Common use of Construction Advances Clause in Contracts

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. Subject to the satisfaction of the terms and conditions herein contained, subsequent disbursements of the Loan Additional Disbursements 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 3.2 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 Alpine Valley Project, such Request for Advance shall also be accompanied by the documents called for in Section 2.4 3.3 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 Borrower, or directly to the Construction Contractor construction contractor, or any subcontractor, supplier, laborer or materialman materialman, or (ii) make disbursements through an escrow established by Borrower and Lender for such purpose with the Title Company.