Construction Loans Sample Clauses
Construction Loans. The Limited Partner shall upon request be advised in detail by the General Partner of the terms of any construction loan being obtained for the Property.
Construction Loans. No Mortgage Loan was made in connection with (i) the construction or rehabilitation of a Mortgaged Property or (ii) facilitating the trade-in or exchange of a Mortgaged Property other than a construction-to-permanent loan which has converted to a permanent Mortgage Loan;
Construction Loans. (a) Subject to the satisfaction of the conditions precedent set forth in Section 3.1 and Section 3.2 and upon the terms and conditions set forth herein, each Lender severally and not jointly agrees to make certain construction loans (the “Construction Loans”) to the Borrower, from time to time during the Construction Loan Availability Period, in an aggregate amount up to the aggregate principal amount of the Construction Loan Commitments; provided, however, that the aggregate principal amount of the Construction Loans funded by each Lender shall not exceed the Construction Loan Commitment of such Lender. Once repaid or prepaid under the terms of this Agreement, the Construction Loans may not be reborrowed.
(b) The Construction Loan Commitment shall expire, and each Construction Loan shall either be converted to a Term Loan, upon satisfaction of the terms and conditions set forth herein, or mature and be due and payable, on the Construction Loan Maturity Date, without further action on the part of any Lender or the Administrative Agent.
(c) Subject to the satisfaction of the conditions precedent set forth in Section 3.3 and upon the terms and conditions set forth herein, each Lender severally and not jointly agrees on the Term Conversion Date to convert the Construction Loans of such Lender outstanding on such date to term loans (collectively, “Term Loans”), after giving effect to any prepayment of Construction Loans made on or before such date pursuant to the terms of this Agreement. The aggregate principal amount of the Term Loans of each Lender shall not exceed the Term Loan Commitment of such Lender. Each Term Loan shall mature and be due and payable on the Final Maturity Date, without further action on the part of any Lender or the Administrative Agent. Once repaid or prepaid under the terms of this Agreement, Term Loans may not be reborrowed. Construction Loans converted into Term Loans shall not be deemed to be repaid or discharged, but shall be deemed to be continued as Term Loans as provided herein.
(d) The Term Loans shall be repaid by the Borrower, without premium or penalty, in the amounts and on the Payment Dates set forth in Schedule 2.1(a). Any remaining amounts outstanding shall be due and payable on the Final Maturity Date.
(e) Except as provided by Section 2.8(c) and Section 2.16, any Term Loan may, from time to time, be Eurodollar Loans or Base Rate Loans as determined by the Borrower who shall notify the Administrative Agent in accordanc...
Construction Loans. 17.1 If your loan is a construction loan, then we’ll progressively lend you the amount of credit through progress payments. The time and amount of the payments will be in accordance with the builder’s progress payment schedule that you provide to us, or as otherwise determined by us acting reasonably. Payments will normally be made directly to the builder, subject to us holding a progress payment authority from you.
17.2 Progress payments are only made at our discretion, and will only be made after we’ve received all documents and approvals in a form satisfactory to us.
17.3 You must undertake the construction in accordance with any special conditions in the loan agreement.
17.4 You must advise us immediately if your builder requests a progress payment that is to be made by us.
17.5 Unless otherwise agreed by us, you must use a licensed builder.
17.6 The construction works must only be built on the property for which the works have been formally approved and in accordance with applicable laws, and the requirements of any entity responsible for administering those laws.
17.7 Within 12 months (or longer if we both agree) of the date you enter into this contract you must complete the construction works specified in the plans and specifications you provided to us.
17.8 If the amount of credit payable to your builder stated in the contract is less than the full construction cost detailed in your construction contract then the difference that you’re contributing is what we call the customer contribution amount. Before we advance any loan funds to the builder we require evidence satisfactory to us that you’ve paid the customer contribution amount in full.
17.9 If you vary your construction contract in a way that increases the customer contribution amount, you’ll need to pay the shortfall immediately and provide us with evidence that you have.
17.10 You must not begin construction until all our requirements for the first progress payment are met (see clause 17.11) and we tell you that you can start construction.
17.11 We won’t make the first progress payment available unless:
(a) your builder has builders’ insurance for the construction work for its full insurable value, which covers the period until completion, and (unless we allow otherwise) is expressed to insure our security interest. You agree to provide proof of the insurance to us when we request it
(b) you provide us with a certificate from the relevant authority proving that your builder is licensed
(c) y...
Construction Loans. (a) In the event that any portion of the Loans is to be used by the Company or any Subsidiary to finance the construction of Health Care Facilities, the Company will monitor such construction to insure that all approvals, consents, waivers, orders, agreements, acknowledgments, authorizations, permits and licenses required under any law, ordinance, code, order, rule or regulation of any Governmental Authority, or under the terms of any restriction, covenant or easement affecting the construction project, or otherwise necessary, for the ownership and acquisition of the subject properties and the improvements thereon, the construction and equipping of the improvements being constructed on the subject properties, and the use, occupancy and operation of the construction project as a Health Care Facility following completion of construction of the improvements on the subject property, have been obtained, whether from a Governmental Authority or other Person. Further, the Company will give notice to the Agent and each of the Lenders immediately after becoming aware that any construction project will likely not be completed in a timely manner or on budget. The Company shall from time to time deliver such further information and take such further action as may be reasonably requested by the Agent or any Lender to effect the purposes of this Section 5.27.
(b) The Company will not permit at any time the aggregate outstanding principal amount of all Construction Loans made by the Company and its Subsidiaries to exceed 15% of Total Asset Value (measured as of the most recently ended fiscal period for which a compliance certificate has been delivered pursuant to Section 5.3(d)). In no event may the Company or any Subsidiary provide any Construction Loans to any Person except on a full recourse basis to an owner or operator of a domestic (United States) Health Care Facility and except upon using the Company’s commercially reasonable efforts to obtain the agreement and consent of such Person to provide its quarterly and annual balance sheets and income statements to the Company for delivery to the Agent and each Lender.
Construction Loans. What does this clause apply to? 3 Construction loans We’ll only lend up to the loan to value ratio (as calculated by us) in your letter of offer. Your progress payment schedule is set out in your building contract.
(a) We won’t make a progress payment until we receive a signed progress payment request from you and you have met all the conditions set out in your letter of offer. You’ll need to send us the builder’s invoice so we can pay the builder, and complete the authorisation form instructing us to make the payment. Our valuer will also need to confirm to us that the building work has been done.
(b) Your loan can only be used to construct or purchase the land, and construct the building. We may allow you to use it for other purposes if: • you complete a progress payment request: – signed by the builder with details of the invoiced works; and – stating you’re satisfied with the work carried out and the cost; • our assessor certifies they’re satisfied with the claim on progress payment, variation to the building, progress and cost of the works.
(c) At no time should the cost to complete the works ever exceed the unused portion of the overall loan balance.
(d) Before we make the final progress payment, you must give us: • an original policy of insurance for the full insurable value of the improvements on a replacement and reinstatement basis noting HSBC as first mortgagee; and • a certificate from the local authority of satisfactory completion (where applicable).
(a) We must approve any changes to the building contract: • which increase the total contract price by 10% or more; or • replacing the specified builder.
(b) You consent to us or our agents having access to the property when reasonably required to perform inspections.
(c) You must ensure that all building works are: • completed to the specifications and within the agreed period; and • carried out in accordance with the: – council’s building approval and conditions; – council’s approved plans including engineering details; and – specifications for the proposed dwellings, you’re required to provide to us. We must agree to any changes to these approvals, plans or specifications.
(d) Our assessor must carry out a final inspection on completion to confirm: • the building works have been completed in accordance with the approved plans and specifications; and • the current market value of the property. Once you’ve drawn on your loan, you can only ask us to terminate your liability as a joint borrower if ...
Construction Loans. The obligation of each Lender to make available Construction Loans on any Borrowing Date, including the Closing Date, shall be subject to the fulfillment of, or waiver in the discretion of the Majority Lenders, of each of the following conditions precedent, together with the conditions as set forth in Section 4.3:
Construction Loans. Unless otherwise expressly provided herein or in the Depositary Agreement, Borrower shall on-lend or contribute the proceeds of all Construction Loans to the applicable Approved Project Company (directly or through the applicable Approved Intermediate Holding Companies) (provided that the proceeds of Construction Loans to be used to pay Project Costs for the Athens Project pursuant to the Building Loan Agreement shall be on-lent directly by Borrower to Athens Generating Company, L.P.); provided, however, that (i) Borrower may use the proceeds of Construction Loans borrowed on an Initial Credit Event Date or on the Adjustment Date to make payments to NEG in respect of In Kind Equity Contributions made or caused to be made by Borrower with respect to an Approved Project pursuant to Section 3.15.2 so long as the conditions precedent set forth in Section 3.9 are satisfied as of the date on which such Construction Loans are made, and (ii) Borrower may use the proceeds of Construction Loans borrowed on the Last Completion Date, (A) first, in the event an Inchoate NEG Downgrade Event shall have occurred prior to such date, to make payments to NEG in respect of Equity Contributions made or caused to be made by Borrower with respect to an Approved Project pursuant to the proviso contained in clause (i) of Section 3.15.1(a), and (B) thereafter, to reimburse NEG for payments made under the NEG EPC Guaranties to pay Project Costs for Approved Projects, so long as, in each case, the conditions precedent set forth in Section 3.10 are satisfied as of the date on which such Construction Loans are made.
Construction Loans. Secured loans from time to time made by the Company to various borrowers the proceeds of which are designated for the construction of Health Care Facilities or for the acquisition of real estate and the construction thereon of Health Care Facilities.
Construction Loans. What happens when you are in default