Examples of Construction Loan Advance in a sentence
Borrowers shall submit, or shall cause Mortgage Borrowers to submit, to Lender, contemporaneously with any submission thereof by Mortgage Borrowers to Mortgage Lender, a copy of each Draw Request related to each Construction Loan Advance and all documents required to be delivered by Mortgage Borrowers to Mortgage Lender in connection therewith pursuant to Article III of the Mortgage Loan Agreement; provided, however, that any breach of this provision shall not constitute an Event of Default hereunder.
Each such direct Construction Loan Advance (except for application of the Project Deposit) shall be added to the outstanding principal balance of the Construction Loan Advances and shall be secured by the Loan Documents.
The failure of any Lender to make available its Commitment Percentage of any Construction Loan requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Construction Loan Advance available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such Construction Loan Advance available on the borrowing date.
Any Construction Loan Advance or any portion thereof as to which the Borrower has not duly specified an interest rate as provided herein shall be deemed a Base Rate Loan.
With respect to any Construction Loan Advance to pay a contractor, the Administrative Agent shall have received original applications for payment in form approved by the Administrative Agent, containing a breakdown by trade and/or other categories acceptable to the Administrative Agent, executed and certified by each contractor and the Architect, accompanied by invoices, and reasonably approved by Construction Consultant.
The Borrower shall default in any payment of principal of any Construction Loan Advance or Construction Loan Note when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for two (2) Business Days.
The Borrower shall default in the payment of any interest on any Construction Loan Advance or Construction Loan Note or the payment of any other Obligation when and as due (whether at maturity, by reason of acceleration or otherwise), and such default shall continue unremedied for five (5) Business Days.
The final Construction Loan Advance for the Improvements (including retainage) shall not be made until thirty (30) days after the date on which a final certificate of occupancy for the Project has been issued.
The Title Insurer shall commit in writing to issue an endorsement to remove any exception for mechanics' or materialmen's liens or pending disbursements, with no additional title change or exception objectionable to the Administrative Agent, and such other endorsements as may be required by the Administrative Agent, such obligation to be conditioned only upon the making of the final Construction Loan Advance for the Improvements (including retainage).
The Borrower hereby irrevocably authorizes the Administrative Agent, during the continuance of any Event of Default (but the Administrative Agent shall have no obligation), to hold, use, disburse and apply the proceeds of any Construction Loan Advance to the satisfaction of the Obligations.