Construction Advances. Subject to the satisfaction of the terms and conditions herein contained, subsequent disbursements of the Loan will be made monthly by Lender to Borrower, it being understood that in no event shall Lender be required to make more than one (1) disbursement in a calendar month. As a condition to making each advance hereunder, Lender shall be given a Request for Advance satisfying the requirements set forth in Section 2.3 hereof at least ten (10) banking business days prior to the anticipated date of the disbursement of funds. With respect to the final advance for the Project, such Request for Advance shall also be accompanied by the documents called for in Section 2.4 hereof. Each advance hereunder shall be made at the office of Lender at its address specified in Section 8.7. Lender, at its option, may (i) disburse funds directly to Borrower or directly to the Construction Contractor or any subcontractor, supplier, laborer or materialman or (ii) make disbursements through an escrow established by Borrower and Lender for such purpose with the Title Company.
Construction Advances. Construction Advances" means actual advances of funds made by or on behalf of Landlord pursuant to Paragraph 6.(a)(i) below for costs incurred to construct the Designated Improvements or for property taxes and assessments assessed against the Leased Property paid prior to the Last Advance Date. (aa)
Construction Advances. The obligation of Lender to make the Advances of the Building Loan after the Initial Advance shall be subject to the following conditions precedent (collectively, the “Construction Advance Conditions”), all of which conditions precedent must be satisfied prior to Lender making any such Advance:
Construction Advances. Each Construction Advance (including the initial Construction Advance) shall be subject to satisfaction of the following conditions:
(a) At least ten (10) Business Days prior to the date of any Construction Advance, the Borrower shall have delivered to Administrative Agent the following documentation (collectively referred to herein as the “Application”): (i) a completed and executed Disbursement Request, (ii) completed and executed American Institute of Architects (AIA) Forms G702 and G703 (or other forms acceptable to Administrative Agent) and lien waivers and such other waivers and affidavits as may be required by the Title Insurer in order to issue the endorsement described in clause (d) below from Contractor and each subcontractor seeking payment for work performed, and (iii) copies of invoices, cancelled checks, contracts, bills, change orders, and other statements and information as may be requested by Administrative Agent;
(b) All Improvements to and including the stage represented in the current Application shall have been completed in substantial accordance with the Plans, and the Borrower is in all material respects meeting the dates set forth in the Construction Completion Schedule and completion of the Project anticipated on or before the Acceptance Date;
(c) Administrative Agent or Consultant shall have reviewed each Disbursement Request and shall have determined (which determination shall not be unreasonably withheld or delayed) that (i) such Disbursement Request is approved for payment and that all work described in or covered by such Disbursement Request has been performed in accordance with the Plans, and (ii) all materials covered by the Disbursement Request have been incorporated into the Improvements or adequately stored and insured on or off the Land in the manner required by this Rider;
(d) Administrative Agent shall have received, at the Borrower’s expense, an endorsement to the Title Policy insuring the priority of the lien of the Mortgage on the Real Property with respect to such disbursement and indicating that no intervening liens exist against the Project;
(e) Upon request, the Borrower shall deliver a foundation survey to Administrative Agent after the footings and foundation of the Improvements are in place, which survey shall show the location of the foundations of the Improvements on the Land with relation to the boundary lines of the Land and all easements and set-back lines and shall be prepared by a registered engineer w...
Construction Advances. Certificate Trustee shall establish and maintain at Shawmut Bank Connecticut, National Association, in Hartford, Connecticut, or at such other place as Certificate Trustee shall designate by written notice to Lessee and the Participants, a deposit account in the name of Certificate Trustee into which any Advances made in order to fund any portion of the cost of constructing Equipment shall be directly paid. All such funds placed in such deposit account shall at all times be for the account of Construction Agent. Certificate Trustee hereby grants Construction Agent a power of attorney, which shall be effective so long as no Lease Event of Default exists, to withdraw funds from such account for the performance of its agency duties under the Lease. Neither Certificate Trustee nor either Agent shall account for or inquire into Construction Agent's use of funds so withdrawn from the deposit account.
Construction Advances. If one of the purposes in a Request for Loan Advance is for construction, the following additional conditions precedent shall be applicable:
Construction Advances. Borrower hereby represents and warrants that all construction contemplated by the Original Loan Agreement has been completed in full (subject to punchlist items) and acknowledges and agrees that Administrative Agent, the Original Lenders, and the L/C Issuer, have fully performed and satisfied all of their obligations relating to the making of construction advances under the Original Loan Agreement and all of their other obligations relating to the construction of the Improvements contemplated by the Original Loan Agreement as set forth therein. Borrower agrees that Lenders have no further obligations to make any advances of loan proceeds (other than the advance of the Future Advance Loan subject to the terms of this Modification Agreement and the other Loan Modification Documents). Borrower hereby acknowledges and agrees that the L/C Issuer has no further obligation to provide Borrower with any Letter of Credit, cash bond or other similar extensions of credit arising under the Original Loan Agreement.
Construction Advances. Provided that Borrower is otherwise not in violation of any term or provision of the Loan Documents, Borrower shall be entitled to receive Advances for the construction of the New Improvements, up to twice monthly, in accordance with the following procedures and subject to the satisfaction of the following conditions:
(a) The Borrower shall deliver to Lender a fully executed Disbursement Agreement and an Application for Advance that has been prepared in accordance with the Disbursement Agreement. The Application for Advance shall have appended thereto all mechanics and materialmen’s lien waivers and copies of all invoices for which payment is being sought, all in accordance with the Disbursement Agreement;
(b) The Application for Advance shall request an Advance that does not exceed ninety percent (90%) of the total value of all invoices for which payment is being sought (provided, however, that no retainage will be required or withheld for (i) materials, (ii) payments to subcontractors whose work has been completed and who have furnished a final lien waiver and release, or (iii) fees and other amounts due and owing to (a) the Contractor under the Construction Contract, (b) Campus Crest Group, LLC under that certain Development Agreement by and between Borrower and Campus Crest Group, LLC, dated as of the date hereof and (c) The Grove Student Properties, LLC under that certain Property Management Agreement by and between Borrower and The Grove Student Properties, LLC, dated as of the date hereof).
(c) Lender shall have three (3) business days after receipt of an Application for Advance within which to conduct inspections and/or have the Project Inspector to satisfy itself that the work covered by the Application for Advance has been or is being accomplished in a satisfactory manner. Lender shall deliver written objections to any Application for Advance within said three (3) business day period or Lender shall be deemed to have approved such Application. If all conditions precedent to the requested construction Advance have been complied with to the reasonable satisfaction of Lender and the Title Company, Lender shall advance the amount set forth in such Application for Advance, at its discretion, either directly to Borrower or through the Title Company within said three (3) day period. Each construction Advance made pursuant to an Application for Advance for payment of any other items set forth in the Approved Budget shall be advanced to Borrower or throug...
Construction Advances. Subject to the provisions of this Agreement, from time to time as work on the Project progresses, Lender shall make Construction Advances to Borrower, in an aggregate principal amount not to exceed the Budget, in the amounts specified in Section 8.4, for the purpose of paying Construction Costs and Non-Construction Costs incurred in connection with the Project. Borrower agrees that all Construction Advances will be made by such means as Lender may from time to time designate; provided, however, that Lender shall not be required to see to the proper application of any such Construction Advance and shall not incur any liability for any failure of such proper application. Further, following an Event of Default and for so long as such Event of Default remains uncured (if cure thereof is accepted by Lender), Lender reserves the right to disburse Construction Advances directly to contractors and subcontractors and no further direction or authorization from Borrower shall be necessary following an Event of Default to warrant disbursement directly to the contractors and subcontractors, and all disbursements to the contractors and subcontractors shall satisfy pro tanto the obligations of Lender hereunder. As a condition precedent to the Initial Construction Disbursement, Borrower shall furnish to Lender a complete construction schedule and a current trade cost breakdown, itemized as to trade items, trade descriptions.
Construction Advances. The amount of all advances made by Seller and/or its affiliates, as of Closing, toward the Cost of Completion.
