Common use of Loan by the City Clause in Contracts

Loan by the City. Subject to the terms and conditions provided in this Agreement and in the Loan Documents, and all applicable laws and regulations, the City agrees to make the Loan to the Borrower and the Borrower agrees to borrow up to $950,000.00 at zero percent (0%) interest during the Construction Phase and at two percent (2%) interest during the Permanent Phase, as specified in the Note. The Construction Phase of the Loan shall terminate no more than twenty-four (24) months after the date of execution of this Agreement or after the construction permit is received, whichever is later. Under no circumstances shall the Construction Phase extend beyond September 30, 2014. If, however, the Borrower exercises the option provided in Article V to convert the Loan to a Permanent Loan, the Construction Phase shall expire on the last day immediately preceding the commencement of the Permanent Phase. The Permanent Phase shall be as set forth in Article V. So long as there shall exist no Event of Default or any condition which with the giving of notice or passage of time would constitute an Event of Default, the City agrees to make disbursements to the Borrower against the Note (and each advance hereunder shall be conclusively deemed made against the Note) for construction and development costs approved by the City up to the full Loan amount, in accordance with and subject to the following procedures.

Loan by the City. Subject to the terms and conditions provided in this Agreement and in the Loan Documents, and all applicable laws and regulations, the City agrees to make the Loan to the Borrower and the Borrower agrees to borrow up to $950,000.00 3,300,000.00 at zero percent (0%) interest during the Construction Phase and at two percent (2%) interest during the Permanent Phase, as specified in the Note. The Construction Phase of the Loan shall terminate no more than twenty-four (24) months after the date of execution of this Agreement or after the construction permit is receivednotice to proceed, whichever is later. Under no circumstances shall the Construction Phase extend beyond September 30March 31, 20142018. If, however, the Borrower exercises the option provided in Article V to convert the Loan to a Permanent Loan, the Construction Phase shall expire on the last day immediately preceding the commencement of the Permanent Phase. The Permanent Phase shall be as set forth in Article V. So long as there shall exist no Event of Default or any condition which with the giving of notice or passage of time would constitute an Event of Default, the City agrees to make disbursements to the Borrower against the Note (and each advance hereunder shall be conclusively deemed made against the Note) for construction and development costs approved by the City up to the full Loan amount, in accordance with and subject to the following procedures.

Loan by the City. Subject to the terms and conditions provided in this Agreement and in the Loan Documents, and all applicable laws and regulations, the City agrees to make the Loan to the Borrower and the Borrower agrees to borrow up to $950,000.00 193,506.00 at zero percent (0%) interest during the Construction Phase and at two one percent (21%) interest during the Permanent Phase, as specified in the Note. The Construction Phase of the Loan shall terminate no more than twenty-four (24) months after the date of execution of this Agreement or after the construction permit is received, whichever is later. Under no circumstances shall the Construction Phase extend beyond September November 30, 20142016. If, however, the Borrower exercises the option provided in Article V to convert the Loan to a Permanent Loan, the Construction Phase shall expire on the last day immediately preceding the commencement of the Permanent Phase. The Permanent Phase shall be as set forth in Article V. So long as there shall exist no Event of Default or any condition which with the giving of notice or passage of time would constitute an Event of Default, the City agrees to make disbursements to the Borrower against the Note (and each advance hereunder shall be conclusively deemed made against the Note) for construction and development costs approved by the City up to the full Loan amount, in accordance with and subject to the following procedures.

Loan by the City. Subject to the terms and conditions provided in this Agreement and in the Loan Documents, and all applicable laws and regulations, the City agrees to make the Loan to the Borrower and the Borrower agrees to borrow up to $950,000.00 800,000.00 at zero percent (0%) interest during the Construction Phase and at two zero percent (20%) interest during the Permanent Phase, as specified in the Note. The Construction Phase of the Loan shall terminate no more than twenty-four (24) months after the date of execution of this Agreement or after the construction permit is received, whichever is later. Under no circumstances shall the Construction Phase extend beyond September 30, 2014. If, however, the Borrower exercises the option provided in Article V to convert the Loan to a Permanent Loan, the Construction Phase shall expire on the last day immediately preceding the commencement of the Permanent Phase. The Permanent Phase shall be as set forth in Article V. So long as there shall exist no Event of Default or any condition which with the giving of notice or passage of time would constitute an Event of Default, the City agrees to make disbursements to the Borrower against the Note (and each advance hereunder shall be conclusively deemed made against the Note) for construction and development costs approved by the City up to the full Loan amount, in accordance with and subject to the following procedures.

Loan by the City. Subject to the terms and conditions provided in this Agreement and in the Loan Documents, and all applicable laws and regulations, the City agrees to make the Loan to the Borrower and the Borrower agrees to borrow up to $950,000.00 1,466,261.00 at zero percent (0%) interest during the Construction Phase and at two percent (2%) interest during the Permanent Phase, as specified in the Note. The Construction Phase of the Loan shall terminate no more than twenty-four (24) months after the date of execution of this Agreement or after the construction permit is received, whichever is later. Under no circumstances shall the Construction Phase extend beyond September 30, 2014. If, however, the Borrower exercises the option provided in Article V to convert the Loan to a Permanent Loan, the Construction Phase shall expire on the last day immediately preceding the commencement of the Permanent Phase. The Permanent Phase shall be as set forth in Article V. So long as there shall exist no Event of Default or any condition which with the giving of notice or passage of time would constitute an Event of Default, the City agrees to make disbursements to the Borrower against the Note (and each advance hereunder shall be conclusively deemed made against the Note) for construction and development costs approved by the City up to the full Loan amount, in accordance with and subject to the following procedures.

Loan by the City. Subject to the terms and conditions provided in this Agreement and in the Loan Documents, and all applicable laws and regulations, the City agrees to make the Loan to the Borrower and the Borrower agrees to borrow up to $950,000.00 2,033,739.00 at zero percent (0%) interest during the Construction Phase and at two percent (2%) interest during the Permanent Phase, as specified in the Note. The Construction Phase of the Loan shall terminate no more than twenty-four (24) months after the date of execution of this Agreement or after the construction permit is received, whichever is later. Under no circumstances shall the Construction Phase extend beyond September 30, 2014. If, however, the Borrower exercises the option provided in Article V to convert the Loan to a Permanent Loan, the Construction Phase shall expire on the last day immediately preceding the commencement of the Permanent Phase. The Permanent Phase shall be as set forth in Article V. So long as there shall exist no Event of Default or any condition which with the giving of notice or passage of time would constitute an Event of Default, the City agrees to make disbursements to the Borrower against the Note (and each advance hereunder shall be conclusively deemed made against the Note) for construction and development costs approved by the City up to the full Loan amount, in accordance with and subject to the following procedures.