Common use of Conditions Precedent to Loan Closing Clause in Contracts

Conditions Precedent to Loan Closing. 1. THDA shall not be obligated to close the loan evidencing the Assistance Funds until the following conditions are satisfied: a. Evidence satisfactory to THDA, in its sole discretion, that all requirements, terms, covenants, conditions or obligations contained in this Agreement, the Program Description, the Conditional Commitment Letter, the Program Requirements, the Tax Credit Program Requirements, the Restrictive Covenants, the Reservation Notice, the Carryover Allocation Agreement, the First Note, the First Deed of Trust, or any agreement with Private Lender, Syndicator or other person or entity providing funding for the Development that must be met prior to a closing, have been met. b. No change in the amount of Private Financing or Syndicator Equity or, in the event of a reduction in Private Financing or Syndication Equity, evidence satisfactory to THDA, in its sole discretion, that sufficient funds are available from sources other than Assistance Funds to meet the Development Budget set forth in Article I, Section 7 above. c. An agreement, satisfactory to THDA in its sole discretion, between and among THDA, Private Lender and Syndicator, if any. d. Other conditions as THDA deems necessary, in its sole discretion. 2. In connection with the closing of the Loan, the following documents must be fully executed and recorded, if necessary: a. This Agreement b. Assistance Note c. Assistance Deed of Trust d. Owner’s Closing Certificate e. Settlement Statement f. Other documents as THDA may require

Conditions Precedent to Loan Closing. 1. THDA shall not be obligated to close the loan evidencing the Assistance Funds until the following conditions are satisfied: a. Evidence satisfactory to THDA, in its sole discretion, that all requirements, terms, covenants, conditions or obligations contained in this Agreement, the Program Description, the Conditional Commitment Letter, the Program Requirements, the Tax Credit Program Requirements, the Restrictive Covenants, the Reservation Notice, the Carryover Allocation Agreement, the First Note, the First Deed of Trust, or any agreement with Private PrivateSenior Lender, Syndicator [Syndicator/Investor] or other person or entity providing funding for the Development that must be met prior to a closing, have been metmet or will be met simultaneously upon execution of the Agreement. b. No change in the amount of Private PrivateSenior Financing or Syndicator [Syndicator/Investor] Equity or, in the event of a reduction in Private PrivateSenior Financing or Syndication Equity, evidence satisfactory to THDA, in its sole discretion, that sufficient funds are available from sources other than Assistance Funds to meet the Development Budget set forth in Article I, Section 7 above. c. An agreement, satisfactory to THDA in its sole discretion, ,Execution of the Intercreditor Agreement between and among THDA, Private PrivateSenior Lender and [Syndicator/Investor], if any. d. Other conditions as THDA deems necessary, in its sole discretion. 2. In connection with the closing of the Loan, the following documents must be fully executed and recorded, if necessary: a. This Agreement b. Assistance Note c. Assistance Deed of Trust d. Owner’s Closing Certificate e. Settlement Statement Statement f. Other documents as THDA may requirerequire (Collectively, the documents referenced in this Article VII, section 2 are referred to as the “Loan Documents”).

Conditions Precedent to Loan Closing. 1. THDA shall not be obligated to close the loan evidencing the Assistance Funds until the following conditions are satisfied: a. Evidence satisfactory to THDA, in its sole discretion, that all requirements, terms, covenants, conditions or obligations contained in this Agreement, the Program Description, the Conditional Commitment Letter, the Program Requirements, the Tax Credit Program Requirements, the Restrictive Covenants, the Reservation Notice, the Carryover Allocation Agreement, the First Note, the First Deed of Trust, or any agreement with Private LenderSenior Lender, Syndicator [Syndicator/Investor] or other person or entity providing funding for the Development that must be met prior to a closing, have been metmet or will be met simultaneously upon execution of this Agreement. b. No change in the amount of Private FinancingSenior Financing or Syndicator [Syndicator/Investor] Equity or, in the event of a reduction in Private FinancingSenior Financing or Syndication Equity, evidence satisfactory to THDA, in its sole discretion, that sufficient funds are available from sources other than Assistance Funds to meet the Development Budget set forth in Article I, Section 7 above. c. An Execution of the Intercreditor AgreementAn agreement, satisfactory to THDA in its sole discretion, between and among THDA, Private LenderSenior Lender and [Syndicator/Investor], if any. d. Other conditions as THDA deems necessary, in its sole discretion. 2. In connection with the closing of the Loan, the following documents must be fully executed and recorded, if necessary: a. This Agreement b. Assistance Note c. Assistance Deed of Trust d. Owner’s Closing Certificate e. Settlement Statement f. Other documents as THDA may requirerequire (Collectively, the documents referenced in this Article VII, section 2 are referred to as the “Loan Documents”).