Common use of Approval of Qualified Projects Clause in Contracts

Approval of Qualified Projects. Subject to the terms and conditions of this Agreement, Lender agrees to include Qualified Projects into the Borrowing Base, as Projects are approved by Lender in its sole and absolute discretion during the Loan Term. Each Qualified Project shall be in compliance with the Project Minimum Standards. Among other things, Lender shall require the following: (a) TRACT MAP(S). For all Projects other than Zoned Land, Borrower has provided Lender with an approved Tentative Map or recorded Final Map for the Project to be financed. Provided, however, that notwithstanding any provision of this Agreement to the contrary, Lender may agree to enter a Qualified Project into the Borrowing Base prior to the recordation of the Final Map, but Lender shall have no obligation to Advance any Loan funds for any Hard Costs for any Home Improvements to be constructed as part of any Qualified Project unless and until the Final Map for such Qualified Project is recorded in the Official Records of the County in which such Project is located. In the event a Qualified Project is entered into the Borrowing Base prior to the recordation of the Final Map for such Qualified Project, Lender shall require, among other things, that an ALTA survey be delivered to Lender for its review and approval and/or the Title Company shall agree in writing to issue the required Title Policy with all requested survey endorsements.

Approval of Qualified Projects. Subject to the terms and conditions of this Agreement, Lender agrees to include Qualified Projects into the Borrowing Base, as said Projects are approved by Lender in its sole and absolute discretion during the Loan Term. Each Lender shall have no obligation to approve of any Qualified Project shall be in compliance with the Project Minimum Standards. Among other things, Lender shall require the followingunless and until: (a) TRACT MAP(STract Map(s). For all Projects other than Zoned Land, Borrower has provided Lender with an approved Tentative Map or recorded Final Map for the said Project to be financed. Provided, however, that notwithstanding any provision of this Agreement to the contrary, Lender may agree to enter a Qualified Project into the Borrowing Base prior to the recordation of the Final Map, but Lender shall have no obligation to Advance disburse any Loan funds for any Hard Costs for any Home Improvements to be constructed as part of any said Qualified Project unless and until the Final Map for such the Qualified Project is recorded in with the Official Records of the County in which such Project is locatedCounty. In the event a Qualified Project Loan is entered into the Borrowing Base prior to the recordation of the Final Map for such said Qualified Project, Lender shall require, among other things, that an ALTA survey must be delivered to Lender for its review and approval and/or the Title Company shall agree in writing to issue the required Title Policy with all requested survey endorsements.

Approval of Qualified Projects. Subject to the terms and conditions of this Agreement, Lender agrees to include Qualified Projects into the Borrowing Base, as said Projects are approved by Lender in its sole and absolute discretion during the Loan Term. Each Qualified Project shall be in compliance with the Project Minimum Standards. Among other things, Lender shall require the followinghave no obligation to approve of any Qualified Project unless and until: (a) TRACT MAP(S). For all Projects other than Zoned Land, Borrower has provided Lender with an approved Tentative Map or recorded Final Map for the said Project to be financed. Provided, however, that notwithstanding any provision of this Agreement to the contrary, Lender may agree to enter a Qualified Project into the Borrowing Base prior to the recordation of the Final Map, but Lender shall have no obligation to Advance disburse any Loan funds for any Hard Costs for any Home Improvements to be constructed as part of any said Qualified Project unless and until the Final Map for such the Qualified Project is recorded in with the Official Records of the County in which such Project is locatedCounty. In the event a Qualified Project Loan is entered into the Borrowing Base prior to the recordation of the Final Map for such said Qualified Project, Lender shall require, among other things, that an ALTA survey must be delivered to Lender for its review and approval and/or the Title Company shall agree in writing to issue the required Title Policy with all requested survey endorsements.