Common use of Commencement of Permanent Phase Clause in Contracts

Commencement of Permanent Phase. Provided all of the requirements and conditions set forth in Section 5.1 have been met and the Borrower has properly exercised the option to convert the Loan to a Permanent Loan in the manner and at a time permitted under Section 5.2, then the Permanent Phase shall commence on the Construction Loan Maturity Date.

Commencement of Permanent Phase. Provided all of the requirements and conditions set forth in Section 5.1 have been met and the Borrower has properly exercised the option to convert the Loan to a Permanent Loan in the manner and at a time permitted under Section 5.2, then the Permanent Phase shall commence on the Construction Loan Phase Maturity Date.