Common use of Draws Clause in Contracts

Draws. Developer shall deliver to Owner copies of all draw requests and related materials required by any lender for the disbursement of any portion of any financing (including the Construction Loan). Such draw requests shall be delivered to the Owner simultaneously with Developer’s delivery of such draw request to the relevant lender. Owner shall have the right to object to any such draw request and related materials within the same time period permitted for the relevant lender’s review thereof; provided, however, that to the extent that any such draw request is consistent with the Project Budget and is approved by the relevant lender, such draw request shall be deemed approved by Owner.

Draws. Developer shall deliver to Owner copies of all draw requests and related materials required by any lender for the disbursement of any portion of any financing (including the Construction Loan). Such draw requests shall be delivered to the Owner simultaneously with Developer’s for execution and subsequent delivery of such draw request to the relevant lender. Owner shall have the right to object to any such draw request and related materials within the same time period permitted for the relevant lender’s review thereof; provided, however, that to the extent that any such draw request is consistent with the Project Budget and is approved by the relevant lender, such draw request shall be deemed approved by Owner.