Renovation Loan definition

Renovation Loan means a Loan requested by a Borrower pursuant to Section 2.02(a)(ii).

Renovation Loan means a loan with the principal amortized over a period of 5 to 7 years, the proceeds of which are used to renovate farm equipment or farm buildings and other structures.

Renovation Loan means Three Million Dollars ($3,000,000), which is the maximum amount of Advances Lender is obligated to make under this Loan Agreement for renovation and refurbishment of the Improvements.

Examples of Renovation Loan in a sentence

• All decisions with respect to Renovation Loans shall be made by MLCC in its sole discretion, subject to such agreements as MLCC may enter into from time to time with its Renovation Loan borrowers.

• With respect to any VA Renovation Loan, a VA approved appraiser has issued a “Notice of Value” and completed the final inspection of the Mortgaged Property and the Loan Guaranty Certificate has been issued.

• No Loan (other than any FNMA Construction to Permanent Loan, FNMA HomeStyle Renovation Loans or VA Renovation Loan) was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property.

• With respect to a FNMA HomeStyle Renovation Loan, either (i) Seller is monitoring timely completion of the renovation work during the applicable renovation period and an escrow account contains the necessary contingency reserve and adequate funds to cover the remaining renovation costs, or (ii) the renovation work is complete and Seller has obtained a certification of completion.

• The term of the Acquisition Loan and the Renovation Loan shall be for thirty-six (36) months from the date hereof.

• The Advances under the Renovation Loan shall be drawn by Borrower within eighteen (18) months of the date hereof.

• The sum of all Renovation Advances made hereunder shall not exceed the Maximum Renovation Loan Amount.

• Since the Company’s fiscal year ended on January 1, 2012, the most liberal reading of the Company’s bylaws would require that the Annual Meeting be held no later than June 30, 2012 -- the end of the fifth month following January 2012.

• Nothing contained herein shall -------------------- obligate MLCC to extend any Renovation Loan to any Person.

• If the Mortgage Loan is a Homestyle® Renovation Loan, it was underwritten in accordance with Xxxxxx Mae’s financing limits and other standards and requirements for Homestyle® Renovation Loans, including those set forth in Section B5-3.2 of the Xxxxxx Mae Guide, and eligible for purchase by Xxxxxx Xxx, and none of its proceeds for allowed repair and renovation costs have been disbursed.

More Definitions of Renovation Loan

Renovation Loan means a Collateral Loan where the proceeds will be used for the conversion or renovation of existing facilities.

Renovation Loan means a Collateral Loan where the proceeds will be used for the conversion or renovation of existing facilities. “REO Property” means real estate owned by Borrower or the Originator, which real estate has been acquired and is owned by such Person as a result of foreclosure or acceptance by such Person of a deed in lieu of foreclosure, or similar transaction, whether previously constituting Loan Collateral or otherwise, together with all of such Person’s now owned or hereafter acquired interests in the improvements thereon, the fixtures attached thereto and the easements appurtenant thereto. “Requested Amount” has the meaning assigned to such term in Section 2.02. “Required Lenders” means, as of any date of determination, one or more Lenders having aggregate Percentages greater than or equal to 66 2/3%; provided, however that at any time there are two (2) or more Lenders, “Required Lenders” must include at least two (2) Lenders (who are not Affiliates of each other). To the extent provided in the last paragraph of Section 14.01(c), the Percentage of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. “Reserves” means such reserves against Collateral Loans, Availability, or the Borrowing Base that Administrative Agent may, in its reasonable credit judgment, establish from time to time. Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued Interest Expense or Indebtedness shall be deemed to be a reasonable exercise of Administrative Agent’s credit judgment. “Responsible Officer” means (a) in the case of a corporation, partnership or limited liability company that, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief administrative officer, president, senior vice president, vice president, assistant vice president, treasurer, director, manager, secretary or assistant secretary, (b) in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner, (c) in the case of a limited liability company that does not have officers, any Responsible Officer of the sole member, managing member or manager, acting on behalf of the sole - 32- 34881204v6 110062879

Renovation Loan or “loan” means the loan provided by Beausoleil First Nation to an approved homeowner for repair or renovation of a home on Beausoleil First Nation.