Construction Financing. Tenant shall be solely responsible for procuring and obtaining any new line of credit or asset-level construction financing which Tenant requires in connection with the Redevelopment of the Property, and Tenant shall have the right to grant one or more leasehold mortgages encumbering its leasehold interest in the Property in accordance with the terms of Section 14. The Parties agree that this Lease and the Redevelopment contemplated hereunder shall not require a construction-related completion bond.
Construction Financing. The Owner shall have received construction financing in the full amount of the Contract Price by October 1, 1997.
Construction Financing. “Construction Financing” means any loan or other borrowings by the Company, in accordance with the Development Plan, for the predevelopment and/or development of the Project, which is secured, in whole or in part, by Company Assets. 1.29
Construction Financing. Bluerock shall use commercially reasonable efforts to obtain a construction loan for the Company from a construction lender reasonably acceptable to ArchCo (the “Construction Lender”) at prevailing rates and terms (the “Construction Loan”). If the Company is required to provide some form of credit enhancement to the Construction Lender in order to secure the Construction Loan (a “Construction Loan Guarantee”), Bluerock shall guarantee payment of the Construction Loan or provide such other form of credit enhancement requested by the Construction Lender and reasonably acceptable to Bluerock. If required by the Construction Lender, Bluerock shall also provide the Construction Lender with a completion guarantee reasonably acceptable to Bluerock (the “Completion Guarantee;” and collectively with any Construction Loan Guarantee, the “Bluerock Guaranties”), guaranteeing that the Property will be completed within the estimated time frame and estimated project cost set forth in the Construction Loan documents.
Construction Financing. Developer shall have obtained, and the City shall have approved, Construction Financing for the Residential Component as provided in Section 311.1 hereof, and such Construction Financing shall have closed and funded or be ready to close and fund upon the First Closing.
Construction Financing. City shall have approved, which approval shall not be unreasonably withheld, conditioned or delayed, (i) the Preliminary Evidence of Financing for the Project, and (ii) if Developer will be obtaining financing from a third-party source not affiliated with Developer (as opposed to internal financing which requires an unconditional written commitment to provide such funding), the documents evidencing such Construction Financing (if any) to confirm that such Construction Financing (if any) contains substantially similar terms as the Preliminary Evidence of Financing. Such Construction Financing (if any) for the Project shall be on substantially similar terms as the approved Preliminary Evidence of Financing unless otherwise approved by City, which approval shall not be unreasonably withheld, conditioned or delayed, and any third-party debt portion of such Construction Financing (if any) shall record and begin funding concurrently with the Closing and the Developer or Affiliate provides written evidence of the commitment to construct consistent with this Agreement.
Construction Financing. The City shall have approved, which approval shall not be unreasonably withheld, the Preliminary Evidence of Financing for the Improvements. City shall also have approved the loan documents to confirm that the Construction Financing shall contain substantially similar terms as the Preliminary Evidence of Financing. The Construction Financing for the Improvements shall be on substantially similar terms as the approved Preliminary Evidence of Financing unless approved by City, which approval shall not be unreasonably withheld, and such Construction Financing shall be ready to record and fund concurrently with the Closing.
Construction Financing. The Managing Venturer, in consultation and cooperation with the Non-Managing Venturer, shall use all commercially reasonable efforts to obtain committed Construction Financing as promptly as commercially reasonable in an amount up to $621,000,000 plus the amount of additional indebtedness, if any, allowed or reasonably anticipated by Managing Venturer to be allowed pursuant to the third sentence of this Section 4.1 on the most favorable terms available to the Joint Venture. The Managing Venturer shall have the responsibility and authority for the negotiation, structuring and documentation of the Construction Financing. Without the approval of each Venturer, the outstanding principal amount of the Construction Financing shall not exceed 60% of the total Project Costs; provided, however, that (i) if the weighted average interest rate accrued on such indebtedness during the period beginning on the day on which the first draw on such indebtedness is made and ending on the day before the day on which the Facility opens to the general public (the "Construction Period") exceeds 10.0% per annum, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs and/or may be increased by an amount equal to 100% of the difference between (A) the interest accrued on such indebtedness during the Construction Period and (B) the interest which would have accrued on such indebtedness during the Construction Period if such weighted average interest rate had been 10.0% per annum; (ii) without double counting, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs and/or may increased by the amount of Excess Government Improvement Costs, if any; (iii) the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs and/or may be increased by the actual amount of the Joint Venture's costs of creating and implementing the Jobs and Business Opportunities Program; and (iv) if acceptable to the provider of Construction Financing, if the Joint Venturers defer a portion of their respective capital contribution obligations by providing a standby letter of credit pursuant to the terms of Section 3.3(a) hereof, and if the actual total Project Costs are less than $1,035,000,000, the outstanding principal amount of Construction Financing may exceed 60% of the total Project Costs by the amount of capital contributions so deferred. In any event, without the approval of eac...
Construction Financing. In the event Seller transfers title to Buyer to permit implementation of a construction loan by Xxxxx, then Buyer shall cooperate fully in securing and making disbursements from such financing and shall execute a Quit Claim Deed to Seller to be held by Seller until closing and returned canceled to Buyer, or recorded by Seller upon cancellation of this Contract and refunding to Buyer of all payments made by Buyer upon this Contract and to lender in connection with the related financing. In such event Seller shall pay all indebtedness of Buyer upon such loan at the time of cancellation of this Contract. Seller: Buyer: URBAN LEAGUE OF CHAMPAIGN COUNTY DEVELOPMENT CORP. By: By: By: Date: Date: ADDENDUM TO URBAN LEAGUE OF CHAMPAIGN COUNTY DEVELOPMENT CORPORATION HOMEOWNERSHIP PROGRAM RESIDENTIAL PROPERTY SALES CONTRACT BUYER: PROPERTY ADDRESS: Legal Description:
Construction Financing. Developer shall close on Developer’s construction financing, if applicable, before requesting any draws under this Agreement.
