Common use of Funding Limitations Clause in Contracts

Funding Limitations. Except as specifically limited in this Loan Agreement, Borrower shall have the right to borrow and repay, but not to re-borrow, from time to time, up to a maximum principal amount of Four Million Six Hundred Thirty-Five Thousand and no/100 Dollars ($4,635,000.00) for budgeted and approved Land Acquisition and Acquisition Loan Interest expenses as more particularly set forth in the Budget. Except as specifically limited in this Loan Agreement, prior to the Construction Line Funding Termination Date, Borrower shall have the right to borrow, repay and re-borrow on a revolving basis an amount not to exceed Three Million Five Hundred Thousand and no/100 Dollars ($3,500,000.00) that may be outstanding at any one time for the Hard Construction costs pursuant to the Budget for Units for which the Lender has issued a Construction Loan Commitment. Lender shall not be obligated to advance Acquisition Loan proceeds or Construction Line proceeds if (i) an Event of Default exists hereunder; (ii) Lender has made demand for any payment under the Note which remains unpaid; or (iii) any conditions precedent to such advance set forth in this Loan Agreement has not been satisfied in Lender’s judgment. Subject to the preceding conditions, Lender agrees to make advances in amounts not to exceed the following amounts:

Funding Limitations. Except as specifically limited in this Loan Agreement, prior to the A&D Loan Funding Termination Date, Borrower shall have the right to borrow and repay, but not to re-borrow, from time to time, up to a maximum principal amount of Four One Million Six Eight Hundred ThirtySixty-Five Thousand Two Hundred Fifty and no/100 Dollars ($4,635,000.001,865,250.00) for budgeted and approved Land Acquisition Costs, Closing Costs, Real Estate Taxes, Hard Development Costs and Acquisition Loan Interest expenses as more particularly set forth in the Budget. Except as specifically limited in this Loan Agreement, prior to the Construction Line Funding Termination Date, Borrower shall have the right to borrow, repay and re-borrow on a revolving basis an amount not to exceed Three Two Million Five Seven Hundred Sixty Thousand and no/100 Dollars ($3,500,000.002,760,000.00) that may be outstanding at any one time for the Hard Construction costs of the Units pursuant to the Budget for Units for which the Lender has issued a Construction Loan CommitmentBudget. Lender shall not be obligated to advance Acquisition A&D Loan proceeds or Construction Line proceeds if (i) an Event of Default exists hereunder; (ii) Lender has made demand for any payment under the Note which remains unpaid; or (iii) any conditions precedent to such advance set forth in this Loan Agreement has not been satisfied in Lender’s judgment. Subject to the preceding conditions, Lender agrees to make advances in amounts not to exceed the following amounts:

Funding Limitations. Except as specifically limited in this Loan Agreement, prior to the A&D Loan Funding Termination Date, Borrower shall have the right to borrow and repay, but not to re-borrow, from time to time, up to a maximum principal amount of Four Five Million Six Two Hundred Thirty-Five Thousand and no/100 Dollars ($4,635,000.005,200,000.00) for budgeted and approved Land Acquisition Acquisition, Soft Costs, Development and Acquisition Loan Interest carry expenses as more particularly set forth in the Budget. Except as specifically limited in this Loan Agreement, prior to the Construction Line Funding Termination Date, Borrower shall have the right to borrow, repay and re-borrow on a revolving basis an amount not to exceed Three Two Million Five Hundred Thousand and no/100 Dollars ($3,500,000.002,500,000.00) that may be outstanding at any one time for the Hard Construction costs of the Units pursuant to the Budget for Units for which the Lender has issued a Construction Loan CommitmentBudget. Lender shall not be obligated to advance Acquisition A&D Loan proceeds or Construction Line proceeds if (i) an Event of Default exists hereunder; (ii) Lender has made demand for any payment under the Note which remains unpaid; or (iii) any conditions precedent to such advance set forth in this Loan Agreement has not been satisfied in Lender’s judgment. Subject to the preceding conditions, Lender agrees to make advances in amounts not to exceed the following amounts:

Funding Limitations. Except as specifically limited in this Loan Agreement, prior to the Development Loan Funding Termination Date, Borrower shall have the right to borrow and repay, but not to re-borrow, from time to time, up to a maximum principal amount of Four Two Million Six Hundred Thirty-Five Thousand and no/100 Dollars ($4,635,000.002,000,000.00) for budgeted and approved Land Acquisition and Acquisition Loan Interest expenses Costs as more particularly set forth and limited in the Development Loan Budget. Except as specifically limited in this Loan Agreement, prior to the Construction Line Funding Termination Date, Borrower shall have the right to borrow, repay and re-borrow on a revolving basis an amount not to exceed Two Million Three Million Five Hundred Seventy Thousand and no/100 Dollars ($3,500,000.002,370,000.00) that may be outstanding at any one time for the Hard Construction costs construction of the Units pursuant to the Budget for Units for which the Lender has issued a Per Unit Construction Loan CommitmentLine Budget. Lender shall not be obligated to advance Acquisition Development Loan proceeds or Construction Line proceeds if (i) an Event of Default exists hereunder; (ii) Lender has made demand for any payment under the Note which remains unpaid; or (iii) any conditions precedent to such advance set forth in this Loan Agreement has not been satisfied in Lender’s judgment. Subject to the preceding conditions, Lender agrees to make advances in amounts not to exceed the following amounts: