Common use of Draw Requests Clause in Contracts

Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of (i) the closing costs, including legal fees and expenses, incurred by Lender, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by Lender, additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form approved by Lender. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form approved by Lender, and shall be reviewed by the Construction Consultant, signed by the General Contractor and approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget.

Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of (i) the closing costs, including legal fees and expenses, incurred by LenderXxxxxx, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by LenderXxxxxx, additional advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer in the form attached hereto as Schedule 2 or in another form approved by LenderXxxxxx. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form approved by LenderXxxxxx, and shall be reviewed by the Construction Consultant, signed by the General Contractor and approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget.

Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of (i) the closing costs, including legal fees and expenses, incurred by Lender, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by Lender, additional advances Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer Signers in the form attached hereto as Schedule 2 or in another form approved by Lender2. Each draw request request, whether for hard costs or soft costs, shall be set forth on AIA Forms G702 and G703 or another form approved by LenderG703, and shall be reviewed by the Construction Consultant, signed by the General Contractor and and, if requested by Lender, approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request request, whether for hard and/or soft costs, shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower and/or ASF or to pay costs incurred by Borrower and/or ASF that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.

Draw Requests. Subject to satisfaction of the conditions set forth in Section 1.1 and Schedule 5, an initial advance of the Loan (the “Closing Disbursement”) shall be made by Lender to Borrower on the Closing Disbursement Date in an amount equal to $2,000,000, which amount shall be applied to the payment of (i) the closing costs, including legal fees and expenses, incurred by Lender, (ii) Borrower’s closing costs, (iii) hard and soft costs in accordance with the Budget and as approved by Lender, and (iv) other items to be agreed to between Borrower and Lender. Unless otherwise agreed by Lender, additional advances Advances shall be made not more frequently than monthly based on draw requests signed by an Authorized Signer Signers in the form attached hereto as Schedule 2 or in another form approved by and submitted to Bank of America, N.A. for funding to Lender's disbursement account. Each draw request for hard costs shall be set forth on AIA Forms G702 and G703 or another form approved by LenderG703, and shall be reviewed by the Construction Consultant, signed by the General Contractor and and, if requested by Lender, approved by the Architect. Draw requests for hard costs shall show the percentage of completion of construction and shall set forth in trade breakdown form and in such detail as may be required by Lender the amounts expended and/or costs incurred for work done and materials incorporated in the Improvements. Retainage will be withheld and released in accordance with the terms of Schedule 5. Each draw request shall be supported by such information and documentation (such as paid receipts, invoices, statements of accounts, lien releases, etc.) as Lender may reasonably require to assure that amounts requested are to be used to reimburse Borrower for costs previously paid by Borrower or to pay costs incurred by Borrower that are to be paid from proceeds of the Loan, as set forth in the Budget. Unless reasonably requested by Lender in any instance, Borrower will not be required to provide any individual invoice for an amount less than or equal to $5,000.00 in support of a draw request; provided, Borrower shall provide or cause to be provided with each draw request a complete listing of all payees and the amounts requested for payment by each.