Construction Deposit definition

Construction Deposit means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the relevant Transferor, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset.

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Construction Deposit has the meaning set forth in Section 17.1.5.

Construction Deposit shall have the meaning ascribed to it in Article 5.1.

Examples of Construction Deposit in a sentence

• The Construction Deposit is not refundable regardless of whether the Buyer’s mortgage loan is approved or not approved as provided in Paragraph 4 B above.

• If Buyer fails to make a Construction Deposit as required under this section within five (5) business days of accepted agreement, Seller may terminate this agreement and retain all monies deposited with Seller and/or escrow agent as liquidated damages.

• This non-refundable Construction Deposit is not subject to the provisions of Paragraph 4 B of this Agreement.

• In addition, Buyer shall make a non-refundable Construction Deposit as described in 4.E.c of $2,500.

• The total amount of the Construction Deposit shall be credited against the purchase price at closing.

• The Issuer will use receipts of principal and interest in respect of the Mortgage Receivables together with amounts it receives under the Hedging Agreements, drawings from the Reserve Account, revenues on any Eligible Investments and the Issuer Collection Account and, in certain limited circumstances, amounts standing to the credit of the Pre-funded Account and the Construction Deposit Account, to make payments of, inter alia, principal and interest due in respect of the Notes.

• The Construction Deposit, if any, referenced herein shall be held and used by Seller to pay for the construction of the improvements on the Property and will not be kept in a trust / escrow account.

• Notwithstanding anything to the contrary contained herein, in the event Seller, in Seller’s sole and absolute discretion, determines there is a dispute between the parties, which in Seller’s sole and absolute discretion cannot be resolved, Seller may terminate this Agreement and return to Buyer the ▇▇▇▇▇▇▇ Money, Construction Deposit, all third-party vendor payments, and the sum $500.00, which shall constitute full and final satisfaction of all claims between Buyer and Seller.

• In the Mortgage Receivables Purchase Agreement, the Seller and the Originator represent that none of the Borrowers holds a savings account, current account or term deposit with the Originator or the Seller, other than a Construction Deposit.

• If Seller defaults on any of Seller’s obligations in this Contract, Buyer shall be entitled to a return of the ▇▇▇▇▇▇▇ Money, Construction Deposit, all third-party vendor payments, and the sum $500.00.

More Definitions of Construction Deposit

Construction Deposit means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the Originator, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset. "Convertibility Event" means the (indirect or direct) determination by the national government of the country in the currency of which the Covered Bonds were issued, or in respect of the euro the Netherlands, that such currency is substituted by another currency. "Cost Cap" means 0.30 per cent. multiplied by the aggregate Outstanding Principal Amount less all amounts paid or to be paid (i) in accordance with the items (a) up to and including (d) of the CBC Priority of Payments as set out in Clause 13.1 of the Trust Deed, excluding the Additional Fees or (ii) in accordance with items (a) up to an including (c) of the Post CBC Acceleration Notice Priority of Payments as set out in Clause 14.1 of the Trust Deed, excluding the Additional Fees.

Construction Deposit means in relation to a Mortgage Loan, that part of the Convertibility Event means the (indirect or direct) determination by the Cost Cap means 0.30 per cent. multiplied by the aggregate

Construction Deposit means Construction Damage and Completion Deposit.

Construction Deposit. Tenant shall pay Landlord the sum of Ten Thousand Dollars ($10,000.00) in cash upon execution of this Lease as security to Landlord for Landlord’s construction costs incurred in preparing the Premises for Tenant’s occupancy. If Tenant defaults under this Lease, Landlord may apply these funds to offset Landlord’s construction costs. The Construction Deposit shall be returned to Tenant upon completion of all Tenant’s Work in accordance with the approved Construction Documents, provided Tenant owes no amounts to Landlord in connection with the construction. If during construction, amounts are withdrawn from the construction deposit for reasons described above, the Tenant shall promptly replenish the deposit.

Construction Deposit means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the relevant Transferor or withheld by any Originator, the proceeds of which can only be applied towards construction of, or improvements to, the relevant Mortgaged Asset. "Convertibility Event" means the (indirect or direct) determination by the national government of the country in the currency of which the Covered Bonds were issued, or in respect of the euro the Netherlands, that such currency is substituted by another currency.

Construction Deposit means Construction Damage and Completion Deposit.