Method of Financing definition
Examples of Method of Financing in a sentence
Developer shall have satisfied all conditions precedent to Close of Escrow for the Property, as required by the DDA and Method of Financing.
Except as otherwise set forth in this Method of Financing, the City Deed of Trust shall not be subordinated to any increased amount of any construction and permanent Sources of Financing beyond the sources and respective amounts allowed by the DDA and this Method of Financing, without the approval of the City Council.
For purposes of this Section, “best efforts” means Developer has submitted an application for each of the Sources of Financing identified in the Method of Financing by each of the deadlines required by (i) those respective Sources of Financing and (ii) the Schedule of Performance (Attachment No.5), and has used diligent efforts to submit applications that are complete and responsive.
The limited partnership agreement (but only with respect to whether such limited partnership agreement is consistent with the DDA and this Method of Financing) has been approved by the Mayor.
Any modifications to the form of subordination agreement (Attachment No. 14) that do not comply with the requirements set forth in the preceding sentence and elsewhere in this Method of Financing shall be submitted to the City Council for approval.
Notwithstanding Section 317, upon and after the Closing, Developer shall have the right to encumber the Property with one or more Senior Loan Deeds of Trust, but only for the purpose of securing loans of funds to be used for financing and refinancing the Acquisition and Development Costs and other expenditures necessary and appropriate to develop the Property under this Agreement, consistent with the amounts to be financed by Developer per the Method of Financing (“Permitted Financing Purposes”).
The payment to Owner of the Developer Fee and the Deferred Developer Fee shall be in accordance with the Method of Financing.
The Project shall be financed with a combination of Sources of Financing as provided in the Method of Financing.
Subject to the notice and cure provisions of Sections 501 through 510, inclusive, of this Agreement and to the enforced delay provisions of Section 602 of this Agreement, the City at its option may terminate this Agreement pursuant to Section 510 if any of the conditions precedent set forth in the Method of Financing (Attachment No. 3) are not satisfied by the Developer or waived in writing by the City within the time limits set forth in the Schedule of Performance (Attachment No. 5).
Upon receipt by the Escrow Agent of all executed and acknowledged documents, as required by the Method of Financing (Attachment No. 3), the Escrow Agent shall record all documents in accordance with Section 204 of this Agreement when the Leasehold can be vested in Developer in accordance with the terms and provisions of this Agreement.