Common use of Construction Loans Clause in Contracts

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. Except for Construction to Permanent Loans, no Mortgage Loan was made in connection with the construction or rehabilitation of a Mortgaged Property. No Mortgage Loan was made in connection with (i) the construction or rehabilitation of facilitating 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 LoanProperty;