Construction Advance Clause Samples

Construction Advance. Any advance of the proceeds of the Loan by Lender to Borrower or on behalf of Borrower to payoff amounts disbursed under the Construction Loan for various construction projects upon their completion.

Construction Advance. The term “Construction Advance” shall mean each Advance related to the construction of the New Improvements.

Construction Advance. Each Advance made by Lender hereunder following satisfaction of the conditions precedent set forth in Section 2 of Schedule 4.1 ------------ hereof. Construction Contract. Shall have the meaning ascribed to such term in Schedule 4.1 hereof. ------------ Construction Schedule. The schedule relating to the time frame for construction of the Resort Improvements approved by Lender. The preliminary Construction Schedule for the Project is attached hereto as Exhibit D, which --------- Construction Schedule is subject to Lender's further review, verification and approval in accordance with Schedule 4.1 hereof. ------------ Deed of Trust. That certain Deed of Trust, Assignment and Security Agreement from Borrower, as grantor, to the Trustee named therein, in trust, for the benefit of Lender, as same may from time to time be renewed, amended, restated or replaced. Default Rate. A per annum rate of interest equal to the Interest Rate plus four percent (4%).

Construction Advance. 1 1.5 Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.6

Construction Advance. The Tenant's Work is to be constructed by Tenant's Contractor in accordance with this Exhibit "C". Landlord shall pay to Tenant's Contractor (or advance to Tenant for payment to Tenant's Contractor) Twelve Dollars per square foot of the Premises for a total of $777,600.00 as a tenant improvement allowance (the "Allowance"). No portion of the Allowance will be payable by Landlord until Tenant has first paid (and Landlord has received evidence of such payment) that portion of the Final Tenant Improvement Cost which exceeds the amount of the Allowance (the "Excess Cost"). Once the Excess Cost has been paid by Tenant, the Allowance will be disbursed as follows: i. Tenant will cause the Tenant's Contractor to provide a payment application no later than the 5th day of each month for work that is completed the preceding month. Tenant's Contractor's payment application will stipulate the percentage of completion of work by each trade on a line-item-line-item basis. A retention totaling 10% of the total payment application will be withheld on each payment application. ii. Space Planner will review and approve Tenant's Contractor's payment application and will submit to Tenant for processing. iii. Following payment of the Excess Cost, Tenant will submit the approved payment application to Landlord for payment. Landlord will have no obligation to pay any amount in excess of the Allowance, and any such excess cost will be Tenant's sole responsibility. Landlord will (if it approves of such payment application) make payment to Tenant within 15 business days of receipt of the approved payment application along with all appropriate back-up documentation (including releases) requested by Landlord. iv. Tenant shall be responsible to obtain unconditional lien releases upon progress payments for all payments that are made throughout the course of the project, as well as conditional lien releases to accompany each payment application. v. The final payment from Landlord to Tenant that covers the billing for all retention amounts withheld during the project will be made subject to the satisfaction of the following conditions: 8.1 Contractor has substantially completed the Tenant's Work in accordance with the approved Plans. 8.2 A notice of completion has been properly recorded for Tenant's Work, and 35 days have expired since the timely recordation of such notice of completion without the filing of any liens.

Construction Advance. Request Forms ---------