Common use of Draw Request to Be Submitted to Lender Clause in Contracts

Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain an Advance, Borrower shall complete, execute and deliver to Lender a Borrower’s Requisition in the form attached as Exhibit L to the Building Loan Agreement. (a) Borrower’s Requisition shall be accompanied by a completed and itemized Application and Certificate for Payment (AIA Document No. G702) attached as Exhibit M to the Building Loan Agreement or similar form approved by Lender, containing the certification of the General Contractor or contractor or subcontractor to whom such payment is made, as applicable, and Borrower’s Architect as to the accuracy of same, together with invoices relating to all items of Hard Costs covered thereby and accompanied by a cost breakdown showing the cost of work on, and the cost of materials incorporated into, the Improvements to the date of the requisition. The cost breakdown shall also show the percentage of completion of each line item on the Project Loan Budget, and the accuracy of the cost breakdown shall be certified by Borrower and by Borrower’s Architect. All such applications for payment shall also show all contractors and subcontractors, including Major Contractors and Major Subcontractors, by name and trade, the total amount of each contract or subcontract, the amount theretofore paid to each subcontractor as of the date of such application, and the amount to be paid from the proceeds of the Advance to each contractor and subcontractor; (b) the completed construction will be reviewed by the Construction Consultant who will certify to Lender as to the value of completed construction, percentage of completion and compliance with Plans and Specifications; (c) lien waivers from each other Major Contractor and Major Subcontractors for work done and materials supplied by them which were paid for pursuant to any prior Draw Request; (d) a written request of Borrower for any necessary changes in the Plans and Specifications, the Project Loan Budget, the Disbursement Schedule or the Construction Schedule; (e) copies of all executed change orders, contracts and subcontracts, and, to the extent requested by Lender, of all inspection or test reports and other documents relating to the construction of the Project Improvements not previously delivered to Lender; and (f) such other information, documentation and certification as Lender shall reasonably request.

Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain an Advance, Borrower shall complete, execute and deliver to Lender a Borrower’s Requisition in the form attached hereto as Exhibit L to the Building Loan Agreement(“Borrower’s Requisition”). (a) Borrower’s Requisition shall be accompanied by a completed and itemized Application and Certificate for Payment (AIA Document No. G702) attached hereto as Exhibit M to the Building Loan Agreement or similar form approved by Lender, containing the certification of the General Contractor or contractor or subcontractor to whom such payment is made, as applicable, and Borrower’s Architect as to the accuracy of same, together with invoices relating to all items of Hard Costs covered thereby and accompanied by a cost breakdown showing the cost of work on, and the cost of materials incorporated into, the Improvements to the date of the requisition. The cost breakdown shall also show the percentage of completion of each line item on the Project Building Loan Budget, and the accuracy of the cost breakdown shall be certified by Borrower and by Borrower’s Architect. All such applications for payment shall also show all contractors and subcontractors, including Major Contractors and Major Subcontractors, by name and trade, the total amount of each contract or subcontract, the amount theretofore paid to each subcontractor as of the date of such application, and the amount to be paid from the proceeds of the Advance to each contractor and subcontractor; (b) the completed construction will be reviewed by the Construction Consultant who will certify to Lender as to the value of completed construction, percentage of completion and compliance with Plans and Specifications; (c) lien waivers from each other Major Contractor and Major Subcontractors for work done and materials supplied by them which were paid for pursuant to any prior Draw Request; (d) a written request of Borrower for any necessary changes in the Plans and Specifications, the Project Building Loan Budget, the Disbursement Schedule or the Construction Schedule; (e) copies of all executed change orders, contracts and subcontracts, and, to the extent requested by Lender, of all inspection or test reports and other documents relating to the construction of the Project Improvements not previously delivered to Lender; and (f) such other information, documentation and certification as Lender shall reasonably request.

Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain an Advance, Borrower shall complete, execute and deliver to Lender a Borrower’s 's Requisition in the form attached hereto as Exhibit L EXHIBIT F (hereinafter referred to the Building Loan Agreement.as "Borrower's Requisition"). Each Borrower's Requisition shall be accompanied by: (a) if Borrower’s 's Requisition includes amounts to be paid to the Contractor under the Construction Contract, it shall be accompanied by a completed and itemized Application and Certificate for Payment payment (AIA Document No. G702) attached as Exhibit M to the Building Loan Agreement or similar form approved by Lender, containing the certification of Contractor, Borrower's Architect and the General Contractor or contractor or subcontractor to whom such payment is made, as applicable, and Borrower’s Architect Construction Inspector as to the accuracy of same, together with invoices relating to all items of Hard Costs direct cost covered thereby and accompanied by a cost breakdown showing the cost of work on, and the cost of materials incorporated into, the Improvements to the date of the requisition. The cost breakdown shall also show the percentage of completion of each line item on the Project Loan Budget, and the accuracy of the cost breakdown shall be certified by Borrower and by Borrower’s Architectthereby. All such applications for payment shall also show the sum of all contractors and subcontractors, including Major Contractors and Major Subcontractors, subcontracts by name and trade, the total amount of each contract or subcontract, the amount theretofore paid to each subcontractor all subcontractors as of the date of such application, and the total amount to be paid from the proceeds of the Advance to each contractor and subcontractor;all subcontractors; Anything herein to the contrary notwithstanding, the Certificates from the Borrower's Architect will be required at the following times: (a) at the time of every other monthly Loan Advance; (b) at the time of all change orders in excess of $25,000.00; and, (c) at the time of the final Loan Advance. (b) the if Borrower's Requisition includes payments for Indirect Costs, it shall be accompanied by a completed construction will be reviewed and itemized Indirect Cost statement executed by the Construction Consultant who will certify to Lender as to the value Borrower, together with invoices for all items of completed construction, percentage of completion and compliance with Plans and SpecificationsIndirect Costs covered thereby; (c) written lien waivers from each other Major the Contractor and Major Subcontractors such laborers, subcontractors and materialmen for work done and materials supplied by them which were paid for pursuant to any prior Draw Request; (d) a written request of Borrower for any necessary changes in the Plans and Specifications, the Project Loan Budget, Construction Budget the Disbursement Schedule or the Construction ScheduleSchedule for which the Lender's approval is required under this Agreement; (e) copies of all executed change orders, contracts orders and subcontracts, and, to the extent requested by Lender, of all inspection or test reports and other documents relating to the construction of the Project Improvements Improvements, not previously delivered to Lender; and (f) such other information, documentation and certification as Lender shall reasonably request.

Draw Request to Be Submitted to Lender. At such time as Borrower shall desire to obtain an Advance, Borrower shall complete, execute and deliver to Lender a Borrower’s 's Requisition in the form attached hereto as Exhibit L F (hereinafter referred to as "Borrower's Requisition") and an Election Notice as required by the Building Loan Agreement.Note. Each Borrower's Requisition shall be accompanied by: (a) if Borrower’s 's Requisition includes amounts to be paid to the Contractor under the Construction Contract, it shall be accompanied by a completed and itemized Application and Certificate for Payment (AIA Document No. G702) attached as Exhibit M to the Building Loan Agreement or similar form reasonably approved by Lender, containing the certification of Borrower's Architect and the General Contractor or contractor or subcontractor to whom such payment is made, as applicable, and Borrower’s Architect Construction Inspector as to the accuracy of same, together with invoices relating to all items of Hard Costs direct cost covered thereby and accompanied by a cost breakdown showing the cost of work on, and the cost of materials incorporated into, the Improvements to the date of the requisition. The cost breakdown shall also show the percentage of completion of each line item on the Project Loan Budget, and the accuracy of the cost breakdown shall be certified by Borrower and by Borrower’s Architectthereby. All such applications for payment shall also show all contractors and subcontractors, including Major Contractors and Major Subcontractors, subcontractors by name and trade, the total amount of each contract or subcontract, the amount theretofore paid to each subcontractor as of the date of such application, and the amount to be paid from the proceeds of the Advance to each contractor and subcontractor; (b) the if Borrower's Requisition includes payments for Indirect Costs, it shall be accompanied by a completed construction will be reviewed and itemized Indirect Cost statement executed by the Construction Consultant who will certify to Lender as to the value Borrower, together with invoices for all items of completed construction, percentage of completion and compliance with Plans and SpecificationsIndirect Costs covered thereby; (c) written lien waivers from each other Major the Contractor and Major Subcontractors subcontractors and materialmen for work done and materials supplied by them which were paid for pursuant to any prior Draw Request; (d) a written request notification of Borrower for of any necessary changes in the Plans and Specifications, the Project Loan Budget, Construction Budget the Disbursement Schedule or the Construction Schedule; (e) copies of all executed change orders, contracts orders and subcontracts, and, to the extent requested by Lender, of all inspection or test reports and other documents relating to the construction of the Project Improvements Improvements, not previously delivered to Lender; and (f) such other information, documentation and certification as Lender shall reasonably request.