Examples of Construction Lender in a sentence
If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest and all other amounts payable under this RRDP Note and any other RRDP Loan Document shall at once become due and payable, at the option of the Construction Lender during the Construction Loan Term and at the option of the Permanent Lender on and after the Conversion Date, without any prior notice to Borrower.
Notices, except to the Construction Lender, shall be deemed given when mailed as provided herein.
The Corporation has provided a Take-out Commitment to the Construction Lender who is financing the construction and/or rehabilitation of the Qualified Project, all for the purpose, among others, of inducing the Borrower to construct or acquire, renovate, equip and operate the Qualified Project.
If Owner, Construction Lender or any public body or inspector directs any modification or addition to the work covered by this Contract, the charge for that extra work shall be determined in advance and the cost shall be added to the Contractor’s usual fee for overhead and profit.
The Borrower acknowledges that the Take-out Commitment by the Corporation to the Construction Lender selected by Borrower is not nor shall be deemed to be an assignment of CDBG Funds.