Construction Work and Materials Clause Samples

Construction Work and Materials. Loan disbursements for construction work, materials and other "hard costs" shall initially be made on the basis of fifty percent (50%) of the value of the work and material then in place on the Improvements and materials acquired and stored on site in a manner reasonably satisfactory to the City, minus the amount of all previous Loan disbursements (including those for "hard" and "soft" costs). When Borrower’s construction loan is expended ($60,000 per unit), Loan disbursements for construction work, materials and other "hard costs" shall be made on the basis of ninety-five percent (95%) of the value of the work and material then in place on the Improvements and materials acquired and stored on site in a manner reasonably satisfactory to the City, minus the amount of all previous Loan disbursements (including those for "hard" and "soft" costs). As part of the loan disbursement process, Borrow is to include in its loan disbursement request, weekly certified payroll reports and the City of Durham subcontractor monthly record of payment report. The required forms will be provided by the City of Durham.