Common use of Final Construction Disbursement Clause in Contracts

Final Construction Disbursement. Subject to the terms and conditions hereof, Lender agrees to make the final disbursement under the Loan; provided, Lender shall be satisfied that the construction has been completed in a good and workmanlike manner in accordance with the Plans and Specifications and Borrower shall submit to Lender the following: 3.1.2.1. The items required in Section 3.1.1. 3.1.2.2. A Certificate of Completion of the Project, in form and content satisfactory to Lender executed by Borrower, General Contractor and Architect. 3.1.2.3. A Certificate of Occupancy for the Project as issued by the City. 3.1.2.4. Proper update endorsements to the Title Commitment (or the policy if issued) in the face amount of the total sum outstanding under the Loan insuring the Mortgage as a first lien on the Real Estate, subject only to the Permitted Liens and Encumbrances.