Common use of Disbursement Limits Clause in Contracts

Disbursement Limits. (a) Borrower hereby represents to Bank that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct the Improvements and to perform Borrower’s obligations under the Loan Documents. Bank shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank be required to make any Advance for any line item in the Project Budget in an amount which when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item. (b) Bank reserves and shall have the right to make Advances which are allocated to any line items in the Project Budget for such other purposes or In such different proportions as Bank may, in its sole discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of Bank. (c) All Advances shall be made In accordance with the applicable provisions of the Project Budget and the Disbursement Schedule. All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular Advance. (d) Bank shall not be required to disburse an aggregate amount of the proceeds of the Loan for labor furnished to and materials incorporated into the Improvements during any stage of construction which exceeds the lesser of (i) the cost of such labor and materials, and (ii) the amount allocated to that stage of construction in the Project Budget. In any event, Bank shall not be required to disburse any amount which, in Bank’s opinion, will reduce that portion of the undisbursed proceeds of the Loan designated for completion of the Improvements below the amount needed to pay for the labor and materials necessary to complete the Improvements.

Disbursement Limits. (a) Borrower hereby represents to Bank Lender that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct the Improvements and to perform Borrower’s 's obligations under the Loan Documents. Bank Lender shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank Lender be required to make any Advance for any line item in the Project Budget in an amount which when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item. Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing, Borrower shall have the right to reallocate line items within the Project Budget, without first obtaining Lender’s consent but only after written notice to the Lender, to the extent such reallocation is less than (1) the lesser of 5% of such line item or $37,890.00 in any single reallocation, and (2) $100,000.00 in the aggregate during the term of the Loan. (b) Bank Lender reserves and shall have the right to make Advances which are allocated to any line items in the Project Budget for such other purposes or In in such different proportions as Bank Lender may, in its sole and absolute discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of BankLender. (c) All Advances shall be made In in accordance with the applicable provisions of the Project Budget and Budget, (less ten percent (10%) retainage until fifty percent (50%) of the Disbursement Schedulework is complete as set forth in the Construction Contract). All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular such Advance. (d) Bank Lender shall not be required to disburse an aggregate amount of the proceeds of the Loan Proceeds for labor furnished to and materials incorporated into the Improvements during any stage of construction which exceeds the lesser of (i) the cost value of such labor and materials, and (ii) the amount allocated to that stage of construction in the Project Budget. In any event, Bank Lender shall not be required to disburse any amount which, in BankLender’s opinion, will reduce that portion of the undisbursed proceeds of the Loan Proceeds designated for completion of the Improvements below the amount needed to pay for the labor and materials necessary to complete the Improvements. (e) On or after the date that is six (6) months after the Closing Date, subject to the satisfaction of the requirements contained in Section 7.1 and Section 7.3 hereof, Borrower shall be entitled to an Advance in the amount of $130,000.00 for the reimbursement of permits and fees obtained with respect to the Property.

Disbursement Limits. (a) Borrower hereby represents to Bank Lender that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct the Improvements and to perform Borrower’s 's obligations under the Loan Documents. Bank Lender shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank Lender be required to make any Advance for any line item in the Project Budget in an amount which when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item. (b) Bank Lender reserves and shall have the right to make Advances which are allocated to any line items in the Project Budget for such other purposes or In in such different proportions as Bank Lender may, in its sole and absolute discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of BankLender. (c) All Advances shall be made In in accordance with the applicable provisions of the Project Budget and Budget, (less ten percent (10%) retainage as set forth in the Disbursement ScheduleConstruction Contract). All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular such Advance. (d) Bank Lender shall not be required to disburse an aggregate amount of the proceeds of the Loan Proceeds for labor furnished to and materials incorporated into the Improvements during any stage of construction which exceeds the lesser of (i) the cost value of such labor and materials, and (ii) the amount allocated to that stage of construction in the Project Budget. In any event, Bank Lender shall not be required to disburse any amount which, in BankLender’s opinion, will reduce that portion of the undisbursed proceeds of the Loan Proceeds designated for completion of the Improvements below the amount needed to pay for the labor and materials necessary to complete the Improvements.

Disbursement Limits. (a) Borrower hereby represents to Bank Lender that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct the Improvements and to perform Borrower’s 's obligations under the Loan Documents. Bank Lender shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank Lender be required to make any Advance for any line item in the Project Budget in an amount which when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item. (b) Bank Lender reserves and shall have the right to make Advances which are allocated to any line items in the Project Budget for such other purposes or In in such different proportions as Bank Lender may, in its sole and absolute discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of BankLender. (c) All Advances shall be made In in accordance with the applicable provisions of the Project Budget and Budget, (less ten percent (10%) retainage as set forth in the Disbursement ScheduleConstruction Contract. All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular such Advance. (d) Bank Lender shall not be required to disburse an aggregate amount of the proceeds of the Loan Proceeds for labor furnished to and materials incorporated into the Improvements during any stage of construction which exceeds the lesser of (i) the cost value of such labor and materials, and (ii) the amount allocated to that stage of construction in the Project Budget. In any event, Bank Lender shall not be required to disburse any amount which, in BankLender’s opinion, will reduce that portion of the undisbursed proceeds of the Loan Proceeds designated for completion of the Improvements below the amount needed to pay for the labor and materials necessary to complete the Improvements.

Disbursement Limits. (a) 5.5.1 Borrower hereby represents to Bank that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct rehabilitate the Improvements and to perform Borrower’s obligations under the Borrower Loan Documents and Funding Loan Documents. Bank shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank be required to make any Advance for any line item in the Project Budget in an amount which that when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item. (b) 5.5.2 Bank reserves and shall have the right to make Advances which that are allocated to any line items in the Project Budget for such other purposes or In in such different proportions as Bank may, in its sole discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of Bank. (c) 5.5.3 All Advances shall be made In in accordance with the applicable provisions of the Project Budget and the Disbursement Schedule. All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular Advance. (d) 5.5.4 Bank shall not be required to disburse an aggregate amount of the proceeds of the Borrower Loan for labor furnished to and materials incorporated into the Improvements during any stage of construction which rehabilitation that exceeds the lesser of (ia) the cost value of such labor and materials, and (iib) the amount allocated to that stage of construction rehabilitation in the Project Budget. In any event, Bank shall not be required to disburse any amount whichthat, in Bank’s opinion, will reduce that portion of the undisbursed proceeds of the Borrower Loan designated for completion of the rehabilitation of the Improvements below the amount needed to pay for the labor and materials necessary to complete the rehabilitation of the Improvements. 5.5.5 Notwithstanding anything to the contrary contained herein, disbursements of the Borrower Loan shall be made from the Project Fund held by the Fiscal Agent pursuant to the Funding Loan Agreement.

Disbursement Limits. (a) ‌ 5.5.1 Borrower hereby represents to Bank that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct the Improvements and to perform Borrower’s obligations under the Borrower Loan Documents and Funding Loan Documents. Bank shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank be required to make any Advance for any line item in the Project Budget in an amount which that when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item. (b) 5.5.2 Bank reserves and shall have the right to make Advances which that are allocated to any line items in the Project Budget for such other purposes or In in such different proportions as Bank may, in its sole discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of Bank. (c) 5.5.3 All Advances shall be made In in accordance with the applicable provisions of the Project Budget and the Disbursement Schedule. All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular Advance. (d) 5.5.4 Bank shall not be required to disburse an aggregate amount of the proceeds of the Borrower Loan for labor furnished to and materials incorporated into the Improvements during any stage of construction which that exceeds the lesser of (ia) the cost value of such labor and materials, and (iib) the amount allocated to that stage of construction in the Project Budget. In any event, Bank shall not be required to disburse any amount whichthat, in Bank’s opinion, will reduce that portion of the undisbursed proceeds of the Borrower Loan designated for completion of the Improvements below the amount needed to pay for the labor and materials necessary to complete the Improvements.Improvements.‌

Disbursement Limits. (a) 5.5.1 Borrower hereby represents to Bank that, as of the date of this Agreement, the Project Budget represents the total amount needed by Borrower to construct the Improvements and to perform Borrower’s Borrower‟s obligations under the Borrower Loan Documents and Funding Loan Documents. Bank shall not be required to make any Advance for any Construction Costs or any other purpose that is not set forth in the Project Budget nor shall Bank be required to make any Advance for any line item in the Project Budget in an amount which when added to the sum of all prior Advances for that line item would exceed the sum allocated in the Project Budget for that line item.the (b) 5.5.2 Bank reserves and shall have the right to make Advances which that are allocated to any line items in the Project Budget for such other purposes or In in such different proportions as Bank may, in its sole discretion, deem necessary or advisable. Borrower shall have no right whatsoever to reallocate Advances from one line item in the Project Budget to another or otherwise amend the Project Budget without the prior consent of Bank. (c) 5.5.3 All Advances shall be made In in accordance with the applicable provisions of the Project Budget and the Disbursement Schedule. All funds disbursed to Borrower shall be received by Borrower in trust and Borrower agrees that such funds shall be used only for the payment of those items contemplated by the particular Advance. (d) 5.5.4 Bank shall not be required to disburse an aggregate amount of the proceeds of the Borrower Loan for labor furnished to and materials incorporated into the Improvements during any stage of construction which that exceeds the lesser of (ia) the cost value of such labor and materials, and (iib) the amount allocated to that stage of construction in the Project Budget. In any event, Bank shall not be required to disburse any amount whichthat, in Bank’s Bank‟s opinion, will reduce that portion of the undisbursed proceeds of the Borrower Loan designated for completion of the Improvements below the amount needed to pay for the labor and materials necessary to complete the Improvements. 5.5.5 Except for amounts required to pay costs of issuance at the Initial Disbursement, all Advances shall be first made from Borrower Note A-2 until fully disbursed, and then from Borrower Note A-1 until fully disbursed, and then from Borrower Note A-T.