Application of Loan Proceeds. The Borrower will use the proceeds of the Loan solely for the purpose of paying for approved construction and development costs.
Appears in 33 contracts
Samples: Loan Agreement, Home Construction/Permanent Loan Agreement, Agreement
Application of Loan Proceeds. The Borrower will shall use the Loan proceeds solely and exclusively for the purposes of contributing capital to the Loan solely Property Owner for the purpose of constructing the Improvements and paying for approved construction all Construction Costs in accordance herewith and development costsin accordance with the applicable Approved Construction Budget which shall be subject to no change except as permitted hereby.
Appears in 1 contract
Samples: Mezzanine Construction Loan Agreement (Prime Group Realty Trust)
