Common use of Exercise of Option to Convert the Loan to Permanent Loan Clause in Contracts

Exercise of Option to Convert the Loan to Permanent Loan. In order to exercise the option to convert the Loan to a Permanent Loan, the Borrower must provide the City with written notice of such election at least fifteen (15) days prior to the Construction Loan Maturity Date. The notice shall set forth the desired relevant commencement date of the Permanent Phase determined in accordance with Section 5.3.

Exercise of Option to Convert the Loan to Permanent Loan. In order to exercise the option to convert the Loan to a Permanent Loan, the Borrower must provide the City with written notice of such election at least fifteen (15) days prior to the Construction Loan Maturity Date. The notice shall set forth the desired relevant commencement date of the Permanent Phase determined in accordance with Section 5.3.Section

Exercise of Option to Convert the Loan to Permanent Loan. In order to exercise the option to convert the Loan to a Permanent Loan, the Borrower must provide the City with written notice of such election at least fifteen (15) days prior to the Construction Loan Phase Maturity Date. The notice shall set forth the desired relevant commencement date of the Permanent Phase determined in accordance with Section 5.3.