Loan Budget definition

Loan Budget means the budget for total estimated Project Costs prepared by Mortgage Borrowers and approved by Mortgage Lender in its reasonable discretion, which shall detail all items of direct and indirect costs estimated to be incurred in connection with the construction of the Project, and all amendments and modifications thereto approved by Mortgage Lender in accordance with the Mortgage Loan Agreement.

Loan Budget means the final budget prepared by the Issuer, as approved by the Bank, showing, on a line-by-line basis, the maximum limit of expenditures from the Bond proceeds for each line category (subject to adjustment of any line category by discernable savings from other budget line categories) for construction of the Project.

Loan Budget shall have the meaning as set forth in Section 2.1.14.

Examples of Loan Budget in a sentence

• Subject to the other terms and conditions of this Agreement, an additional $2,250,000 of the amount allocated to the “Developer Fee” line item in the Loan Budget shall be available for disbursement to Borrower on the Conversion Date upon the satisfaction of all conditions to Conversion (as described in the Bond Purchase Agreement).

• Borrower may not reallocate items in the Loan Budget without the prior written consent of Bondowner Representative.

• On a line by line and total basis, the Property costs shown on the Loan Budget are true, correct and complete, and represent the total of all costs, expenses and fees which Borrower expects to pay or may be or become obligated to pay to construct the Improvements, and to lease-up and operate the Property until the Conversion Date.

• Borrower shall deliver to Bondowner Representative revised, sworn statements of estimated costs of the Property, showing changes in or variations from the original Loan Budget, as soon as such changes are known to Borrower.

• In the event that the total amount of the Loan exceeds the amount needed to fully pay all cost allocations set forth on the Loan Budget approved by Bondowner Representative, Lender shall not be required to advance, and Borrower shall not be entitled to receive, the excess.

More Definitions of Loan Budget

Loan Budget means the Loan Budget attached hereto as Exhibit C, as the same may be amended, modified, supplemented or replaced from time to time.

Loan Budget shall have the meaning assigned to such term in the Mortgage Loan Agreement.

Loan Budget means initially, the Initial Loan Budget delivered pursuant to Section 5.1(a)(xiii) until such budget is replaced in accordance with Section 7.3(a), and thereafter the most recent budget to become effective in accordance with Section 7.3(a).

Loan Budget has the meaning set forth in Section 1.1.4.

Loan Budget shall have the meaning as set forth in Section 2.1.6 of the Building Loan Agreement.

Loan Budget means: The sources and uses of the Loan Amount and the Required Equity set forth on Exhibit B.

Loan Budget means a summary of approved items for expenditure of Proceeds (Exhibit "B").