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.
Appears in 28 contracts
Samples: Construction/Permanent Second Deed of Trust Loan Agreement, Construction/Permanent Second Deed of Trust Loan Agreement, Home Construction/Permanent Loan Agreement
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.
Appears in 3 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement, Construction Loan Agreement
