Development Loan. The term “
Development Loan. It is the intention of the Members and the Company to secure a Development Loan which will cover all or substantially all of the anticipated Budgeted Development Costs ("Development Loan"). The Development Loan may take the form of traditional bank construction financing, a "mini-perm" construction/permanent loan, or other comparable financing. It will be the responsibility of Legacy to take the lead role in connection with locating the Development Loan for the Project and it will be the responsibility of CV to assist Legacy in the preparation of all loan packages and submissions in connection therewith. In conjunction with securing the Development Loan, to the extent required by the applicable lender under the Development Loan ("Lender"):
(i) Legacy hereby agrees to and shall execute and deliver to the Lender any and all guarantees of the financial obligations of the Company under the Development Loan; and (ii) CV hereby agrees to and shall execute and deliver, and shall also cause Xxxxxxx X. Xxxx, Xx., and S. Xxxxxxx Xxxxxx to execute and deliver, to the Lender, any and all completion guarantees required by Lender in conjunction with the Development Loan. Notwithstanding the foregoing: (A) in no event shall Legacy or any Legacy Affiliate be required to furnish any completion guarantees required in conjunction with the Development Loan, other than the financial guarantees contemplated in Section 4.1(i) above; and (B) in no event shall CV, Xxxxxxx X. Xxxx, Xx., nor S. Xxxxxxx Xxxxxx be required to furnish any guarantees of the financial obligations of the Company under the Development Loan, other than the completion guarantees contemplated in Section 4.1(ii) above. In the event Legacy is required to furnish any guaranty with respect to the financial obligations of the Company under the Development Loan, Legacy shall be entitled to receive the Guaranty Fee set forth in Section 8.13.2 hereof. The Members acknowledge and agree that: (Y) as of the date of this Agreement, Phase I has been substantially completed and is generally open for business; (Z) in lieu of a Development Loan, the Members elected to construct and develop Phase I and Legacy agreed to pay all Demolition Costs, Pre-Development Expenses and Development Costs incurred in connection therewith, as more fully described in Sections 5.1 and 5.2 below. Based on the foregoing, with respect to Phase I only, neither CV, Xxxxxxx X. Xxxx, Xx., nor S. Xxxxxxx Xxxxxx shall have any obligation to furnish the...
Development Loan. (a) Lakes has made certain pre-development and development advances to the Tribe, and, as of November 22, 2011, the total aggregate principal advanced and accrued interest thereon as of the Effective Date (the “Development Advance Amount”) is $2,622,613.62 in principal and $55,681.37 in accrued interest.
(b) The Tribe and the Authority (i) acknowledge and hereby assume this indebtedness, and are accordingly indebted to Lakes (as agent for itself and any Affiliate of Lakes) for the Development Advance Amount, without defense, offset or counterclaim, (ii) acknowledge that the Development Advance Amount will be payable to Lakes pursuant to the terms of this Agreement, and (iii) acknowledge that the principal portion of the Development Advance Amount has accrued interest from the date advanced a rate per annum equal to the Applicable Federal Rate through the Opening Date, such rate adjusted monthly and determined on the first business day of each month, and shall accrue interest from the Opening Date until the Development Loan is fully repaid at a rate per annum equal to the Prime Rate plus two percent (2%), such rate adjusted monthly and determined on the first business day of each month.
(c) Subject to Section 2.5(h), Lakes shall make (or cause to be made) additional pre-development and development advances to the Tribe or the Authority as approved and detailed in the Initial Pre-Development Budget including any amendments to the Initial Pre-Development Budget and any subsequently approved Pre-Development Budget; however, Lakes is not obligated to make any additional development advances to the Tribe other than the amounts set forth in the Initial Pre-Development Budget, not to exceed $6,595,697.48 in total. The additional advances when added to the principal amount of the Development Advance Amount is collectively being referred to herein as the “Development Loan”.
(d) The Development Loan shall be evidenced by a promissory note prepared by Lakes, substantially in the form attached as Exhibit E to this Agreement, as the same may be amended from time to time (the “Development Loan Note”), executed on behalf of the Tribe and the Authority, and dated the date hereof, to be payable from and secured by the Collateral.
(e) With respect to the Development Loan Note:
(i) interest shall continue to accrue on the unpaid principal amount of the Development Loan Note at the rate per annum determined on a monthly basis pursuant to Section 2.5(b) above;
(ii) unless the D...
Development Loan. (a) Subject to the terms and conditions set forth in this Agreement, EIF agrees to make a loan to Borrower (the "Chevron Financing") in the principal amount of up to Eight Million Two Hundred Sixteen Thousand Two Hundred Fifty Dollars ($8,216,250) for the following purposes:
(i) up to One Million Five Hundred Forty-One Thousand Two Hundred Fifty Dollars ($1,541,250) to finance cost of drilling and completing the first well (Well #6) on the Chevron Properties;
(ii) up to One Million Three Hundred Seventy Thousand Dollars ($1,370,000) to be funded into escrow, to drill and complete the second well on the Chevron Properties;
(iii) up to Two Hundred Thousand Dollars ($200,000) to provide Borrower with working capital;
(iv) up to Two Hundred Thousand Dollars ($200,000) to pay EIF's costs and expenses;
(v) up to One Hundred Fifty-Five Thousand Dollars ($155,000) to pay for insurance costs; and
(vi) up to Four Million Seven Hundred Fifty Thousand Dollars ($4,750,000) to finance the drilling of additional wellx xx the Chevron Properties.
(b) Subject to the terms and conditions set forth in this Agreement, EIF agrees to make additional loans to Borrower ("Additional Financings") in the aggregate principal amount of up to Eleven Million Seven Hundred Eighty-Three Thousand Seven Hundred Fifty Dollars ($11,783,750) to finance costs relating to Borrower's obligations under the Proposed Oil and Gas Agreements that satisfy certain conditions set forth in Section 6.2 ("Approved Transactions") and a portion of Borrower's general administrative expenses. The Additional Financings and the Chevron Financing are collectively referred to as the "Development Loan" herein.
(c) Upon (i) satisfaction of each of the conditions set forth in Article 6, and (ii) providing EIF with written notice not less than twenty (20) days prior to any Funding, the Development Loan may be funded through one or more Fundings to finance one or more Approved Transactions; provided however, that any amounts under the Development Loan which are not funded by April 1, 2000, will be canceled effective April 1, 2000. Each Additional Funding shall be documented by either an amendment to this Agreement or by a side letter between EIF and Borrower, at the discretion of EIF.
Development Loan. The City will make the City Development Loan to the Borrower in the amount of Three Million Six Hundred Forty Thousand Five Hundred Twenty-Two Dollars ($3,640,522) upon the terms and conditions and for the purposes set forth in this Agreement. The sources of funds for the City Development Loan consist of Two Million Four Hundred Fifty-Seven Thousand Seven Hundred Fifty Dollars ($2,457,750) in City of Livermore Housing Successor Agency Funds and One Million One Hundred Eighty-Eight Thousand Seven Hundred Seventy-Two Dollars ($1,182,772) in City of Livermore Housing Trust Funds, which collectively make up the City Development Loan. The City Development Loan shall be evidenced by the City Development Note which shall be dated as of the Closing Date and executed by Xxxxxxxx substantially in the form attached hereto as Exhibit C. Provided that Xxxxxxxx has complied with all conditions precedent to disbursement of the City Development Loan set forth in Section 4.6, the proceeds of the City Development Loan (“Development Loan Proceeds”) shall be disbursed pursuant to approved draw requests as described in Section 4.9. The Parties agree that City shall disburse the Development Loan Proceeds only for the purpose of funding Project development costs, and repayments of the City Development Loan, City Predevelopment Loan and City Acquisition Loan shall be made on a pari passu basis until fully repaid.
Development Loan. To be Approved after clearing all loan balances including Emergency and School Fees. Development Loans include Development projects and Investment. Repayment Period up to 72 Months (Minimum shares capital is a must).
Development Loan. 20.5.1 Upon acquiring a participating interest, the Government may send notice to the other Licensee(s), requesting that the other Licensee(s) pay, in proportion to their respective participating interests, the Government‟s participating share (up to an aggregate participating share of fifteen percent (15%)) of all expenses incurred by the Licensee(s), Government, and/or the Appointee (and in case of the Government and/or the Appointee on behalf of the Licensee(s)) in relation to Petroleum Operations in the Development and Production Area after the approval of the Approved Development and Production Plan, which shall take the form of a Development Loan.
20.5.2 The Licensee(s) shall, within sixty (60) days of receipt of the notice in accordance with Article 20.5.1, send notice to the Government confirming that it either:
(a) approves the request and shall provide a Development Loan to help fund the Government's participating share of all expenses incurred in the Development and Production Area; or
(b) reject the request, and confirm that it shall not provide a Development Loan to the Government to help fund its participating share of all expenses incurred in the Development and Production Area.
20.5.3 For the avoidance of doubt, the Licensee(s) shall be under no obligation to provide a Development Loan to the Government in accordance with this Article 20.5.
20.5.4 In the event that the Government is not able to fund its participating share of all expenses to be incurred in relation to Petroleum Operations in the Development and Production Area, the Government and/or Appointee will be required to relinquish its participating share in the Licence and its share shall be shared equally between the other Licensees pro rata to their current interest.
Development Loan. DocuSign Envelope ID: 049D25E0-EAD5-4064-9974-F17B4C5ABC0F
(1) Buyer acknowledges and agrees that Seller shall have the right (whether prior to or after the date the DHI Mortgage is recorded in the County Registry) to obtain one or more loans for the development of the Property in accordance with the terms and conditions of this Agreement (a “Development Loan”), superior in priority to the DHI Mortgage, provided that: (a) the aggregate principal of any Development Loan plus the Xxxxxxx Money shall not exceed sixty percent (60%) of the aggregate Purchase Price of all of the Lots that have not been acquired by Buyer at the time of Seller’s closing on such Development Laon; (b) Seller and the bank or other financial institution providing the Development Loan to Seller (the “Development Lender”) shall have executed a Tri-Party Agreement substantially in the form attached hereto as Exhibit J (the “Tri-Party Agreement”) or such other form agreed to by Buyer, in Buyer's reasonable discretion, Seller, and the Development Lender; (c) the proceeds of the Development Loan are used exclusively for the development of the Subdivision in accordance with the terms and conditions of this Agreement; and (d) in no event may there be more than one Development Loan outstanding at any time hereunder.
(2) Notwithstanding the foregoing, Buyer and Seller hereby acknowledge and agree that as a condition to the release of the Xxxxxxx Money to Seller:
(a) in no event will the lien of the DHI Mortgage be in less than a second lien position on the Master Parcel at any time; and
(b) any Development Loan must: (i) allow prepayment without penalty or premium, and (ii) not be cross-defaulted or cross-collateralized with any other loans or obligations.
Development Loan. The Parties agree that the Seller must obtain a loan from a financial institution with which to finance the Development, of which the Property is (or will be) a part of; this agreement is subject to the suspensive condition of the Seller obtaining such a loan on such terms and conditions in the Seller’s sole discretion within a period of 6 (six) months from date of Signature hereof.
Development Loan. 12 2.2 The Notes.............................................................................13 2.3 Interest..............................................................................13 2.4
