THE DEVELOPMENT FINANCING Clause Samples
The Development Financing clause outlines the terms and conditions under which funding will be provided for a development project. It typically specifies the sources of financing, the schedule for disbursement of funds, and any requirements or milestones that must be met before payments are made. For example, it may require the developer to submit progress reports or achieve certain construction benchmarks before receiving additional funds. This clause ensures that both parties have a clear understanding of how the project will be financed, reducing the risk of misunderstandings or disputes over payment and helping to keep the project on track financially.
THE DEVELOPMENT FINANCING. Subject to compliance with the provisions of this Agreement, Lessor agrees to advance to Lessee, and Lessee agrees to request from Lessor, the Development Financing. The Development Financing shall be advanced in stages by Lessor to LTIC-CDD and disbursed by LTIC-CDD pursuant to the provisions of Article VIII hereof. The Development Financing, or so much thereof as has been advanced hereunder, shall bear interest at the rate and shall be repaid in accordance with the terms hereof and the Lease. The proceeds of the Development Financing shall be used exclusively for the purposes of defraying Construction Costs.
THE DEVELOPMENT FINANCING. Subject to compliance with the provisions of this Agreement, ▇▇▇▇▇▇ agrees to advance to ▇▇▇▇▇▇, and ▇▇▇▇▇▇ agrees to request from ▇▇▇▇▇▇, the Development Financing. The Development Financing shall be advanced in stages by Lessor to LTIC-CDD and disbursed by LTIC-CDD pursuant to the provisions of Article VIII hereof. The Development Financing, or so much thereof as has been advanced hereunder, shall bear interest at the rate and shall be repaid in accordance with the terms hereof and the Lease. The proceeds of the Development Financing shall be used exclusively for the purposes of defraying Construction Costs.