Common use of Borrower’s Deposit Clause in Contracts

Borrower’s Deposit. If at any time Lender shall in its sole discretion deem that the undisbursed proceeds of the Loan are insufficient to meet the costs of completing construction of the Phase I Improvements, plus any and all Soft Costs for the Phase I Improvements, Lender may refuse to make any additional Advances to Borrower hereunder until Borrower shall have deposited with Lender sufficient additional funds ("Borrower's Deposit") to cover the deficiency which Lender deems to exist. Such Borrower's Deposit will be disbursed by Lender to Borrower pursuant to the terms and conditions hereof as if they constituted a portion of the Loan being made hereunder. Borrower agrees upon fifteen (15) days written demand by Lender to deposit with Lender such Borrower's Deposit. Lender agrees that the Borrower's Deposit shall be placed in an interest-bearing account.

Borrower’s Deposit. If at any time Lender shall in its sole discretion deem that the undisbursed proceeds of the Loan are insufficient to meet the costs of completing construction of the Phase I II Improvements, plus any the costs of insurance, ad valorem taxes and all Soft Costs for other normal costs of the Phase I II Improvements, Lender may refuse to make any additional Advances to Borrower hereunder until Borrower shall have deposited with Lender sufficient additional funds ("Borrower's Deposit") to cover the deficiency which Lender deems to exist. Such Borrower's Deposit will be disbursed by Lender to Borrower pursuant to the terms and conditions hereof as if they constituted a portion of the Loan being made hereunder. Borrower agrees upon fifteen (15) days written demand by Lender to deposit with Lender such Borrower's Deposit. Lender agrees that the Borrower's Deposit shall be placed in an interest-bearing account.

Borrower’s Deposit. If at any time Lender shall in its sole discretion deem that the undisbursed proceeds of the Loan are insufficient to meet the costs of completing construction of the Phase I Improvements, plus any the costs of insurance, ad valorem taxes and all Soft Costs for other normal costs of the Phase I Improvements, Lender may refuse to make any additional Advances to Borrower hereunder until Borrower shall have deposited with Lender sufficient additional funds ("Borrower's Deposit") to cover the deficiency which Lender deems to exist. Such Borrower's Deposit will be disbursed by Lender to Borrower pursuant to the terms and conditions hereof as if they constituted a portion of the Loan being made hereunder. Borrower agrees upon fifteen (15) days written demand by Lender to deposit with Lender such Borrower's Deposit. Lender agrees that the Borrower's Deposit shall be placed in an interest-bearing account.

Borrower’s Deposit. If Lender, at any time Lender shall and from time to time, in its sole discretion deem reasonable discretion, deems that the undisbursed proceeds of the Loan are insufficient to meet the costs of completing construction of the Phase I Improvements (plus the costs of insurance, ad valorem taxes, and other costs of the Improvements, plus any and all Soft Costs for the Phase I Improvements), Lender may refuse to make any additional Advances to Borrower hereunder under this Agreement until Borrower shall have has deposited with Lender a Borrower’s Deposit sufficient additional funds ("Borrower's Deposit") to cover the deficiency which that Lender deems to exist. Such The Borrower's ’s Deposit will shall be disbursed by Lender to Borrower pursuant to the terms and conditions hereof of this Agreement as if they constituted a portion of the Loan being made hereunderLoan. Borrower agrees upon fifteen shall deposit the amount of the Borrower’s Deposit with Lender within thirty (1530) days of written demand from Lender. Unless required by Legal Requirements, Lender to deposit with Lender such Borrower's Deposit. Lender agrees that shall not pay interest on the Borrower's Deposit shall be placed in an interest-bearing account’s Deposit.

Borrower’s Deposit. If at any time Lender Bank shall in its sole discretion deem determine that the undisbursed proceeds of the Loan are insufficient to meet the costs of completing construction of any required line items under the Phase I ImprovementsBudget attached hereto as Exhibit "C", plus any and all Soft Costs for the Phase I Improvements, Lender Bank may refuse to make any additional Advances to Borrower hereunder until Borrower shall have deposited with Lender Bank sufficient additional funds ("Borrower's Deposit") or shall have set aside dedicated reserved funds under the $30,000,000.00 Loan to cover the deficiency which Lender deems Bank has determined to exist. Such Borrower's Deposit will be disbursed by Lender Bank to Borrower pursuant to the terms and conditions hereof as if they constituted a portion of the Loan being made hereunder. Borrower agrees upon fifteen (15) days written demand by Lender Bank to deposit with Lender Bank such Borrower's Deposit. Lender Bank agrees that the Borrower's Deposit shall be placed in an interest-bearing accountaccount for the benefit of Borrower."