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.
Appears in 25 contracts
Samples: Construction/Permanent Second Deed of Trust Loan Agreement, Construction Loan Agreement, Construction Loan Agreement
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.
Appears in 3 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement, Construction Loan Agreement
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
Appears in 3 contracts
Samples: Forgivable Construction/Permanent Loan Agreement, Forgivable Construction/Permanent Loan Agreement, Forgivable Construction/Permanent Loan Agreement
