Final Advance. If (a) both (i) a Triggering Event shall have occurred and be continuing and (ii) a Performing Note Deficiency exists or (b) a Liquidity Event of Default shall have occurred and be continuing, the Liquidity Provider may, in its discretion, make a Final Advance whereupon (i) the Liquidity Provider shall have no further obligation to make Advances hereunder, (ii) all other outstanding Advances shall be automatically converted into Final Advances for purposes of determining the Applicable Liquidity Rate for interest payable thereon, and (iii) subject to Sections 2.7 and 2.9, all Advances, any accrued interest thereon and any other amounts outstanding hereunder shall become immediately due and payable to the Liquidity Provider.
Final Advance. The Final Advance (except for retainage, which will be disbursed in accordance with paragraph 5) shall be disbursed at the completion of the Improvements when Contractor has delivered to Lender all documents required under Paragraph 3 and the following:
Final Advance. The Final Advance (except for retainage, which will be disbursed in accordance with paragraph 5) shall be disbursed at the completion of the Improvements when Contractor has delivered to Lender all documents required under Paragraph 3 and the following:
(a) an affidavit of completion executed by Borrower and Contractor (the “Affidavit of Completion”), a final bills- paid affidavit executed by Contractor (the “Final Bills- Paid Affidavit”), and final waivers of lien and releases executed by Contractor and any subcontractors and suppliers who performed work and/or materials at any time in connection with the Improvements (collectively, the “Releases”), which documents comply with Subchapter K, Chapter 53, Texas Property Code and are acceptable to Lender, together with supporting evidence that: (i) the construction work for the Improvements has been fully completed; and (ii) all bills for labor and material have been paid in full;
(b) Evidence that Borrower and Contractor have complied with all applicable laws pertaining to the location, development, and construction of the Improvements and that all governmental authorities having jurisdiction have approved: (i) the location, development, and construction of the Improvements to the Property; and (ii) all other matters requiring approval by governmental authorities; and
(c) Borrower and Contractor have provided such other items as Lender shall reasonably require.
Final Advance. 21 ARTICLE VII
Final Advance. That portion of the Loan retained by the Lender and not otherwise advanced during the course of construction shall, however, be advanced by the Lender to the Borrower upon receipt by the Lender of the following:
(a) A written certification by the Project Inspector and the Contractor that the New Improvements have been fully and completely constructed in material accordance with the Plans and the Approved Budget and any deviations from the Plans have no material negative impact upon the value of the Property, that direct connection has been made to all appropriate utility facilities, and that the New Improvements are ready for occupancy,
(b) Evidence satisfactory to Lender and the Title Company that all laborer’s and materialmen’s claims for labor or materials rendered or delivered in connection with the construction of the New Improvements have been paid in full (with the exception of any claims to be paid with the proceeds of the final Advance), including an affidavit of Contractor to the effect that all amounts due under the Construction Contract and, in addition, all amounts due under subcontracts, have been paid in full or will be paid in full with the proceeds of the final Advance;
(c) Proof satisfactory to Lender that completion of the New Improvements and the readiness for occupancy of the New Improvements has been approved by every Governmental Authority having jurisdiction, and every Governmental Permit (including, without limitation, a certificate of occupancy) necessary to such occupancy has been issued; and
(d) A current as-built Survey showing that all of the Improvements are properly in place and within the boundary lines of the Property.
Final Advance. The amount of the Final Advance shall be made within the limits of the Unit Budget and in accordance with the Certificate of Substantial Completion, and shall be sufficient, subject to the provisions of paragraph (d) of this subsection 3.3, the payment of or the reimbursement of Agent for components of Unit Acquisition Cost in connection with Substantial Completion of the Unit, free of all Liens other than Permitted Liens. Owner shall have no obligation to make the Final Advance unless Owner is satisfied that all such costs as set forth in the Unit Budget, the Certificate of Substantial Completion, and the request for the Final Advance have been actually incurred, or in the case of punch list items will be incurred, in construction and equipping of the Unit, free of all Liens, except for Permitted Liens and shall not cause the Unit Acquisition Cost of the Unit to exceed the Unit Budget.
Final Advance. In the case of the final Advance, the Lender shall have received:
(i) advice from the Construction Consultant and the Architects to the effect that performance of the Renovation has been completed, and any necessary utilities have been finished and made available for use, in each case substantially in accordance with the Renovation Plans, except to the extent of minor details not material to the use or occupancy of the Improvements, and that the Construction Consultant has received satisfactory evidence of the approval by all applicable Governmental Authorities of the Improvements for permanent occupancy (other than tenant improvements not yet completed);
(ii) a current final “as-built” survey of the Land showing all Improvements thereon;
(iii) a copy of the TCO or permanent certificate of occupancy received by Borrower or Manager from the appropriate Governmental Authorities which have approved the Improvements or occupied tenant improvements for occupancy;
(iv) “as-built” plans for the improvements which are substantially reflective of the physical condition of the Mortgaged Property prepared by the Architects;
(v) an Engineering Report with respect to the Mortgaged Property prepared by the Engineer, which Engineering Report shall be reasonably acceptable to the Lender; and
(vi) a final Title Insurance Policy date-down.
Final Advance. Prior to making the final Advance with respect to any Section of the Property, the conditions set forth in Section 7.1 above and Section 7.3 below (as applicable) and the following conditions shall have been satisfied, as determined by Lender:
(a) Consultant shall have determined that the Improvements have been completed in accordance with the Plans and the Construction Contract.
(b) If required by Lender, Lender shall have received a copy of the final certificate of approval of the Improvements (or its equivalent as determined by Lender) issued by the appropriate Governmental Authority.
(c) Lender shall have received (A) such endorsements to the Title Policy as Lender may require which shall insure that the Improvements have been completed free of all mechanic’s and materialmen’s liens or claims thereof, or (B) such additional title policies with endorsements as Lender may require, with a liability limit of not less than the principal amount of the Loan, issued by Title Company, with coverage and in form satisfactory to Lender, insuring Lender’s interest under the Security Instrument as a first lien on the Property, excepting only such items as shall have been approved in writing by Lender.
(d) The final Advance shall consist of the payment of any monies retained from progress payments or disbursements as set forth in this Agreement.
(e) Lender shall have received a copy of the certificate of occupancy for the Property and a certificate of substantial completion from the Contractor.
(f) At Lender’s discretion, Lender shall have received an as-built ALTA survey of the Property.
Final Advance. The amount of the Final Advance shall be made within the limits of the Unit Budget and in accordance with the Certificate of Substantial Completion, and shall be sufficient, subject to the provisions of paragraph (d) of this subsection 3.3, for payment in full of all costs of acquiring, designing, furnishing, constructing, financing, equipping and installing of the Unit in connection with Substantial Completion of the Unit (other than Unreimbursed Unit Costs which Agent has not designated to be paid in the Final Advance and those estimated costs that are not yet due in connection with the acquiring, designing, furnishing, constructing, financing, equipping and installing of such Unit and which will be included as part of a Completion Advance, PROVIDED that the Available Commitment remaining after the Final Advance is equal to or exceeds the aggregate amount of all such estimated costs), free of all Liens other than Permitted Liens. Owner shall have no obligation to make the Final Advance unless Owner is satisfied that all such costs as set forth in the Unit Budget, the Certificate of Substantial Completion, and the request for the Final Advance have been actually incurred, or in the case of punch list items will be incurred, in the acquiring, designing, furnishing, construction, financing, equipping and installing of the Unit, free of all Liens, except for Permitted Liens and shall not cause the Unit Acquisition Cost of the Unit to exceed the Unit Budget.
Final Advance. In the case of the final advance, all of the above conditions shall have been satisfied and, in addition, Lender shall have received:
(a) Evidence of the approval by the Local Authority of the Improvements in their entirety for permanent occupancy to the extent any such approval is a condition of the lawful use and occupancy of the Improvements;
(b) Advice from the Architect to the effect that the Improvements have been completed in accordance with the applicable Plans and that all utilities serving the Improvements have been connected and are operating;
(c) Evidence that Borrower (beyond possibility of appeal) has acquired all permits, approvals and/or certificates required by all Requirements or Local Requirements (including all applicable environmental protection laws) for the operation of the Improvements for their intended purposes;
