Residential Construction Loan definition

Residential Construction Loan means a Loan secured by residential real property that includes one through four dwelling units, for the financing of the construction thereof, and made subject to this Agreement and the applicable Appendix by the written agreement of the parties.
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Residential Construction Loan means, with respect to any Builder, ----------------------------- any loan made by the Company to such Builder in accordance with the terms of a Construction Loan Agreement to finance the construction of a Home or the purchase of a Lot.
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Residential Construction Loan means a loan granted or to be granted by an Originator to an Obligor to finance the construction of residential housing in Mexico. All Contributed Construction Loans will be originated by an Originator, in accordance with such Originator’s underwriting standards. Each Contributed Construction Loan shall comply with the Eligibility Criteria, and Metrofinanciera will have the obligation to replace or repurchase any Contributed Construction Loan that does not comply with the Eligibility Criteria. See “Description of the Trust Estate—Eligibility Criteria.” Master Servicer: Metrofinanciera will be the Master Servicer of the Contributed Construction Loans (in such capacity, the “Master Servicer”). The Master Servicer may not resign from its obligations under the Master Servicing Agreement except upon its reasonable determination that: (a) the performance of such obligations is no longer permissible under applicable law (to be evidenced by an opinion of counsel of recognized standing) and (b) there is no reasonable action that it could take to make such performance permissible under applicable law (to be evidenced by an officers’ certificate of the Master Servicer). No such resignation will become effective until the Back-Up Servicer or some other successor servicer has assumed in writing all of the responsibilities and obligations of the Master Servicer. The Master Servicer may be terminated only upon the occurrence of certain events. See “Summary of Terms—Master Servicing Agreement.” Subservicers: The Master Servicer may delegate the performance of its obligations to third party subcontractors or delegates. The right to delegate shall be subject to the requirement that such subcontractor or delegate shall service the Contributed Construction Loans in accordance with Metrofinanciera’s customary servicing standards. Notwithstanding any such delegation, the Master Servicer shall be liable to the Issuer with respect to the servicing of all Contributed Construction Loans and the actions and inactions of any subcontractors or delegates.
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Examples of Residential Construction Loan in a sentence

  • The charge for the Loan Policy insuring the final mortgage shall be $150 provided it is in an amount not to exceed the amount of the preceding Residential Construction Loan.

  • If the amount of the policy shall exceed the preceding Residential Construction Loan, then the charge for the amount of additional insurance shall be at a rate of $2 per thousand.

  • The mortgage includes a Residential Construction Loan Rider (the “Mortgage Rider”).

  • In connection with the loan commitment, the plaintiffs executed a Residential Construction Loan Agreement, dated May 20, 2008 (“the Agreement”), a Promissory Note, dated May 20, 2008 (“the Note”) and a Deed of Trust, recorded on May 28, 2009, which secured payment of the Note by creating a lien against the property.

  • Based upon that field inspection and the attached Residential Construction Loan Disbursement Schedule the disbursement is approved in the amount of $ .

  • In no event shall the charge be less than $425.3. Original Charge for Residential Loan PoliciesThe original policy charges in this Section shall apply to all Residential Loan Policies with the exceptions of: (i) a refinance charge for Residential Construction Loan Policy [see Section B.4], or (ii) a Policy that qualifies for issuance of an ALTA Limited Coverage Residential Junior Loan Policy [see Section B.8].

  • Any Team Official found responsible by the Board or a Special Committee for the publication of such prohibited advertising shall be suspended for a period of not less than 15 games or such further period of time as is considered appropriate by the Board or a Special Committee.

  • If the amount of the policy shall exceed the preceding Residential Construction Loan, then the charge for the amount of additional insurance shall be at 80% of the applicable rate.The refinance charge for Residential Construction Loan shall be used when a Residential Construction Loan is being refinanced into a final end loan where the owner, lender and issuing office are the same as the preceding Residential Construction Loan.

  • Reason: Required to be imposed to comply with Regulation 14(1) of the Town and Country Planning (Control of Advertisements) Regulations 2007.

  • To carry out the intent and purpose of the Residential Construction Loan Agreement, the Borrower agrees to protect, release, acquit, hold harmless...

Related to Residential Construction Loan

  • Residential construction means construction on single-family or two-family dwellings occupied or used, or intended to be occupied or used, primarily for residential purposes, and includes real property pursuant to chapter 499B.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Construction Loan Agreement means the Construction Loan Agreement between Lender and Borrower for construction on the Land.

  • Original construction ’ shall mean the first or initial construction

  • Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of

  • Building construction means any physical activity on the site involved in the erection of a structure, cladding, external finish, formwork, fixture, fitting of service installation and the unloading of plant, machinery, materials or the like.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Existing construction means any structure for which the "start of construction" commenced before the effective date of the initial floodplain management code or ordinance adopted by the community as a basis for that community's participation in the NFIP.

  • Project Loan means the loan made by the Governmental Lender to the Borrower pursuant to the Project Loan Agreement in the original principal amount of $[AMOUNT], as evidenced by the Project Note.

  • Acquisition and Construction Fund means the fund so designated in, and created pursuant to, Section 502 hereof.

  • Construction Phase means that Phase of the Project which shall commence after the Authority provides the Trade Contractor with written Notice to Proceed with the Construction Phase.

  • Direct Construction Cost means the sum of the amounts that the Construction Manager actually and necessarily incurs for General Conditions Costs, Cost of the Work and Construction Manager’s Contingency during the Construction Phase as allowed by this Agreement. Direct Construction Cost does not include Pre-Construction Phase Fees or Construction Phase Fees.

  • The constructional plant means all appliances, tools, plants or machinery or whatsoever nature required in or about the execution, completion or maintenance of the works but does not include materials or other things intended to form part of the permanent work.

  • Commenced Construction means (a) all of the following site preparation work is completed: ingress and egress routes exist; the site on which the project will be located is cleared and graded; there is power service to the site; footings are prepared; and foundations have been poured consistent with purchased equipment specifications and project design; or (b) the following financial commitments have been made: (i) (A) an engineering, procurement, and construction contract (“EPC”) has been executed by all parties and is effective; or (B) contracts (collectively, “EPC Equivalents”) for all of the following have been executed by all parties and is effective: (1) project engineering, (2) procurement of all major equipment, and (3) construction of the project, and (ii) the cumulative payments made by the developer under the EPC or EPC Equivalents to the counterparties to those respective agreements is equal to at least thirty (30) percent of the total costs of the EPC or EPC Equivalents.

  • GENERAL AND SPECIAL CONDITIONS OF CONTRACT means the instructions to Tenderer and General and special conditions of contract pertaining to the work for which above tenders have been called for.

  • Residential contractor means a licensed contractor that holds an endorsement as a:

  • Pre-Construction Phase Services means the participation, documentation and execution of Contractor’s Pre-Construction Phase deliverables as required by this Agreement and further defined in Article 5.

  • Large project means, for purposes of the Soft Cost Ratio limitation in Section 3.F, a Project with more than 24 Housing Credit units.

  • Construction and demolition debris means and includes:

  • Caribbean Basin country construction material means a construction material that—

  • Residential Project means a redevelopment project that is

  • Construction Lender means a person who makes a construction loan.

  • Residential facility means a home or facility that is licensed by the department of developmental disabilities under section 5123.19 of the Revised Code and in which a child with a developmental disability resides.

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Completion of Construction means all the construction is complete except for minor weather-related components and conforms to the approved plans and specifications and change orders.