Common use of Cash Equity Clause in Contracts

Cash Equity. In addition to any other equity or loan to value requirements Borrower shall have provided evidence reasonably satisfactory to Lender that Borrower has invested cash equity in the Development, as determined by Lender, of not less than fifteen percent (15%) of the “as completed” appraised value of the Development as of the date of the initial advance under the Note. Borrower’s equity in the Mortgaged Property, including without limitation its investment in the offsite infrastructure supporting the Mortgaged Property, shall be included in any calculation of the cash equity required by this Section 4.12.

Cash Equity. In addition to any other equity or loan to value requirements Borrower shall have provided evidence reasonably satisfactory to Lender that Borrower has invested cash equity in the Development, as determined by Lender, of not less than fifteen percent (15%) of the “as completed” appraised value of the Development as of the date of the initial advance under the Note. Borrower’s equity in the Mortgaged Property, including without limitation its investment in the offsite infrastructure supporting the Mortgaged Property, shall be included in any calculation of the cash equity required by this Section 4.12.