borrower in connection with the purchase of Lots with respect to a Lot Purchase Loan shall be equal to the Maximum Loan Amount attributable to the Lot Purchase Loan. Advances to the Borrower with respect to the purchase of Lots in connection with an Interim Construction Loan shall be equal to the purchase price of the Lot (including, if applicable, any interest accrued and due thereon) plus all closing costs associated with the purchase.