Construction Holdback definition
Examples of Construction Holdback in a sentence
Until advanced, if ever, the Construction Holdback shall be and remain the sole property of Lender.
The Interior Construction Holdback shall not be deemed an advance of funds to the Borrower and shall not bear interest unless and until such funds are advanced to Borrower.
Lender shall have received ------------------------ evidence that either (i) all Project Costs have been paid in full (including, but not limited to, copies of paid invoices and unconditional lien releases), or (ii) unpaid Project Costs shall be paid from the proceeds of the requested Construction Holdback Advance (including, but not limited to, copies of invoices and conditional lien releases).
Seller and VMI shall execute the "Construction Holdback Letter of Credit Agreement" for the Power/Promotional Center in the form of Exhibit "B-1" and deliver it to Escrow Holder one (1) business day prior to the Closing Date.
A project schedule for ---------------- completion of the Improvements, updated monthly with each request for a Construction Holdback Advance, initialed by Borrower, Contractor, and, if requested, any tenant under a major lease.
Seller and VMII shall execute the Construction Holdback Letter of Credit Agreement for the Community Center/Triangle in the form of Exhibit "B-2" and deliver it to Escrow Holder one (1) business day prior to the Closing Date.
Promptly following satisfaction of the conditions precedent to the release of the Construction Holdback Reserve, Purchaser shall (i) request release of the Construction Holdback Reserve from the holder thereof, (ii) use commercially reasonable efforts to secure the release thereof, and (iii) direct that the Construction Holdback Reserve be paid directly to an account designated by Seller.
Lender's obligation to advance any portion of the Construction Holdback is contingent upon (i) no Event of Default then existing under any of the Loan Documents and (ii) the amount to then be advanced under the Construction Holdback when coupled with all prior Advances under the Florida Loan will not exceed 75.0% of the then appraised value of the Florida Project as determined by an updated appraisal acceptable to Lender.
No interest shall be payable on the Construction Holdback until such time as and only to the extent actually advanced to Borrower.
Lender shall not be obligated to disburse any Construction Holdback Advance if Lender reasonably determines at that time that the Loan is not "in balance" i.e, the remaining Greenhouse Costs ---- exceed the remaining undisbursed proceeds of the Loan.