Borrower’s Equity Contribution. An amount equal to ten (10%) percent of the total Project Budget (including Direct Construction Costs, Other Project Costs and the Land). If and to the extent the Borrower's Equity Contribution is to include demonstrated equity in the Land (to the extent not being financed with the Loan), the value of such Land shall be mutually agreed upon by Borrower and Lender. In the event that Borrower and Lender cannot agree upon the value of the Land, the value of such Land shall be established by an appraisal performed by an independent M.A.I. certified appraiser who is licensed in the jurisdiction in which the Project is located, has at least 10 years experience in the appraisal of similar types of projects and is otherwise reasonably satisfactory to Lender. If and to the extent Borrower's Equity Contribution includes cash, an amount equal to the amount of each advance of Loan requested shall be irrevocably deposited by Borrower with Lender on or prior to the date of each such Request for Advance until the entire cash portion of the Borrower's Equity Contribution has been deposited with Lender. Such amounts shall be readvanced by Lender to Borrower as the first advances hereunder until exhausted, such that Lender shall advance first and prior to any portion of the Loan, all of Borrower's Equity Contribution against amounts set forth in Requests for Advances. Borrower's Equity Contribution (if cash) shall be deposited by Lender at a bank selected by Lender and held in a separate account in the name of Lender, as escrow agent, which account is and shall remain under Lender's exclusive control and dominion. Lender shall have the right to make withdrawals from and write checks against such account in connection with making advances to Borrower hereunder.
Borrower’s Equity Contribution. The amount of Borrower's Equity Contribution which is required to be advanced pursuant to Section 1.7 shall have been advanced.
Borrower’s Equity Contribution. As defined in Section 2.2(d)(v).
Borrower’s Equity Contribution. The Bank shall have no obligation to make any Advance until such time as the Borrower has paid the first $5,000,000 of the Construction Costs in accordance with the terms hereof. Before making any payment for the Construction Costs, whether to the Contractor or otherwise, the Borrower shall submit to Bank a request to make such a payment (herein referred to as a "Request to Make Payment") which request shall be in the same form as and shall contain all of the same materials as a Request for Advance, or shall be in such other form and contain such information as the Bank may require. Without limiting the foregoing, the provisions of Sections 2.04, 2.05 and 2.06 shall apply to Requests to Make Payment. Bank shall review the request in the same manner as a Request for Advance. As to that portion of the Request to Make Payment which is approved by the Bank, the Borrower shall deliver to the Bank for deposit into Borrower's Account an amount equal to the approved Request to Make Payment and the Borrower shall only use the funds so deposited to pay the approved Request to Make Payments. Only those Requests to Make Payments which have been approved by the Bank shall be applied in calculating whether the Borrower has paid the first $5,000,000 of the Construction Costs.
Borrower’s Equity Contribution. Borrower shall have made Borrower's Equity Contribution (as estimated by Lender and Borrower) and any required Borrower's Deposit, both of which must be made from funds other than proceeds of the Loan.
Borrower’s Equity Contribution. Borrower will demonstrate that it has a minimum of ten percent (10%) investment in the Project at Loan Closing using one of the three following methods:
Borrower’s Equity Contribution. Borrower will provide Lender with a evidence of Borrower’s Equity Contribution, as required under Section 2.2 above.
