BMH definition
Examples of BMH in a sentence
Beach Manhole (BMH): BMHs are excavated manholes that provide connection points between submarine cable and terrestrial cable.
The BMH will be constructed to contain the connections for the FOC to transition from water to land.
This Agreement, together with the Note, constitutes the entire understanding and agreement of the Parties and BMH with respect to the subject matter hereof, and any and all prior agreements, understandings and representations regarding the subject matters hereof are hereby terminated and canceled in their entirety and are of no further force and effect.
Grantor has made a revolving demand loan to ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Homes, L.L.C. (“BMH”) in the amount of up to $4,164,000 (the “BMH Loan”) to acquire certain land and to finish developing certain phases on such land as evidenced by that certain Promissory Note from BMH to Grantor.
Grantor has assumed that certain existing loan from 84 Financial, L.P. to IMA in the amount of $1,686,767 (the “Existing IMA Loan”) thereby becoming the lender under the Existing IMA Loan as evidenced by that certain Promissory Note from IMA to Grantor, as assigned (the “Existing IMA Loan”; with the BMH Loan, the New IMA Loan and the Existing IMA Loan collectively referred to as the “Developer Loans”).
Upon Lender’s approval of budgeted costs, release times and release costs for Phases 3, 4 and 5 of the Hamlets Land, the net proceeds of the BMH Loan may be used for development of such Phases.
Such approval shall be at Lender’s sole and exclusive option, and such approval or denial shall be communicated to BMH prior to the beginning of development.
No net proceeds of the BMH Loan shall be used to pay management fees for the development of Phases 1 and 2.
Such release price to be paid to 84 Financial, L.P. shall be paid as follows: Seven Thousand and 00/100 Dollars ($7,000.00) shall be paid by BMH directly, and Three Thousand and 00/100 Dollars ($3,000.00) shall be paid out of the balance of the Interest Escrow; provided, however, that upon the occurrence of an Event of Default, no amount shall be paid out of the balance of the Interest Escrow.
This prohibition on transfer shall apply to all of the property contained in the Land as of the date of this Agreement and shall continue until the date that the BMH Mortgage, the Existing IMA Mortgage and the New IMA Mortgage are all released in their entirety.