Examples of Construction Loan in a sentence
As applicable, Escrow Holder shall cause the following documents to be recorded in the official records of the Recorder of the County in the following order of priority at the Close of Escrow: (i) the Grant Deed, with the Developer’s certificate of acceptance attached, (ii) the Notice of Agreement, and (iii) the Construction Loan Deed of Trust and related loan documents, if applicable, and (iv) any other documents to be recorded through Escrow upon the joint instructions of the Parties.
The Construction Loan can be prepaid without penalty; provided that as long as the applicable interest rate is based on LIBOR, any payments made on a day other than the last day of an interest period shall be subject to breakage fees.
The Construction Loan is expected to be funded in draws as provided under the project budget.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF BALANCE SHEET ARRANGEMENT OF REGISTRANT Construction Financing The development of the Berry Hill property will be funded with $10,101,000 of gross equity from the BR Stonehenge JV Entity, and a$23,569,000 construction loan made by Fifth Third Bank, an Ohio banking corporation (the “Construction Loan”) to the Project Owner, which Construction Loan is secured by the Berry Hill property and improvements.
File the following with the Office of the Recorder of the County, for recordation in the order set forth in Section 3.7, (i) the Grant Deed, with the Developer’s certificate of acceptance attached, (ii) the Notice of Agreement, (iii) the Termination Document, if applicable, and (iv) if applicable, the Construction Loan Deed of Trust.