Permanent Loan Commitment definition

Permanent Loan Commitment means the commitment, if any, issued by Permanent Lender to Borrower to make a Permanent Loan secured by the Property or any commitment hereinafter issued for a Permanent Loan secured by the Property.

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Permanent Loan Commitment means the obligation of the Lender, on the Permanent Loan Closing Date, to make a term loan to the Borrower in the principal amount of $19,000,000.00.

Permanent Loan Commitment means the commitment letter dated as of November , 2018, issued by ▇▇▇▇▇▇▇ ▇▇▇ to ▇▇▇▇▇ Fargo and the Borrower, setting forth the terms and conditions for the conversion of the Construction Loan to the Permanent Loan for ▇▇▇▇▇▇ Development Project.

Examples of Permanent Loan Commitment in a sentence

Upon the occurrence of an Event of Default, Lender shall have the right, in addition to any other right or remedy of Lender, but not the obligation, in its own name or in the name of ▇▇▇▇▇▇▇▇, to enter into possession of the Property, to perform all work necessary to complete the construction of the Improvements substantially in accordance with the Plans, Governmental Requirements and the requirements of the Permanent Loan Commitment; and to employ watchmen and other safeguards to protect the Property.
Borrower shall commence construction of the Improvements within thirty (30) days from the date hereof, unless consent of the Lender provides otherwise, and the construction of the Improvements shall be prosecuted with diligence and continuity, in a good and workmanlike manner, and in accordance with sound building and engineering practices, all applicable Governmental requirements, the Plans and the requirements of the Permanent Loan Commitment.
The term “Permanent Lender” shall mean the party issuing a Permanent Loan Commitment which may hereinafter be issued.
The term “Permanent Loan” shall mean a loan, if any, contemplated by the Permanent Loan Commitment.
Borrower shall correct or cause to be corrected (a) any material defect in the Improvements, (b) any material departure in the construction of the Improvements from the Plans, the requirements of the Permanent Loan Commitment or Governmental Requirements, or (c) any encroachment by any part of the Improvements, or any structure located on the Property, on any easement, property line, or restricted area, or any encroachment by any such structure on any building line.

More Definitions of Permanent Loan Commitment

Permanent Loan Commitment means the commitment for permanent financing from the Permanent Lender dated April 26, 1996.

Permanent Loan Commitment means ▇▇▇▇▇▇’s commitment to Borrower dated ______________.

Permanent Loan Commitment means the commitment letter dated as of November

Permanent Loan Commitment means that certain Letter of Commitment entered into between Lender and Borrower, dated _________, pursuant to which Lender has committed, upon fulfillment of the conditions set forth in the Permanent Loan Commitment, to purchase the Funding Loan from Initial Funding Lender. The Permanent Loan Commitment is incorporated herein as if it were attached hereto.

Permanent Loan Commitment means Lender’s commitment to Borrower dated ______________.

Permanent Loan Commitment means, with respect to any Construction Property, an agreement, if any, between the Borrower (or a Subsidiary Borrower, if applicable) and a financial institution or investor acceptable to the Agent, providing for the purchase or take-out or long-term financing of such Construction Property upon terms and conditions reasonably acceptable to the Agent. If there is no Permanent Loan Commitment in effect at the time of funding the initial Construction Advances for a Construction Property, then the provisions of this Agreement pertaining thereto shall become effective at such time as there is an effective Permanent Loan Commitment relating to such Construction Property.

Permanent Loan Commitment means (i) the commitment from the County to provide permanent loan financing for the Project of up to $[8,760,000] to Borrower and