Construction Financing. Bluerock shall use commercially reasonable efforts to obtain a construction loan for the Company from a construction lender reasonably acceptable to ArchCo (the “Construction Lender”) at prevailing rates and terms (the “Construction Loan”). If the Company is required to provide some form of credit enhancement to the Construction Lender in order to secure the Construction Loan (a “Construction Loan Guarantee”), Bluerock shall guarantee payment of the Construction Loan or provide such other form of credit enhancement requested by the Construction Lender and reasonably acceptable to Bluerock. If required by the Construction Lender, Bluerock shall also provide the Construction Lender with a completion guarantee reasonably acceptable to Bluerock (the “Completion Guarantee;” and collectively with any Construction Loan Guarantee, the “Bluerock Guaranties”), guaranteeing that the Property will be completed within the estimated time frame and estimated project cost set forth in the Construction Loan documents.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.), Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.)
Construction Financing. Bluerock shall use commercially reasonable efforts to obtain a construction loan for the Company from a construction lender reasonably acceptable to ArchCo (the “"Construction Lender”") at prevailing rates and terms (the “"Construction Loan”"). If the Company is required to provide some form of credit enhancement to the Construction Lender in order to secure the Construction Loan (a “"Construction Loan Guarantee”"), Bluerock shall guarantee payment of the Construction Loan or provide such other form of credit enhancement requested by the Construction Lender and reasonably acceptable to Bluerock. If required by the Construction Lender, Bluerock shall also provide the Construction Lender with a completion guarantee reasonably acceptable to Bluerock (the “"Completion Guarantee;” and Guarantee;"and collectively with any Construction Loan Guarantee, the “"Bluerock Guaranties”"), guaranteeing that the Property will be completed within the estimated time frame and estimated project cost set forth in the Construction Loan documents.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.)
