The Construction Loan Sample Clauses

The Construction Loan. On the terms and conditions set forth in the MLA and this First Supplement, Lender agrees to make a Construction Loan to the Borrower (the “Construction Loan”), by means of multiple advances in an amount not to exceed the lesser of (i) $27,000,000.00 or (ii) an amount equal to 55% of the Project Costs (the “Construction Loan Commitment”). Under the Construction Loan, amounts borrowed and repaid or prepaid may not be re-borrowed.
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The Construction Loan. Xxxxxxxx acknowledges and agree that advances under the Construction Loan may not exceed $ without the express written approval of the LHC.
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The Construction Loan. In reliance upon the representations and warranties of the Borrower, and subject to the terms and conditions of this Agreement and the Loan Documents, Bank agrees to loan to the Borrower a sum of money not to exceed Four Million Four Hundred Eighty Thousand and 00/100 Dollars ($4,480,000.00), or such lesser amount as may be provided by other loan limitations set forth in this Agreement, for the purposes set forth herein, to be advanced and disbursed by the Bank in accordance with this Agreement.
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The Construction Loan. Subject to the conditions herein set --------------------- forth, Lender agrees to loan to or for the benefit of Borrower, and Borrower agrees to draw upon and borrow, in the manner and upon the terms and conditions herein expressed, amounts that shall not exceed (i) at any one time, the sum of $28,000,000 and, (i) in the aggregate, the sum of $39,000,000 (the "Construction Loan"). The foregoing notwithstanding, under no circumstances shall the unpaid principal balance of the Construction Loan, together with the unpaid principal balance of the Receivables Loan and the Working Capital Loan exceed a total amount equal to $45,000,000, and Lender shall have no obligation to make any Advance hereunder if such Advance would cause the foregoing limitation to be exceeded. The proceeds of the Construction Loan, together with Loan Balancing Equity, shall be (i) used to construct the Improvements and pay other costs and expenses in the amounts and to the extent set forth in the Construction Budget and (ii) disbursed only in accordance with the Job Progress Schedule and Construction Budget approved by Lender. Equity in the amount of $10,000,000 shall be used by Borrower to acquire the Real Property and fund operating expenses of the Borrower incurred during the pre-development and construction stages of Project. Anything to the contrary notwithstanding, in the event Borrower does not satisfy all of the conditions precedent to making the first Advance on or before the Closing Date, (i) the entire Loan Fee shall nevertheless be deemed earned by Lender in consideration for Lender's holding itself ready and willing to make the Construction Loan upon the terms and conditions set forth herein and (ii) Lender shall have no further obligation to make the Receivables Loan, the Construction Loan or the Working Capital Loan. The retention of the Loan Fee is in addition to Borrower's obligations under Paragraph 15.7 hereof. --------------
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The Construction Loan. As soon as is feasible, the Purchaser shall obtain a construction loan for the Real Property and use the first proceeds thereof to satisfy the purchase money note and the balance to be used for the construction of residences on each lot.
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The Construction Loan 
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Related to The Construction Loan

  • No Construction Loans No Mortgage Loan was made in connection with (i) the construction or rehabilitation of a Mortgage Property or (ii) facilitating the trade-in or exchange of a Mortgaged Property other than a construction-to-permanent loan which has converted to a permanent Mortgage Loan;

  • Initial Construction Attached hereto are plans showing proposed modifications to Premises. Within 20 days of execution of the Lease, Landlord will prepare construction drawings and specifications for such modifications containing such details as dimensions, partition plans, dimensioned electrical and telephone outlet plans, modified reflected ceiling plans, room finish schedule, including wall, carpet, floor tile, and VCT colors, and other necessary construction details and specifications for the completion of such work, all in a manner reasonably acceptable to Tenant. Space planning, construction drawings, and specifications shall be provided by Landlord to Tenant a no cost to Tenant. All construction of modifications to Tenant's Premises will be accomplished by Tenant's contractor, which contractor shall furnish to Landlord evidence of insurance as follows: General Liability and Property Damage - $2,000,000 Aggregate, $2,000,000 per Occurrence; Workmens Compensation, and an Owners and Contractors Protective Liability Policy in the amount of $1,000,000 naming the owner and The Gutixxxxx Xxxpany as insureds. In addition, in Tenant's construction contract, Tenant shall insure that the contract holds Landlord and The Gutixxxxx Xxxpany harmless, and that Landlord and The Gutixxxxx Xxxpany are additional named insureds on all of Tenant's insurance policies. It shall be Tenant's contractor's responsibility to obtain the building permit for said modifications to Premises. It shall be Tenant's responsibility to insure that all Tenant's general contractors subcontractors and materialmen are paid in full, and if a lien is placed upon the Building by any such contractor, subcontractor, materialmen, or other, to promptly remove such lien or provide a bond reasonably satisfactory to Landlord and Landlord's mortgagee to insure that such lien will be paid in full while contesting such lien. Landlord shall permit Tenant and Tenant's contractor access for construction of modifications to Tenant's premises promptly after execution hereof. All changes and additions shall be part of the Building, except such items as by writing at the time of approval the parties agree either shall be removed by Tenant on termination of this Lease, or shall be removed or left at Tenant's election.

  • Certain Constructions (a) For purposes of this Agreement, references to the most or next most subordinate Class of Non-Vertically Retained Pooled Regular Certificates outstanding at any time shall mean the most or next most subordinate Class of Non-Vertically Retained Pooled Regular Certificates then outstanding as among the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class X-A, Class X-B, Class X-D, Class A-S, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR and Class J-RR Certificates; provided, however, that for purposes of determining the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates, in the event that the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and Class A-AB Certificates are the only Classes of Non-Vertically Retained Pooled Principal Balance Certificates outstanding, the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB and Class X-A Certificates together will be treated as the most subordinate Class of Non-Vertically Retained Pooled Regular Certificates. For purposes of this Agreement, each Class of Certificates (other than the Class S and Class R Certificates) shall be deemed to be outstanding only to the extent its respective Certificate Balance or Notional Amount has not been reduced to zero. For purposes of this Agreement, the Class R Certificates shall be deemed to be outstanding so long as the Trust REMICs have not been terminated pursuant to Section 9.01 of this Agreement.

  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • Legal Construction If one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions and this Agreement shall be construed as if it did not contain the invalid, illegal, or unenforceable provision.

  • Construction Loan Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties set forth in this Agreement, the Lender has agreed to lend to Borrower and Borrower has agreed to borrow from Lender the lesser of: (i) $27,000,000.00; or (ii) 55% of the Project Costs. Such amount shall be loaned by Lender pursuant to the terms and conditions set forth in this Agreement and the First Supplement to this Agreement.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Completion of Construction (a) For the purposes of this Agreement, the terms "

  • Strict Construction The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

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