Construction Escrow definition
Examples of Construction Escrow in a sentence
Contractor and Applicant agree to comply with the terms of a Construction Escrow Agreement between the Escrow Agent, the Contractor and Applicant of near or even date herewith.
Contractor shall be compensated for services in accordance with said Construction Escrow Agreement.
On or promptly following the Final Completion Date, the Project Company will distribute an amount equal to the amounts remaining on deposit in the Construction Escrow Account and the IDC Reserve Account, in the aggregate, upon the occurrence of the Final Completion Date (such amount, the “Aggregate Final Completion Distribution”) to the Company.
CAA will hold the Grant Funds in an escrow on behalf of Grantee and make payments to the contrainctor accordance with the Construction Escrow Agreement.
CAA will hold the Grant Funds in an escrow on behalf of the Applicant and make payments to the contractor in accordance with the Construction Escrow Agreement.
Such amounts may be paid from the Construction Escrow if such amount is reflected on the construction budget.
The applicable Account Withdrawal Request shall request Collateral Agent to direct Depositary to transfer or apply monies on deposit in the Construction Escrow Account to the account or accounts specified by the Company to pay, to the extent consistent with the then-current Project Budget (including any contingency and subject to any overage permitted by Section 9.14(c) of the Note Purchase Agreement) or otherwise approved or permitted hereunder, Project Costs due and owing.
On or prior to the date which is sixty (60) days following the Commencement Date, Landlord and Tenant shall enter into a mutually acceptable Construction Escrow Agreement with the Escrow Agent, which shall govern the release of funds from the Construction Escrow for construction costs.
Prior to the commencement of such construction, Tenant shall provide to Landlord (i) a budget for such construction, (ii) a certification from the architect of record that the funds placed in the Construction Escrow are sufficient for construction of such Building, (iii) a copy of the building permit and any other documentation required by the Town of Freetown, along with (iv) the insurance binder required of the contractor.
The lien covering the Equipment and the Construction Escrow Account will be subordinate only to the lien granted by Borrower to Lender in the same collateral to secure the Mortgage Note.