Construction Deposits definition

Construction Deposits shall have the meaning assigned thereto in subsection 8.10.
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Construction Deposits. The Construction Deposits are withheld by the Originator and will be paid out in case certain conditions are met so that the Borrower can apply the proceeds towards construction of, or improvements to, the Mortgaged Asset relating to the Mortgage Loan. A disbursement from the Construction Deposit will only be made against delivery of invoices and other relevant documentation satisfactory to the Originator. The Issuer and the Seller will agree in the Mortgage Receivables Purchase Agreement that the Issuer will be entitled to withhold from the Initial Purchase Price on the Closing Date an amount equal to the aggregate Construction Deposits on or around the Closing Date or, in case of a purchase and assignment of any New Mortgage Receivables, on the relevant Purchase Date. Such amounts will be deposited on the Construction Deposit Account. On or around each Mortgage Collection Payment Date, the Issuer will release from the Construction Deposit Account such part of the Initial Purchase Price which equals the positive difference between the balance standing to the credit of the Construction Deposit Account and the aggregate Construction Deposits and pay such amount to the Seller. Pursuant to the Mortgage Conditions in respect of the Mortgage Loans, Construction Deposits have to be paid out within 12 (in the case of existing Mortgaged Assets) to 18 months (in the case of newly built Mortgaged Assets). After such relevant period, if any remaining Construction Deposit is less than EUR 5,000 it is paid to the Borrower and if it exceeds EUR 5,000, will be set-off against the relevant Mortgage Receivable, up to the amount of the remaining Construction Deposit, in which case the Issuer shall have no further obligation towards the Seller to pay the remaining corresponding part of the Initial Purchase Price and an amount equal to such part of the Initial Purchase Price will be debited from the Construction Deposit Account and will form part of the Available Principal Funds on the immediately succeeding Notes Payment Date.
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Examples of Construction Deposits in a sentence

  • Construction Deposits are not subject to any VA or FHA amendments.

  • In the event the Agreement is rescinded the ▇▇▇▇▇▇▇ money, Construction Deposits and extras money shall be retained by the Seller.

  • Failure to close home by Closing Date stated in Paragraph 3, page 1, of the Agreement will, at Seller’s option, result in termination of the Agreement, and forfeiture of the ▇▇▇▇▇▇▇ money, Construction Deposits and any extras deposits.

  • If such condition(s) occurs, the Buyer’s ▇▇▇▇▇▇▇ money and any Construction Deposits will be promptly refunded.

  • A part of the relevant Initial Purchase Price equal to the aggregate Construction Deposits will be withheld by the CBC and will be credited to the Construction Account.

  • Pursuant to the Mortgage Conditions in respect of the Mortgage Loans, Construction Deposits have to be paid out within 12 (in the case of existing Mortgaged Assets) to 18 months (in the case of newly built Mortgaged Assets).

  • On or around each Mortgage Collection Payment Date, the Issuer will release from the Construction Deposit Account such part of the Initial Purchase Price which equals the positive difference between the balance standing to the credit of the Construction Deposit Account and the aggregate Construction Deposits and pay such amount to the Seller.

  • In the event of Buyer’s default, Buyer’s failure to close, or if the Agreement is otherwise terminated, the ▇▇▇▇▇▇▇ Money and Construction Deposits shall be retained by Seller as liquidated damages.

  • If such condition(s) occurs, the Buyer’s ▇▇▇▇▇▇▇ money and any Construction Deposits will be promptlyrefunded.

  • The Construction Deposits are withheld by the Originator and will be paid out in case certain conditions are met.

Related to Construction Deposits

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Imposition Deposits are defined in Section 7(a).

  • Application deposit means any refundable deposit of money, however denominated, including all

  • Construction Fund means an account specifically identified in the Indenture to hold funds which are currently available for expenditure to acquire or construct public facilities eligible under the Act.

  • Security Deposits means all Tenant security deposits in the form of cash and letters of credit, if any, held by Seller, as landlord (together with any interest which has accrued thereon, but only to the extent such interest has accrued for the account of the Tenant).