Land Lender definition
Examples of Land Lender in a sentence
This Agreement may be relied upon by the purchaser in the purchase of the Land, Lender to make a loan secured by the Deed of Trust encumbering the Land and by Company in issuance of a title insurance policy or policies insuring title to the Land without exception to matters certified in this Agreement.
In connection with the development of the lots included in the Tuscany Land, Lender may make one or more Disbursements under the New IMA Loan to reimburse IMA for payments made by IMA to third parties in furtherance of such development, or alternatively, Lender may make Disbursements directly to such third parties.
The rights of Buyers under this Agreement shall be prior and superior to the rights of the Land Lender, and prior and superior to any other Person that subsequently acquires an interest in the Real Property.
In the event that Buyer does not purchase the Park 355 Property, neither Buyer nor Land Lender shall be obligated to make the Park 355 Loan.
The General Partners and their Affiliates, jointly and severally, are hereby authorized to incur personal liability for the repayment of funds advanced by the Land Lender and the Construction Lender (and interest thereon) pursuant to the Land Mortgage and Construction Mortgage, respectively.
The Park 355 Seller Group and the Argonne Bridge Land Owner shall each be jointly and severally liable for the payment of all of the costs expenses incurred by Buyer and Land Lender in connection with the Land Loans regardless of whether any Closing occurs or whether the Land Loans are actually made.
The applicable Seller shall provide Buyer with the financial statements of the Guarantors, provided that Buyer, Land Lender and their respective agents, employees and representatives shall hold such financial statements in strict confidence except as required to be disclosed by Law or in connection with any pledge or assignment of the applicable Land Loan.
Each of the Argonne Bridge Land Owner and Park 355 Seller Group shall also deliver to Land Lender a title insurance policy acceptable to Land Lender and such certificates, opinions of counsel and other documents as Land Lender may reasonably require.
For A&D Land, Lender shall have obtained an Appraisal setting forth the as-is market value of the undeveloped A&D Land.
Each of the Argonne Bridge Land Owner and the Park 355 Seller Group, Land Lender and Guarantors shall execute such loan agreements, promissory notes, deeds of trusts or mortgages, guarantees, environmental indemnities and other loan documents as reasonably requested by Land Lender and are customary for similar loans, which shall contain reasonable and customary provisions normally contained in commercial loan documentation in Illinois.