Disbursement Requests. (a) Borrower shall request and Lender shall be required to make disbursements of the Loan not more frequently than once each calendar month (except that up to 3 times during the term of the Loan, Borrower may submit twice monthly disbursements of the Loan). Lender may at any time take such action as it deems appropriate to verify that the conditions precedent to each disbursement have been satisfied, including, without limitation, verification of any amounts due under the Construction Contract or any Subcontract. Borrower agrees to cooperate with Lender in any such action. If in the course of any such verification, any amount shown on any contract or subcontract entered into for the performance of any portion of the Work, or any application for payment, sworn statement or waiver of lien is subject to a possible discrepancy, such discrepancy shall be resolved by Borrower to Lender’s satisfaction. Each request for disbursement shall be made within ten (10) Business Days of the requested date of disbursement, by a letter from the chief financial officer of Borrower, addressed to Lender, specifying in detail the amount and mode of each disbursement and accompanied by the following, all in form and substance satisfactory to Lender:
Appears in 3 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement (Campus Crest Communities, Inc.), Construction Loan Agreement (Campus Crest Communities, Inc.)
