Common use of LENDING AGREEMENT Clause in Contracts

LENDING AGREEMENT. Subject to the terms, provisions, covenants and agreements set forth in this Agreement, Lender agrees to lend to Borrower, and the Borrower agrees to borrow from Lender, up to the principal sum of Two Million Four Hundred Thousand and No/100 Dollars ($2,400,000.00), to be used by Borrower for the purposes of: (a) paying contractors, mechanics, materialmen, and suppliers pursuant to the terms of contracts for services in fact performed and materials purchased for and either incorporated into the development of the Mortgaged Property or suitably stored on the Mortgaged Property for later incorporation (such development work and the Mortgaged Property are hereinafter collectively referred to as the “Development”); (b) reimbursing Lender for reasonable expenses incurred by Lender pursuant to this Agreement; and (c) paying other reasonable costs that are incidental or related to the cost of completing or financing the Development to the extent included in the Development Budget (defined below).

LENDING AGREEMENT. Subject to the terms, provisions, covenants and agreements set forth in this Agreement, Lender agrees to lend to Borrower, and the Borrower agrees to borrow from Lender, up to the principal sum of Two Three Million Four Seven Hundred Fifty Thousand and No/100 Dollars ($2,400,000.003,750,000.00), to be used by Borrower for the purposes of: (a) paying contractors, mechanics, materialmen, and suppliers pursuant to the terms of contracts for services in fact performed and materials purchased for and either incorporated into the development of the Mortgaged Property or suitably stored on the Mortgaged Property for later incorporation (such development work and the Mortgaged Property are hereinafter collectively referred to as the “Development”); (b) reimbursing Lender for reasonable expenses incurred by Lender pursuant to this Agreement; and (c) paying other reasonable costs that are incidental or related to the cost of completing or financing the Development to the extent included in the Development Budget (defined below).

LENDING AGREEMENT. Subject to the terms, provisions, covenants and agreements set forth in this Agreement, Lender agrees to lend to Borrower, and the Borrower agrees to borrow from Lender, up to the principal sum of Two Million Four Seven Hundred Thousand and No/100 Dollars ($2,400,000.002,700,000.00), to be used by Borrower for the purposes of: (a) paying contractors, mechanics, materialmen, and suppliers pursuant to the terms of contracts for services in fact performed and materials purchased for and either incorporated into the development of the Mortgaged Property or suitably stored on the Mortgaged Property for later incorporation (such development work and the Mortgaged Property are hereinafter collectively referred to as the “Development”); (b) reimbursing Lender for reasonable expenses incurred by Lender pursuant to this Agreement; and (c) paying other reasonable costs that are incidental or related to the cost of completing or financing the Development to the extent included in the Development Budget (defined below).

LENDING AGREEMENT. Subject to the terms, provisions, covenants and agreements set forth in this Agreement, Lender agrees to lend to Borrower, and the Borrower agrees to borrow from Lender, up to the principal sum of Two Four Million Four Seven Hundred Fifty Thousand and No/100 Dollars ($2,400,000.004,750,000.00), to be used by Borrower for the purposes of: (a) paying contractors, mechanics, materialmen, and suppliers pursuant to the terms of contracts for services in fact performed and materials purchased for and either incorporated into the development of the Mortgaged Property or suitably stored on the Mortgaged Property for later incorporation (such development work and the Mortgaged Property are hereinafter collectively referred to as the “Development”); (b) reimbursing Lender for reasonable expenses incurred by Lender pursuant to this Agreement; and (c) paying other reasonable costs that are incidental or related to the cost of completing or financing the Development to the extent included in the Development Budget (defined below).