Construction Loan Advances. Construction Loan advances shall not exceed the lesser of (i) sixty-seven percent (67%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the Acquisition Loan allocated to the Unit, (ii) seventy-five percent (75%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the Acquisition Loan allocated to the Unit, and (iii) one hundred percent (100%) of the actual costs to construct the Unit. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $3,500,000.
Construction Loan Advances. (a) Subject to Section 3.1(c) hereof, provided no monetary Default or Event of Default shall have occurred and be continuing and subject to the terms and conditions of this Agreement, the Construction Loan shall be advanced to or for the account of Borrowers in Construction Loan Advances made in accordance with Section 3.6 hereof.
Construction Loan Advances. Lender will fund disbursements under this Agreement in accordance with the terms and conditions of the Loan Documents. Upon receipt of a Disbursement Request and satisfaction of the conditions set forth in Section 5, Lender shall make disbursements of the Construction Loan to Lake District. The aggregate amount of disbursements shall not exceed the Construction Loan Amount. Amounts repaid with respect to the Construction Loan may not be reborrowed. Each Disbursement Request must be submitted to Lender by Lake District at least ten (10) Business Days prior to the date of the requested Construction Loan disbursement. Each Disbursement Request shall provide a detailed description of the uses of the proceeds of such disbursement, which uses shall be consistent with the Budget. Lender will have no obligation to make more than one (1) disbursement of the Construction Loan each month and each disbursement shall not be less than $250,000. Notwithstanding anything contained herein to the contrary, each advance shall be made in the sole discretion of Lender.
Construction Loan Advances. 4.1 With respect to the Construction Loan Advances, the following provisions of this Article 4 and the other provisions of this Agreement, excluding articles 3 and 5, shall apply.
Construction Loan Advances. Construction Loan advances for Units to be constructed on the Spring Ridge Lots shall not exceed the lesser of (i) sixty-five percent (65%) of the “as-if completed” appraised value of a Unit on a gross sale price basis when added to the committed amount under the A&D Loan allocated to the Unit, (ii) seventy percent (70%) of the “as-if completed” appraised value of a Unit on a discounted cash flow basis when added to the committed amount under the A&D Loan allocated to the Unit, or (iii) one hundred percent (100%) of the actual construction costs of the finished Unit on a percentage of completion basis. Construction Loan advances for Units to be constructed on the Emerald Farm Lots shall not exceed the lesser of (x) fifty-five percent (55%) of the “as-if completed” appraised value of a Unit on a gross sale price basis, or (y) one hundred percent (100%) of the actual construction costs of the finished Unit on a percentage of completion basis. The maximum amount of construction advances that may be outstanding at any one time during the term of the Construction Line shall not exceed $2,760,000.
Construction Loan Advances. In addition to the provisions of this Section 3, any Advance for proceeds of the Construction Loan Tranche must comply with the terms and conditions of Construction Loan Addendum attached hereto as Addendum 4.
Construction Loan Advances. Subject to compliance by Company with the terms and conditions of this Agreement, Lender shall make advances under a Construction Note to Company according to the applicable Loan Budget for the Project financed with the Construction Note (i) for direct construction costs provided for in the Project Budget incurred by Company in connection with the construction of the Project, and (ii) for costs, other than such direct construction costs, incurred by Company in connection with the Construction Advance or the construction of the Project and approved by Lender in the Loan Budget (hereinafter referred to as "Other Project Costs"), as itemized in an Application for Certificate for Payment, AIA Document G702, together with continuation sheets, AIA Document G703, as the same may be revised from time to time after the date hereof with the approval of Lender. Loan Budget shall mean the budget for the Construction Advance proceeds approved by Lender and otherwise in form, detail and substance satisfactory to Lender. Lender shall not be required to make an advance under a Construction Note to Company in an amount in excess of that set forth in the Loan Budget for any item set forth therein. The Loan Budget may be amended during the course of construction
Construction Loan Advances. The Bank agrees to make advances to the Borrower from time to time on any Business Day in accordance with the provisions of this Article III up to the Construction Loan Commitment. The credit advice resulting from the deposit of the proceeds of any disbursement in the Borrower's construction account with the Bank or the Bank's copy of any cashier's check representing all or any part of the proceeds or a disbursement shall be deemed prima facie evidence of the obligation of the Borrower to the Bank on the Construction Loan.
