Common use of Limitations and Conditions on Disbursements Clause in Contracts

Limitations and Conditions on Disbursements. In addition to the conditions precedent set forth in Sections 3.1 and 4.1 above, Borrower shall be entitled to disbursement of the Loan only in accordance with the terms and conditions of this Agreement (unless waived or modified by Lender) and, in addition, the following conditions (unless waived or modified by Lender): (a) The representations and warranties of Borrower contained in all of the Loan Documents shall be correct in all material respects on and as of the date of the disbursement as though made on and as of that date and no Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the date of the disbursement; (b) No mechanics’ lien shall have been recorded against the Property; and (c) Lender shall be satisfied that the advance will not be junior in priority to any mechanics’ or materialmen’s liens or any intervening or other liens on the Property other than Permitted Exceptions.

Limitations and Conditions on Disbursements. In addition to the conditions precedent set forth in Sections 3.1 and 4.1 above, Borrower shall be entitled to disbursement of the Loan only in accordance with the terms and conditions of this Agreement (unless waived or modified by Lender) and, in addition, the following conditions (unless waived or modified by Lender): (a) The representations and warranties of Borrower contained in all of the Loan Documents shall be correct in all material respects on and as of the date of the disbursement as though made on and as of that date and no Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the date of the disbursement; (b) No mechanics’ lien shall have been recorded against the any Property; and (c) Lender shall be satisfied that the advance will not be junior in priority to any mechanics’ or materialmen’s liens or any intervening or other liens on the any Property other than Permitted Exceptions.